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Power Grid's Q1 profit falls on one-time rebate to discoms

Tuesday - August 11, 2020 8:33 pm , Category : BUSINESS
New Delhi, Aug 11 (IANS) Power Grid Corporation has reported an 18.15 per cent fall in its consolidated net profit for the April-June quarter at Rs 2,048.42 crore.
During the corresponding period last fiscal, the company had reported a net profit of Rs 2,502.80 crore.
The company has attributed the fall in profits to the consolidated one-time rebate of Rs 1,075 crore to power distribution companies and power departments of states and Union Territories for passing on the benefit to end consumers on account of the pandemic against the billing of April and May 2020.
"Due to said consolidated one-time rebate, there is a reduction in the profit for the current quarter and the same has been disclosed under 'exceptional items' in the statement of financial results. The company will continue to monitor any material changes to future economic conditions," the company said in a regulatory filing.
Its total income during the period under review rose 4.86 per cent to Rs 9,816.72 crore from Rs 9,361.72 crore earned during the quarter ended June of the last fiscal.
Further, on Tuesday, the company announced that its Board of Directors has approved the appointment of M. Taj Mukarrum as Chief Financial Officer (CFO) of the company with effect from August 1, 2020.

--IANS rrb/sn/vd