NHPC (NHPC) Q4 21/22 earnings summary

Executive summary

• Standalone FY22 PAT reached a record ₹3,537.71 crore versus ₹3,245.06 crore; consolidated PAT was ₹3,774.33 crore versus ₹3,599.88 crore.

• Generation was 24,855 MUs, the second-highest annual result, and plant availability factor reached a record 88.19%.

• Expansion priorities include hydro construction, large-scale solar, pumped storage and pilot green hydrogen projects.

Financial highlights

• Standalone revenue from operations was ₹8,353.80 crore versus ₹8,506.58 crore; total income was ₹9,379.98 crore versus ₹9,662.56 crore.

• Standalone expenses fell to ₹5,333.12 crore from ₹5,680.40 crore; total comprehensive income rose to ₹3,550.47 crore from ₹3,252.26 crore.

• Sale of energy rose 6.29% to ₹7,451.55 crore, supported by higher generation; average selling price was ₹3.66/unit versus ₹3.67/unit.

• Consolidated total income was ₹10,152.84 crore versus ₹10,710.86 crore; expenses were ₹5,724.01 crore versus ₹6,137.80 crore.

• FY21 included a one-time ₹185 crore COVID-19 rebate to beneficiaries, presented as an exceptional item.

Outlook and guidance

• Eight hydro projects totaling 6,434 MW were under construction, including standalone capacity of 2,800 MW and 3,634 MW through subsidiaries/JVs.

• Solar projects totaling 1,105 MW were under construction; the 1,000 MW CPSU-scheme projects have an 18-month scheduled completion period.

• A 2,000 MW developer-mode solar portfolio was expected to be commissioned in FY23; a 40 MW Odisha solar project was also expected in FY23.

• Plans include 10,000 MW of renewable parks/projects in Rajasthan, seven Andhra Pradesh pumped-storage projects totaling 6,600 MW, and pilot green hydrogen schemes.

• Internal accruals were considered sufficient for equity funding of upcoming projects; domestic and international borrowing options were being explored.