PGCIL PAT jumps to Rs 5,998 cr in Q1FY22

New Delhi: Power Grid Corporation of India Ltd (PGCIL) on Tuesday posted a nearly three-fold jump in consolidated net profit at Rs 5,998.28 crore in the June quarter, mainly on the back of higher revenues.

The consolidated net profit stood at Rs 2,048.42 crore in the year-ago period, according to a BSE filing. Total income of the company rose to Rs 10,391.61 crore in the latest June quarter from Rs 9,816.72 crore in the same period a year ago.

During the quarter, PGCIL completed the first asset monetisation by a CPSE through the Infrastructure Investment Trust (InvIT) route. PGInvIT, sponsored by PGCIL, came out with an Initial Public Offer of its Units comprising Fresh Issue of Rs 4,993 crore and Offer for Sale by PGCIL amounting to Rs 2,742 crore and got listed on BSE & NSE on May 14, 2021. The company transferred 74 per cent shares in the 5 SPVs to the InvIT and the profit on sale of its stake in the five SPVs amounting to Rs 3,014 crore (on Consolidated Basis) was recognized as an exceptional income.

The Company incurred a Capital Expenditure of Rs 1,110 crore and capitalized assets worth Rs 5,642 crore (excluding FERV) on consolidated basis. PGCIL's Gross Fixed Assets on consolidated basis stood at Rs 2,47,421 crore as on June 30, 2021.

With the use of state-of-the-art maintenance techniques, automation and digitization, PGCIL maintained average transmission system availability of 99.77 per cent for Q1FY22. At the end of Q1FY22, the total transmission assets of PGCIL and its subsidiaries stood at 1,68,457 ckm of transmission lines, 259 substations and 4,40,310 MVA of transformation capacity.