Power Grid’s Q1 profit falls 18 pc to ₹2,048 cr

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

In Q1 FY20, the profit after tax stood at ₹2,503 crore. However, its revenue from operations in Q1 FY21 went up to ₹9,457 crore from ₹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 ₹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.