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NHPC today reported 9.67 per cent drop in net profit to Rs 707.58 crore for the second quarter ended September 30, 2013-14 fiscal.
The company had reported net profit of Rs 783.38 crore in the July-September quarter of the previous fiscal, NHPC said in a regulatory filing to the stock exchanges.
Total income during the current quarter decreased to Rs 1,950.23 crore as against Rs 2,013.26 crore in the year-ago period.
The company’s board has approved the buyback of up to 10 per cent of fully paid-up equity shares of Rs 10 each for an aggregate amount of nearly Rs 2,400 crore.
Since the government holds 86.36 per cent stake in NHPC, buyback of shares on proportional basis would mean government getting about Rs 2,000 crore.
Shares of NHPC remained firm at Rs 18.30 on the BSE.
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