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POWERGRID’s Profit After Tax crosses Rs. 7500 crore

Shri I. S. Jha, Chairman & Managing Director, Power Grid Corporation of India Limited, addressing the media at a Press Conference in Mumbai on May 30, 2017 - Photo By Sachin Murdeshwar GNSShri I. S. Jha, Chairman & Managing Director, Power Grid Corporation of India Limited, addressing the media at a Press Conference in Mumbai on May 30, 2017 - Photo By Sachin Murdeshwar GNS
(L to R): Shri Ravi P. Singh, Director (Personnel), Shri I. S. Jha, CMD, Shri K Sreekant, Director (Finance) and Shri V. K. Saksena, CVO, Power Grid Corporation of India Limited at the Press Conference in Mumbai on May 30, 2017 – Photo By Sachin Murdeshwar GNS

(L to R): Shri Ravi P. Singh, Director (Personnel), Shri I. S. Jha, CMD, Shri K Sreekant, Director (Finance) and Shri V. K. Saksena, CVO, Power Grid Corporation of India Limited at the Press Conference in Mumbai on May 30, 2017 – Photo By Sachin Murdeshwar GNS

Mumbai,30 May,2017 (GNS)  : Power Grid Corporation of India Limited (POWERGRID), a ‘Navratna’ Company under Ministry of Power, GoI, has posted a net profit of Rs.7,520 crore over a turnover of Rs. 26,581 crore for FY 2016-17, registering a growth of about 25% in Turnover and 26% in Net Profit compared to FY 2015-16, on a standalone basis. The Company surpassed Rs.25,000 crore Turnover and Rs.7,500 crore Profit After Tax for the first time.

For the fourth quarter of FY2016-17, the Company has posted a net profit of Rs. 1,916 crore, as against a net profit of Rs.1,569 crore registering an increase of 22% with respect to corresponding period of FY 2015-16.

The Company has proposed a final dividend of 33.5% in addition to interim dividend of 10.0% (already paid) for the financial year 2016-17.

As at the end of April, 2017, POWERGRID is operating about 139,700 ckt. kms. of transmission lines along with 220 Sub-stations with transformation capacity of more than 292,500 MVA. With the use of state-of-the-art maintenance techniques, average Availability of transmission system during the year 2016-17 was maintained at 99.79%.

During the FY 2016-17, POWERGRIDcompleted a number of important inter-regional transmission lines including +/-800kV HVDC Champa-Kurukshetra line, Angul-Srikakulam line and Wardha – Nizamabad line. The Company also completed two projects under TBCB.

The Company incurred a capital expenditure to the tune of ~ Rs.24,429 crore during the period, which was highest ever in a year.

With the end of FY 2016-17, XII Five Year Plan (2012-17) has also concluded and during this period, POWERGRID has achieved highest ever capital investment of ~₹1,12,664 crore surpassing the target of ₹1,10,000 crore (originally envisaged ~₹1,00,000 crore at the beginning of the Plan).

During XII Plan, POWERGRID achieved new milestones in technology adoption, deployment and innovation. The Company successfully implemented the world’s longest multi-terminal ±800kV HVDC in the form of Biswanath-Chariyali (NER)-Agra and deployed latest state-of-the-art technologies like aerial patrolling of transmission lines using helicopters and drones for O&M of transmission lines. With successful testing of 1200kV UHV AC, POWERGRID introduced a new voltage level to the world, through a unique public-private partnership.Ends.