NHPC Q4 2025 Conference Call #conferencecall #concall #earningscall #nhpc #nhpcshare #nhpcstock

Highlights of the NHPC Limited Q4 FY25 Earnings Conference Call:

1. Financial Performance Overview:

• Power generation for FY25 was 19,862 million units, down 9% from 21,773 million units in FY24, mainly due to a flood in Tista basin and restoration delays.
• Plant availability factor (PAF) for FY25 was 73.94%, slightly lower than 77.6% in FY24.
• Revenue from operations increased by 7% to Rs. 8,994 crore.
• Profit after tax (PAT) declined by 17% to Rs. 384 crore.

1. Operational Highlights:

• All four units of the Karvati 2 hydroelectric project (800 MW) became commercially operational, adding significant hydro capacity.
• Commissioned 107 MW of the 300 MW Bikanel solar power plant in Rajasthan.
• Progress on several ongoing projects:
  • Swansi Lower Hydroelectric (2,000 MW): 96% progress, with units expected to be commissioned by May 2026.
  • Bwang Multi-purpose Project (2880 MW): 96% progress, with completion targeted for February 2032.
  • Tista Hydropower (500 MW): Merger completed; 66% progress, expected commissioning by December 2027.
  • Rangit 4 Hydro (120 MW): 86% progress, expected to be commissioned by December 2025.
  • Other projects in Chennab Basin, Jammu & Kashmir, and Nepal are progressing with various timelines.

1. Renewable Energy Initiatives:

• Progress on solar projects:
  • 107 MW commissioned out of 300 MW in Rajasthan.
  • EPC contracts awarded for 200 MW each in Gujarat (Stage 3 and Stage 1).
• Pump storage projects under development across multiple states, with several PFRs submitted and under preparation.

1. Strategic and Future Projects:

• Finalization of merger with NHDC completed.
• Several hydro and pump storage projects in India and Nepal are at various stages of approval, design, and construction.
• Exploration of cross-border power export and joint ventures.

1. Financial Details (FY25 & Q4 FY25):

• Revenue increased mainly due to pay anomaly orders, tariff revisions, and arbitration-related interest.
• Other income decreased slightly; expenses on generation, employee benefits, and finance costs showed mixed trends.
• Tax expenses increased due to lower utilization of tax credits.
• Capital expenditure (Capex) was Rs. 11,596 crore against a target of Rs. 11,762 crore.
• Proposed final dividend of 51 paise per share, totaling a dividend payout of 19.1%.

1. Receivables & Revenue Collection:

• Total receivables as of March 31, 2025, stood at Rs. 4,412 crore, with net overdue of Rs. 222 crore.
• Beneficiary payments of Rs. 8,349 crore received during FY25.

1. Key Challenges & Impact Factors:

• Floods and natural calamities impacted generation and project timelines.
• Insurance cover for Tista projects was until September 2024; loss of PBT from Tista projects due to floods was approximately Rs. 400 crore.
• Reversal of water sales and arbitration interest impacted profitability.

1. Q4 Specific Highlights:

• Generation of 2,170 million units, down 6% from the previous year.
• Revenue from operations increased by 25% quarter-on-quarter.
• PAT for Q4 was Rs. 894 crore, up 29% from Rs. 693 crore in the previous quarter.
• Incentives from secondary energy and division charges showed mixed trends.

1. Upcoming & Under-Construction Projects:

• Parvati Hydro (374 million units expected, tariff around Rs. 7.2 per unit, commissioning expected in FY26).
• Subhansir Hydro (expected to commission three units by June 2025 and remaining by May 2026, with potential incremental revenue of Rs. 4,000-4,500 crore annually).

1. Overall Outlook:
   • Despite challenges, NHPC continues to progress on multiple hydro and renewable projects.
   • Focus on diversification into solar and pump storage.
   • Strategic initiatives include cross-border projects and joint ventures to enhance energy security.

Note: The management emphasized ongoing project developments, financial adjustments due to natural calamities, and strategic growth in renewable energy sources.

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