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Informist, Saturday, May 24, 2025

 

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--NTPC Jan-Mar net profit INR 57.78 bln 
--Analysts saw NTPC Jan-Mar net profit INR 55.45 bln 
--NTPC Jan-Mar net profit INR 57.78 bln vs INR 55.56 bln year ago 
--NTPC Jan-Mar revenue INR 439.04 bln vs INR 425.38 bln year ago 
--NTPC FY25 net profit INR 196.49 bln vs INR 180.79 bln year ago 
--NTPC FY25 revenue INR 1.700 tln vs INR 1.620 tln year ago 
--NTPC To pay INR 3.35 per share final dividend for FY25 
--NTPC Jan-Mar operating margin 21.36% vs 19.58% year ago 
--NTPC FY25 average tariff INR 4.70 vs INR 4.61 year ago 

 

By J. Navya Sruthi and Anand JC

MUMBAI – NTPC Ltd. reported a lower than estimated top line for the March quarter, as gross power generation by the company during the quarter rose only 2% on year to 95.23 billion units. The company reported revenue of INR 439.04 billion for the quarter, up over 3% on year. Analysts had expected the state-run transmission company to report a higher top line of INR 452.20 billion. 

NTPC's net profit for the March quarter stood at INR 57.78 billion, up 4% on year and higher than analysts' estimate of INR 55.45 billion. NTPC functions on a tariff model regulated by the Central Electricity Regulatory Commission, which gives it fixed returns on power generation assets. 

 

The company's standalone regulated equity grew over 3% on year, and it grew over 4% on a consolidated basis, according to an investor presentation. The company reported standalone regulated equity of INR 909.02 billion as on Mar. 31, higher than INR 877.13 billion a year ago. On a consolidated basis, it increased to INR 1.088 trillion from INR 1.043 trillion a year ago. The average tariff earned by NTPC in FY25 was INR 4.7 per kilowatt per hour, higher than INR 4.61 kilowatt per hour the previous year. 

 

Had it not been for the net movement in regulatory deferral account balances, which lifted the company's profit by over 55%, the profit would have been only INR 37.14 billion. NTPC reported net movement in regulatory deferral account balances of INR 20.64 billion for Jan-Mar, against INR 249 million in the year-ago period. 

 

The net movement in regulatory deferral account balances consists of exchange differences arising from settlement or translation of monetary item denominated in foreign currency, deffered tax laiability reversible in future periods, and similar items, according to the release. 

 

The company had an investment of INR 8.35 billion as of Mar. 31, 2024 in Ratnagiri Gas and Power Private Ltd. However, this investment was considered impaired and provided for prior to Mar. 31, 2023. In the review carried by the company in 2023-24 (Apr-Mar), the provision was written back and disclosed as an exceptional item, pushing the profit for FY24 to INR 55.56 billion.

 

NTPC's tax outgo for Jan-Mar rose nearly 10% on year to 23.20 billion. The tax component includes a provision of INR 6.87 billion for current tax and INR 16.34 billion for deferral tax. The company's total expenses for the March quarter rose over 6% on year to INR 397.78 billion. Of the total expenses, other expenses rose 27% on year to INR 58.06 billion. Finance costs rose over 24% to INR 30.97 billion.

 

For FY25, NTPC reported a net profit of INR 196.49 billion compared to INR 180.79 billion the previous year. Revenue for the year was INR 1.700 trillion compared to INR 1.620 trillion the year ago. The company will pay final dividend of INR 3.35 per share.

 

For the March quarter, NTPC's earned revenue of INR 438.77 billion from power generation, up 4.5% on year. The company earns nearly 96% of its revenue through this segment.

NTPC had a portfolio of 74.79 gigawatt under coal, gas, hydro, and solar units as of Mar. 31. Of this, 59.41 GW is currently operational, while 15.37 GW is under construction. On a consolidated basis, the company has a portfolio of 113.68 GW, including 79.93 GW capacity currently operational and 33.75 GW is under construction.

 

NTPC reported an operating margin of 24.76% for the March quarter, against 19.58% in the year-ago period. 

 

The company's commercial generation for the reporting quarter was up over 2% at 95.201 billion units and energy sent out rose 2.3% on year to 88.693 billion units. The company's gross generation in FY25 was 372.825 billion units, 3% higher than in FY24. The commercial generation for the previous financial year rose over 3% on year to 372.8 billion units. Energy sent out by the company was 347.292 billion units, against 336.621 billion units a year ago. 

 

The plant load factor of NTPC's coal units in FY25 was 77.44%, just a tad higher than in FY24. NTPC's coal unit plant load factor in the March quarter was 81.24%, up from 79.77% a year ago.

 

During Jan-Mar, the plant availability factor for coal units was 92.52%, up from 89.42% a year ago. For NTPC's gas units, the metric was 93.32%, down from 94.36% a year ago, and that of hydro was largely unchanged from the year-ago period at 90.63%. In FY25, the company's plant availability factor for coal was 89.95%, slightly lower than 90.52% the previous year. The plant availability factor for gas was almost same from the previous year at 93.14% and that of hydro was at 96.33%, marginally lower than 103.18%.  

 

The company's domestic coal supply position was 68.08 million tonnes in the reporting quarter, up over 10% from the year-ago period. There were no coal imports by the company in Jan-Mar, against 3.7 million tonnes in the corresponding period the previous year.

 

The company detailed its earnings on Saturday. On Friday, its shares closed at INR 344.60 on the National Stock Exchange, up 0.9%.  End

 

Edited by Avishek Dutta

 

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