The company has given a consolidated one-time rebate of Rs 1,075 crore to DISCOMs and Power Departments of States / Union Territories for passing on to end consumers on account of COVID-19 pandemic against the billing of April 2020 and May 2020. Due to this consolidated one-time rebate, there is a reduction in the profit for the current quarter.
The announcement was made after market hours yesterday, 10 August 2020. Shares of Power Grid Corporation of India rose 0.8% to settle at Rs 177.30 yesterday.
Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India.