NTPC’s Net Profit Jumps 16% YoY to ₹39.77 Billion in Q1 FY 2023

NTPC’s revenue from power generation for Q1 surged YoY by 46% to ₹420.38 billion


NTPC recorded a total income of ₹436 billion (~$5.54 billion) in the first quarter (Q1) of the financial year (FY) 2023, a year-over-year (YoY) increase of 4.34% from ₹304 billion (~$3.86 billion) in the same quarter last year.

NTPC’s consolidated revenue from operations during Q1 totaled $432 billion (~$5.49 billion), a YoY rise of 44% compared to ₹299 billion (~$3.81 billion) from the same period last year. NTPC’s operating margin was 17.51% in the quarter compared to 23.12% last year.

The company posted a net profit of ₹39.77 billion (~$506 million) in Q1, a YoY leap of 16% from ₹34.43 billion (~$438 million) in Q1 2021.

The company’s total expenses amounted to ₹384 billion (~$5 billion), a YoY spike of 44% from ₹267 billion (~$3.40 billion) in the same quarter a year ago.

NTPC’s revenue from power generation totaled ₹420.38 billion (~$5.34 billion), a YoY increase of 46% compared to ₹288 billion (~$3.66 billion) in the first quarter of last year.

The company’s depreciation, amortization, and impairment expenses for Q1 totaled ₹35.41 billion (~$451 million), an 8% YoY surge compared to ₹32 billion (~$407.16 billion) last year.

Renewables Business

During the quarter, NTPC incorporated NTPC Green Energy, a wholly-owned subsidiary, to reorganize the renewable energy business. In July, it approved the transfer of 15 renewable energy assets to NTPC Green at book value through a business transfer agreement.

Renewable assets constitute 2.8 GW out of which 1.4 GW is in operation while the rest is nearing commercialization as per the agreement date. The company’s subsidiary NTPC Renewable Energy won 4 GW tariff-based competitive bidding contracts which are under advanced stages of implementation.

In Q1 and the previous quarter, NTPC commissioned India’s three largest floating solar projects of 100 MW at Ramagundam, 92 MW at Kayamkulam, and 25 MW at Simhadri. The company is now setting up the country’s largest solar park of 4.75 GW in Gujarat, while the planning for the development of 19 GW of Ultra-Mega Renewable Energy Power Parks is in various stages.

NTPC invited bids for 3,000 MWh energy storage system (ESS) projects and 500 MWh battery energy storage system (BESS) projects during Q1.

In June this year, it awarded the project to deploy the country’s only green hydrogen fueling station in Leh, Ladakh, to Amara Raja Power Systems. The company plans to initially begin plying five hydrogen fuel cell buses in the region.

NTPC got its 70 MWac (101.6 MWdc) floating solar photovoltaic project commissioned during the quarter by Tata Power Solar Systems in Kayamkulam, Kerala. The project has a unique design as it is anchored to the waterbed using 134 cast pile foundations bored to 20 meters underwater, supporting the Central Monitoring and Control Stations and the 33/ 220 kilovolts switchyard.

Recently, Prime Minister Narendra Modi laid the foundation stone for NTPC’s renewable projects amounting to ₹52 billion (~$656 million). He also laid the foundation for the 735 MW Nokh Solar Project in Rajasthan’s Jaisalmer, which is said to be India’s largest ‘Domestic Content Requirement’ based solar project with 1,000 MWp at a single location