NHPC (NHPC) Q4 99/00 earnings summary

Executive summary

• FY1999-2000 sales turnover was Rs.12,163 million, down from Rs.13,094 million; net profit rose to Rs.4,012 million from Rs.3,053 million, supported by cost controls and staff redeployment.

• Hydropower generation fell short of target on weak river inflows, especially in the Jhelum basin; average machine availability reached 91.05%.

Financial highlights

• Sales were Rs.12,163 million vs Rs.13,094 million; sales net of advance against depreciation were Rs.10,757 million vs Rs.11,944 million.

• Profit before depreciation, interest and financing charges rose to Rs.10,675 million from Rs.9,545 million; interest and finance charges were Rs.4,497 million vs Rs.4,787 million.

• Profit after interest, financing charges and depreciation was Rs.3,980 million; after prior-period adjustments of Rs.32 million, reported profit was Rs.4,012 million vs Rs.3,053 million.

• Proposed dividend remained Rs.150 million; reserves and surplus increased to Rs.16,906 million from Rs.12,721 million.

Outlook and guidance

• Generation in FY2000-01 was expected to meet target, based on output through July 2000, which exceeded target to date.

• Chamera-II, Kurichu and Kalpong were progressing ahead of schedule; projected completions were May 2004, September 2001 and June 2001, respectively.

• Dhauliganga was targeted for completion by March 2005; Dul Hasti was expected to complete by December 2003 despite tunnel delays.

• Teesta-V was sanctioned at Rs.21,980.4 million; Loktak Downstream works advanced, while security conditions were hampering execution.