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NHPC advances on delivering good Q2 financials

Capital Market 

NHPC rose 1.72% to Rs 23.70 after consolidated net profit rose 16.2% to Rs 989.27 crore on 12.5% increase in net sales to Rs 2,609.95 crore in Q2 September 2019 over Q2 September 2018.

The result was announced after market hours on Monday, 11 November 2019. Meanwhile, the S&P BSE Sensex was down 23.95 points or 0.06% to 40,321.13.

As per Central Electricity Rural Commission (CERC) Tariff Regulations 2019-24 notified on 7 March 2019, the useful life of hydro generating stations has been changed from 35 years to 40 years. The change in useful life of power stations has resulted in a reduction in depreciation expense by Rs 20.07 crore and Rs 40.65 crore for the current quarter and half year ended 30 September 2019 respectively.

The firm has credit rating AAA with stable outlook, assigned by domestic credit rating agencies for all listed bonds, outstanding as on 30 September 2019, issued by the company. Further, Moody's has affirmed International rating Baa2 and revised the rating outlook to negative from stable on 8 November 2019 following the change in outlook on India's Baa2 sovereign rating to negative from stable on 7 November 2019. S&P has maintained International Rating BBB(-) with stable outlook of the company, equivalent to Sovereign Rating of India.

NHPC is engaged in electric power generation by hydroelectric power plants. The firm is also engaged in contracts, project management and consultancy works.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 13 2019. 14:09 IST