New Delhi, August 12: The Power Grid Corporation attributed the fall in profits to the consolidated one-time rebate of Rs 1,075 crore to power distribution firms and state and Union Territories power departments to pass on the profit to end users on account of the pandemic against the April and May 2020 billing.
Power Grid Corporation announced an 18.15% decline in its consolidated net profit at Rs 2,048.42 crore for the April-June period. The company had posted a net profit of Rs 2,502.80 crore during the corresponding period last fiscal year.
In a regulatory filing, the company said, “Due to said consolidated one-time rebate, there is a reduction in the profit for the current quarter and the same has been disclosed under ‘exceptional items’ in the statement of financial results. The company will continue to monitor any material changes to future economic conditions ”
The total income increased 4.86 per cent over the period under review to Rs 9,816.72 from Rs 9,361.72 crore received during the quarter ended June of the last fiscal year.
The company has announced that its Board of Directors has approved the appointment of M. Taj Mukarrum as Chief Financial Officer (CFO) of the company with effect from August 1, 2020.
