Financial Daily from THE HINDU group of publications
Wednesday, Jun 01, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jun 01, 2005 |
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Corporate
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Outlook NHPC plans to invest Rs 68,000 cr to hike generation capacity — Profits up 10 pc at Rs 684 cr Our Bureau
Mr A.K. Gangopadhyay, Chairman & Managing Director, NHPC, flanked by Mr S.K. Garg (left), Director (Finance), and Mr S.K. Chaturvedi, Director (Personnel), at a press conference in the Capital on Tuesday. - Kamal Narang
New Delhi , May 31 THE National Hydroelectric Power Corporation Ltd (NHPC) has announced a net profit of Rs 684.58 crore for fiscal 2004-05, an improvement of around 10 per cent compared with Rs 621.38 crore last fiscal. The company has also plans to invest around Rs 68,000 crore to raise its generation capacity to 15,000 MW by 2012. The NHPC Chairman and Managing Director, Mr A. K. Gangopadhyay, said that the company has a clear roadmap for its investments. "We are ready to pump Rs 68,000 crore to meet our targets. Out of this, Rs 25,000 crore would flow from our equity base, another Rs 37,000 crore would be mopped from the market through borrowing and the remaining Rs 6,000 crore from our internal accruals," he said. However, the company will not go in for an initial public offering immediately, though it is very much on the cards. Mr Gangopadhyay said that informal discussions had been held with the Government on a public offering but no specific decision has been taken on this matter. According to company officials, the informal discussions with the disinvestment department of the Finance Ministry have indicated that once the budgetary support is over, the company would go in for a public offer. During the last financial year, the corporation registered a sales turnover of Rs 1,668.27 crore, up 18 per cent compared with Rs 1,414.43 crore in 2003-04. It has recommended a dividend of Rs 140 crore, out of which Rs 60 crore has already been paid to the Government, Mr Gangopadhyay said. The corporation has also been able to save around Rs 250 crore in interest outgo by realigning long-term credit with Life Insurance Corporation of India at lower interest rates. During the year, the corporation achieved a capacity index of 95.28 per cent in its power stations against the MoU target of 94.50 per cent. It has also bagged new consultancy assignments worth Rs 52.42 crore in the fiscal 2004-05 against the target of Rs 11 crore. NHPC's subsidiary — Narmada Hydel Development Corporation — has posted a net profit of Rs 33.80 crore on a sales turnover of Rs 177.48 crore. The Chairman also said that the Government was considering giving the 1,200-MW Tamanthi project in Myanmar to NHPC. The corporation had earlier submitted the pre-feasibility report on the Tamanthi project to the Ministry of Power.
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