NTPC posts 25.5% decline in Q4 profit at Rs2,079.4 crore
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New Delhi: State-owned power producer NTPC Ltd on Monday reported a 25.5% decline in stand-alone net profit for the March quarter to Rs2,079.4 crore, partly on account of an erosion in the value of its investment in Ratnagiri Gas and Power Pvt. Ltd, known as the Dabhol project.
NTPC took an impairment of Rs783 crore on its investment in the project after taking into account the recoverable value of Rs191.35 crore, the firm informed stock exchanges.
The power producer reported an 11.4% jump in revenue from operations in the quarter to Rs20,417 crore from a year ago, in line with increased power generation.
The NTPC board of directors recommended a final dividend of Rs2.17 per share, in addition to an interim dividend of Rs2.61 a share paid earlier. Besides the impairment of the Dabhol project investments, NTPC also had to deal with higher fuel costs and staff benefits in the fourth quarter.
For the full fiscal 2016-17 year, stand-alone profit fell 12.4% to Rs9,385.26 crore.
NTPC generated 250.3 billion units (BU) of electricity in 2016-17 against 242 BU a year ago, the firm said in a note. In 2016-17, its power plants utilized 78.59% of capacity against the national average of 59.8%.
The firm also pared its dependence on imported coal to 1 million tonne (mt) in 2016-17 from 9.48 mt a year ago. NTPC had installed power generation capacity of 50 gigawatt (GW) as on 31 March 2017, up from 46.6GW a year ago.
Shares of NTPC rose 0.13% to Rs156.35 on a day the benchmark Sensex rose 0.26% to 31,109 points.