Power Grid Q3 net profit rises 39.5%

 Power Grid Corporation of India posted 39.5 per cent rise in its net profit at Rs 1,129 crore for the third quarter of fiscal 2013.

It had profit net profit of Rs 809 crore in the corresponding quarter ended December 31 last year. Its higher bottom line was mainly because of increased transmission charges and receiving payment of previous wage revision arrears.

“The performance in the third quarter of fiscal ’13 period was good. This quarter the firm benefitted from receiving the payment of wage arrears that were cleared during 2007-09 period,” Power Grid Corporation Director (Finance) R T Agarwal said.

The company, which paid a dividend of Rs 976.87 crore for the financial year 2011-12, has already declared interim dividend of 16 per cent for the financial year 2012-13 against 8 per cent interim dividend paid in the last financial year.

The company would soon enter into a $16 million contract with Ethiopian Electric Power Corp.

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