Power Grid Corporation’s Q1FY21 profit declines 18% to Rs 2,048 cr

Government-owned Power Grid Corporation has posted 18 per cent fall in its consolidated profit after tax of Rs 2,048 crore during the April to June quarter.

In Q1 FY20, the profit after tax stood at Rs 2,503 crore. However, its revenue from operations in Q1 FY21 went up to Rs 9,457 crore from Rs 9,180 crore in the same period of the previous year.

During the quarter ended June, the company recognised as an exceptional item the one-time consolidated rebate of Rs 1,075 crore to distribution companies and power departments of states and union territories.

This was for passing on the benefit to end-consumers on account of Covid-19 pandemic against the billing of April and May.