Power Grid Corporation of India Limited (PGCIL), a government-owned enterprise, reported a slight year-on-year increase in its consolidated net profit, reaching ₹3,793.02 crore for the July-September 2023 quarter. This is a modest rise compared to the ₹3,781.42 crore it posted during the same period last year, indicating relatively stable performance.
The company’s total income saw a modest growth, climbing to ₹11,845.93 crore in the second quarter, up from ₹11,530.43 crore in Q2 of the previous fiscal year. This rise is attributed to continued demand in power transmission services and steady expansion in infrastructure.
Additionally, PGCIL’s board approved the first interim dividend for the current financial year, declaring a dividend of ₹4.50 per equity share, each valued at ₹10. This decision reflects the company’s strong cash flow and its commitment to return value to shareholders.
In another significant move, the board also gave the nod for PGCIL to divest its 26% remaining equity in four of its associate companies—POWERGRID Kala Amb Transmission, POWERGRID Parli Transmission, POWERGRID Warora Transmission, and POWERGRID Jabalpur Transmission—to POWERGRID Infrastructure Investment Trust (PGInvIT). This divestment is part of the company’s strategy to unlock value from its assets and focus on core operations.
