Power Grid bags inter-state transmission project in UP and MP

Power Grid Corporation of India has been declared the successful bidder to establish an inter-state transmission system across Uttar Pradesh and Madhya Pradesh. The company received the Letter of Intent on September 16, under tariff-based competitive bidding.

The project involves setting up a new 765 kV sub-station at Prayagraj in Uttar Pradesh, along with 765 kV transmission lines traversing both Uttar Pradesh and Madhya Pradesh.

The scheme aims to strengthen the inter-regional transmission system and ease loading on the existing Vindhyachal–Varanasi line.

Despite the award, shares of Power Grid were trading 0.64 percent lower at ₹286.50 on the NSE in afternoon trade.

Investors remain cautious following the company’s June quarter results announced last month, which fell short of Street estimates.

Net profit for the quarter rose 7.1% year-on-year to ₹3,653 crore, but lagged the CNBC-TV18 poll estimate of ₹3,784 crore. Revenue came in at ₹9,928 crore, down 1.4% from last year and below expectations of ₹11,147 crore.

EBITDA slipped 7.2% to ₹8,117 crore, while margins narrowed to 81.76% from 86.85% a year ago.

Within segments, transmission revenue remained largely flat at ₹10,695 crore, consultancy revenue more than doubled to ₹405.9 crore, and telecom revenue climbed 18% to ₹289.5 crore.