NTPC Ltd has reported a 24 per cent surge in provisional net profit for the quarter ended March 31 at Rs 2,505 crore, even as the power major's bottom-line for the cumulative 12 months of fiscal 2010-11 stayed flat.

The net profit for the fiscal was up just over 1 per cent, reflecting the marginal increase in annual electricity generation during the period, as the utility was forced to back down generation on account of lower demand from States.

The reasons include good monsoons last year and unseasonal post-monsoon rains in the southern region. The company pegged the loss of generation on account of backing down of generation at 13 billion units in 2010-11, well above the 5 billion units in the previous fiscal.

“We made the stations available, but the State electricity boards did not draw power. This led to less generation of power,” the Chairman and Managing Director, Mr Arup Roy Choudhury, told reporters while announcing the company's provisional results here at a press conference.

Gross revenues

NTPC's net profit for the fiscal was up 1.12 per cent at Rs 8,826 crore, while generation from its stations increased by around 1 per cent to 220.54 billion units during the year. Gross revenues for the fiscal were up over 14 per cent at Rs 56,331 crore during 2010-11, mainly on account of increased fuel costs, which is a pass-though component for the utility (increase in fuel costs are passed on to the distribution utilities as higher tariffs).

The company's gross revenues rose to Rs 15,106 crore in the fourth quarter of 2010-11 from Rs 12,981 crore in the same period a year ago, translating into a growth of 16.37 per cent.

New projects

NTPC plans to set up 15 new thermal power projects in the next five to seven years, over and above the projects the company is currently executing, with a total capacity of about 30,000 MW.

The company is currently working on 14,748 MW of generation capacity, which are under construction at 15 locations. “We have plans to set up 15 greenfield projects... mostly coal-based in the next 5-7 years,” Mr Roy Choudhury said, adding that company is currently working on a basket of projects totalling around 45,000 MW.

Coal imports

NTPC, which has a total coal requirement of about 162 million tonnes during the current fiscal, will be importing 14 million tonnes. It has already signed an agreement with state-run State Trading Corporation for 12 million tonnes and it will import the remaining itself.

It is also looking at executing projects abroad and has this is in various stages of preliminary assessment for taking up projects in Bangladesh, Sri Lanka and Bhutan.

“Feasibility report for the site at Khulna has been prepared by NTPC and handed over to Bangladesh Power Development Board. For the Sri Lanka Project joint venture, it would be signed after clearance from Sri Lankan authorities while the detailed project report is underway for the Bhutan project,” he said.

Nuclear plans

Despite Japan's atomic crisis, the company is bullish on its nuclear plans that it plans to undertake through a joint venture with the Nuclear Power Corporation of India (NPCIL). “Our first nuclear project would be with the indigenously manufactured technology available with NPCIL,” he said.

The company has approved capital expenditure of Rs 26,400 crore for the current financial year and plans to add 4,320 MW of capacity during the period. NTPC posted a record in terms of its highest ever capacity addition — of 2,490 MW — during the previous year, with its total generation capacity reaching 34,194 MW.

The NTPC stock rose nearly two per cent on the BSE to close Wednesday's trading at Rs 191.25. The 52-week high for the share was Rs 222.20, while the corresponding low was Rs 168.60.

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