New Delhi: Power Grid Corporation of India Limited (POWERGRID), a ‘Maharatna’ company under Union Ministry of Power, has delivered a robust quarterly performance. During Q1 of FY22, the company has reported profit after tax (PAT) of Rs 5,998 crore and total income of Rs 10,392 crore on consolidated basis registering a year on year growth of 193 per cent and six per cent respectively. On the standalone basis, the company has posted PAT and total income of Rs 6,085 crore and Rs 10,285 crore respectively registering a year on year growth of 207 per cent and seven per cent respectively for Q1 of FY22, said the company in a statement.

During the quarter, POWERGRID completed the first asset monetization by a CPSE through the Infrastructure Investment Trust (InvIT) route. PGInvIT, sponsored by POWERGRID, came out with an Initial Public Offer (IPO) of its units comprising fresh issue of Rs 4,993 crore and offer for sale by POWERGRID amounting to Rs 2,742 crore and got listed on BSE and NSE on May 14, 2021. The company transferred 74 per cent shares in the five special purpose vehicles (SPVs) to the InvIT and the profit on sale of its stake in the five SPVs amounting to Rs 3,014 crore on consolidated basis was recognized as an exceptional income.

The company has incurred a capital expenditure of Rs 1,110 crore and capitalized assets worth Rs 5,642 crore (excluding FERV) on consolidated basis. POWERGRID’s gross fixed assets on consolidated basis stood at Rs 2,47,421 crore as on June 30, 2021. With the use of state-of-the-art maintenance techniques, automation and digitization, POWERGRID maintained average transmission system availability of 99.77 per cent for Q1 of FY22. /BI Bureau/