Power Grid Shares Drop After Q4 Earnings

New Delhi, May 23 (PTI) Shares of Power Grid Corporation on Thursday went lower 2 per cent after the company reported a nearly four per cent dip in its consolidated net profit in the March 2024 quarter.

The stock declined 1.86 per cent to settle at Rs 319.75 on the BSE. During the day, it dropped 5.17 per cent to Rs 308.95.

On the NSE, it dipped 2 per cent to Rs 319.

In traded volume terms, 15.13 lakh shares of the company were traded on the BSE and 357.05 lakh shares on the NSE during the day.

State-owned Power Grid Corporation on Wednesday reported a nearly four per cent dip in its consolidated net profit to Rs 4,166.33 crore in the March 2024 quarter, mainly due to a marginal decline in income.

The company reported a consolidated net profit of Rs 4,322.87 crore in the quarter ended on March 31, 2023, a BSE filing showed.

Total income declined to Rs 12,305.39 crore in the quarter as compared to Rs 12,557.44 crore in the same period a year ago.

For fiscal 2023-24, the consolidated net profit rose to Rs 15,573.16 crore from Rs 15,419.74 crore a year ago.

Total income in the fiscal rose to Rs 46,913.12 crore as against Rs 46,605.64 crore in the year-ago period.