State-owned NHPC net profit rises 80% to Rs 464 crore in March quarter

State-owned hydro power giant NHPC on Thursday reported nearly 80 per cent jump in its consolidated net profit to Rs 464.60 crore for the March 2021 quarter.

Its consolidated net profit had stood at Rs 258.83 crore in the quarter ended on March 31, 2020, a BSE filing said.

Total income during January-March 2021 stood at Rs 2,094.30 crore, compared with Rs 2,382.36 crore in the year-ago period.

For the full financial year 2020-21, the company's consolidated net profit stood at Rs 3,582.13 crore as compared with Rs 3,344.91 crore in 2019-20.

Total income during the fiscal was Rs 10,705.04 crore, against Rs 10,776.64 crore in 2019-20.

Its board of directors in the meeting has also recommended a final dividend at the rate of 3.50 per cent of a face value of Rs 10 per share (Re 0.35 per equity share) on the company's paid-up share capital for 2020-21.

It is subject to shareholders' approval in the ensuing annual general meeting.

This is in addition to the interim dividend of Rs 1.25 per equity share for 2020-21 paid in March 2021. The final dividend, if declared, will be paid within the statutory period as per the Companies Act, 2013.

The board has also approved the proposal to raise debt up to Rs 4,300 crore during the financial year 2021-22.

It will be raised through "issuance of secured, redeemable, taxable, non-cumulative, non-convertible taxable corporate bonds in one or more series/tranches on a private placement basis and/or raising of term loans through external commercial borrowings (ECB) in suitable tranches".

Electricity generation is the principal business activity of the group, and its primary source of revenue is from generation and sale of hydroelectricity.

In line with the directions of the Ministry of Power, the company has given a one-time rebate of Rs 185 crore to discoms and power departments of states and Union territories for passing on to ultimate consumers on account of COVID-19 pandemic.

The said rebate has been presented as an "exceptional item" in the statement of financial results, it added.