Power Grid Shares Rise Nearly 3% On Q2 Earnings
New Delhi: Power Grid Corp shares on Thursday rose nearly three per cent after the company reported a 32 per cent jump in net profit for the September quarter.
The stock gained 2.66 per cent to Rs 185 and 2.38 per cent to Rs 184.75 on stock exchanges NSE and BSE, respectively.
Buoyed by power demand growth coupled with higher income from consultancy services and telecom segment, Power Grid Corp had on Wednesday posted a 32 per cent jump in net profit at Rs 1,872 crore for the September quarter.
Standalone net profit was Rs 1,418 crore in the July-September quarter of the previous fiscal year, Power Grid Corp chairman and managing director I S Jha said in a press conference.
Elaborating further, Mr Jha stated in a detailed presentation that the income from transmission charges grew at 28 per cent in the quarter to Rs 5,971 crore from Rs 4,670 crore in year-ago period mainly due to a 7-8 per cent growth in electricity consumption per annum in the country.
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