Whalesbook
Chalo, thoda detail mein dekhte hain ki kya chal raha hai NHPC ke andar.
📊 Financials Ka Big Picture
Toh bhai, 9 mahine (9M FY'26) mein company ka revenue 10% badha aur ₹8,800 Crore tak pahunch gaya, jo pichle saal ₹8,033 Crore tha. Profit after Tax (PAT) bhi 7% badhkar ₹2,306 Crore ho gaya. Power generation bhi 15% zyaada, matlab 25,849 Million Units (MUs) generate hui hain, thanks to Parbati-II Power Station. Lekin haan, Station band hone ki wajah se Plant Availability Factor (PAF) thoda 3% gir kar 79.27% ho gaya.
📉 Q3 Mein Thoda Slide Kyun?
Ab jab baat Q3 ki karein toh, revenue 3% kam hokar ₹2,221 Crore ho gaya (pichle saal ₹2,287 Crore tha). Company ne bola ki iska reason hai pichle Q3 mein jo ₹500 Crore ke aas-paas ek one-off income (pay anomalies aur interest on arbitration se related) thi, woh is baar nahi thi. Isliye numbers thoda down dikh rahe hain.
💰 Kharcha Aur Income Ka Khel
Kharcha-varcha ki baat karein toh, employee aur finance costs mein toh kami aayi hai pay anomalies solve hone aur legal cases ke interest kam hone se. Par, 'Other Expenses' mein kaafi achha izafa hua hai, specifically General Network Access Charges aur insurance ke karan. Depreciation bhi badha hai kyunki naye projects add hue hain. Achhe baat yeh hai ki incentives total ₹547 Crore ho gaye hain 9 mahine mein (pehle ₹515 Crore the), aur Q3 mein yeh ₹282 Crore (pehle ₹159 Crore) ho gaye. Toh company ko incentives se bhi fayda mil raha hai.
🚀 Future Ke Liye Heavy Investment (CAPEX)
Sabse important, future ke liye company heavy investment kar rahi hai. 9 mahine mein hi CAPEX ₹8,844 Crore ho gaya hai, jo pichle saal ₹7,405 Crore tha. Matlab future growth par focus hai.
💡 Revenue Recognition Aur Tariffs
Ab revenue recognition pe analysts ne sawaal pucha toh company ne bola ki naye projects ke liye woh abhi 80% estimated revenue hi record kar rahe hain jab tak CERC (Central Electricity Regulatory Commission) ka final tariff order nahi aa jaata. Subansiri Lower ke liye interim tariff shayad 2 mahine mein aa jayegi aur Parbati-II ka final tariff 5-6 mahine mein expect hai.
🚧 Challenges Aur Big Plans
Aage kya hai? Challenges toh hain, especially renewable energy projects ke liye Power Purchase Agreements (PPAs) sign karne mein. Connectivity aur round-the-clock supply ki demand se battery storage ki need badh rahi hai. Lekin company ko umeed hai ki agli 2-3 mahine mein 2000-3000 MW ke PPAs sign ho jayenge. Aur future plans toh ekdum mast hain! FY'26 ke liye ₹13,300 Crore aur FY'27 ke liye ₹15,000 Crore ka CAPEX plan hai. Saath hi 10,000 MW hydro projects aur 1000 MW solar commissioning 2026 mein target hai. Pumped Storage Plants (PSPs) bhi explore kar rahe hain. Overall, company FY'26 aur uske baad ke liye optimistic hai aur clean energy par zor de rahi hai. Dibang project, Etalin Hydroelectric Project jaise projects bhi progress kar rahe hain.