MUMBAI, (GNI): I S Jha,CMD of Power Grid Corporation of India during the Company Financial results in Mumbai on Tuesday – Photo by Sumant Gajinkar
MUMBAI, (GNI): Power Grid Corporation of India Limited (POWERGRID), a ‘Navratna’ Company under Ministry of Power, GoI, has posted a net profit of Rs.7,520 crore over a turnover of Rs. 26,581 crore for FY 2016-17, registering a growth of about 25% in Turnover and 26% in Net Profit compared to FY 2015-16, on a standalone basis. The Company surpassed Rs.25,000 crore Turnover and Rs.7,500 crore Profit After Tax for the first time announced by I. S. Jha, Chairman and Managing Director of Power Grid Corporation of India Limited..
For the fourth quarter of FY2016-17, the Company has posted a net profit of Rs. 1,916 crore, as against a net profit of Rs.1,569 crore registering an increase of 22% with respect to corresponding period of FY 2015-16.
The Company has proposed a final dividend of 33.5% in addition to interim dividend of 10.0% (already paid) for the financial year 2016-17.
As at the end of April, 2017, POWERGRID is operating about 139,700 ckt. kms. of transmission lines along with 220 Sub-stations with transformation capacity of more than 292,500 MVA. With the use of state-of-the-art maintenance techniques, average Availability of transmission system during the year 2016-17 was maintained at 99.79%.
During the FY 2016-17, POWERGRID completed a number of important inter-regional transmission lines including +/-800kV HVDC Champa-Kurukshetra line, Angul-Srikakulam line and Wardha – Nizamabad line. The Company also completed two projects under TBCB.
The Company incurred a capital expenditure to the tune of ~ Rs.24,429 crore during the period, which was highest ever in a year.
With the end of FY 2016-17, XII Five Year Plan (2012-17) has also concluded and during this period, POWERGRID has achieved highest ever capital investment of ~₹1,12,664 crore surpassing the target of ₹1,10,000 crore (originally envisaged ~₹1,00,000 crore at the beginning of the Plan).
During XII Plan, POWERGRID achieved new milestones in technology adoption, deployment and innovation. The Company successfully implemented the world’s longest multi-terminal ±800kV HVDC in the form of Biswanath-Chariyali (NER)-Agra and deployed latest state-of-the-art technologies like aerial patrolling of transmission lines using helicopters and drones for O&M of transmission lines. With successful testing of 1200kV UHV AC, POWERGRID introduced a new voltage level to the world, through a unique public-private partnership. Ends.