NTPC Q3 Results: Earnings Rise 19% YoY on Strong Revenue Growth

State-owned NTPC on Saturday announced a consolidated net profit of Rs 4,626.11 crore in October-December, an increase of 19.34% from Rs 3,876.36 crore a year ago thanks to a solid increase in income.

Performance for the quarter beat market forecasts, with analysts expecting the company to report an increase in net profit of around 5-12%, according to reports.

The company’s total revenue rose to Rs 33,783.62 crore for the quarter under review, a year-on-year increase of 19% from Rs 28,387.27 crore a year ago.

On the total revenue, revenue from operations reached Rs 33,292.61 crore from Rs 27,526.03 crore a year ago. The company’s other income in the third quarter was Rs 491.01 crore compared to Rs 861.24 crore a year ago.

“Sales for the quarter and nine months ended December 2021 comprise Rs 676.25 crore and Rs 561.55 crore respectively (prior quarter and previous nine months Rs 262.43 crore and Rs 844.16 crore, respectively) regarding prior years due to revised energy charges due to quality slippages, impact of CERC orders and other adjustments,” the nation’s largest power producer said in an exchange filing.

NTPC’s total expenditure was Rs 27,964.53 crore in October-December compared to Rs 24,283.31 crore a year ago.

The company’s revenue from power generation hit Rs 32,529 crore in October-December, up almost 20% from Rs 27,125.87 crore in the same period a year ago , according to the swap file.

“During the quarter and year ended March 2021, the excess tax provision of Rs 1,889.05 crore was reversed following the adjustment of the tax provision created under the Vivad se Vishwas scheme (VsVs scheme ) notified through “Vivad Se Vishwas Direct Tax Act, 2020″.

As a result, sales amounting to Rs 1,101.47 crore were canceled due to Income Tax Recoverable from Beneficiaries / (Refundable to) Beneficiaries under the 2004 Regulations,” NTPC said.

At its January 29 meeting, the company’s board declared an interim dividend of Rs 4 per share for the current financial year, according to the statement.

NTPC said in a separate statement that its board has approved an asset monetization proposal to divest NTPC’s identified renewable energy assets, along with NTPC Renewable Energy Ltd, to a wholly owned company. The company plans to proceed with the monetization of the wholly-owned company through an initial public offering (IPO) or through the strategic investment route, according to the exchange filing.

On a stand-alone basis, NTPC’s installed capacity increased to 54,302.42 MW in October-December from 51,170 MW a year ago. The large utility’s total coal supply position for the quarter under review was 53.33 MMT compared to 45.82 MMT in the same period a year ago.

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