"Better business management and financial policies... have resulted in our net profit touching a four-digit mark," said S K Garg, chairman and managing director of the company. The company also announced that its long-delayed initial public offer (IPO) will hit the market in mid August.
"The IPO, worth Rs 1,670 crore, would be the biggest power sector IPO in terms of number of shares," he said.
The company will float 167 crore shares of Rs 10 each.
Four independent directors have already been appointed on the board of NHPC. "In addition, three other directors will be appointed shortly," he said. Lack of independent directors has been a prime reason for the IPO delay.
The hydel power major has commissioned three projects of 1,420 mw in the last twelve months
