Speed Post News Network
New Delhi : Power Grid Corporation of India Limited (POWERGRID), a ‘Maharatna’ Company under Ministry of Power, GoI, and the ‘Central Transmission Utility (CTU)’ of the country, has posted a Profit After Tax of Rs 2,048 crore and Total Income of Rs 9,817 crore on consolidated basis for Q1 FY 2020-21.
On standalone basis, the company posted Profit After Tax and Total Income of Rs 1,979 crore and Rs 9,620 crore respectively for Q1FY21. During the quarter, the company recognised as an exceptional item, the one-time consolidated rebate of Rs 1,075 crore to DISCOMs / Power Departments of the States and Union Territories for passing on to the end-consumers on account of Covid-19 pandemic against the billing of April 2020 & May 2020. Excluding the impact of this one-time rebate, the company’s profit increased by 18% over the corresponding period of FY2019-20 on standalone basis, according to a PIB release.
As per a statement issued by POWERGRID, for the quarter, the company incurred a Capital Expenditure of about Rs 1,906 crore and capitalized assets worth Rs 1,184 crore (excluding FERV) on consolidated basis. POWERGRID’s Gross Fixed Assets on a consolidated basis stood at about Rs 2,28,856 crore as on June 30, 2020.
Major transmission elements commissioned during the quarter include 400kV D/C Hiriyur-Mysore line and ICTs at Meerut, Koteshwar, and Balipara substations of POWERGRID. Further, long pending 400kV D/C Rajarhat-Gokarna transmission line was also commissioned in July’2020.
Eight TBCB subsidiaries were operational and eleven TBCB subsidiaries were under implementation as at the end of June 30, 2020. With the use of state-of-the-art maintenance techniques, automation and digitisation, POWERGRID maintained average transmission system availability of 99.83% for Q1FY21.