PowerGrid energises its Q3 profit by 18%

State-owned Power Grid Corporation on Wednesday reported 18 per cent increase in net profit at Rs 1,228.91 crore for the third quarter ended December 31, 2014, on the back of rise in income from operations.

The company had posted a net profit of Rs 1,042.04 crore in the corresponding period, last financial year (2013-14), Power Grid Corporation said in a regulatory filing to stock exchanges.

Central transmission utility's total income from operations rose to Rs 4,353.62 crore in October-December quarter, from Rs 3,684.55 crore in the same period of 2012-13. The company's revenue from transmission business stood at Rs 4,240.05 crore as against Rs 3,527.02 crore in the same period, last fiscal.

Revenues from telecom segment stood at Rs 77.66 crore as compared to Rs 67.68 crore in the corresponding period, previous fiscal. However, the company witnessed a drop in revenue from its consultancy business at Rs 110.47 crore from Rs 147.70 crore, the stock exchange filing said. Shares of the company closed at Rs 145.80, up 0.55 per cent on the BSE. Meanwhile, Tata Group chairman Cyrus Mistry on Wednesday launched the centenary celebrations of Tata Power and announced investments for generating a capacity for 450 MW of hydel power from this year and commissioning of 120 mw this year itself. 

The country’s largest integrated power company began its operations on February 9, 1915, by commissioning the country’s first large hydroelectric project with a capacity of 12 MW at Khopoli near Mumbai.