NHPC (NHPC) Q2 24/25 earnings summary

Executive summary

• Power generation for H1 FY25 was 15,013 million units, down 11% year-over-year due to flash floods and plant outages, notably at Teesta-V and TLDP-III.

• Achieved 7,233 MW installed capacity (6,971 MW hydro, 262 MW renewable) across 28 power stations, representing 15% of India's installed hydro capacity as of September 2024.

• Recognized as a Navratna PSU since August 2024, with a strong operational track record and in-house engineering capabilities.

• Standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2024 were reviewed and approved by the Board and auditors, with no material misstatements identified.

• Electricity generation remains the principal business activity, with all power stations located in India.

Financial highlights

• H1 FY25 revenue from operations: INR 4,969 crore vs INR 5,056 crore YoY (2% lower); standalone revenue for H1 FY25 was ₹4,969 crore, down 1.73% YoY; total income rose 4.46% to ₹5,708 crore.

• H1 FY25 PAT: INR 1,929 crore vs INR 2,500 crore YoY (23% lower); standalone net profit for H1 FY25 was ₹1,928.76 crore; consolidated net profit for H1 FY25 was ₹2,177.74 crore.

• Other income rose 81% YoY to INR 739 crore, mainly from insurance claims and reversal of provisions.

• Dividend for FY24: total INR 1.90 per share (19% of face value); payout ratio for FY24 was 51%.

• NHDC (subsidiary) reported H1 FY25 PAT of ₹491 crore, up 19.7% YoY, with revenue from operations at ₹794 crore, up 21.4%.

Outlook and guidance

• Subansiri Lower: 3 units to be commissioned by March 2025, full commissioning by May 2026.

• Parvati-II: targeted commissioning by February 2025.

• Teesta-V expected to resume generation by December 2025 after restoration.

• Regulated equity projected to more than double from INR 13,000 crore to INR 28,500 crore over next four years.

• Targeted consolidated capex for FY25 is ₹11,762 crore, up from ₹8,652 crore in FY24.