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NHPC posts 16 pc jump in June-quarter net profit at Rs 989 cr

Press Trust of India  |  New Delhi 

State-run hydro power giant NHPC on Friday posted a 16 per cent rise in consolidated net profit at Rs 989.27 crore for the June quarter, mainly due to higher revenues.

The company had reported a consolidated net profit of Rs 851.70 crore in the corresponding period last year, it said in a BSE filing.

Total income rose to Rs 2,754.48 crore in the quarter under review from Rs 2,479.09 crore a year ago.

Electricity generation is the principal business activity of the company. Other operations, that is power trading, contracts, project management and consultancy works do not form a reportable segment as per the Ind AS norms, it added.

As per power regulator CERC's Tariff Regulations 2019-24, notified on March 7, 2019, the useful life of hydro generating stations has been increased from 35 years to 40 years.

This change has resulted in depreciation expense reducing by Rs 20.58 crore, NHPC added.

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

First Published: Fri, August 09 2019. 17:10 IST