NHPC (NHPC) Q4 23/24 earnings summary

Executive summary

• FY2023-24 standalone PAT was ₹3,743.94 crore vs ₹3,833.79 crore; consolidated PAT was ₹4,028.01 crore, with ₹3,624.42 crore attributable to owners.

• Generation was 21,779 MU and PAF 77.60%, down from 24,907 MU and 88.75%; flash floods and lower water inflows weighed on output.

• Construction and development pipeline exceeded 10,000 MW, including 2,880 MW Dibang, 2,000 MW Subansiri Lower and expanding solar and pumped-storage projects.

Financial highlights

• Standalone revenue from operations was ₹8,404.92 crore vs ₹9,316.34 crore; total income was ₹10,024.99 crore vs ₹10,150.90 crore.

• Standalone total expenses rose 7.10% to ₹5,962.79 crore; other expenses increased ₹607.92 crore, partly offset by lower generation expenses, depreciation and finance costs.

• Standalone PAT declined 2.34% to ₹3,743.94 crore; total comprehensive income fell 2.91% to ₹3,718.98 crore.

• Consolidated total income was ₹10,993.91 crore vs ₹11,284.90 crore; PAT was ₹4,028.01 crore vs ₹4,260.83 crore.

• Insurance claim income was ₹381.92 crore vs ₹19.33 crore; business-interruption loss recovery was ₹149.86 crore vs ₹42.14 crore, including ₹112.50 crore confirmed as an on-account payment.

Outlook and guidance

• 300 MW Bikaner and 100 MW N.P. Kunta solar projects were expected online in FY2024-25; 600 MW Kutch was targeted for FY2025-26, subject to transmission substation readiness.

• Subansiri Lower targeted three units by March 2025 and all units by May 2026; Parbati-II anticipated commissioning was December 2024, while Dibang targeted February 2032.

• The shareholder borrowing limit was proposed to rise from ₹40,000 crore to ₹50,000 crore; estimated debt needs for ongoing and new projects through FY2032-33 were ~₹80,000 crore.

• Long-term outlook emphasizes hydropower, renewables, pumped storage and green hydrogen, supported by India’s 500 GW renewable-capacity target for 2030 and rising grid-balancing needs.