NHPC net profit down 11% to Rs 1,300 crore in September quarter

State-owned hydropower major NHPC on Wednesday reported a 10.8 per cent fall in consolidated net profit to Rs 1,300.40 crore in the September quarter, mainly due to lower revenues.

The consolidated net profit for the year-ago period was Rs 1,457.68 crore, the company said in a BSE filing.

Total income in the September quarter declined to Rs 3,086.03 crore from Rs 3,360.35 crore in the same period last year.

The company's primary source of revenue is from generation and sale of hydroelectricity.

According to NHPC, "Power supply being an essential service and their must-run status for Run-of-the-River (ROR) projects and scheduling to the extent possible by RLDCs (regional load dispatch centres) in case of ROR with pondage and storage projects."

Citing these factors the company said, "No material impact of COVID-19 on the financial performance of the Group including interalia the carrying value of various current and non-current assets or the ability to service the debt of the company, is expected to arise."

However, the company said that in line with the directions of the Ministry of Power on May 15 and 16, 2020, it has given a one-time rebate of Rs 185 crore to discoms and power departments of States/ Union territories for passing on to ultimate consumers on account of COVID-19 pandemic.

The said rebate has been presented as an "exceptional item" in the statement of financial results for the quarter ended June 30, 2020, it added.