PremiumState-owned hydro power giant NHPC on Thursday reported nearly 80% jump in its consolidated net profit to ₹464.6 crore for the March 2021 quarter as compared to ₹258.83 crore in the quarter ended on March 31, 2020. The total income came at ₹2,094.3 crore against ₹2,382.36 crore in the year-ago period.
The board of directors in the meeting also recommended a final dividend at the rate of 3.50 per cent of a face value of ₹10 per share (Re 0.35 per equity share) on the company's paid-up share capital for 2020-21.
This is in addition to the interim dividend of ₹1.25 per equity share for 2020-21 paid in March 2021. The final dividend, if declared, will be paid within the statutory period as per the Companies Act, 2013.
At around 10 am, shares of NHPC were trading 0.37% lower to ₹26.95 per share on the BSE in Friday's early deals.
The board has also approved the proposal to raise debt up to ₹4,300 crore during the financial year 2021-22. It will be raised through "issuance of secured, redeemable, taxable, non-cumulative, non-convertible taxable corporate bonds in one or more series/tranches on a private placement basis and/or raising of term loans through external commercial borrowings (ECB) in suitable tranches".
In line with the directions of the Ministry of Power, the company has given a one-time rebate of ₹185 crore to discoms and power departments of states and 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, it added.
NHPC Chairman and Managing Director A K Singh said in a statement, "Despite the ongoing COVID-19 pandemic, NHPC is in an aggressive mode of expansion and has all-India plans to expand its solar and wind power portfolio along with its core business of hydropower development."
He further added in the last financial year, NHPC has signed pacts for execution of five projects with a total installed capacity of 4,134 megawatts and "we are focussed on completing the projects as per schedule".
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