Sunday, October 2, 2022

NHPC posts 19% rise in net profit in Q1 FY2019-20

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New Delhi: State-run NHPC Limited posted a 19 percent increase in standalone net profit at Rs 881 crore in the first quarter of financial year 2019-20 when compared to Rs 738 crore in the corresponding quarter a year ago. The company’s gross power generation in Q1 FY 2019-20 surpassed all previous records as it went up by 22 percent to 8,485 Million Units (MU) when compared to the corresponding quarter last financial year. The company previously recorded the highest power generation in 2017 when it produced 8416 MU.

Total income and dividend

The public sector undertaking’s total income for the June quarter in FY2019-20 stood at Rs 2,754.48 crores, up from Rs 2,479.09 crore a year ago. As per power regulator CERC’s Tariff Regulations 2019-24, notified on March 7 this year, the useful life of hydro-generating stations have been increased from 35 years to 40 years. This change has resulted in depreciation expense reducing by Rs 20.58 crore, NHPC said in a regulatory filing. NHPC said that a final dividend of 75 paise per equity share of Rs 10 each has been recommended, amounting to Rs 753.38 crore, subject to shareholders’ approval.

CMD says hydropower more attractive now

Releasing the quarterly results, NHPC CMD Balraj Joshi said, “Hydropower has become more attractive after the formulation of a policy. Himachal, J&K and Arunachal have already come to us with prospective projects. These projects were earlier given to the private sector but they had been held up and we have expressed our keenness to take them up.” Commenting on the situation in Jammu and Kashmir after the removal of Article 370, Joshi said at operations at NHPC’s hydropower projects in the region have not been impacted by the shutdown at all and operations are continuing as usual. He also dismissed reports that the government is planning to merge NHPC and SJVN with NTPC.

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