NHPC · Power
NHPC Ltd. reported revenue of ₹2,056 cr for October to December 2023, — on the year and −29.9% on the quarter.
Operating profit (EBITDA) was ₹752 cr, a margin of 36.6%, — on the year and −2,374 bps on the quarter.
Net profit was ₹623 cr, — on the year and −63.2% on the quarter, with earnings per share of ₹0.48.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 65% of profit before tax.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,056 cr | ₹1,887 cr | ₹2,694 cr | ₹3,052 cr | ₹2,287 cr | ₹2,347 cr | ₹3,214 cr | ₹3,365 cr | ₹2,221 cr | ₹2,816 cr | ₹3,808 cr | ₹4,483 cr |
| YoY | — | — | −2% | +4% | +11% | +24% | +19% | +10% | −3% | +20% | +18% | +33% |
| EBITDA margin | 36.6% | 61.0% | 59.7% | 59.1% | 44.4% | 51.3% | 56.1% | 60.2% | 9.5% | 22.6% | 61.8% | 64.2% |
| Other income, % of PBT | 65% | 56% | 29% | 27% | 84% | 23% | 27% | 17% | 162% | — | 12% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 31% | 46% | 27% | 36% | 24% | 21% | 26% | 34% | 64% | — | 29% | 28% |
| Net profit | ₹623 cr | ₹605 cr | ₹1,102 cr | ₹1,060 cr | ₹330 cr | ₹920 cr | ₹1,131 cr | ₹1,219 cr | ₹321 cr | ₹1,549 cr | ₹1,178 cr | ₹1,658 cr |
| YoY | — | — | +1% | −37% | −47% | +52% | +3% | +15% | −3% | +68% | +4% | +36% |
| Core profit YoY | — | — | −3% | −11% | −79% | +85% | +3% | +8% | −904% | −164% | +4% | +31% |
| EPS | ₹0.48 | ₹0.54 | ₹1.02 | ₹0.90 | ₹0.23 | ₹0.85 | ₹1.06 | ₹1.02 | ₹0.22 | ₹1.45 | ₹1.09 | ₹1.54 |
| Flags | 1 | 1 | 1 | 1 | 3 | 2 | 1 | ✓ | 2 | 2 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
NHPC Ltd. reported revenue of ₹2,056 cr (— on the year) and net profit of ₹623 cr (— on the year) for October to December 2023.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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