Power Grid net profit rises 11% in Q3 to Rs 4,028 cr

State-owned Power Grid Corporation on Wednesday posted a 10.5 per cent rise in consolidated net profit to Rs 4,028.25 crore in the December quarter, mainly on the back of higher revenues.

Its consolidated net profit stood at Rs 3,645.29 crore in the year-ago period, the company said in a regulatory filing.

Its total income increased to Rs third quarter 11,819.70 crore in the of FY24 from Rs 11,530.22 crore a year ago.

The company’s board of directors, in their meeting on Wednesday, approved the payment of a second interim dividend of Rs 4.50 per equity share of Rs 10 each (at the rate of 45 per cent of the paid-up equity share capital) for 2023-24.

The second interim dividend will be paid to members on March 5, 2024. This is in addition to the interim dividend of Rs 4 per equity share for the FY 2023-24. The interim dividend for the year thus amounts to Rs 8.5 per equity share of Rs 10 each, which is 13.33 per cent higher than that of the previous year’s interim dividend, adjusted for bonus issue, Powergrid said in a separate statement.