Power Grid Corporation down almost 4% after Q1 numbers disappoint

The company’s June quarter standalone profit was down 6 percent at Rs 3,542.65 crore from the year-ago quarter. The
board has recommended bonus shares in the ratio of 1:3 and raising Rs 12,000 crore

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Power Grid Corporation of India was trading almost 4 percent lower on August 1 morning, a day after the state-owned firm reported a 6 percent year-on-year decline in standalone profit at Rs 3,542.65 crore in the June quarter of FY24.

Power Grid Corporation of India had posted a profit of Rs 3,765.93 crore in the year-ago period.

Revenue from operations fell marginally to Rs 10,436.1 crore from Rs 10,446.08 crore in the same quarter of the previous year.

Earnings before interest, tax, depreciation and amortization (EBITDA) grew 3.4 percent year on year to Rs 9,099.5 crore, with a margin expansion of 290 basis points at 87.2 percent in Q1FY24.

One basis point is one-hundredth of a percentage point.

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The company’s board also recommended the issue of bonus shares in the ratio of 1:3, which means for every three shares that investors hold, they will get one additional share.

The board recommended raising up to Rs 12,000 crore from the domestic market in the financial year 2024-25 in one or more tranches.

The decision came after a committee of directors on July 29 approved the raising of upto Rs 5,700 crore in FY 23-24 through bonds in multiple tranches to meet the firm’s  capex requirement and to provide inter-corporate loans to wholly owned subsidiaries and joint ventures.

The funds will also be used for general corporate purposes by securitization of cashflows of 4 operational special purpose vehicles including Powergrid Bhuj Transmission Limited, Powergrid Khetri Transmission System Limited, Powergrid Medinipur Jeerat Transmission System Limited & Powergrid Varanasi Transmission System Limited upto March, 2034.

At 9.55 am, the share was trading at Rs 257.7 on the National Stock Exchange, down 3.89 percent from the previous close.