Energy utilities post mixed Q3 results: Power Grid returns to profit, Titas in the red

FE Team | Published: April 29, 2026 23:02:33

FE Report
Power Grid reported a profit of Tk 0.94 billion in the third quarter ending March this year, marking a turnaround from a loss of Tk 1.86 billion in the same quarter last year, mainly supported by non-operating income.
The recovery is even more pronounced over the nine months through March this year compared to the corresponding period a year earlier. The power transmission company posted a profit of Tk 5.7 billion in the nine-month period, as opposed to a loss of Tk 0.31 billion in the same period of the previous fiscal year.
"We had foreign exchange gain in this quarter [Q3], which came as a reduction in cost. Besides that, there is an increase in other income and finance income. These are actually not operating profits," said company secretary Md. Jahangir Azad while speaking to The FE over the phone.
He further explained that other income came from Treasury bills, Treasury bonds, and bank deposits.
Meanwhile, Titas Gas remained in the red in Q3 of FY26.
However, it reduced its losses from Tk 2.36 billion in the quarter ending March last year to Tk 2.24 billion in the same quarter this year.
In the nine months through March this year, the company narrowed its losses to Tk 6.14 billion from Tk 9.48 billion in the same period of the previous year.
The company attributed the improvement in earnings to a regulatory adjustment.
Under the Finance Ordinance 2025, tax deducted at source (TDS) on gas bills was reduced to 0.6 per cent from 2 per cent. As a result, TDS for the nine-month period fell to Tk 2.34 billion from Tk 4.95 billion during the same period the year before.
Despite operating at a loss, Titas is subject to minimum tax provisions under Section 163 of the Income Tax Act 2023, under which TDS is treated as minimum tax. The reduction in the tax deduction rate consequently lowered the company's current tax liability, leading to the improvement in reported earnings.