| Standalone sales of Power Grid Corporation of India (PGCIL) were up by 8% to Rs 9676.55 crore for the quarter ended Dec 2020. While the transmission charges were up by 8% to Rs 9368 crore that of telecom was up by 7% to Rs 187 crore. However that of consultancy services was down by 15% to Rs 122 crore. Revenue from operations more specifically the transmission income include prior period revenue of nil for the quarter compared to Rs 19.84 crore in corresponding previous period. But with operating profit margin contract by marginal 20 bps to 87.4%, the growth at operating profit stood restricted at 7% to Rs 8460.53 crore. After accounting for higher other income (up 26% to Rs 634.80 crore), the PBIDT was up by 9% to Rs 9095.33 crore. But with interest cost stand lower (by 13% to Rs 2151.07 crore) the PBDT was up by 18% to Rs 6944.26 crore. With depreciation stand higher by 7% to Rs 2992.75 crore, the PBT was up by 27% to Rs 3951.51 crore. The EO expense for the period and corresponding previous period was nil. Thus the PBT after EO was up by 27% to Rs 3951.51 crore. With taxation stand higher by 27% to Rs 1007.17 crore, the PAT was up by 27% to Rs 2944.34 crore. After accounting for regulatory income, which was up by 5% to Rs 379.51 crore, the net profit was up by 24% to Rs 3323.85 crore.
Consolidated sales was up by 6% to Rs 10142.48 crore but with OPM contract by 20 bps to 87.9%, the operating profit was up by 8% to Rs 8914.54 crore. The PBT (before share of profit from JV) was up by 29% to Rs 4010.97 crore gained largely by higher other income and lower interest cost as well as lower depreciation (as proportion to sales). The share of profit from JV was up by 84% to Rs 56.09 crore and thus the PBT after share of profit from JV was up by 30% to Rs 4067.06 crore. The EO expense for the quarter and corresponding previous period was nil. And thus the PBT after EO was up by 30% to Rs 4067.06 crore. Eventually the net profit after RI was up by 26% to Rs 3367.71 crore with taxation up by 31% to Rs 1078.86 crore and RI up 5% to Rs 379.51 crore.
Nine month performance
Standalone sales for the period was up by 5% to Rs 27723.16 crore with OPM contract by 40 bps to 87.7%, the OP was up by 4% to Rs 24308.75 crore. After accounting for 47% jump in other income to Rs 2098.46 crore, the PBIDT was up by 7% to Rs 26407.21 crore. After accounting for lower interest and higher depreciation, the PBT was up by 20% to Rs 11196.09 crore. The EO Expense was up at Rs 1078.64 crore (against nil) towards one time rebated provided to discoms. Thus the PBT after EO was up by 8% to Rs 10117.45 crore. The PAT was up by 11% to Rs 7654.82 crore as taxation stand higher by 2% to Rs 2462.63 crore. The RI was higher by 8% to Rs 765.35 crore and thus the net profit after RI was up by 10% to Rs 8420.17 crore.
Consolidated sales was up by 6% to Rs 29129.56 crore and with OPM contract by 40 bps to 88.2%, the operating profit was up by 5% to Rs 25697.57 crore. The PBT (before share of profit from JV) was up by 21% to Rs 11395.03 crore gained largely by higher other income and lower interest. The share of profit from JV was up by 50% to Rs 160.46 crore and thus the PBT after share of profit from JV was up by 21% to Rs 11555.49 crore. The EO Expense was up at Rs 1078.64 crore (against nil) towards one time rebated provided to discoms. Thus the PBT after EO was up 10% to Rs 10476.85 crore. The taxation was up by 9% to Rs 2731.97 crore and thus the PAT was up by 10% to Rs 7744.88 crore. The regulatory income was up by 8% to Rs 765.35 crore and thus the Net profit (after RI) was up by 10% to Rs 8510.23 crore.
Other developments
Capex spent YTD Dec 2020 was RS 7942 crore and capitalization was Rs 12574 crore.
Availability of the grid stood at 99.8% for 9mFY21 against 99.81% in 9mFy20.
Works on hand as end of Dec 2020 was Rs 47100 crore including ongoing project worth Rs 22500 crore, new projects of Rs 9600 crore and TBCB projects of Rs 15000 crore.
Won all the three TBCB projects for which bids were opened during FY21 Transmission system strengthening scheme for evacuation of power from Solar Energy Zones in Rajasthan (8.1 GW) - Phase II – Part A; Phase II – Part B & Phase II – Part C.
GoI has assigned project of National Importance under RTM - Cross Border Transmission link: 765 kV D/C Katihar (India) – Parbotipur (Bangladesh) – Bornagar (India).
About Rs 14,000 crore Immediate Upcoming Opportunities - Inter-State Transmission works in RE of about Rs 12,000 crore and Intra-State Transmission works in TBCB of Rs 2,000 crore. |