PowerGrid to procure reactors, transformers worth ₹914 crore

The Committee of Directors on Investment on Projects of Power Grid Corporation of India Ltd has approved investment proposals for the procurement of cold spare transformers and reactors for an estimated

₹914 crore.

In a regulatory filing on Tuesday, January 20, the company said the approvals were granted at a meeting held on the same day. The projects are scheduled to be implemented within 30 months from the date of investment approval.

The committee approved a proposal for procurement of cold spare transformers and reactors approved in the 51st meeting of the Western Regional Power Committee (WRPC) at an estimated cost of ₹401.88 crore.

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It also cleared a proposal approved in the 28th meeting of the North Eastern Regional Power Committee (NERPC) at an estimated cost of ₹166.33 crore.

In addition, the committee approved procurement under the 53rd meeting of the Southern Regional Power Committee (SRPC) at an estimated cost of ₹345.78 crore.

Power Grid's September quarter results were largely below Street estimates. It had reported a 6% decline in its net profit in the September quarter to ₹3,566 crore from ₹3,793 crore last year. The number was below the CNBC-TV18 poll estimate of ₹3,780 crore.

Revenue for the quarter increased by 1.8% from last year to ₹11,476 crore from ₹11,277 crore, and was marginally above estimates of ₹11,431 crore.

PowerGrid shares were trading at ₹254.50 on Tuesday, down ₹3.15, or 1.22%.

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