NTPC Q3 net profit falls 4% to Rs 2,361 cr

New Delhi, Jan 31 (IANS) State-run power generator NTPC on Wednesday posted a 4.4 per cent fall in net profit for the third quarter ending December at Rs 2,360.81 crore caused mainly by a jump in employee expenses.

The company said in a stock exchange filing that it had recorded a standalone net profit of Rs 2,469.26 crore in the same quarter of the last fiscal.

The country's largest power producer said its total revenue increased to Rs 21,087.84 crore in the quarter under consideration, as compared to Rs 19,646.09 crore in the corresponding period a year ago. Revenue from power generation rose by 5 per cent.

NTPC said profit was impacted by an over 53 percent increase in employee expenses on account of salary revisions and a rise in leave encashments.

Earnings before interest, tax, depreciation and amortisation (Ebitda), or operating performance, during the quarter in question, was up marginally at Rs 5,277 crore.

During the first nine months (April-December) of the fiscal, the NTPC's standalone net profit stood at Rs 7,417.58 crore, as compared to Rs 7,305.86 crore in the same period a year ago.

At its meeting on Wednesday, the NTPC board of directors also decided to pay interim dividend for the ongoing fiscal at the rate of 27.30 per cent on each paid up equity share of Rs 10 face value. The date of payment or dispatch of dividend has been fixed for February 1.

The board also appointed Prasant Kumar Mohapatra as Director, Technical, from January 31, and Prakash Tiwari as Director, Operations, also effective from the same date.

On Tuesday, NTPC said it has listed its $6 billion (Rs 40,000 crore) medium-term note (MTN) programme on the India International Exchange (India INX) at IFSC, GIFT City.

With this listing, the NTPC -- formerly known as National Thermal Power Corporation Ltd -- became the country's first quasi-sovereign company to list at India INX, the company said in a statement here.

"The listing will help the NTPC raise funds at lower costs from international investors and also allow foreign investors to access good quality Indian debt paper," it said.

The NTPC stock closed higher on Wednesday at Rs 170.25 a share, up 20 paise, or by 0.12 per cent, over its previous close on the Bombay Stock Exchange.

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