Power Grid Corporation of India (PGCIL), the net profit drops by 36.6 per cent to Rs 3,801.19 crore in Q1 FY23 as against Rs 5,998.28 crore in Q1 FY22. Also, the consolidated revenue from operation stood at Rs 10,905.21 crore at the end of the June quarter of FY23, which rose by 6.7 per cent from Rs 10,218.58 crore posted in the corresponding quarter previous year.

Profit before tax (PBT) has slumped 41.4 per cent to Rs 4,331.26 crore in the first quarter as against Rs 7,391.98 crore reported in the same period a year ago. Total expenses rose 5.57 per cent to Rs 6,910.94 crore in Q1 FY23 over Q1 FY22. Finance costs were Rs 1,959.70 crore, while employee benefits expenses stood at Rs 562.83 crore. On the other hand, the margin reminded for PSU companies at 90 per cent in the first quarter of FY23. Also, the net profit margin declined to 35 per cent in the first quarter of FY23 compared to last year in the same period.

The Government established the Power Grid Corporation of India (PGCIL) as the central transmission utility of India. At the end of June, the company’s shares owned a 51.34% stake. Yesterday, the company’s stake declined 0.81 per cent, close to Rs 221.70. Today, the domestic equity market is closed due to Muharram. The domestic equity market is closed today (9 August 2022) on account of Muharram.