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 stations.

• 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.

• Major hydro and solar projects are progressing, with significant milestones at Subansiri Lower, Parvati-II, and Omkareshwar floating solar.

• 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.

Financial highlights

• H1 FY25 revenue from operations: INR 4,969 crore; PAT: INR 1,929 crore; Q2 FY25 PAT: INR 905 crore.

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

• Dividend payout for FY24 was INR 1.90 per share, representing 51% of profit.

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

• Standalone and consolidated net profit margins for Q2 FY25 were 35.48% and 35.04%, respectively.

Outlook and guidance

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

• Parvati-II: Commissioning expected by February 2025.

• Regulated equity projected to more than double to INR 28,500 crore by FY28.

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

• Revenue recognition is based on CERC-approved capacity charges and operational norms, pending finalization of new tariff orders for 2024-29.