NTPC Ltd.'s fiscal second-quarter net profit fell 7.5% on year as the Indian power company continued to offer discounts to customers during the Covid-19 pandemic, offsetting higher sales.

NTPC said Monday that net profit for the quarter ended Sept. 30 fell to 34.36 billion rupees ($460.9 million), down from INR37.15 billion in the same period a year ago. The New Delhi-based company offered discounts to customers at the instruction of the government and recorded a rebate of INR6.70 billion as an exceptional item, down from INR8.37 billion the previous quarter.

Revenue from operations rose 7.8% to INR261.95 billion.

On a first-half basis, profit fell to INR63.26 billion from INR68.01 billion, while revenue rose 2.5% to INR539.03 billion.

NTPC said it didn't anticipate the pandemic negatively affecting its financial position over the medium to long-term.

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11-02-20 0648ET