Power Grid Corporation Profit Rises 33%, Margins Expand
Power Grid Corporation of India Ltd. posted a 33 percent rise in profit in the first quarter of the financial year 2017, beating street estimates.
The electric utility company's net profit for the April-June period rose to Rs 1,801.8 crore from Rs 1,355.6 crore in the corresponding period last year. The consensus of analyst estimates tracked by Bloomberg stood at Rs 1,631.6 crore.
Revenue for the quarter-ended June increased 30.5 percent to Rs 6,119.9 crore from Rs 4,689.9 crore in the same quarter the previous year. The Bloomberg consensus estimate was Rs 5,807.1 crore.
Earnings before interest, taxes, depreciation and amortisation increased 31.1 percent to Rs 5,419.6 from Rs 4,134.5 year-on-year. The EBITDA margin expanded 40 basis points to 88.6 percent from 88.2 percent.
The company's transmission income jumped 29.4 percent to 5838.2 crore. The consultancy income came in at Rs 120.4 crore and the telecom income stood at Rs 110.5 crore.
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