Latest News | India Grid Trust Net Profit Falls 57 Pc to Rs 58 Cr in Q4

New Delhi, May 24 (PTI) India Grid Trust on Friday reported a 57 per cent fall in consolidated profit to Rs 58.4 crore for the March 2024 quarter, dragged by higher expenses.

It had clocked Rs 137.1 crore profit in the year-ago period, the company said in an exchange.

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The company's total income rose to Rs 824.2 crore from Rs 624.8 crore in January-March FY23.

During the period under review, its expenses stood at Rs 758.1 crore against Rs 500.5 crore a year ago.

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The company's board also announced "Q4 FY24 distribution of Rs 3.55 per unit comprising Rs 2.7361 per unit in the form of interest, Rs 0.8139 per unit in the form of dividend. The record date for this distribution will be May 30, 2024, and payment will be made on or before June 8, 2024".

For the full year, the company reported a profit of Rs 296.4 crore from Rs 465.7 crore a year ago.

In a separate statement, Harsh Shah, Chief Executive Officer, and Whole Time Director of IndiGrid, said, "FY24 has been a transformational year for us. We have not only grown our renewable portfolio but also expanded our development portfolio in the transmission space in a significant manner while delivering sizable DPU (distribution per unit) growth vis-a-vis FY23. Sizable pipeline on transmission sector bids and successful commissioning of our first TBCB (tariff-based competitive bidding) foray have fuelled further growth opportunities".

During the quarter, IndiGrid operationalised Kallam Transmission Limited (Kallam).

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)