29 Jul Net profit rises 9.4% YoY to Rs 4,066 crore
Shares of NTPC have witnessed a strong uptrend driven by capacity addition news
State-run power generator NTPC reported a standalone net profit of Rs 4,066 crore for the first quarter of financial year 2023-24, which is up by 9.4 percent as compared to Rs 3,717 crore clocked in the year-ago period.
The total revenue from operations came in at Rs 39,122 crore in the June 2023 quarter, down 2.3 percent as compared to Rs 40,026 crore reported in the corresponding quarter of the previous fiscal year, as per the results declared by the company on July 29.
The standalone net profit, at Rs 4,066 crore, was lower than the average estimate of 4,543.23 crore, as calculated on the basis of the estimates shared by three brokerages. The revenue, at Rs 39,122 crore, also fell short of the estimate of Rs 40,404.53 crore.
The earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at Rs 11,369.1 crore, CNBC TV-18 reported, which is 16.7 percent higher on-year. The EBITDA margin rose by 470 basis points on-year to 29 percent, the report added.
“The comparative figures for the quarter ended 30 June 2022 are restated on account of merger of two wholly-owned subsidiaries in the previous year for which accounting has been done,” NTPC stated in the regulatory filing.
During the quarter, the company recorded gross power generation of 88.55 billion units (BU) in Q1FY24, which is 2.16 percent lower as against 90.50 BUs in the same period a year ago.
The coal produced from captive mines stood at 6.24 MMT in the June quarter, marking a sharp increase of 52.20 percent as compared to 4.10 MMT in the year-ago period.
The total installed capacity of NTPC Group stood at 73,024 MW in Q1FY24, as against 69,114 MW in the same quarter of the previous fiscal year. On a standalone level, NTPC recorded a total installed capacity of 57,038 MW, which is down as compared to 57,119 MW in Q1FY23.
The average tariff in the three-month period ending June 2023 was Rs 4.53 per unit, down by 0.88 percent as against Rs 4.57 per unit last year, as per the key highlights for the quarter shared by the company.
In this quarter, on June 9, India had witnessed a record-high power demand of 223.23 GW amid soaring temperatures.
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In a separate exchange filing, NTPC noted that its board has “accorded
approval for hive-off its coal mining business” to a wholly owned subsidiary NTPC Mining Ltd through a business transfer agreement.
Shares of NTPC closed at Rs 210 a piece on the BSE on July 28, up almost 4 percent ahead of the result. Intraday, shares of the company had hit a 52-week high of Rs 210.40 each.