NTPC profit declines on staff costs

A MIXED THIRD QUARTER FOR INDIA INC

NTPC, India's biggest electricity generator, said third-quarter net income fell 15 per cent on higher interest and staff costs.

Profit in the three months ended December 31 declined to Rs 1,780 crore, from Rs 2,100 crore, a year earlier.

A Bloomberg survey of seven analysts had estimated the profit at Rs 2,200 crore.

The state-run utility has been adding power capacity to beat supply shortfalls and meet rising demand in the world's second-fastest growing major economy, where peak electricity shortage can be as high as 13 per cent.

NTPC plans to spend Rs 13,000 crore to add power capacity in the year starting April, Chairman T Sankaralingam said in an interview December 27.