NTPC consolidated Q3 profit rises 19% yoy to Rs4,626cr on higher sales; Stock trades flat

31 Jan 2022 , 09:15 AM

NTPC Limited recorded a consolidated profit of  Rs4,626.11cr in Q3FY22, up 19.34% yoy against Rs3,876.36cr in Q3FY21, on strong income. The company’s revenue from operations jumped 21% yoy to Rs33,292.61cr from Rs27,526.03cr of December last year.

NTPC’s total expenses were at Rs27,964.53cr in Q3FY22, up from Rs4,283.31cr in Q3FY21. Board of Directors in its aforesaid meeting decided, inter alia, to pay an interim dividend at the rate of 40% (Rs4/- per share) on the face value of paid-up equity shares of Rs10/- each for the financial year 2021-22.

During early trade on Monday, NTPC Ltd was trading at Rs141.10 per share up by Rs0.9 or 0.64% from its previous closing of Rs140.20 per share on the BSE.

“Sales for the quarter and nine months ended December 2021 include Rs676.25cr and Rs561.55cr, respectively (previous quarter and nine months Rs262.43cr and Rs844.16cr, respectively) pertaining to earlier years on account of revision of energy charges due to grade slippages, impact of CERC Orders and other adjustments,” the company said in a filing.

The company’s revenue from power generation clocked in at Rs32,529cr in Q3FY22 up almost 20% from Rs27,125.87cr the same period a year ago.

“During the quarter and year ended March 2021, excess tax provision of Rs1,889.05cr was reversed consequent to adjustment of tax provision created in accordance with Vivad se Vishwas Scheme (VsVs Scheme) notified through ‘The Direct Tax Vivad Se Vishwas Act, 2020’.

Correspondingly, sales amounting to Rs1,101.47cr was reversed on account of income tax recoverable from / (refundable to) the beneficiaries as per Regulations, 2004,” NTPC said.

NTPC said in a separate filing that its board of directors on January 29, 2022 approved an asset monetization proposal to hive off the identified renewable energy assets of NTPC, along with NTPC Renewable Energy Ltd to a wholly-owned company. The company plans to carry out the monetisation of the wholly-owned company through an initial public offering (IPO) or through the strategic investment route.