National Hydroelectric Power Corporation (NHPC) on Thursday announced a net profit of Rs 701 crore during 2005-06 compared with Rs 685 crore the previous year.
NEW DELHI: National Hydroelectric Power Corporation (NHPC) on Thursday announced a net profit of Rs 701 crore during 2005-06 compared with Rs 685 crore the previous year.
The company may come out with an initial public offer this year.
“The ministry of power has asked us to work on it... we have taken an initiative and if all goes well we shall hit the capital market this year itself,” S K Garg, chairman and managing director of NHPC told reporters.
The power ministry is aiming to list NHPC, North Eastern Electric Power Corporation, Satluj Jal Vidyut Nigam Ltd, Tehri Hydro Development Corporation Ltd, Rural Electrification Corporation, Powergrid Corporation and Power Finance Corporation.
NHPC would be raising $100 million (about Rs 450 crore) through external commercial agreement route to finance the Subansiri lower project. “The corporation is poised to liquidate all general purpose loans during the current financial year,” Garg said.
On the financial performance, Garg said the net profit could have been much higher at about Rs 800 crore but for certain provisioning for accounting, paying higher salaries and write off Rs 52 crore expenses incurred on Koelkaro project.
He said that NHPC would be investing Rs 60,000 crore during the Tenth and Eleventh five year plans and the funds would be raised from both overseas and domestic markets.
The company achieved a turnover of Rs 1,834 crore in 2005-06 compared to 1,668 crore in previous fiscal.
Garg said the net profit would have been Rs 800 crore but the company had to write off Rs 52 crore besides there were changes in accounting standards and the company had to pay arrears due to hike in pay scale amounting to another Rs 45 crore.
NHPC also achieved highest ever generation of 12567 million units against last years generation of 11286 million units.
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