State-owned Power Grid Corporation of China Ltd (PGCIL) reported on August 8 that its consolidated net profit for the first quarter ended June 30, 2022, fell 36.6% year-on-year to Rs 3,801.2 crore.

Last year, the company posted a consolidated net profit of Rs 5,998.3 crore in the same period last year.

During the period under review, total revenue was Rs 10,905.2 crore, an increase of 6.7% from Rs 10,218.6 crore in the corresponding period of the previous fiscal.

On an operational level, EBITDA for the first quarter of the current fiscal increased by 2.8% to Rs 9,249.2 crore, surpassing Rs 9,000.7 crore in the corresponding period of the previous fiscal.

EBITDA margin in the reported quarter was 84.8%, compared to 88.1% in the same period last fiscal year.

In a statement, the company explained that due to asset monetisation, PAT (profit after tax) in Q1FY22 was Rs 5,998 crore, including an item of Rs 3,014 crore (Rs 2,657 crore after tax) special items.

It also said that the consolidated PAT for Q1FY23 (April to June 2022) was Rs 3,801 crore, 14% higher than Q1FY22, excluding special items.

The company incurred capital expenditures of Rs 1,482 crore and capitalised assets worth Rs 1,345 crore (excluding FERV – exchange rate changes) on a consolidated basis in Q1FY23 (April-June 2022).

As of June 30, 2022, the company’s total consolidated fixed assets stood at Rs 2,64,838 crore. The company added a new 765/400/220 kV Bhuj-II GIS substation while adding retrofit capacity in Bhadla and Fatehgarh to facilitate the evacuation of renewable energy generation.

At the end of the quarter, Power Grid and its subsidiaries had total transmission assets with a mileage of 1,72,662 km of transmission lines, 267 substations and a substation capacity of 4,85,777 MVA. Through state-of-the-art maintenance technology, automation and digitalisation, the grid maintained an average transmission system availability of 99.79% in Q1FY23.

The company acquired two TBCB (Tariff Based Competitive Bidding) subsidiaries – Khetri-Narela Transmission Ltd and Mohanlalganj Transmission Limited – in Q1FY23. The results came after the market closed.