NHPC Q3 net up 26% at Rs 215 cr, board approves share buyback

NHPC posted an annual 25.8 per cent jump in its net profit at Rs 214.69 crore for the third quarter

The state-run hydropower producer NHPC on Tuesday posted an annual 25.8 per cent jump in its net profit at Rs 214.69 crore for the third quarter and also announced a buyback plan to raise Rs 2,616.59 crore.

The board of directors has approved the proposal for buyback of fully-paid shares from all shareholders not exceeding 10 per cent of the paid-up equity capital and free reserves as on March 31, 2016, at a meeting held today.

Under the proposal, the company has planned to buy back shares not exceeding 81.13 crore representing 7.33 per cent of total shares at a price of Rs 32.25 for a consideration of Rs 2,616.59 crore.

The promoter of the company (the central government) held 74.51 per cent while FIIs, financial institutions and banks and other public bodies have 4 per cent, 10.34 per cent and 11.15 per cent, respectively, as on February 3, 2017, the company said in a BSE filing today.

"The company has posted a net profit of Rs 214.69 crore for the quarter ended December 2016, compared with Rs 170.57 crore for the quarter ended December 2015," NHPC said in the BSE filing today.

According to the statement, the total income has decreased to Rs 1,483.57 crore for the December quarter, from Rs 1,553.77 crore in the previous year.

NHPC also informed BSE that its board approved the appointment of Nikhil Kumar Jain as director (personnel) for five years.