Any current/future new fundraising through debt or equity?

Currently, there is no plan for an IPO or equity raising from the clean energy subsidiary unless new solar or wind capacity is added and resources are required, as stated by R.P. Goyal on page 12. If additional capacity is added to the subsidiary, only then would NHPC consider an IPO for that subsidiary. No specific mentions of new debt fundraising plans were indicated in the provided pages. The focus appears to be more on capital expenditure for project development rather than immediate fundraising through equity or debt.

Any current/future capex/capital investment/strategic investment?

Total planned capex for FY24 is Rs.10,857 Crore including subsidiaries and joint ventures. Major capex items include: - Parbati-II: Rs.595 Crore - Subansiri Lower: Rs.787 Crore - Dibang: Rs.712 Crore - Dugar: Rs.320 Crore - Sawalkot: Rs.143 Crore - Subansiri Upper: Rs.121 Crore - Subansiri Middle: Rs.217 Crore - Solar projects: Rs.2,517 Crore - Subsidiary projects like Pakal Dul, Kiru, Kwar, Lanco Teesta-VI, Rangit-IV, Ratle with respective allocations Capital expenditure is higher by 20-25% compared to FY23. NHPC is selectively bidding for solar proje

Future growth expectations in sales/revenue/volumes?

Revenue was approximately 3% higher in Q1 FY24 compared to the previous year, mainly due to tariff finalization arrears from 2014-19 despite lower generation from reduced water availability. Generation is expected to improve in Q2 FY24 compared to the same quarter last year, indicating potential volume growth. Capital expenditure target for FY24 is set at around Rs.10,857 crore, about 20-25% higher than FY23, signaling increased investment for capacity expansion. NHPC is focusing on commissioning major projects like Subansiri Lower and Parbati-II to enhance their asset base and balance sheet.

Future growth expectations in earnings/operating earnings/profits/EPS?

NHPC aims to sustain and slightly improve earnings, as indicated by marginally higher PAT of Rs.1053 Crore in Q1 FY24 vs. Rs.1050 Crore in prior year period. Revenue from operations grew by about 3% YoY in Q1 FY24, supported by arrears on tariff finalization. The company is focusing on capitalizing two major projects—Subansiri and Parbati-II—to improve the balance sheet. Capex is targeted at Rs.10,857 Crore for FY24, about 20-25% higher than FY23, enabling growth in capacity and future earnings. NHPC maintains a disciplined approach to new solar projects, targeting at least 12% ROE, focusing o

Current/ Expected Orderbook/ Pending Orders?

NHPC has ongoing and upcoming projects constituting a significant order book, including hydro and renewable projects across subsidiaries and joint ventures. Total planned capex for FY24 is around Rs. 10,857 Crore indicating active and upcoming project execution. Key projects include Subansiri Lower, Subansiri Upper, Subansiri Middle, Parbati-II, Dibang, Teesta-IV, Dugar, Sawalkot, Pakal Dul, Kiru, Kwar, Lanco Teesta-VI, Rangit-IV, and Ratle. Solar projects planned capex is Rs. 2,517 Crore, with subsidiaries having projects worth Rs. 1,215 Crore (Pakal Dul), Rs. 857 Crore (Kiru), among others.

NHPC LtdQ1 FY24Power

NHPC Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹73.3P/E: 20.1Market Cap: ₹76.3K CrSector: Power

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Revenue was approximately 3% higher in Q1 FY24 compared to the previous year, mainly due to tariff finalization arrears from 2014-19 despite lower generation from reduced water availability.
Generation is expected to improve in Q2 FY24 compared to the same quarter last year, indicating potential volume growth.
Capital expenditure target for FY24 is set at around Rs.10,857 crore, about 20-25% higher than FY23, signaling increased investment for capacity expansion.
NHPC is focusing on commissioning major projects like Subansiri Lower and Parbati-II to enhance their asset base and balance sheet.
Renewable projects such as solar (Kalpi 65 MW, Gujarat 200 MW, 88 MW floating solar) are being commissioned in FY24 and FY25, supporting diversification and growth.
Selective solar project bidding is planned emphasizing achieving at least 12% ROE.
Pumped storage projects under development target commissioning from FY29 onward, indicating long-term growth prospects.

Margin guidance

Category 3

NHPC aims to sustain and slightly improve earnings, as indicated by marginally higher PAT of Rs.1053 Crore in Q1 FY24 vs. Rs.1050 Crore in prior year period.
Revenue from operations grew by about 3% YoY in Q1 FY24, supported by arrears on tariff finalization.
The company is focusing on capitalizing two major projects—Subansiri and Parbati-II—to improve the balance sheet.
Capex is targeted at Rs.10,857 Crore for FY24, about 20-25% higher than FY23, enabling growth in capacity and future earnings.
NHPC maintains a disciplined approach to new solar projects, targeting at least 12% ROE, focusing only on selective projects.
Return on hydro projects, including pumped storage, is expected around 16.5%, supporting margin expansion.
Regulated equity is expected to increase to Rs.22,600 Crore by end FY25, indicating higher asset base and potential earnings growth.

See what NHPC Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Currently, there is no plan for an IPO or equity raising from the clean energy subsidiary unless new solar or wind capacity is added and resources are required, as stated by R.P. Goyal on page 12.
If additional capacity is added to the subsidiary, only then would NHPC consider an IPO for that subsidiary.
No specific mentions of new debt fundraising plans were indicated in the provided pages.
The focus appears to be more on capital expenditure for project development rather than immediate fundraising through equity or debt.

Order book

NHPC has ongoing and upcoming projects constituting a significant order book, including hydro and renewable projects across subsidiaries and joint ventures.
Total planned capex for FY24 is around Rs. 10,857 Crore indicating active and upcoming project execution.
Key projects include Subansiri Lower, Subansiri Upper, Subansiri Middle, Parbati-II, Dibang, Teesta-IV, Dugar, Sawalkot, Pakal Dul, Kiru, Kwar, Lanco Teesta-VI, Rangit-IV, and Ratle.
Solar projects planned capex is Rs. 2,517 Crore, with subsidiaries having projects worth Rs. 1,215 Crore (Pakal Dul), Rs. 857 Crore (Kiru), among others.
Pumped hydro storage projects and renewable solar bids are in active progress with capacities bid out including 1,000 MW under CPSE scheme, and recently 3,000 MW already bid out under the 10 GW plan for the fiscal year.
Sawalkot tender documentation is ready with imminent issue for civil work packages; Subansiri and Parbati projects have some slippages but remain under implementation.

See what NHPC Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Total planned capex for FY24 is Rs.10,857 Crore including subsidiaries and joint ventures.
Major capex items include:
- Parbati-II: Rs.595 Crore
- Subansiri Lower: Rs.787 Crore
- Dibang: Rs.712 Crore
- Dugar: Rs.320 Crore
- Sawalkot: Rs.143 Crore
- Subansiri Upper: Rs.121 Crore
- Subansiri Middle: Rs.217 Crore
- Solar projects: Rs.2,517 Crore
- Subsidiary projects like Pakal Dul, Kiru, Kwar, Lanco Teesta-VI, Rangit-IV, Ratle with respective allocations
Capital expenditure is higher by 20-25% compared to FY23.
NHPC is selectively bidding for solar projects, focusing on achieving at least 12% Return on Equity.
Capex for Subansiri middle and upper includes project takeovers where earlier developers had incurred substantial costs; current capex is for completing these projects under government reimbursement scheme.
Pumped hydro storage projects and ancillary services commercialization are under progress with future tenders planned.

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NHPC Ltd Q1 FY24 Earnings Call Analysis

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