NTPC NTPC records 7 pc increase in standalone net profit for Q2FY21; board approves share buyback amounting to Rs 2,275 cr at Rs 115
New Delhi/IBNS: State-run electricity manufacturer NTPC on Monday announced a 7.43 per cent increase in its standalone net profit to Rs 3,504.80 crore in the second quarter of this fiscal against Rs 3,262.44 crore in the corresponding quarter of the previous year.
The company's revenue from operations grew by 8 per cent to Rs 24,677 crore in the quarter ended September 30 as compared to Rs 22,673 crore in September 2019.
NTPC's gross power generation in H1 FY21 stood at 127.86 billion units (BUs) as against 130.14 billion units during the corresponding period of the previous year while in July-September 2020-21 was 67.67 billion units (BUs) as against 61.64 BUs in the same period last fiscal.
NTPC Coal stations achieved PLF of 61.26 per cent in H1 FY21 as against the National Average PLF of 49.58 per cent.
Since the early 90s, the Ministry of Power has used the Plant Load Factor (PLF) as a metric to check the efficiency of a plant.
In an important development, in a BSE filing stated NTPC said its board of directors approved the buyback of up to 19.79 crore equity shares at Rs 115 for an amount up to Rs 2,275.75 crore as a part of capital restructuring.
"The board of directors of the company in a meeting held on November 2, 2020 has inter-alia approved... buyback of the fully paid up equity shares of the company of face value of Rs 10 each," NTPC said in the filing.
The buyback of shares has been approved to implement a scheme of amalgamation for the merger of Nabinagar Power Generating Company Ltd and Kanti Bijlee Utpadan Nigam Ltd with NTPC, approved by the board of directors in 2019.
For this, the company has decided to look into the possibility of buying back its equity shares on a proportionate basis from the existing shareholders through tender offer.
The Securities Exchange Board of India (SEBI) had granted NTPC exemption from certain buyback norms after the electricity generator filed an application, seeking from the strict enforcement of the norms.
The board also approved extension of tenure Chairman & MD Gurdeep Singh till 31 July, 2025.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
