 "PowerGrid net up 37% at over Rs 809 cr")
New Delhi: Central Transmission Utility PowerGrid Corp today reported 37 percent jump in net profit at Rs 809.23 crore for the quarter ended 31 December.
The company posted profit of Rs 591.19 crore during the same quarter of last financial year, PowerGrid Corp said in a filing to the BSE. 
Revenues of the company grew over 20 percent at Rs 2,466.62 crore, as against Rs 2,052.12 crore in the October-December quarter of 2010-11.
Rashtriya Ispat Nigam Ltd (RINL), the holding company of Visakhapatnam Steel Plant (VSP), and PowerGrid Corp signed an MoU in December 2011 to set up a joint venture company.
The new company will manufacture transmission line towers and their parts, and also undertake research and development of high-end products.
The JV will bring synergy between the producer (RINL) and user (PowerGrid).
Shares of PowerGrid closed at Rs 107.65, down 0.05 percent on the BSE.
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