Earnings Review
NTPC Apr-Jun top line falls more than expected, down 4% YoY
This story was originally published at 22:48 IST on 29 July 2025
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--NTPC Apr-Jun net profit INR 47.75 bln
--Analysts saw NTPC Apr-Jun net profit at INR 47.08 bln
--NTPC Apr-Jun net profit INR 47.75 bln vs INR 45.11 bln year ago
--NTPC Apr-Jun revenue INR 425.73 bln vs INR 444.28 bln year ago
--NTPC Apr-Jun operating margin 20.22% vs 18.65% year ago
--NTPC Apr-Jun generation sales INR 417.78 bln vs INR 436.61 bln year ago
--NTPC Apr-Jun total expense INR 389.96 bln vs INR 382.76 bln year ago
By Sunil Raghu
AHMEDABAD – NTPC Ltd.'s top line fell more than estimated for the June quarter, as gross power generation by the company fell 6.6% on year during this period. The company reported a revenue of INR 425.73 billion for the quarter, down 4.2% on year. Analysts had expected the state-run power transmission company to report a 2% on-year fall in its top line to INR 436.7 billion amid the early onset of the monsoon. The company posted an on-year fall in its top line after clocking two consecutive quarters of revenue growth.
On the other hand, NTPC's net profit for the June quarter came in at INR 47.75 billion, up 5.9% on year and higher than the average of analysts' estimate of INR 47.1 billion. NTPC functions on a tariff model regulated by the Central Electricity Regulatory Commission, which gives it fixed returns on power generation assets.
NTPC had a portfolio of 74.8 gigawatts under coal, gas, hydro, and solar units as of Jun. 30. Of this, 61 GW is currently operational, while 13.8 GW is under construction. On a consolidated basis, the company has a portfolio of 113.5 GW, including 82.6 GW operational capacity and 30.9 GW under construction.
NTPC reported an operating margin of 20.22% for the June quarter, against 18.65% in the year-ago period.
The company's gross power generation in the June quarter fell to 91.3 billion units from 97.9 billion units in the year-ago period. The commercial generation for the quarter too was down 6.8% on year at 91.1 billion units. The company transmitted 84.6 billion units of power, down 6.7% from 91.3 billion units a year ago.
For the June quarter, NTPC earned a revenue of INR 417.8 billion from power generation, down 4.8% on year. The company earns nearly 96% of its revenue through this segment.
The plant load factor of NTPC's coal units in the June quarter was 75.16%, down from 80.39% in Apr-Jun of 2024. The plant load factor for its gas units was down at just 11.1%, from 23.8% a year ago. On the other hand, the plant load factor for solar, hydro and small hydro plants saw a minor bump up. The plant load factor for solar units in the June quarter came in at 26.8%, up from 23.8% a year ago, and that of hydro projects was 59.5%, up from 57.4% in the year-ago period. The plant load factor of small hydro projects was at 61.8%, up from 55.5% in the June quarter last year.
NTPC's tax outgo for the June quarter fell 11% on year to INR 14.8 billion. The company's total expenses rose over 1.9% on year to INR 390 billion. Of the total expenses, other expenses rose 86.1% on year to INR 60.4 billion. Finance costs rose over 7.1% to INR 28.4 billion in Apr-Jun. The key cost of fuel fell 9.2% on year to INR 239.3 billion. The cost of electricity purchased for trading too fell 1.9% on year to INR 9.8 billion and employee benefit costs were down 1.9% to INR 13.5 billion in Apr-Jun.
The company's domestic coal supply position was 61.8 million tonnes in the reporting quarter, down about 0.9% on year. There were no coal imports by the company in the June quarter, against 890,000 tonnes in the corresponding period the previous year.
On a consolidated basis, NTPC incurred a capital expenditure of INR 112.6 billion in the June quarter, the company said in a presentation accompanying the earnings filing with exchanges. The capital expenditure was 59.2% higher than INR 70.7 billion spent in the June quarter last year.
The company's board on Tuesday also approved the appointment of Gurdeep Singh as chairman and managing director of the company for one year, beginning Friday. The company's board also fixed Sept. 4 as the record date for distributing INR 3.35 per share, on the face value of INR 10, as the final dividend for 2024-25 (Apr-Mar), the company said in a separate filing.
On Tuesday, its shares closed 0.5% higher at INR 334.60 on the National Stock Exchange. End
Edited by Tanima Banerjee
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