NHPC Shares In Red As Revenue Slips To ₹2,694 Cr In Q1

NHPC‘s share price was under pressure on Thursday morning as the street seemed unimpressed by the company’s June quarter results.

What Happened: The company's net profit for the quarter increased by around 1.18% to ₹1,108.46 crore, compared with ₹1,095.38 crore in the same quarter of the previous year. Revenue from operations stood at ₹2,694 crore, down about 2% from ₹2,757 crore in the year-ago period.

Analysts had estimated a revenue of around ₹2,810 crore with a net profit of ₹950 crore. EBITDA for the quarter came in at ₹1,462.6 crore with an EBITDA margin of 54.3%. The company also announced that Raj Kumar Chaudhary has assumed the charge of the post of chairman and managing director at NHPC.

See Also: Why BSE Shares Are Up 8% Despite Net Profit Nosediving 40%

Last month, Tata Power Renewable Energy (TPREL) and NHPC Renewable Energy Limited (NHPC-REL) signed a memorandum of understanding (MoU) to implement rooftop solar projects across government buildings, with a target completion date of December 2025.

In June, NHPC Limited entered into a power purchase agreement with Gujarat Urja Vikas Nigam Limited for a 200-megawatt solar power project. The financial implication of the project is estimated to be around ₹846.66 crore.

Price Action: NHPC’s share price was down 0.50% to trade at ₹100.05 shortly after market open on Thursday.

Read Next: NHPC Promotes Raj Kumar Chaudhary To Chairman And Managing Director

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.