The company had a net profit of Rs 1,040.34 crore in the year-ago period.

According to a regulatory filing on Monday, Power Grid Corporation of India Ltd (PGCIL) posted a total income of Rs 4,075.11 crore in the first quarter of current fiscal.

In the same period a year ago, total income stood at Rs 3,634.03 crore.

"Out of the proceeds of Follow on Public Offer (FPO) made during the financial year 2013-14, a sum of Rs 2,782,16 lakh has been utilised up to June 30, 2014 as per the objects of the issue and the balance of Rs 2,525,00 lakh is kept in the banks as term deposits," the filing said.

Shares of the company rose nearly two percent to close at Rs 132.05 on the BSE.

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