STATE-OWNED NTPC reported a 71.2% year-on-year (y-o-y) decrease in its standalone net profit to `1,252.4 crore in the three months ended March
STATE-OWNED NTPC reported a 71.2% year-on-year (y-o-y) decrease in its standalone net profit to `1,252.4 crore in the three months ended March, as the company decided to settle pending income tax disputes by opting under the government’s recent ‘vivad see vishwas’ scheme. NTPC’s profit before tax was up 23.9%y-o-yto`Rs 4,383.8 crore in the quarter, but net profit was dragged down by the tax expense of Rs 4,983.7 crore. The company had received Rs 7,189.1 crore tax refunds in the corresponding quarter last year.
For full year FY20, the country’s largest power generator recorded a net profit of `10,112.8 crore, down 13.9% y-o-y as it paid `9,181.9 crore tax in the fiscal against refund of`2,918.7croreinFY19. NTPC revenue from electricity sales increased 25.9% to Rs 27,079.1 crore in the quarter even as the power company sold 63.5 billion units of electricity in the period,1% lower than the corresponding period last fiscal.