Power Grid Set To Commission 85 MW Solar Project In MP

The Power Grid Corporation of India has now decided to commission an 85 MW solar project at Nagda in Madhya Pradesh. This is against the prime work of power transmission by the state-owned company. In its latest self-disclosure to the Bombay Stock Exchange (BSE), the firm talked about the approval of the Board over the plan.

The project is valued at INR 554.91 crore. It is slated for commissioning within ten months from the date of the award. The solar project will also entail an additional five-year operation and maintenance phase.

The shares of the company meanwhile reported a minor plunge today, a day after the announcement was made. The shares came to Rs 247.85. The company meanwhile recently announced its financial results for Q1 of FY24.

The company, in its unaudited consolidated financial results for Q1 reported a reduction in its total income from Rs 12557 crore to Rs 11257 crore on a Quarter-on-Quarter basis (QoQ). Its net profit also dwindled from Rs 4322 crore to Rs 3597 crore on a QoQ basis, showing a 16.79 percent reduction.

However, on a Year-on-Year basis, its total income increased from Rs 11168 crore to Rs 11257 crore, showing a minor rise of 0.80 percent. Its net profit, however, decreased on YoY too, from Rs 3801 crore to Rs 3597 crore.

Power Grid meanwhile said that its Board had proposed a declaration of bonus shares in the ratio of one equity share of Rs 10 each for every three equity shares held subject to the approval of shareholders of the company.

In May 2023, The Power Grid Corporation of India Ltd (PGCIL) had issued tender for the development of transmission line package or 765 kV class Reactor package for pooling station at Bidar under Transmission Scheme for Solar Energy Zone in Bidar (2500 MW), Karnataka.