NHPC records 116% growth in net profit

The company recorded the jump during the October-December quarter of FY16 to Rs 388 crore, on a year-on-year basis

Hydropower sector major state-owned NHPC Limited recorded a massive jump of 116 per cent in its net profit during the October-December quarter of FY16 to Rs 388 crore, on a year-on-year (y-o-y) basis. Its net profit an year ago was Rs 179.8 crore.

The sales of the company increased by 23 per cent y-o-y to Rs 1,441 crore. NHPC declared the highest-ever interim dividend of Rs 0.92 per equity share for the FY16.

The company also recorded the highest plant availability factor (PAF) of 78 per cent. Board members of NHPC said the company has been approached by states to join hands, to run privately-owned projects.

“We have a cash reserve of Rs 6,000 crore and if we look to acquire any projects, we would have to sepnd just 30 per cent equity amount. However, we are not looking to invest equity in any of the stranded projects. We might just take up operations on contract basis,” said K M Singh, chairman and managing director, NHPC.

Business Standard reported last week that privately held hydro projects totalling Rs 1 lakh crore had applied to NHPC to either form a joint venture or take over the operations.

The cumulative power generation at all the NHPC stations stood at 21,460 million units as on January, 2016. NHPC currently has an installed capacity of 6,507 Mw, of which 4,987 Mw is on standalone basis.

“In the current financial year, we are expecting 160 Mw by commissioning two units of TLDP-IV in West Bengal. By end of 12th Plan, we aim to add 1,702 Mw in our current installed capacity of which six projects of 1,212 Mw have already being commissioned,” said Singh.

NHPC shares were up by 3.16 per cent to Rs 21.25 on Wednesday.