NTPC’s Q3 net drops 7.5% on tax outgo, higher expenses

New Delhi, Feb 8 (IANS) State-run generator National Thermal Power Corporation Ltd (NTPC) on Wednesday posted a 7.5 per cent fall in net profit for the third quarter ended December caused by high tax outgo and increase in expenses.

Net profit in the third quarter fell to Rs 2,468.72 crore compared to Rs 2,668.77 crore in the corresponding period last year, the NTPC said in a stock exchange filing.

Segment revenue during the quarter in review grew by 10.9 per cent to Rs 19,646.09 crore compared with year-ago period.

The company's other income during the quarter rose to Rs 250.17 crore, that is by 4.7 per cent compared to the same period a year ago.

The company's other expenses declined 1 per cent to Rs 1,220.58 crore against last year.

During the quarter in consideration, the NTPC's total tax expense stood at Rs 762.05 crore compared to a refund of Rs 726.55 the company received in the corresponding period last year, the company said.

Its total expenses in the quarter rose to Rs 15,630 crore, from Rs 14,053.71 crore in the corresponding period last year.

This was mostly due to an increase in fuel cost which rose to Rs 12,080.43 crore in October-December, from Rs 10,580.28 crore during the same period last year.

The company informed the BSE that the Board of Directors of the company at its meeting held on Wednesday decided to pay interim dividend at the rate of 26.10 per cent (Rs 2.61 per share) on the face value of paid-up equity shares of Rs 10 each for the financial year 2016-17.

The NTPC stocks closed on Wednesday at Rs 171.95 a share, down 1.35 points, or 0.78 per cent, over its previous close on the BSE.

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