MumbaI : State-run, Power Grid Corporation of India Limited (POWERGRID), has posted a net profit of Rs 8,239 crore on a total income of Rs 30,766 crore for FY 2017-18, registering a growth of about 16 per in total income and 10 per cent in net profit as compared to FY 2016-17, on a standalone basis.
“We were able to nearly double the revenue in almost past four years and because of the power demand our revenue will see a sharp surge in the coming years also,” Chairman and Managing Director I S Jha said in a press conference. The company now expects a boost to its revenues in 2018-19 (April-March) from projects worth over Rs 95,000 crore that will become operational during the period.
The Delhi-based company is currently occupied with Rs 1.15 trillion of projects and is now seeking orders in electric vehicle battery storage and railway electrification among other segments. The state-owned company has planned a capital expenditure of Rs 25,000 crore per year for the next five years. Of this, 70 per cent will be from borrowings in each of the years, Jha said.
The company sees total spending in its conventional transmission business at over Rs 1 trillion by 2022.
The company surpassed Rs 30,000 crore total income and Rs 8,000 crore profit after tax for the first time. For the fourth quarter of FY 2017-18, the company has posted a net profit of Rs 2,005 crore, as against a net profit of Rs 1,916 crore registering an increase of 5 per cent with respect to corresponding period of FY 2016-17. The company capitalised assets worth Rs 27,370 crore and incurred a capital expenditure to the tune of Rs 25,791 crore during FY 2017-18. For FY 2018-19, the company has planned a capital expenditure of Rs 25,000 crore.