Power Grid quarterly profit up nearly 40%

State-run Power Grid Corporation on Tuesday posted nearly 40 per cent jump in net profit at Rs 1,129 crore in the three months ended December 2012.

The transmission utility's higher bottom line was mainly on account of increased transmission charges and receiving payment of previous wage revision arrears.

Power Grid Corp had a net profit of Rs 809 crore in the third quarter of the previous financial year.

In the 2012 December quarter, the company's total income surged to Rs 3,490 crore from Rs 2,577 crore in the year-ago period.

The performance in the third quarter (of 2012-13 period) was good. This quarter the firm benefitted from receiving the payment of wage arrears, that were cleared during 2007-09 period, Power Grid Director (Finance) R T Agarwal said.

The company raked in transmission charges to the tune of Rs 3,238 crore in the latest December quarter compared to Rs 2,340 crore in the same period a year ago.

Power Grid said it is planning helicopter surveillance in order to strengthen the monitoring of transmission lines in the country.

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