State-run Power Grid Corporation of India Ltd on Monday reported a 5.9 percent year-on-year (YoY) fall in net profit at Rs 3,542.7 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, Power Grid Corporation of India posted a net profit of Rs 3,766 crore, the company said in a regulatory filing.

In the quarter, total revenue stood at Rs 10,436.1 crore during the period under review, down 0.1 percent against Rs 10,446 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 3.4 percent to Rs 9,099.4 crore in the first quarter of this fiscal over Rs 8,802 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 87.2 percent in the reporting quarter as compared to 84.3 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board of directors has recommended the issue of bonus shares in the ratio of 1:3 i.e. 1 new equity bonus share of Rs 10 each for every 3 existing equity shares of Rs 10 each fully paid up, subject to the approval of the shareholders of the company.

Further, the board has recommended raising funds up to Rs 12,000 crore from the domestic market through the issue of secured or unsecured, non-convertible, non-cumulative or cumulative, redeemable, taxable, or tax-free debentures or bonds under private placement during the FY2024-25 in one or more tranches.

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The results came after the close of the market hours. Shares of Power Grid Corporation of India Ltd ended at Rs 266.00, up by Rs 7.75, or 3.00 percent on the BSE.