NHPC Q3 net profit drops about 17% to Rs 259.35 crore

The country's largest hydro power producer NHPC today reported net profit fell about 17% to Rs 259.35 crore in the quarter ended December 31 after expenses and finance costs increased.

 

The company had reported a profit of Rs 311.77 crore in the same period in the previous financial year, NHPC said in a regulatory filing to the stock exchanges.

 

Total income from operations increased to Rs 1,144.63 crore from Rs 1,010.37 crore a year earlier.

 

NHPC's total expenses rose to Rs 815.20 crore from Rs 640.65 crore and finance costs climbed to Rs 151.15 crore from Rs 98.92 crore.

 

The company bought back shares worth Rs 2,368 crore under an offer that ended in December 2013.

 

NHPC bought back 123 crore equity shares at Rs 19.25 each in the offer that started on November 29 and closed on December 12. The company purchased 110.7 crore shares worth more than Rs 2,130 crore from the government, equivalent to 90% of the buyback.

 

The government's stake in NHPC was reduced to 85.96% from 86.36%.

 

NHPC has a generation capacity of 5,702 MW from 17 hydro-electric stations in the country. Seven plants with a combined capacity of 4,095 MW capacity are under construction.

 

Shares of the company were unchanged at Rs 17.90 on the BSE today.