NHPC's net profit in March quarter down y-o-y by 18%

20 May 2024 , 10:18 PM

NHPC shares started down 0.41% on the NSE on May 18, trading at ₹97.80 at 10 am, after the company reported a decline in net profit for Q4FY24. On the other hand, the stock has gained more than 122% in the past year.

On May 17, NHPC disclosed an 18% year-on-year (YoY) decline in net profit to ₹610.93 Crore in the March quarter, down from Rs 745.27 Crore in the same period last year. In turn, net profit also declined slightly to ₹628.44 Crore in Q3FY24. Operating profit for the quarter declined to ₹1,888.14 Crore from Rs 2,028.77 Crore in the previous fiscal.

For the entire fiscal year 2024, NHPC’s net profit declined by around 5% to ₹4,028.01 Crore, while revenue declined to ₹9,632.16 Crore from ₹10,607.40 Crore.

In April 2024, NHPC also announced a joint venture agreement (JVA) with NTPC, Power Grid Corporation of India, Damodar Valley Corporation (DVC), Central Power Research Institute (CPRI), and NHPTL to sell 1.31 Crore shares of NHPTL to Power Grid at a notional total consideration of ₹1.

Earlier in 2024, NHPC's board has approved a proposal to raise up to ₹6,100 Crore in debt during 2024-25 through non-convertible corporate bonds, term loans, or external commercial borrowing in tranches.

Additionally, NHPC recommended a final dividend of ₹0.50 per share for FY2023-24, subject to shareholder approval at the upcoming Annual General Meeting.

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