PowerGrid Quarter 3 net rises 13 per cent on higher revenues

Power Grid Corporation of India (PGCIL) reported a 12.7% year-on-year rise in its net profit to Rs 2,667.2 crore for the quarter ended December 31 as revenue from power transmission—its main business segment—grew 6.5% y-o-y to `8,813.7 crore. The revenue accounted for the change in MAT rate, from 18.5% to 15%. Tax expenses fell 46.6% to `793.3 crore.

The company said Q3 results do not account for Rs 21,953.7 crore demanded by the DoT as additional license fee for the national long distance and internet service provider licenses. PGCIL said that it has already intimated the DoT that such demand is not legally sustainable and has also filed a petition in the SC.