NTPC Q3 profit declines 4.4% as expenses grow

NTPC’s profit for the quarter ended December 31 declined 4.4% year-on-year to Rs 2,360.8 crore as expenses grew 11.5% to Rs 18,443.8 crore. The company’s depreciation, amortisation and impairment expenses went up by 26.7% year-on-year to Rs 1,881.4 crore. Apart from that, the company had also set aside Rs 59.3 crore due to various regulatory deferrals, compared with Rs 25.2 crore on this account in the same period the previous fiscal. The company spent around Rs 447 crore more on employee benefits owing to the revised payment structure and a surge in earned leave encashment by its staff. NTPC’s earnings before interest, tax, depreciation and amortisation (EBITDA) fell 4.7% to Rs 5,217.6 crore, while the Ebitda margin went down by 300 basis points to 25.2%. The state-owned power generation behemoth sold 63.37 billion units of electricity in the quarter, an annual rise of 10.7%. The average tariff was Rs 3.21 per unit.

The plant load factor (PLF) for the company’s coal-based plants fell by 29 basis points points to 76.9% in the quarter. For the first nine months of FY18, NTPC coal stations achieved PLF of 77.5% as against the national average of 59.7%. In line with the government’s agenda to minimise reliability on imported coal for power generation, NTPC continued to cut its dependence on imported coal, consuming only 0.06 million tonne of the fuel sourced from outside India in the quarter. The figure is 50% lower than the year-ago period.

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