Power Grid Corp. announced on Monday a second interim dividend of Rs 3.25 per equity share of Rs 10 each and at 32.50% of the paid-up equity share capital. It will be paying the dividend on Feb. 28. according to an exchange filing.
This decision was made in a meeting of the board of directors. The electricity firm said the record date for payment of dividend will be on Feb. 7.
The firm's consolidated net profit slipped 4.13% in the third quarter of the current fiscal, missing analysts' estimates.
The power transmission firm had a profit of Rs 3,861.6 crore compared to Rs 4,028.5 crore in the year-ago period, just about missing the consensus form analysts tracked by Bloomberg, that had set a consensus estimate of Rs 4,031 crore.
The firm's Ebitda went down 6.61% to Rs 9,538 crore as compared Rs 10,212.9 crore in the previous year for the same period. It narrowly missed the Bloomberg estimate of Rs 10,272 crore.
Shares of Power Grid fell as much as 4.09% during the day to Rs 278 apiece on the National Stock Exchange. It closed 2.09% lower at Rs 289.85 per share, compared to a 0.52% decline in the benchmark Nifty. The share price has fallen 8.07% on a year-to-date basis.
Fourteen out of the 22 analysts tracking the company have a 'buy' rating on the stock and two suggest 'hold', and six recommend a 'sell' according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 20.6%.
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