NHPC (NHPC) Q4 01/02 earnings summary

Executive summary

• FY 2001-02 sales were Rs. 13,496 million and net profit after tax was Rs. 4,709 million, versus Rs. 13,137 million and Rs. 4,434 million in FY 2000-01.

• Operating stations recorded a 96.86% capacity index; generation including deemed generation was 9,733.69 MU versus a 9,470 MU target.

Financial highlights

• Profit before tax was Rs. 5,131 million, compared with Rs. 4,842 million; depreciation was Rs. 2,355 million and interest cost Rs. 4,395 million.

• Reported net profit after tax rose to Rs. 4,709 million from Rs. 4,434 million; the directors recommended a Rs. 500 million dividend versus Rs. 300 million.

• Sales of energy were Rs. 13,496 million; advance against depreciation was Rs. 1,286 million and miscellaneous income was Rs. 3,304 million.

• Operating cash flow was Rs. 7,961 million, down from Rs. 11,453 million; cash and cash equivalents closed at Rs. 5,417 million versus Rs. 2,206 million.

Outlook and guidance

• Planned capacity additions were 4,357 MW in the 2002-07 Tenth Plan and ~11,194 MW in the 2007-12 Eleventh Plan.

• More than 100,000 MW of untapped hydro potential was identified; the Planning Commission agreed in principle to Rs. 314,660 million of allocation, including Rs. 142,000 million in budget support.

• Chamera Stage II was targeted for commissioning in June 2003, 11 months ahead of schedule; Teesta-V was expected to complete by February 2007.