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Country’s largest power producer NTPC today posted nearly five per cent rise in consolidated net profit at Rs 9,814.66 crore in the year ended March 2012,even as fuel costs surged during the same period.
The state-run company had a consolidated net profit of Rs 9,348.23 crore in the year ended March 2011.
NTPC’s reported higher annual profit despite its fuel cost,on consolidated basis,soaring about 19 per cent to Rs 43,302.66 crore in the last fiscal. The entity incurred fuel expenses to the tune of Rs 36,414.35 crore in the year ended March 2011.
The board of directors recommended a final dividend of Rs 0.50 per share,taking the total dividend payout to Rs 4 per share for the year 2011-12.
However,the company’s net profit on a standalone basis slumped 6.7 per cent to Rs 2,593.44 crore in the three months ended March. The same stood at Rs 2,781.84 crore in the year-ago period.
In the 2012 March quarter,total income from operations climbed to Rs 16,361.85 crore from Rs 15,597.31 crore in the comparable period.
The standalone figures for March quarter are unaudited.
Meanwhile,NTPC’s standalone net profit rose over one per cent to Rs 9,223.73 crore in the year ended March 2012. In the previous fiscal,the same stood at Rs 9,102.59 crore.
On a standalone basis,total income from operations climbed to Rs 62,053.58 crore in the 2011-12 financial year from Rs 56,903.19 crore in the year-ago period.
NTPC has an installed capacity of 37,514 MW.
NTPC JV coal power project kicks up debate in Lanka Parliament
A 25-year tax holiday granted to a joint venture thermal power generation project between India’s National Thermal Power Corporation (NTPC) and the state owned power entity Ceylon Electricity Board (CEB) has come in for intense debate in the Sri Lankan parliament.
The 500MW Sampur coal power in the eastern port district of Trincomalee with a project cost of USD 500 million is to get underway this year.
The Island’s Parliament yesterday debated a motion on the regulations made by economic development minister Basil Rajapaksa under the Strategic Development Projects Act grant,under which the NTPC would qualify for a 25-year tax concession.
Among other things,the project is also exempted from payment of Value Added Tax (VAT) for five years on the importation of project related goods and the local purchases of project related goods and services.
The exemption would cover payments to contractors and sub-contractors while the import of coal,raw material and spare parts shall be exempted from the VAT payment for a period of 25 years from the date of commencement of commercial operation.
Speaking on the motion,R Sampanthan,the leader of the main Tamil party,Tamil National Alliance (TNA),said the location of the project was a traditional habitat of Tamils.
He said despite pledges the government has failed to resettle the Sampur displaced even after six months.
Vijitha Herath,an opposition JVP legislator accused the government of trying to create an Indian monopoly of the islands power and petroleum sectors.
Energy minister Champika Ranawaka said the location was not chosen with the intention of displacing the Tamils.
“The tax concessions given to the Indian company are in effect concessions granted to our own people”,he said.
The Minister said electricity cost will be lower from the Sampur thermal power plant.
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