NHPC has paid a final dividend of Rs 338.51 crore to the Government of India for FY2023-24 on September 20, 2024. This payment is in addition to an interim dividend of Rs 947.82 crore paid on March 5, 2024, totaling Rs 1,286.33 crore for the fiscal year.
2. Shareholders Approve Borrowing Limit Increase
NHPC's shareholders have given their nod to raise the company's borrowing limit to Rs 50,000 crore in its annual general meeting held on Wednesday. This increase was approved with a 99.99% majority vote.
3. Appointment of New Chairman and Managing Director
Raj Kumar Chaudhary, Director (Technical) at NHPC, has been appointed as the Chairman and Managing Director of the company. This appointment is effective from August 7, 2024, and will continue until his superannuation on June 30, 2025, or until further orders.
4. Financial Performance in Q1 2024
NHPC reported an 18% fall in consolidated net profit to Rs 610.93 crore during the March quarter due to a decline in revenues. The company's revenue from operations reduced to Rs 1,888.14 crore from Rs 2,028.77 crore in the same period last year.
5. New Power Purchase Agreement with Jakson Green
NHPC has signed a Power Purchase Agreement (PPA) with Jakson Green for the supply of 400 MW solar power. This agreement marks a significant milestone for Jakson Green, solidifying its position as a fast-growing Independent Power Producer (IPP).
6. Loan Agreement with Japanese Bank
NHPC has inked a loan agreement of JPY 20 billion (approximately Rs 1,300 crore) with a Japanese bank. This loan will help the company in its ongoing projects and future expansions.
7. Debt Raising Proposal for FY2024-25
NHPC's Board of Directors has approved a proposal to raise up to Rs 6,100 crore in debt during FY2024-25 through non-convertible Corporate Bonds, term loans, or external commercial borrowing.
8. Closure of Subsidiary Company
The Board of Directors has given its in-principle approval for the closure of Loktak Downstream Hydroelectric Corporation Limited, a subsidiary company of NHPC Limited, subject to the approval of DIPAM, Ministry of Power, and the Government of Manipur.
9. Market Performance and Share Price
NHPC stock has surged 86% in a year and gained 163% in two years. The stock ended on a flat note at Rs 95.05 on Thursday on BSE, with a market cap of Rs 95,478 crore.
10. Quarterly Results and Dividend Payment
For the quarter ended June 30, 2024, NHPC reported an income of Rs 3,037.92 crore and a profit of Rs 1,028.60 crore. The company also declared a final dividend of Rs 0.50 per equity share and an interim dividend of Rs 1.40 per equity share for FY2023-24.
11. Future Plans and Projects
NHPC plans to monetize future cash flows from its power stations, including Dulhasti Power Station, to raise funds for ongoing and new projects. The company aims to exceed its paid-up share capital, free reserves, and securities premium by approximately Rs 80,000 crore by FY2032-33.
