State-run Power Grid Corporation of India reported year-on-year (YoY) net profit of Rs 2052.41 crore for the first quarter of FY18, ended June 30. It reported a 14 per cent rise in the profits from Rs 1801.77 crore, compared to the corresponding quarter last year.
Revenue from operations increased 17.35 percent to Rs 7,181 crore, compared to Rs 6119.86 crore in the same quarter ended last year. On the similar lines, the total income rose from Rs 6258 crore to Rs 7390 crore, a jump of 18 per cent YOY.
Segment wise, transmission, consultancy and telecom revenue of the company jumped 16.46 per cent YoY, 74.37 per cent and 28.72 per cent YoY, respectively, in Q1FY18.
Total expenses of the company rose nearly 23 per cent from last year to Rs 4874.6 crore. Employee benefit expense increased 48.7 per cent to Rs 403.6 crore, which included Rs 86.1 crore worth of salary hikes (amount transferred towards pay revision of employees of the company) , according to the financial statements.
Way forward
Apart from the key metrics, the company in its investors statement mention the way forward, with Rs 1,02,000 crore worth ongoing projects and Rs 4000 crore new projects in the pipeline. The company holds a capex plan of approximately Rs 25,000 crore for FY18. In its interstate transmission business the company plans to integrate 30GW Wind; 20GW Solar UMPP and 7GW Nuclear into the Grid in the next 4-5 years.
The company mentions the positive impact of UDAY to drive investments by States in Intra-State transmission and states the exploration of transmission and consultancy opportunities in other geographies like Myanmar, SAARC (Nepal, Bhutan, and Bangladesh), South East Asia, Far East and Africa.