Powergrid declares highest ever dividend of Rs 505.08 cr

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New Delhi, Oct 3 (UNI) Public sector Power Grid Corporation of India Ltd (Powergrid) has declared a dividend of Rs 505.08 crore for 2007-08, the highest ever paid by the company.

Powergrid CMD S K Chaturvedi presented a cheque of Rs 247.35 crore towards the final dividend for the year to Union Power Minister Sushilkumar Shinde in the presence of Power Secrtary Anil Razdan, senior officials and Powergrid board members.

Earlier, an interim dividend of Rs 176.68 crore was paid by the young navratna PSU to the Power Ministry for 2007-08.

The total dividend is 36.94 per cent higher than last year's dividend of Rs 368.82 crore. The dividend amount of Rs 505.08 crore is about 35 per cent of the profit after tax of Rs 1,448.47 crore. Powergrid has been consistently paying dividend for more than a decade.

The PSU registered a growth of 24 per cent in turnover and 18 per cent in net profit compared to FY 2006-07.

UNI SD MP GC1652

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