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PowerGrid profit up 21%

PowerGrid profit up 21%
Power Grid Corporation of India Ltd (PGCL) posted a net profit of Rs 1,126 crore for the second quarter of fiscal 2012-13 against Rs 709 crore in the corresponding quarter ended September 2011. The total income (turnover) for Q2 rose by 32 per cent to Rs 3,243 crore by September 2012.

PowerGrid registered a net profit of Rs 3,255 crore on a turnover of Rs 10,785 crore in 2011-12, registering a growth of about 19 per cent in turnover and 21 per cent in net profit compared to financial 2010-11.

The company has declared a total dividend of 21.1 per cent for the financial year 2011-12.

Chairman and Managing Director (CMD) R S Nayak said in Mumbai on Tuesday that PowerGrid is operating over 96,216 km of transmission lines, including 158 sub-stations with transformation capacity of about 1,51,303 MVA.

After successfully meeting its capex target of Rs 55,000 crore for the Eleventh Plan, PowerGrid has planned Rs 100,000 crore capital expenditure in the Twelfth Plan, he said.

Describing the two grid disturbances that had occurred in July 2012, he said that restoration work was taken up immediately and essential services restored within three to four hours. A government-appointed committee had discovered the disturbances to be caused by combination of various factors, including weak inter-regional corridors, and had made several short-term and long-term recommendations to avoid such incidents from reoccurring, he said.

Describing PowerGrid as the second largest grid in the world, he said that the 'power frequency had been tightened to 50.2 Hz in line with global frequencies which is 50 Fz. An islanding scheme has been finalized for the nation’s capital Delhi, he said, adding that 'we will ensure that a power grid failure will not occur again.'

He said that PowerGrid has footprints in 11 countries and is targeting five more countries including Montenegro, Ghana, Ukraine, Rwanda and Mozambique.

It has also invested Rs 43,000 crore for developing green corridors as natural resources are fast depleting with coal supplies likely to last 120 years, oil up to 40 years and gas upto 60 years, thus leading to global energy shortage, he said.

Energy efficiency initiatives by PowerGrid included the development of green buildings, water and paper recycling, consultancy in energy efficiency, and systematic energy audit by experts, said Nayak.
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