Lower gross generation has led NTPC Ltd to a 19 per cent drop in net profit for the third quarter of fiscal 2015-16. Net profit for the quarter stood at Rs.2,492.87 crore as compared to Rs.3,074 crore in the same quarter last year.
The company’s net revenue for the quarter stood at Rs.17,413.31 crore, a 7.6 per cent drop over Rs.18,857 crore in the same quarter last year.
NTPC’s gross generation in the third quarter was 60.787 billion units, 0.91 per cent lower than the same quarter last year.
The company’s board of directors also agreed to pay an interim dividend at the rate of 16 per cent or Rs.1.60 per share. The dividend will be paid on February 15.
In another significant decision, NTPC approved an investment of Rs.10,598 crore for the Telangana Super Thermal Power Project’s Phase 1. Under the first phase, 1,600 MW of capacity will come up. “Power purchase agreements have been signed with Southern Power Distribution Company of Telangana td and Northern Power Distribution Company of Telangana. The commercial operation date of the first unit is envisaged in 52 months and the second unit at an interval of 6 months thereafter,” an official statement said.