NHPC quarterly net up 40% to Rs 966 crore

NEW DELHI: NHPC on Friday posted a 40% growth in net profit to Rs 966 crore for the quarter ended September 2011. Company chairman and managing director ABL Srivastava said the rise in profit was due to an increase in tariff and withdrawal of water cess by the state of Jammu & Kashmir.

The company had posted a net profit of Rs 690 crore in the corresponding quarter of the previous financial year.

“We had approached Central Electricity Regulatory Commission for increasing the tariff. Our petition has been finalised and the interest component has added to the profit,”
Srivastava told reporters here.

“The Jammu & Kashmir state government has withdrawn the water cess it used to levy on hydro power projects that added Rs 453 crore to our profit in the last six months,” Srivastava added.

The company’s net profit for the half year ended September 2011 increased 43% to Rs 1,757.5 crore against Rs 1,227.6 crore during corresponding period of the previous financial year.

The company’s sales grew by 42% to Rs 3,329.05 crore against Rs 2,336.33 crore during the corresponding period of the previous year.

NHPC power stations generated 13,372 million units of electricity during the half year ended September 30, 2011, as against 12,977 million units in the same period in 2010-11.