State-run power major NTPC reported over around 70 percent decline in its consolidated net profit at around Rs 1,523.77 crore on Saturday in the March quarter mainly because of higher tax provision under the Vivad Se Vishwas’ scheme. The consolidated net profit of the company stood at around Rs 5,161.39 crore for the corresponding quarter last fiscal, a regulatory filing told. Total income was of Rs 31,315.32 crore in the period under review, compared to around Rs 26,116.15 crore in the year-ago period as well.
The company told it made “provision for current tax for 2019-2020 which includes of around Rs 2,743.64 crore being tax related to earlier years as well. This includes additional tax provision amounting to around Rs 2,723.57 crore, as of some of the group companies have decided to settle pending income tax disputes by opting under the Vivad se Vishwas Scheme under ‘The Direct Tax Vivad Se Vishwas Act, 2020’ as well. NTPC reported The group companies are in the process of the completion of procedural formalities which under the scheme also the settlement of pending balances would be carried out on completion of such these formalities.
The consolidated net profit for 2019-2020 stood at around Rs 11,901.96 crore, compared to around Rs 14,034.4 crore in 2018-19. The total income of the company in 2019-20 was around Rs 1,12,372.58 crore as against Rs 1,02,533.05 crore in 2018-19. The board of directors has been also recommended that a final dividend of around Rs 2.65 per equity share for the 2019-2020, that subject to the approval of the shareholders in the assuing Annual General Meeting. The final dividend is in addition to the interim dividend of around Rs 0.50 per equity share for 2019-20 paid in March 2020 as well.
The gross power generation of the company is of 68.27 billion units (i.e. BU) in the March quarter down from around 69.18 BU in the same period last year. NTPC reported – The gross power generation in the 2019-20 is around 259.61 BU down from 274.45 BU in 2018-19. The plant load factor (i.e. PLF) or capacity utilization of its coal-based plants were at of 77.58 percent in the March quarter, down at 69.52 percent. In 2019-20, as the PLF slipped 55.99 percent from around 60.30 percent in 2018-19.
Its coal imports in the March quarter were 0.67 million tonnes compared to 0.66 million tonnes in the same period last year. In 2019-20, its import of dry fuel rose 2.84 million tonnes from 1.04 million tonnes in 2018-19. The average tariff of the company is around Rs 3.9 per unit in 2019-20 likewise. On the impact of COVID-19 lockdown, the company said: “The group believes that the impact due to the outbreak of COVID-I9 is likely to be short-term in nature and does not anticipate any medium to long-term risks in the group’s ability to continue as a going concern and meeting its liabilities as and when they fall due.”