Excelsior Correspondent
JAMMU, Sept 30: The NHPC Limited has earned a huge profit of Rs 3233 crore during 2020-2021 and recorded a growth of 26 % in the Ist quarter of the current financial year, 2021-22.
This was disclosed by the CMD of the NHPC, A K Singh while addressing 45th Annual General Meeting (AGM) through video conferencing from its Corporate Office, Faridabad. The management of the company on this occasion recommended a dividend of Rs 1.60 per equity share for the year 2020-21, which is inclusive of interim dividend of Rs 1.25 per equity share paid in March 2021.
AK Singh while speaking to shareholders at the AGM wherein, members of NHPC Board and Company Secretary, NHPC were also present, highlighted key achievements made by NHPC despite the challenges posed due to CoVID-19 pandemic.
CMD informed that NHPC earned its highest ever profit of Rs 3233 crore in financial year 2020-21, which is 7.52 percent higher than the previous year. He further highlighted upon NHPC’s achievements during financial year 2020 21 on various operational and financial fronts. He said that NHPC had generated 24,471 MUs of electricity against the design energy of 23,612 MUs.
Singh informed that NHPC achieved its highest ever realization of outstanding dues of Rs 10,114 crore from beneficiaries and made a contribution of Rs 1,118.90 crore to Government of India’s exchequer through dividend. He also told about the successful acquisition of Jalpower Corporation Limited (JPCL) as a wholly owned subsidiary company for the implementation of Rangit-IV HE Project (120 MW) in Sikkim through Corporate Insolvency Resolution Process (CIRP) and elimination of teething problems at Kishanganga Power Station, thereby increasing the annual generation of the power station by 30.86% year-on-year.
He further said that in line with the strategic intent to ensure sustained growth, NHPC has formed a Joint Venture Company (Ratle Hydroelectric Power Corporation Limited) with Jammu and Kashmir State Power Development Corporation Limited (JKSPDCL) on June 1, 2021 with equity participation of 51:49 respectively, for implementation of Ratle Hydroelectric Project (850 MW) in the Chenab River Basin in Union Territory of Jammu and Kashmir.
In addition, NHPC has acquired 2% equity stake of PTC India Limited (PTC) in Chenab Valley Power Projects Private Limited. Earlier, a Joint Venture Company of NHPC (49%), JKSPDCL (49%) and PTC (2%)] in June, 2021, thereby making it a Subsidiary Company of NHPC.
CMD, also highlighted that during the first quarter of current financial year 2021-22, the net profit of NHPC was Rs 912.26 crore thereby registering a growth of 26% as compared to first quarter of previous year.
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