By Ben Otto
NTPC Ltd.'s net profit nearly tripled in its fiscal fourth quarter, largely due to the partial reversal of tax provisions made last year.
The Indian state-owned power company's net profit in the quarter ended March jumped to 45.42 billion rupees ($612.6 million) from INR15.35 billion a year ago, it said in a stock-exchange filing over the weekend.
NTPC had made outsize tax provisions in the previous year to settle 14 years of tax disputes. It subsequently decided to settle disputes for only three years, booking excess tax provisions in the latest quarter.
Revenue from operations fell to INR301.03 billion from INR303.91 billion.
For the full year, net profit rose 26% to INR146.35 billion on lower tax expenses, while revenue from operations rose 1.9% to INR1.115 trillion.
NTPC said power demand has been increasing amid rising economic activity in India, but this could be affected in the short term by lockdowns stemming from the Covid-19 pandemic.
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(END) Dow Jones Newswires