NHPC (NHPC) Q4 17/18 earnings summary

Executive summary

• Added 380 MW during FY18, taking consolidated installed capacity to 7,071 MW; commissioning included Kishanganga hydro and the first 50 MW solar project in Tamil Nadu.

• Generated 22,975 MUs and recorded a record plant availability factor of 85.32%; standalone PAT was ₹2,758.65 crore.

• Consolidated total income fell to ₹8,852.60 crore from ₹10,125.89 crore, while PAT attributable to owners was ₹2,503.90 crore versus ₹3,029.42 crore.

Financial highlights

• Standalone total income was ₹8,425.03 crore versus ₹8,728.84 crore; revenue from operations was ₹6,934.03 crore versus ₹7,271.17 crore.

• Standalone expenses declined to ₹5,619.11 crore from ₹5,968.23 crore; PAT was ₹2,758.65 crore versus ₹2,795.59 crore.

• Consolidated revenue from continuing operations was ₹7,751.24 crore versus ₹8,623.13 crore; consolidated expenses were ₹5,951.14 crore versus ₹6,313.98 crore.

• Adjusted energy sales, excluding prior-year sales, were ₹7,117.69 crore versus ₹7,033.59 crore; reported sale of energy declined 3.79% to ₹6,868.64 crore.

Outlook and guidance

• Parbati-II’s first unit was synchronized on part-load; the project was expected to commission by December 2020, with HRT excavation identified as critical.

• Subansiri Lower was ~55% complete but stalled; completion was expected within four years after work resumes.

• Six prospective hydro projects totaling 5,795 MW were under clearance; an 8 MW Palakkad wind project was in execution, while a new hydro policy was anticipated to support sector growth.

• More than ₹80 crore was committed for CSR and sustainable development activities in FY19.