Mumbai : Countrys largest power generator NTPC reported a 10 per cent decline in net profit at Rs 2,130.39 crore for the quarter ended December 31, 2011 due to increase in coal prices.
The company had posted a net profit of Rs 2,371 crore during the same period last fiscal. Cost of fuel ( coal) witnessed a sharp jump of about 29 per cent at Rs 10,793.29, as against Rs 8,338.64 crore amid a shortage of supply from staterun Coal India Ltd. Net profit was also impacted due to higher depreciation and interest expenses after it added new capacities.
However, net sales rose 14 per cent to Rs 15,332 crore against Rs 13,421 crore during the same period last fiscal.
NTPC generated revenues to the tune of Rs 15,572.38 crore from its power generation business during the quarter as against Rs 13,475.04 crore in the same period last fiscal.
The companys annual coal requirement is approximately around 164 million tonnes.
It generates over 36,000 MW of electricity from its various power plants from all sources of energy.
The company is also looking at long term tie- ups for sourcing coal in the future.
Total expenditure grew by 26.87 percent at Rs. 13,232.97 crore from Rs. 10,430.02 crore in the corresponding quarter of 2010- 11.
The board has decided to pay an interim dividend of Rs. 3.50 per share and the date of payment of dividend will be Feb 9. Ahead of results, shares of NTPC closed 0.4 % lower at Rs 174.05.