NHPC (NHPC) Q4 16/17 earnings summary

Executive summary

• FY17 standalone PAT rose to ₹2,795.59 crore from ₹2,429.89 crore; total income increased 4.61% to ₹8,729.84 crore.

• Generation reached 23,275 MU, while PAF improved to 83.41% from 81.60%; installed capacity was 5,171 MW standalone and 6,691 MW including subsidiaries and JVs.

• Consolidated total income was ₹10,126.91 crore and PAT ₹3,480.33 crore; profit attributable to owners was ₹3,029.42 crore.

Financial highlights

• Standalone revenue from operations was ₹7,271.17 crore versus ₹7,353.00 crore; other income rose to ₹1,458.67 crore from ₹992.07 crore, including ₹526.75 crore late-payment surcharge.

• Standalone expenses rose 4.44% to ₹5,969.23 crore; employee benefits increased ₹416.56 crore to ₹1,574.92 crore, partly offset by lower generation and other expenses.

• Standalone PBT including ₹713.99 crore rate-regulated income was ₹3,474.60 crore; tax expense was ₹679.01 crore and OCI ₹7.67 crore.

• Consolidated revenue from operations was ₹8,623.13 crore; total income rose to ₹10,126.91 crore from ₹9,446.43 crore and PAT to ₹3,480.33 crore from ₹2,915.91 crore.

Outlook and guidance

• Kishanganga’s first 330 MW unit was anticipated in Nov 2017, with its remaining units by Jan 2018; Parbati-II was expected to commission in Dec 2018.

• The 1,000 MW Pakal Dul, 624 MW Kiru and 540 MW Kwar projects were progressing through tendering and development; three under-construction hydro projects totalled 3,130 MW.

• Diversification plans included 50 MW solar in Tamil Nadu, 32 MW solar in Uttar Pradesh, wind projects in Kerala and Andhra Pradesh, and pumped-storage development discussions.

• Standalone operating cash flow was ₹8,145.34 crore; internal accruals were expected to fund equity needs for upcoming projects, with external borrowing capacity supported by strong credit ratings.