1. Power Grid’s Q3 profit climbs on demand surge

Power Grid’s Q3 profit climbs on demand surge

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1 min read • Updated: February 7, 2024, 4:36 PM

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Summary

Electricity generation in India rose 8.7% from a year earlier in the December quarter, which analysts attribute to festive activities and strong industrial demand.

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Net profit of Power Grid rose 10.5% year-on-year.

Bengaluru, 7 February (Reuters): State-run energy transmission company Power Grid Corp of India reported a jump in third-quarter profit on Wednesday, buoyed by strong power demand amid a surge in industrial output.

Electricity generation in India rose 8.7% from a year earlier in the December quarter, which analysts attribute to festive activities and strong industrial demand.

Power Grid's consolidated net profit rose 10.5% year-on-year to ₹4,028 crore ($485.6 million) in the three months to 31 December 2023, climbing for the second straight quarter.

India's industrial output grew at its fastest pace in 16 months in October, with a 20.4% increase in electricity generation, official data showed. Industrial output rose 2.4% in November, and data for December is due later this month.

(The story has been published from Reuters without any major changes)