NHPC Q2 net jumps 40% to Rs 966 cr

State-run hydro power generator NHPC today reported 40% jump in net profit to Rs 966 crore for the quarter ended September 30, 2011, on increased tariffs and withdrawal of water cess by Jammu & Kashmir.

The company had posted a net profit of Rs 690 crore in the corresponding quarter of the previous financial year.

"We had approached Central Electricity Regulatory Commission (CERC) for increasing the tariff ... Our petition has been finalised and the interest component has added to the profit," NHPC CMD A B L Srivastava told reporters here.

"The Jammu & Kashmir state government has withdrawn the water cess it used to levy on hydro power projects...This has added Rs 453 crore to our profit in the last six months," Srivastava added.

NHPC posted a half yearly net profit of Rs 1,757 crore as against Rs 1,228 crore in the year-ago period, an increase of 43.17%.

The sales of the company rose by 42.49% to Rs 3,329 crore against Rs 2,336 crore in the same period last fiscal.

NHPC power stations generated 13,372 million units of electricity during the half year ended September 30, 2011, as against 12,977 million units in the same period in 2010-11.