Power Grid Corporation of India Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2024

Notes to Standalone financial results:
1. (a) In exercise of powers u/s 178 of the Electricity Act 2003, Central Electricity Regulatory Commission (CERC) has notified “CERC (Terms and Conditions of Tariff) Regulations, 2024” vide notification dated 15 March 2024 for the determination of transmission tariff for the block period 2024-29.
(b) The company has recognised transmission income during the quarter and nine months ended 31 December 2024 as per the following:
(i) Rs. 9,143.13 crore for the quarter (corresponding previous quarter Rs. 9,783.03 crore) and Rs. 27,378.52 crore for the nine months (corresponding previous nine months Rs. 28,955.81 crore) as per tariff orders issued by CERC.
(ii) Rs. 641.86 crore for the quarter (corresponding previous quarter Rs. 524.52 crore) and Rs. 1,993.31 crore for the nine months (corresponding previous nine months Rs. 1,532.01 crore) provisionally as per CERC Tariff Regulations in respect of transmission assets for which tariff orders are yet to be issued.
(c) Consequent to the final order issued by CERC, transmission income includes Rs. 63.01 crore (increase) for the quarter (corresponding previous quarter Rs. 236.77 crore (increase)) and Rs. 363.09 crore (increase) for the nine months (corresponding previous nine months Rs. 681.67 crore (increase)) pertaining to earlier years.
2. The Company, in its Board Meeting held on 06 November 2024, has declared interim dividend of Rs.4.50 per share for financial year 2024-25 and subsequently paid on 04 December 2024. In addition to above, the Board in its meeting held on 03 February 2025, has declared interim dividend of 3.25 per share (face value of Rs. 10/- each) for financial year 2024-25.
3. The Company had monetised 100% holding in Powergrid Vizag Transmission Limited (PVTL) and 74% holding in Powergrid Kala Amb Transmission Limited (PKATL), Powergrid Jabalpur Transmission Limited (PJTL), Powergrid Warora Transmission Limited (PWTL) and Powergrid Parli Transmission Limited (PPTL) through POWERGRID Infrastructure Investment Trust ('PGlnvlT/ Trust') in FY 2021-22. The balance 26% of SPVs i.e. PKATL, PJTL, PWTL & PPTL has been transferred, which was classified as “Assets Classified as Held for Sale”, to PGInvIT on 30 December 2024. Profit on above transaction (net of related expenses) amounting to Rs. 245.60 crore is included in “Other income”.
4. The Board of Directors in their meeting held on 14 July 2023 has approved the proposal for transfer of Telecommunications Business of the company to Powergrid Teleservices Limited (PTL), a wholly owned subsidiary of the Company. Telecommunications Business of the Company was transferred to PTL w.e.f. 01 October 2023 at book value as on 30 September 2023. The same was presented as Discontinued Operations in the Statement of Profit and Loss in the previous periods in line with Ind AS 105.
5. The Company and Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPNL) have entered into a Shareholders’ Agreement on 30 September 2024 to form a Joint Venture Company (“JVC”) for development of Intra-state Transmission System in the State of Rajasthan with an equity participation of 74% by the Company and 26% by RRVPNL. In this regard, a Joint Venture Company namely ‘Rajasthan Power Grid Transmission Company Limited’ was incorporated on 27 November 2024.
6. Provision for taxes, employee benefits and other provisions for contingencies have been considered on estimated basis.
7. The above statement of Standalone financial results has been reviewed by the Audit Committee (consisting of two Non-executive Directors and one Executive Director (wholetime), pending appointment of Independent Directors), and thereafter has been considered and approved by the Board of Directors in their respective meetings held on 03 February 2025.
8. As required under regulation 33 and 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended to the extent applicable, the Statutory Auditors have conducted a limited review of the Standalone financial results for the quarter and nine months ended 31 December 2024.
9. Previous period figures have been regrouped / rearranged wherever considered necessary.