NHPC (NHPC) Q4 98/99 earnings summary

Executive summary

• FY1998-99 net profit after prior-period adjustments was ₹3,053 million vs ₹2,994 million; gross sales including advance against depreciation rose to ₹13,094 million from ₹11,235 million.

• Generation reached 9,917.51 MU, 16.40% above the 8,520 MU target; machine availability was 88.39%.

• The year ended with ₹16,694 million in beneficiary-state receivables and a substantial construction pipeline, including Chamera Stage II, Teesta V and Parbati projects.

Financial highlights

• Net sales after advance against depreciation were ₹11,944 million vs ₹9,930 million; other income was ₹391 million, including ₹344 million in the accounts.

• Profit before depreciation, interest and financing charges was ₹9,545 million vs ₹7,809 million; profit after interest and depreciation, before prior-period adjustments, was ₹2,606 million vs ₹2,312 million.

• Prior-period adjustments added ₹447 million vs ₹682 million, lifting reported profit for the year to ₹3,053 million vs ₹2,994 million.

• Proposed dividend was ₹150 million; reserves and surplus increased to ₹12,721 million from ₹9,486 million.

Outlook and guidance

• Rangit was expected to begin generation in December 1999; Dulhasti was scheduled for completion by March 2001, Dhauliganga Stage I by September 2004 and Kalpong by October 2002.

• Chamera Stage II was approved on a turnkey basis at ₹16,840.2 million; Teesta V’s updated completion cost was ₹27,297.4 million, with clearances received and site infrastructure underway.

• Teesta V was designed for 510 MW and 2,573 MU annual generation in a 90%-dependable year; Loktak Downstream was planned at 90 MW and 420.25 MU annually.

• Teesta V, Loktak Downstream, Parbati and other projects were dependent on required clearances and project approvals; authorised share capital increase to ₹100,000 million was under government consideration.