Power giant NHPC pays final dividend of Rs 338.5 cr to Centre for FY24

In addition, an interim dividend at the rate of Rs 1.40 per equity share, or 14 per cent of face value, was paid on March 5, 2024, total dividend of Rs 1.90 per equity share, has been paid for 2023-24

State-owned hydro power giant NHPC on Monday said it has paid a final dividend of Rs 338.51 crore to the Government of India for 2023-24.

In addition, an interim dividend of Rs 947.82 crore for 2023-24 was paid on March 5, 2024, aggregating a total dividend of Rs 1,286.33 crore for the entire fiscal year, the company said in a statement.

"NHPC has paid a final dividend of Rs 338.51 crore to Government of India for the FY2023-24 on September 20, 2024," a company statement said.

The dividend payout bank advice was presented to Union Minister of Power and Housing and Urban Affairs Manohar Lal Khattar by NHPC CMD R K Chaudhary on Monday, it said.

The company's board of directors in its meeting on May 17, 2024 recommended a final dividend at the rate of Rs 0.50 per equity share i.e. 5 per cent of the face value for 2023-24 that was approved in the annual general meeting on August 28, 2024.

In addition, an interim dividend at the rate of Rs 1.40 per equity share, or 14 per cent of the face value, was paid on March 5, 2024.

Thus, total dividend of Rs 1.90 per equity share, or 19 per cent of the face value, has been paid for 2023-24, the company said.

NHPC has more than 38 lakh shareholders and the total dividend payout for 2023-24, including interim dividend, worked out to Rs 1,908.56 crore as against Rs 1,858.33 crore for 2022-23.

In terms of the Department of Investment & Public Asset Management (DIPAM) guidelines dated May 27, 2016 on capital restructuring of CPSEs, each CPSU is required to pay a minimum annual dividend at 30 per cent of the net profit, or 5 per cent of the net worth, whichever is higher.

NHPC earned a net profit of Rs 3,743.94 crore for 2023-24 as against the previous period corresponding figure of Rs 3,833.79 crore.