Jobaaj Stories
India's largest power generator, state-owned NTPC reported a 16% growth in its profits for the quarter ended in June 2022.
Profit for the quarter came in at Rs 3,978 crores, up 15.5% from Rs 3,444 crores reported in the corresponding quarter last year.
Revenues of the company grew 45% YoY during the quarter to Rs 43,177.14 crores while other income declined 24% to Rs 383.58 crores. The net effect on total income was a net increase of 44% to Rs 43,560.72 crores.
IOC Q1 results are live, read now.
Revenues from the Generation segment grew 46% YoY to Rs 42,038.31 crores while the same from other segments grew 14% YoY.
Like other energy companies, the company registered a high surge in fuel prices as the Cost of Fuel to the company rose 74% YoY to Rs 26,792 crores. All other expenses grew in proportion with the rise in revenues. However, high fuel costs were sufficient to inflate total expenses by 44%.
The EBITDA margin of the company was 23.7% for the quarter as EBITDA for the quarter was Rs 9,082.3 crores, higher than analysts' estimates.
"During the quarter, the Company has incorporated a wholly owned subsidiary, in the name of 'NTPC Green Energy Limited' (NGEL) on 7 April 2022, for reorganization of its renewable energy business. The Board of Directors of the Company has approved the transfer of 15 renewable energy assets ("RE Assets") of the Company to NGEL at book value, through a business transfer agreement dated 8 July 2022. Further, the Company will also transfer its 100% equity shareholding held in NTPC Renewable Energy Limited ("NREL"), a wholly owned subsidiary of NTPC, to NGEL through a share purchase agreement dated 8 July 2022." the company announced in its statement.
The company also announced that its installed capacity rose by 3,029.20 megawatts (MW) which included one unit of 800 MW at Darlipalli, one unit of 660 MW at Barh, 160 MW solar capacity at Jaitsar, 247.20 MW solar capacity at Fatehgarh, 80 MW floating solar at Ramagundam, 92 MW floating solar at Kayamkulam, 35 MW of solar capacity at Kawas,15 MW of floating solar at Simhadri, one unit of 660 MW at NPGCL, one unit of 250 MW at BRBCL, one unit of 250 MW at NSPCL and the discontinuation of operations at Kanti.
The stock closed at Rs 156.50 per share today, up 2.3%.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
