NHPC Ltd. said on Monday that its board of directors would meet on Dec. 12 to consider and approve the revised borrowing plan for raising debt during the financial year ending March 2025.
The board will also consider a proposal to raise funds through the issue of unsecured, redeemable, taxable, ton-convertible and non-cumulative bonds, worth up to Rs 2,600 crore, according to its stock exchange filing on Monday.
The bonds may be issued through one or more tranches through a private placement as part of the borrowing plan for the current fiscal, NHPC said.
NHPC's consolidated net profit declined 37% in the second quarter of the current fiscal, missing analysts' expectations. The government-owned power company posted a profit of Rs 1,069.3 crore in the September quarter as compared to Rs 1,693.3 crore in the same period last year.
Revenue rose 4.1% to Rs 3,051.9 crore in the July–September period in comparison to Rs 2,931.3 crore in the year-ago period. Its earnings before interest, taxes, depreciation, and amortisation was up 2% to Rs 1,798.8 crore from Rs 1,768.2 crore in the same period last fiscal. The margin narrowed 140 basis points to 58.9% in the September quarter.
Shares of NHPC rose as much as 4.62% during the day to Rs 88.79 apiece on the National Stock Exchange. It closed 2.24% higher at Rs 86.77 per share, compared to a 0.24% decline in the benchmark Nifty. The share price has risen 34.32% on a year-to-date basis.
Five out of the 10 analysts tracking the company have a 'buy' rating on the stock, one suggests 'hold' and four recommend 'sell', according to Bloomberg data. The average of 12-month analysts price targets implies a potential upside of 10.6%.
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