NTPC Q3 Results: Net Profit of ₹4,711 Cr, 2nd Interim Dividend of ₹2.5 per Share
NTPC Ltd: Overview
NTPC Ltd., formerly known as National Thermal Power Corporation Limited, is India’s largest energy conglomerate. Established in 1975, the company primarily focuses on the generation and distribution of electricity. It is the largest power generator in India with installed capacity of over 76 GW. Over the years, NTPC has diversified its portfolio to include renewable energy, hydroelectric projects, and energy-efficient technologies, making it a critical player in India’s power sector. It holds about 24% market share of Indian electricity generation.
Due to the strong focus on the “Make-in-India” initiative of the Government coupled with changes in residential consumption patterns, it is expected that India will continue to register 6-7% annual growth in power demand at least for the next decade. With India’s growing demand for electricity, NTPC plays a pivotal role in ensuring reliable and affordable power supply. The company contributes nearly 25% of India’s total electricity generation with a robust installed capacity that spans across thermal, solar, hydro, and wind energy sources. As part of its vision to become a global energy major, NTPC is heavily investing in green energy and aims to achieve 60 GW of renewable energy capacity by 2032. Additionally, NTPC is aligning its operations with India’s “Net Zero” goals, emphasizing sustainability and environmental conservation.
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NTPC has seen a notable increase in its share of profits from joint ventures and subsidiaries, rising from ₹1,445 crore in 9M FY24 to ₹1,581 crore in 9M FY25. The company also received ₹1,039 crore in dividends from its subsidiaries and JVs during this period, compared to ₹652 crore in the same period last year. In line with its commitment to rewarding shareholders, NTPC has declared an interim dividend of ₹2.5 per share. On the investment front, NTPC has achieved a consolidated capital expenditure of ₹31,330 crore so far this fiscal year, with a standalone capex of ₹16,305 crore. The successful commissioning of the Khurja Super Thermal Power Project (STPP) and consistent dividend payouts underscore NTPC’s dedication to driving long-term value and operational excellence.
The company has also approved an ambitious 8 GW capacity expansion, backed by a budget of over ₹1 lakh crore. As part of its renewable energy initiatives, NVVN has been assigned to execute specialized projects addressing heavy power and water usage. Furthermore, NTPC Paramanu Urja Nigam, its newly established subsidiary in the nuclear energy space, has secured approval to conduct feasibility studies for four sites in Madhya Pradesh. Operationally, NTPC generated 91.25 billion units (BUs) of electricity in Q3 FY25, up from 89.47 BUs in Q3 FY24. Its captive coal mines also reported significant growth, producing 10.98 million metric tonnes (MMT) compared to 8.09 MMT in the previous year.
Business Segments
- Thermal Power Generation: The cables and wires segment is the largest and most significant contributor to KEI Industries’ revenue. KEI’s cables are designed to meet the diverse and demanding requirements of industries such as power generation and distribution, real estate, oil and gas, railways, and infrastructure development. These cables are known for their superior quality, reliability, and ability to withstand extreme conditions, ensuring safety and efficiency in operations. With advanced manufacturing capabilities and adherence to stringent quality standards, KEI consistently delivers innovative cable solutions tailored to the specific needs of its clients, making it a preferred partner for various sectors.
- Renewable Energy: NTPC is rapidly expanding its renewable energy portfolio, with solar, wind, and hybrid projects taking center stage. It has commissioned several solar parks across the country and is actively exploring offshore wind energy opportunities. NTPC is also implementing floating solar power projects to maximize resource utilization. India’s energy landscape is undergoing a shift towards non-fossil energy, and NTPC is at the forefront of this transition.
- Others: NTPC is also involved in various segments which include hydroelectric projects to support clean energy generation, to supply the fuel to thermal power plants and is also does the consultancy services, project management, etc. in the power sector.
Subsidiary Information
- NTPC Renewable Energy Ltd (NREL): It is a dedicated subsidiary established to spearhead NTPC’s efforts in the renewable energy sector. The company focuses on developing solar, wind and hybrid energy projects, aligning with NTPC’s ambitious goals of significantly increasing its renewable energy capacity. NREL plays a critical role in development of large-scale solar parks, wind farms, and hybrid projects in various states in India. Its initiatives include innovative ventures such as floating solar plants and battery energy storage systems, showcasing NTPC’s commitment to sustainability and energy diversification.
- NTPC Vidyut Vyapar Nigam Ltd (NVVN): It serves as NTPC’s power trading arm and plays a vital role in the renewable energy and power trading ecosystem. NVVN is engaged in trading of electricity generated from NTPC’s power plants, to ensure that surplus power is efficiently distributed across states and regions. In addition to power trading, NVVN is actively involved in renewable energy development projects, such as establishing solar-based rural electrification systems in remote areas. The company also undertakes energy storage projects to enhance grid stability and reliability.
- NTPC Mining Ltd: NTPC Mining Ltd. is a subsidiary dedicated to managing NTPC’s coal mining operations. It ensures a consistent and reliable supply of coal for NTPC’s thermal power plants, reducing the company’s dependency on external coal suppliers. These mines contribute significantly to NTPC’s fuel security and cost efficiency. The subsidiary has also played an important role in modernizing coal mining practices by incorporating advanced technologies to enhance productivity and minimize environmental impact. By ensuring uninterrupted coal supplies, NTPC Mining Ltd. supports the operational efficiency of NTPC’s thermal power plants.
- NTPC Electric Supply Company Ltd (NESCL): It is a subsidiary focused on electricity distribution and retail supply, further expanding NTPC’s footprint across the energy value chain. NESCL plays a vital role in ensuring that power generated by NTPC reaches consumers efficiently and reliably. It manages projects related to electricity distribution infrastructure, rural electrification and strengthening India’s power distribution network. By addressing challenges, NESCL helps NTPC deliver affordable and uninterrupted electricity to diverse customer segments, from urban centers to remote rural areas. The subsidiary is integral to NTPC’s strategy of offering end-to-end energy solutions and enhancing customer satisfaction.
Q3 FY25 Earnings
- Revenue of ₹45053 crore in Q3 FY25 up by 5.21% YoY from ₹42820 crore in Q3 FY24.
- EBITDA of ₹13324 crore in this quarter at a margin of 30% compared to 27% in Q3 FY24.
- Profit of ₹5170 crore in this quarter compared to a ₹5209 crore profit in Q3 FY24.
Financial Summary
| Amount in ₹ Cr | Q3 FY24 | Q3 FY25 | FY23 | FY24 |
| Revenue | 42820 | 45053 | 176207 | 178501 |
| Expenses | 31458 | 31729 | 128611 | 127045 |
| EBITDA | 11362 | 13324 | 47596 | 51456 |
| OPM | 27% | 30% | 27% | 29% |
| Other Income | 2532 | 1003 | 2561 | 5190 |
| Net Profit | 5209 | 5170 | 17121 | 21332 |
| NPM | 12.2% | 11.5% | 9.7% | 11.9% |
| EPS | 5.3 | 5.2 | 17.4 | 21.5 |