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PowerGrid records electrifying 31% profit rise

PowerGrid records electrifying 31% profit rise
Mumbai: State-run power transmission company, Power Grid Corporation reported a 7.53 per cent increase in standalone net profit in March quarter at Rs 1,109.44 crore against Rs 1,031.69 crore year ago.
Its total revenues on a standalone basis stood at Rs 3,380.66 crore, up by 7.13 per cent, from Rs 3,155.66 crore in the year-ago period.
For the full year, PowerGrid reported a standalone net profit of Rs 4,234.50 crore, a 30 per cent rise compared to Rs 3,254.95 crore in 2011-12, while total income for FY13 rose to Rs 13,328.74 crore from Rs 10,785.01 crore in FY12.
On a consolidated basis, Power Grid Corporation  net rose nearly 31 per cent to Rs 4,312.61 crore for the 2012-13 fiscal, compared to Rs 3,302.99 crore in financial year 2011-12.
In FY13, its total income increased to Rs 13,727.12 crore, from Rs 11,073.58 crore in last fiscal.
Power Grid Corporation  also plans to raise Rs 8,000 crore during the fiscal through domestic and international bonds.

 'We will be raising nearly Rs 8,000 crore through bonds, both domestic as well as international, this fiscal,' Powergrid Corporation's Director of Finance R T Agarwal while declaring the results for the fiscal 2012-13.
This fund raising is a part of the Rs 20,000 crore capital expenditure planned by the company for financial year 2013-14, he said.

'We will be borrowing some amount from the World Bank and Asian Development Bank, with which we already have a long-term tie-up. Some amount will come from internal accruals and equity contribution. So for the remaining Rs 8,000 crore, we will go to the markets,' Agarwal said.

Agarwal said that the contribution from domestic bonds will be higher.

 'Since the cost of raising funds in domestic market is lower compared to external commercial borrowings (ECB), we will be focusing much on domestic bonds,' he said, adding that the process was likely to be completed by January next.

Shares of the company closed at Rs 113.35 apiece, up 0.76 per cent, on the Bombay Stock Exchange (BSE).
Agencies

Agencies

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