NHPC Q2 FY25 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹3,052 Cr
verified against source
Revenue YoY
-2%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
NHPC reported a challenging Q2 FY25 with H1 revenue declining 2% YoY to INR 4,969 crore and PAT falling 23% to INR 1,929 crore, primarily due to Teesta-V shutdown and MAT credit non-recognition. Generation dropped 11% to 15,013 MU due to Teesta-V outage following October 2023 flash flood and subsequent August 2024 landslide. Plant availability factor fell to 82.68% from 91.93% previously. Management expects Subansiri Lower (94% progress) to commission 3 units by March 2025 and full project by May 2026, while Parvati-II (98% progress) targets February 2025 commissioning. Regulated equity is projected to double from INR 13,000 crore to INR 28,500 crore by FY28 as projects come online. The company continues its renewable energy expansion with 88 MW floating solar commissioned and 200 MW solar EPC awarded. Key risk remains the 15-month revenue gap from Teesta-V (expected December 2025 restart) with ~INR 450 crore annual fixed cost and limited insurance recovery beyond the indemnity period.
Colored figures show movement against the previous available record.
Guidance to track
- Three units of the 2,000 MW project expected to commission by March 2025, with remaining five units in phased manner through May 2026.
- 98% progress achieved with all major works completed except 159m overt lining and 3,630m invert lining of HRT; project targeted for February 2025.
- The power station suffered second incident in August 2024 (landslide at tail race tunnel); restoration expected to be completed by December 2025.
- Projected to reach INR 16,500Cr by FY25 end, INR 17,000Cr by FY26, INR 25,365Cr by FY27, and INR 28,590Cr by FY28.
Risks flagged
- With insurance coverage limited to 12 months (completed September 2024), NHPC faces ~INR 450 crore annual fixed cost exposure for 15 more months until December 2025 estimated restart. This represents INR 40-50 crore annual under-recovery.
- August 2024 landslide at tail race tunnel outlet and GIS building represents second disruption event. Management stated restoration to Q3 FY26 (December 2025), indicating potential further delays given challenging terrain.
- Analyst raised concern about PPA signing delays for FDRE/hybrid projects. Management stated 9,000 MW tendered but only 7,000 MW PPAs signed; 1,200 MW pending with Uttar Pradesh Discom. While REA mode mitigates risk, revenue recognition timing remains uncertain.
- Finance costs doubled to INR 526 crore in H1 FY25 vs INR 245 crore, primarily due to INR 331 crore increase in interest on arbitration/court cases. While recoverable through CERC petitions, cash flow timing remains uncertain.
Key quotes
- By end of FY25 the after commissioning of Parvati 2 our regulated equity will be INR 16,500 crore. From the current level of INR 13,000 crore. Then in FY26 after commissioning of Rangit 4 the resultant regulated equity will be INR 17,000 crore. By FY27 after commissioning of Subansiri full commissioning of Subansiri Lower... resultant regulated equity will be INR 25,365 crore. By FY28... regulated equity will be INR 28,590 crore. Meaning thereby in next four years our regulated equity is going to be more than double.
- Our present debt equity ratio is in the range of 0.84 only. So there is no issue of cash flow. After commission of these ongoing projects, we will have sufficient internal accruals for increasing equity in the upcoming projects and for raising debts. We have no issue because we are very underleveraged.
- The dip is only on account of MAT credit which we recognized last year and which is not available in current year. Otherwise our operating profit is just comparable with last year.
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