NTPC : First-Quarter Net Profit Fell 6.4% Due Partly to Rebate

By Kosaku Narioka

NTPC Ltd. said its first-quarter net profit fell 6.4% from a year earlier, as the Indian power company offered discounts to customers amid the coronavirus pandemic.

NTPC said Friday that net profit for the quarter ended June 30 fell to 28.90 billion rupees ($386.2 million) from INR30.87 billion a year earlier.

NTPC said it offered discounts to customers at the instruction of the government and it recorded a rebate of INR8.37 billion as an exceptional item.

NTPC said the pandemic's impact was likely to be short-term in nature and it expected to fully recover the carrying amounts of its assets, including receivables.

First-quarter revenue declined 2.6% from a year earlier to INR261.95 billion.

Write to Kosaku Narioka at [e-mail]