Shares of Power Grid Corporation of India Ltd tanked 5% on 23 May after the company announced weak quarterly earnings for January-March. 

In its quarterly report, the state-run company reported a 3.6% year-on-year decline to Rs 4,166 crore reported in the quarter under review from Rs 4,323 crore reported in the same quarter last year. 

The revenue during the quarter stood at Rs 11,978 crore, marking a 2.5% YoY decline from Rs 12,286 crore reported in the same quarter of the previous fiscal year. 

Earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 6% to Rs 10,488 crore during the quarter under review from Rs 11,149.97 crore reported in the same quarter last year. The EBITDA margin during the quarter contracted to 87.59% in Q4FY24 from 90.76% in Q4FY23. 

The Board of Directors of the company also declared a third interim dividend of Rs 2.75 per share for the fiscal year 2023-24, which will be paid to its shareholders within 30 days of declaring the company’s Annual General Meeting (AGM). 

The company’s board has also considered and approved raising funds not exceeding Rs 5,000 crore from a consortium of bankers. 

At 12:20 pm, the shares of Power Grid were trading 3.07% lower at Rs 315.75 on NSE.