NHPC Limited

NHPC, a Mini Ratna category I public sector utility, is Government of India’s flagship hydroelectric generation company. The company is primarily involved in the generation and sale of bulk power to various Power Utilities. Its other business includes providing project management / construction contracts/ consultancy assignment services and trading of power.

Operational Metrics

• Operational Capacity (MW): 5,551 in FY24 vs 5,551 in FY22
• Power Generation (MU): 21,773 in FY24 vs 24,494 in FY22
• Plant Availability Factor (PAF): 77.6% in FY24 vs 88.19% in FY22

Shareholding Pattern

-PUBLIC GROUP

-PROMOTER GROUP

Financial Summary

Synopsis of Financials

• Power generation: 8,034 million units, down 11% from 9,010 million units year-on-year.
• Revenue from operations: ₹2,551 Crore, up 3% from ₹2,485 Crore in the previous year.
• PAT: ₹905 Crore, a decrease of 37% from ₹1,447 Crore in the previous year.
• Power generation decreased to 15,013 million units, down 11% from 16,797 million units in the previous year.
• Main contributor to lower generation: heavy flash floods in the Teesta basin leading to the shutdown of Teesta-V Power Station.
• Revenue from operations: ₹4,969 Crore, down 2% from ₹5,056 Crore in the previous year.

Final Outlook

NHPC’s Q3FY25 results were muted; standalone revenue decreased 15% year over year to INR 15 billion, EBITDA decreased 14% year over year to INR 4.3 billion, and reported PAT fell 50% year over year to INR 2.7 billion due to two one-offs. Adj. PAT, however, was INR 5.8 billion (+12% YoY). The Teesta-V power station is still not in use, but it should start up again by the end of FY26. Earnings for the upcoming four to five quarters will be impacted by the under-recovery thereafter, which is projected to be INR 4-5 billion yearly. Over the next 12 months, NHPC is anticipated to commission the Parbati II and Subansiri projects, adding around INR 110 billion in regulated equity.