NTPC Q1 profit down 1.14% at ₹2,588.14 crore

New Delhi: State-owned power giant NTPC reported 1.14% decline in standalone net profit to ₹2,588.14 crore for the first quarter ended 30 June, due to higher depreciation, borrowing cost and expenditure on fuel.

The company’s had posted Rs2,618.17 crore standalone net profit in the corresponding period last fiscal, it said in a BSE filing.

According to the statement, the company’s total revenues in the quarter rose 11% to ₹22,839.98 crore from ₹20,541.93 crore in the year-ago period. The company provided ₹1,860.15 crore for depreciation, amortisation and impairment expenses in the first quarter, which were higher than ₹1,570 crore in the same period last fiscal.

Similarly, its borrowing cost increased to ₹1,219.93 crore from ₹895.60 crore. The fuel cost also rose to ₹13,118.74 crore in the quarter under review from ₹11,940.11 crore a year ago.

Besides, the board also “approved the issue of secured/ unsecured, redeemable, taxable/ tax-free, cumulative/ non-cumulative, non-convertible debentures (’Bonds/NCDs’) up to ₹12,000 crore during the period commencing from the date of passing of Special Resolution in the ensuing Annual General Meeting till completion of one year thereof or the date of next Annual General Meeting in the financial year 2019-20 whichever is earlier,” the company said.

The company’s gross power generation in the quarter stood at 69.21 billion units (BU), up 7.45% from 64.41 BU a year ago. Its plant load factor (PLF) or capacity utilisation of coal based plants has come down by 1.07% at 77.98% in the quarter compared to 79.05% a year ago. The average power tariff of the company during the quarter was ₹3.36 per unit.