Power Grid Corporation of India (PGCI), a Navaratna company, on Friday, reported a 20 per cent growth in net profit at Rs.1,040 crore for the first quarter of 2013-14. The company’s turnover for the period was up 22 per cent at Rs.3,624 crore. PGCI reported a 22 per cent rise in operating profit at Rs.2,095 crore in the said quarter.

It has planned a capital expenditure of Rs.100,000 crore during the XII Plan while it has a capex plan of Rs.20,000 crore for the current fiscal.

PGCI had informed the Bombay Stock Exchange (BSE) on Thursday that its board of directors had approved a follow-on public offer (FPO) of the existing paid-up capital comprising a fresh issue of 69.45 crore equity shares to augment its resources and fund its investment programme.

Shares of the company closed 11.56 per cent lower at Rs.91.05 on the BSE on Friday.

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