New Delhi: NTPC Green Energy Ltd (NTPC Green) reported a consolidated net profit of Rs 304.84 crore for the quarter ended June 30, (Q1 FY27), up 38 percent from Rs 220.48 crore a year earlier and 55 percent from Rs 197.17 crore in the preceding January-March quarter.
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On a standalone basis, net profit was Rs 152.75 crore, down about 8 percent from Rs 165.22 crore a year earlier, though up 62 percent from Rs 94.44 crore in the March quarter. The two figures move in opposite directions year-on-year for a structural reason: the consolidated accounts capture the company's operating renewable subsidiaries, while the standalone decline is largely explained by lower other income after interest on IPO proceeds tapered off.
Standalone revenue from operations rose about 2 percent year-on-year to Rs 570.45 crore, from Rs 560.33 crore, and 14 percent over the Rs 499.02 crore reported in the March quarter. Standalone total income, however, fell about 5 percent year-on-year to Rs 601.01 crore, because other income dropped to Rs 30.56 crore, from Rs 71.43 crore a year earlier. In its notes, the company stated that other income in the year-ago quarter included Rs 61.42 crore of interest earned on IPO proceeds, against nil this quarter, as the proceeds of its Rs 10,000-crore initial public offering were fully utilised by September 30, 2025.
Standalone expenses eased to Rs 394.66 crore, from Rs 409.92 crore, with finance costs down about 6 percent at Rs 154.66 crore. Standalone profit before tax was Rs 206.35 crore, against Rs 221.84 crore a year earlier. Standalone basic earnings per share (not annualised) was Rs 0.18, against Rs 0.20 a year earlier and Rs 0.11 in the March quarter.
At the group level, the growth was in revenue. Consolidated revenue from operations rose 63 percent year-on-year to Rs 1,106.86 crore, from Rs 680.21 crore, and 21 percent over the Rs 912.63 crore in the March quarter. Consolidated total income rose 49 percent year-on-year to Rs 1,121.65 crore, absorbing the same drop in IPO-linked other income seen at the standalone level. The share of profit from joint ventures accounted for using the equity method rose to Rs 29.04 crore, from Rs 17.96 crore a year earlier. Consolidated profit before tax was Rs 368.32 crore, up 33 percent year-on-year, and consolidated EPS was Rs 0.36, against Rs 0.26 a year earlier.
The revenue growth came with margin compression at the group level. Consolidated operating margin eased to 62.32 percent, from 69.05 percent a year earlier, and net profit margin to 27.54 percent, from 32.41 percent. Both moved lower as depreciation and amortisation rose 53 percent year-on-year to Rs 342.71 crore and finance costs rose 67 percent to Rs 321.51 crore — increases consistent with a larger asset base and higher borrowings. Standalone operating margin was 63.29 percent, against 68.90 percent a year earlier.
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Consolidated paid-up debt capital rose 56 percent year-on-year to Rs 32,353.01 crore, from Rs 20,731.34 crore, and about 11 percent over the Rs 29,258.18 crore at end-March. The consolidated debt-equity ratio rose to 1.68 times, from 1.11 times a year earlier and 1.54 times at end-March. At the standalone level, paid-up debt capital was Rs 8,921.62 crore, unchanged from end-March and up from Rs 8,042.47 crore a year earlier, with the debt-equity ratio steady at 0.47 times.
The consolidated current ratio fell to 0.30 times, from 1.06 times a year earlier, and the standalone current ratio to 1.06 times, from 2.81 times — movements consistent with the deployment of IPO proceeds into assets over the year. Consolidated net worth was Rs 19,269.78 crore, up about 3 percent year-on-year.
Alongside the results, the board approved the incorporation of a wholly-owned subsidiary or special purpose vehicle for renewable energy projects, with subsequent dilution of stake for captive and group captive structuring for commercial and industrial (C&I) sector customers, subject to necessary approvals. The board also gave in-principle approval for an investment of up to Rs 28.78 lakh in AP NGEL Harit Amrit Ltd (APNHAL), a 50:50 joint venture with the New & Renewable Energy Development Corporation of Andhra Pradesh, by subscribing to 2,87,755 equity shares. The subscription would raise NTPC Green's holding to 51 percent, from 50 percent, making APNHAL a subsidiary on completion.
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