PowerGrid posts rise of 3.6% in Q2 FY24 profit
The company reported a 3.6% year-on-year increase in Consolidated net profit, reaching a commendable Rs 3,781.4 crore.
New Delhi: Power Grid Corporation of India, a central public sector undertaking has posted a robust performance in the second quarter of the fiscal year 2023-24, marking a significant milestone in the company's growth trajectory. The company reported a 3.6% year-on-year increase in Consolidated net profit, reaching a commendable Rs 3,781.4 crore.
The company's revenue from operations also saw an upward trend, rising 1.04% against the corresponding quarter of the previous year, to stand at Rs 11,267.07 crore.
In addition to the increase in net profit and revenue, Power Grid's EBITDA rose by 5.1%. The company's strong financial performance in the second quarter of FY24 has led to positive reactions in the market.
Power Grid stock has outperformed the benchmark Nifty50 index, with a return of 13.05% in the last six months.
Moreover, Power Grid's board has approved an interim dividend of Rs 4 per equity share for the financial year 2023-24. This decision, promising direct benefits to the company's shareholders, reflects Power Grid's commitment to sharing its success with its stakeholders.