Power Grid shares tumble nearly 5% in morning trade, post Q1 results

New Delhi: Shares of Power Grid Corporation of India Ltd fell by nearly 5 per cent in morning trade on Tuesday, after the company posted over a 5 per cent decline in consolidated net profit for the quarter ended June, 2023.

The stock declined 4.60 per cent to Rs 253.75 on the BSE.

At the NSE, it tanked 4.62 per cent to Rs 253.75 apiece.

The company was the biggest laggard among the Sensex and Nifty firms.

On the BSE, 4.30 lakh shares of the company were traded in morning trade, while the figure stood at 89.28 lakh shares at the NSE.

Power Grid Corporation of India Ltd on Monday posted over a 5 per cent decline in consolidated net profit to Rs 3,597.16 crore due to increased finance costs.

It had reported a net profit of Rs 3,801.29 crore during the April-June period of the preceding 2022-23 fiscal, the company said in a regulatory filing.

The company's total income, however, rose to Rs 11,257.60 crore from Rs 11,168.54 crore in the year-ago quarter.

Finance cost increased to Rs 2,057.23 crore from Rs 1,959.70 crore a year ago.

In a separate statement, the company said it incurred a capital expenditure of Rs 1,506 crore during Q1 FY24.