Powergrid Reports 4% Growth In Profit After Tax in Q4

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India’s largest electricity transmission company Powergrid recently announced its financial results for Financial Year 2023 and Q4. The Maharatna Public Sector Enterprise said that it reported a total of four percent growth of Profit After Tax (PAT) in Q4 (consolidated) on Year-on-year (YoY) basis. 

It also said that on a consolidated basis, its income during Q4 also rose by 13 percent from Rs 11,068 crore (Q4FY22) to Rs 12,557 crore in Q4FY23. It also reported a rise in PAT and incomes in FY23. 

“On a consolidated basis, the company posted PAT of Rs 15,417 crore and total income of Rs 46,606 crore for FY23, registering a YoY growth of 11% and 9% respectively (excluding exceptional items),” Powergrid said in a media statement. 

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The Board meanwhile also announced a final dividend of 47.50% (Rs 4.75 per share on a face value of Rs 10 each). It is in addition to the first and second interim dividends of Rs 10 per share already paid in FY23. The total dividend for the year thus amounts to Rs 14.75 per share, which is the same as that for the previous year.

However, a closer look at the financial disclosure revealed that the expenses and the standalone net incomes have dwindled in the last year. The report said that the standalone audited results revealed that the company increased its income from Rs 42,335 crore in FY22 to Rs 45,968 crore in FY23. However, its expenses rose from Rs 25,767 crore to Rs 28,753 crore in FY23. The report also revealed that the standalone audited profit sank from Rs 17,093 crore in FY22 to Rs 15,333 crore in FY23. 

The company claimed that it incurred a Capital Expenditure of Rs 9,212 crore and capitalized assets worth Rs 7,413 crore (excluding FERV) on a consolidated basis during the financial year. As a result, the Company’s Gross Fixed Assets on a consolidated basis stood at Rs 2,70,107 crore on March 31, 2023, and against Rs 2,62,726 crore on March 31, 2022.

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