Shares of Power Grid Corporation of India Ltd rallied 7% on 8 February after the company reported a stellar quarterly update for October-December.

In its quarterly report, the company reported a 10.5% year-on-year increase in its consolidated net profit to Rs 4,028.25 crore for the quarter under review from Rs 3,645.29 crore reported in the same quarter last year.

The revenue from operations for the quarter stood at Rs 11,549.79 crore, marking a 2.6% YoY increase from Rs 11,261.78 crore reported in the same quarter of the previous fiscal year.

The EBITDA (earnings before interest, tax, depreciation, and amortisation) during the quarter stood at Rs 10,482.8 crore, growing by 3.2% YoY from Rs 10,161.88 crore reported in Q3FY23. The EBITDA margin expanded to 89% for Q3FY24 from 88% recorded in Q3FY23.

Furthermore, the company has also declared a second interim dividend of Rs 4.5 per share of Rs 10 each for the current fiscal year, which will be paid on 5 March 2024.

The transmission business vertical of the company saw an increase to Rs 11,314.24 crore in the third quarter of the current fiscal year from Rs 11,055.39 crore during the same quarter last year.

At 11:10 am, the shares of Power Grid were trading 4.42% higher at Rs 279.80 on NSE.