Q4 results: Power Grid’s net profit decadence 4% to ₹4,166.33 Crore, declares final surplus of ₹2.75 per share

Power Grid Corporation of India Limited (POWERGRID) on Wednesday announced its financial results for the fourth quarter (Q4) of the financial year 2024 (FY24) ending March 31, 2024.
The state-owned company reported a nearly 4 per cent decline in its consolidated net profit to ₹4,166.33 Crore in the March quarter, mainly due to a marginal decline in income.

Its consolidated net profit in the same quarter a year ago was ₹4,322.87 Crore.
In a stock exchange filing, Power Grid said that its total income declined to ₹12,305.39 Crore in the fourth quarter, compared to ₹12,557.44 Crore in the same period a year ago.
For the full fiscal year 2024, Power Grid’s consolidated net profit rose to ₹15,573.16 Crore from ₹15,419.74 Crore a year ago.

POWERGRID said that its board of directors has recommended a final dividend of ₹2.75 per equity share (i.e. 27.5 per cent on paid-up equity share capital) for the financial year 2023-24, subject to the approval of shareholders on the upcoming annual basis. Company General Meeting (AGM).

The company said the final surplus will be paid within 30 days from the date of announcement at the AGM.
This final surplus is in addition to the first intervening dividend of ₹4 per equity share (i.e. 40 per cent on the paid-up equity share capital) and second interim dividend of ₹4.50 per equity share paid on December 6, 2023. i.e. 45 per cent on the paid-up equity share capital) paid up on March 5, 2024.

collect money

The company also said its board has permitted raise funds worth ₹5,000 Crore from a consortium of bankers.
Shares of Power Grid Corporation closed 0.11 per cent higher at ₹325.80 on the BSE on Wednesday.