Power Grid Shares Tumble Over 5% As Q4 Profit Dips

Shares of Power Grid Corporation of India were falling on Thursday after the state-run firm posted a slight dip in profit for the fourth quarter.

What Happened: The public-sector company reported a nearly 4% fall in its consolidated net profit to ₹4,166.33 crore in the March quarter, down from ₹4,322.87 crore in the same quarter a year ago. This decline was largely in line with street estimates.

PowerGrid’s total income for the fourth quarter also shrank slightly to ₹12,305.39 crore, compared with ₹12,557.44 crore in the same period last year.

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PowerGrid’s board of directors recommended a final dividend of ₹2.75 per equity share for the financial year 2024, pending shareholder approval at its upcoming annual general meeting.

Additionally, PowerGrid’s board has approved a fundraising plan of ₹5,000 crore from a consortium of bankers.

Price Action: Power Grid’s share price dropped 4.93% to ₹309.70 near the start of trade on Thursday.

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Posted In: EarningsEarnings MissesEquitiesNewsMarketsMoversTrading IdeasPower Grid Corporation Of India