By Ben Otto

Shares of NTPC Ltd. slid in morning trade after the company posted a rise in quarterly profit that was partly due to a higher share of profits from joint ventures amid rising demand for power.

Shares fell more than 6% in early trade before recouping some losses. They were last down 1.3% at INR135.75.

The Indian state-owned power company's net profit in the fiscal second quarter rose 4.7% from a year earlier to 35.99 billion rupees ($481.2 million), it said in a stock-exchange filing late Thursday.

Revenue from operations rose 17% to INR324.04 billion in the quarter ended September, while expenses climbed more than 18% to INR289.50 billion.

The company's share of net profits from joint ventures more than doubled to INR3.24 billion. Profit was also higher due to a one-off charge made a year ago related to Covid-19 rebates during lockdown, its financial statements showed.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

10-29-21 0031ET