Power Grid Q4 net up 37%, to lease towers | business | Hindustan Times
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Power Grid Q4 net up 37%, to lease towers

business Updated: May 30, 2012 23:31 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Power Grid Corp on Wednesday reported a 37% year-on-year jump in net profit at Rs. 1,031 crore in the Jan-March quarter against Rs. 751 crore a year ago on the back of healthy growth in consultancy incomes.

The company also posted an annual net profit of Rs. 3,303 crore in the fiscal year ended March 31, 2012, up by 46% against the same period a year ago. It reported a a topline of Rs. 10,311 crore during the fiscal year.

Power Grid on Wednesday said it was looking to lease out around 800 of its towers to private telecom companies. The company, however, refused to share details about the revenues that would be generated through such a deal.

“We are also exploring opportunities outside India and have been actively involved in South East Asian countries and African countries,” said RN Nayak, chairman, Power Grid. “At present, European firms are very strong but we expect that we will be able to outbid them (European companies) in many projects.”

At present, the company has projects in Afghanistan, Bangladesh Nigeria and the UAE amongst others.