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ICICI Securities Report
NHPC Ltd.'s reported standalone profit after tax for Q1 FY23 was up 15.1% YoY to Rs 10.5 billion. However, adjusted for one-offs, profit after tax was up 20% YoY to Rs 11 billion.
Major factors impacting the numbers were:
higher net generation at 8,009 million units (up 11.3% YoY),
decline in employee cost by 3.2% YoY to Rs 3.1 billion, and
6.6% YoY higher ‘other income’ at Rs 2.2 billion.
Further, there were a few one-time items impacting profitability for the quarter:
impairment provision of Rs 1.1 billion for Loktak Downstream project,
fair value loss of Rs 860 million for receivables from Jammu and Kashmir, and
moving annual total credit utilisation of Rs 1.1 billion.
NHPC has announced it will be monetising a few of its operational hydro assets starting with Uri-I in FY23.
Over FY22-FY25, we believe apart from the under-construction hydro projects, NHPC’s renewable energy initiatives will also be a major value-creator.
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