Power Grid Q1 profit down 2.5 pc to Rs 3,631 cr
PTI
New Delhi, Jul 30 (PTI) State-owned Power Grid Corporation on Wednesday reported 2.5 per cent dip in consolidated net profit at Rs 3,630.58 crore for June quarter 2025-26 due to higher expenses.
The company reported a profit of Rs 3,723.92 crore in the year-ago period, a BSE filing said.
However, total income rose to Rs 11,444.42 crore from Rs 11,279.59 crore. Total expenses increased to Rs 7,114.23 crore from Rs 6,643.07 crore a year ago.
The board approved enhancement of borrowing limit from Rs 16,000 crore to Rs 25,000 crore, from various sources including issuance of non-convertible debentures under private placement for 2025-26.
It also approved a proposal to raise up to Rs 30,000 crore, from various sources including domestic bonds during 2026-27 in one or more tranches / offers.
The board gave in-principle approval for participation of POWERGRID in up to two TBCB (tariff based competitive bidding) projects with an aggregate total estimated project cost of Rs 500 crore through consortium of POWERGRID and POWERGRID Infrastructure Investment Trust (PGInvIT).
In-principle approval was also granted for sale of entire stake of POWERGRID and exit from Parbati Koldam Transmission Company, a joint venture between POWERGRID and India Grid Trust.
The board gave in-principle approval for formation of joint ventures in India and Nepal between POWERGRID and Nepal Electricity Authority (NEA) for transmission interconnections between the two countries.
It also approved winding up of RINL POWERGRID TLT Private Ltd, a joint venture between POWERGRID and Rashtriya Ispat Nigam Ltd, from the records of the Registrar of Companies, Ministry of Corporate Affairs, subject to requisite approvals. PTI KKS 1.0.0 ANU ANU
(This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments
First Published:
Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
13 minutes ago
- Business Standard
India's net GST revenue rises 1.7% to ₹1.68 trillion in July; refunds surge
India's net revenues from goods and services tax (GST) grew by a marginal 1.7 per cent in July to ₹1.68 trillion, thanks largely to a sharp spike in refunds even as gross collections from the indirect tax were up 7.5 per cent at almost ₹ 1.96 lakh crore. July's net GST kitty growth marks the slowest pace since last February from when disaggregated data on gross and net GST collections is available. In June, net GST revenues were up 3.3 per cent. Net revenues from domestic transactions, in fact, contracted 0.2 per cent in July, even though gross domestic revenues were up 6.7 per cent, as refunds for domestic transactions more than doubled to nearly ₹17,000 crore from under ₹8,000 crore in July 2024. GST refunds to exporters grew at a slower pace of 20 per cent and added up to a little over ₹10,000 crore, so net revenues from imports were up 7.5 per cent at ₹42,548 crore. Gross revenues from imports rose 9.7 per cent prior to refunds, to touch nearly ₹53,000 crore. 'Higher refunds on domestic supplies could be from excess tax payments, inverted duty structures, and other adjustments. The increased refunds should aid cash flows for businesses,' observed Abhishek Jain, indirect tax head and partner at KPMG. Sequentially, July's net GST collections, for transactions undertaken in June, were nearly 6 per cent higher than from ₹1.59 trillion reported in June. In May and April, the net GST receipts were registered at ₹1.73 trillion and ₹2.09 trillion respectively. In the first four months of financial year 2025-26, net GST revenues are up 8.4 per cent at ₹7.11 trillion, with domestic revenues rising 6.1 per cent to ₹5.6 trillion and import revenues surging 18.1 per cent to almost Rs. 1.51 trillion. Gross GST revenues, before effecting refunds, are up 10.7 per cent to ₹8.18 trillion, while refunds have risen 29 per cent to about ₹1.07 trillion. 'The growth in net monthly collection is only 1.7 per cent as against YTD (year-to-date) growth of 8.4 per cent, though partly attributed to significant increase in refunds,' said Pratik Jain, partner with Price Waterhouse & Co LLP. 'After a tepid growth in the previous month as well, the GST Council may like to discuss the possible measures to augment the revenues in the next meeting. With the GST Compensation Cess going away, the states may also be a bit more concerned about the slowdown in GST collections,' Jain remarked. MS Mani, partner at Deloitte India noted that though there has been a focus on domestic manufacturing and import substitution, the GST revenue numbers indicate that the gross GST domestic revenue risen only 9 per cent so far this year, while import revenues have risen 16 per cent. The spike in refunds augurs well for businesses as it signals quicker processing by the tax authorities, he said. Mani also pointed to the weak growth in revenues amongst large producing and consuming states — from 2 per cent for Delhi, 3 per cent for Gujarat, 4 per cent for Rajasthan, 6 per cent for Maharashtra, 7 per cent for Karnataka and Uttar Pradesh, and 8 per cent for Tamil Nadu. The state-wise data shows smaller states and Union Territories like Tripura (41 per cent), Andaman and Nicobar Islands (31 per cent), and Meghalaya (26 per cent) posted over 25 per cent growth in July. , Uttar Pradesh (7 per cent) reported single digit growth. Mizoram, Manipur and Lakshdweep clocked contractions of 21 per cent, 36 per cent and 52 per cent, respectively, as did Jammu and Kashmir (-5 per cent), Chhatisgarh (-4 per cent), and Jharkhand (-3 per cent).
News18
15 minutes ago
- News18
Schengen Visa to Go Digital? Here's All You Need To Know For Next Trip To Europe
Last Updated: Under the new EES framework, the biometric data of non-EU nationals be collected and stored for three years. The European Union has announced a significant update to its border control procedures, with the introduction of a new digital Entry/Exit System (EES) set to launch on October 12. The system will gradually replace the traditional practice of passport stamping across the Schengen Area with modern biometric checks, including fingerprinting and facial recognition. Under the new EES framework, the biometric data of the UK, US and non-EU nationals, such as fingerprints, facial images, and key travel details, will be collected and stored to streamline border crossings and enhance security. The system is designed to simplify travel between the 29 countries that currently make up the Schengen Zone, which includes 25 EU nations along with Iceland, Liechtenstein, Norway, and Switzerland. According to a press release from the European Commission, member states will begin rolling out the system from mid-October, with full implementation expected within next six months. Once in place, travellers entering or exiting the EU's external borders will be required to use self-service kiosks to scan their passports or travel documents. Unlike the current system, where border officials manually stamp passports, EES aims to automate and expedite the process. Registration will be free of charge. The new digital entry system will register each traveller's name, type of travel document, biometric data, and the date and location of entry and exit. This information will be stored in a central database for three years and used to monitor compliance with short-stay limits and detect overstays. The EES will also benefit frequent travellers, including cross-border commuters, by reducing paperwork and wait times at borders. The move forms part of the EU's wider strategy to strengthen security while embracing technological innovation in border management. 'By working closely with Member States and the transport sector, we are creating a secure, efficient, and travel-friendly framework that reflects Europe's commitment to both security and technological innovation," said Henna Virkkunen, Executive Vice-President for Tech Sovereignty, Security and Democracy. As reported by Euronews, the UK government has allocated nearly £3.5 million (€4.1 million) each to Eurostar, Eurotunnel, and the Port of Dover to assist with setting up the new registration kiosks ahead of the system's rollout. view comments First Published: August 01, 2025, 23:47 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
20 minutes ago
- Time of India
Retd ACP duped of Rs 94L by ‘fake' investment firm
Berhampur: A retired assistant commissioner of police (ACP) from New Delhi and his family members were allegedly duped of around Rs 94 lakh after they invested in a private firm in silk city two years ago, which turned out to be fake. A case was registered against the firm's owner at Baidyanathpur police station on Thursday after K S N Subudhi, the retired ACP, filed a complaint. Subudhi, a resident of Ganesh Nagar here, invested around Rs 50 lakh in Nov 2023 after discussing it with his relatives, including his son, who had already invested Rs 43.99 lakh in the firm in 2022. Before investing the money he received after retirement, Subudhi visited the firm's office in Jyoti Nagar, and held a discussion with the owner. The firm's owner told Subudhi that they followed all the guidelines of Reserve Bank of India (RBI) and conducted financial transactions with several banks. He also requested Subudhi to invest in the company to earn a commission. Immediately after his investment, Subudhi started receiving a weekly commission after the deduction of TDS for a few weeks. But the firm suddenly stopped paying commission, citing bank problems, and assured him that payments would resume after the issue was resolved. The accused assured Subudhi that all the deposits were safe. From Jan last year, Subudhi could not reach him on phone. The firm's owner also did not respond to his messages requesting the return of the money. After some days, Subudhi learned that the accused had fled to an unknown destination, siphoning off the money of all investors. As there was no response to his calls and messages, Subudhi realised that the firm's owner had cheated him and his family members of their hard-earned money, leading him to lodge a police complaint. SP (Berhampur) Saravana Vivek M said that earlier they had registered at least five cheating cases against the accused in different police stations. In one case, one of his associates was arrested. Several attempts have been made to arrest him, but he managed to escape. "Search efforts have been intensified to nab the accused," he added.
