NHPC (NHPC) Q4 00/01 earnings summary

Executive summary

• FY 2000-01 sales reached Rs.12,766 million and profit after tax Rs.4,434 million; machine availability rose to 92.09%.

• Projects commissioned ahead of schedule included Kurichu in Bhutan and Kalpong in the Andaman & Nicobar Islands; construction advanced on several major hydro schemes.

Financial highlights

• Sales were Rs.12,766 million vs Rs.12,163 million; profit before tax was Rs.4,471 million vs Rs.4,012 million, and profit after tax was Rs.4,434 million vs Rs.4,012 million.

• Other income rose to Rs.2,655 million from Rs.2,014 million; net prior-period adjustment was an expense of Rs.84 million vs income of Rs.32 million.

• Proposed dividend was Rs.300 million, double the Rs.150 million proposed for FY 1999-2000.

• Energy collections were Rs.15,583 million; principal dues fell to Rs.7,610 million from Rs.17,450 million, or 7.4 months of average billing vs 18 months.

Outlook and guidance

• Dul Hasti was scheduled for completion by Dec. 2003, Dhauliganga for Mar. 2005, Chamera Stage II for May 2004, and Teesta Stage V for Feb. 2007.

• Efforts targeted Chamera Stage II commissioning before Dec. 2003; Kalpong’s three units were commissioned ahead of schedule, and Kurichu’s remaining unit was targeted for Sep. 2001.

• Plans covered IX and X Plan project development, including new schemes and a larger hydro share in the national power mix.