HG Infra Engineering unit inks battery storage pact with NTPC

26 Dec 2024 , 11:14 PM

On Monday (December 23), Jodhpur-based HG Infra Engineering Ltd said that its wholly-owned subsidiary, HG Banaskantha Bess Private Ltd, has signed a battery energy storage procurement deal with NTPC Vidyut Vyapar Nigam Ltd. The agreement covers the long-term procurement of 185 MW/370 MWH of battery energy storage capacity.

HG Infra Engineering’s net profit decreased by 16% year on year (YoY) to ₹80.7 Crore in the second quarter ended September 30, 2024. In the previous fiscal quarter, HG Infra Engineering reported a net profit of ₹96.1 Crore.

The company’s income from operations decreased 5.5% YoY to ₹902.4 Crore from ₹954.5 Crore. In the second quarter of this fiscal, EBITDA decreased by 0.3% to ₹219.5 Crore, compared to ₹220.1 Crore in Q2 of FY24. The EBITDA margin was 24.3% in the reporting quarter, compared to 23% in the previous year.

“We would like to inform you that H.G. Banaskantha Bess Private Limited, a wholly owned subsidiary of H.G. Infra Engineering Limited (the company), entered into a Battery Energy Storage Purchase Agreement with NTPC Vidyut Vyapar Nigam Limited on December 23, 2024 for the procurement of 185 MW/370 MWH on a long-term basis,” HG Infra said in a regulatory filing.

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