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Dabhol impairment pulls NTPC's profit down 25%

The total revenue for FY17 was Rs 79,342.3 crore, up from Rs 72,009.2 crore in FY16

Shreya Jai  |  New Delhi 

ntpc, plant, industry

India’s largest company, NTPC, has reported a 25.5 per cent decline in net profit to Rs 2,079 crore for the quarter ended on March 31, 2017, with the utility attributing the slump to “impairment of investment in the Ratnagiri Power plant, known as Dabhol project”. In a statement issued to the BSE, the firm said the impairment loss was of Rs 783 crore in Ratnagiri Gas And Power Pvt Ltd, a joint venture of the company. 

The company’s standalone net profit in 2016-17 was down to Rs 9,385.3 crore from Rs 10,770 crore in the previous financial year. 

NTPC’s installed capacity crossed 50,498 megawatts (Mw) during the last financial year, thereby joining the list of global majors in power production.

Its standalone revenue was up at 20,887 crore during the Q4 FY17, compared to Rs 18,732.4 crore in the year-ago period. The total revenue for FY17 was Rs 79,342.3 crore, up from Rs 72,009.2 crore in FY16.

On the operational front, the company was way ahead of peers. Gross of the company was up at 250.3 billion units (BUs) in 2016-17, compared to 241.97 (BUs) a year ago. Plant load factor (PLF) or capacity utilisation for coal-based power plants was 78.6 per cent in 2016-17, compared to national PLF of 59.9 per cent.

The firm said the average tariff during 2016-17 was Rs 3.30 per unit. “The company’s dependence on imported coal has reduced, as it used 1.03 million tonnes (mt) in 2016-17, compared to 9.48 mt in the previous year. Similarly imported coal used by company came down to 0.08 mt in the fourth quarter from 1.13 mt year ago,” it said. 

The board of directors also recommended a final dividend of Rs 2.61 per equity share for 2016-17, subject to approval of shareholders.

First Published: Tue, May 30 2017. 00:52 IST