Country's largest thermal power producer NTPC today reported over 29 per cent drop for the fourth quarter after fuel costs surged.
The company's net profit fell to Rs 3,093.54 crore in the three months ended March 31. Earnings in the same period last financial year were higher at Rs 4,381.61 crore on account of recovery of some dues.
Fuel costs rocketed to Rs 14,434.11 crore in the March 2014 quarter compared to Rs 10,389.69 crore in the year-ago period.
Total income of the company rose to Rs 78,921.66 crore from Rs 72,098.09 crore in the same period last year.
NTPC, has set a capex target of Rs 22,400 crore during the current fiscal. The company's capital expenditure during the last fiscal was Rs 21,705 crore.
The company, which generated 233 billion units of electricity in 2013-14, plans to produce 240 billion units during the current fiscal.
Megawatt (MW) refers to generation capacity while million units indicates the amount of power or energy produced. One MW can produce 1,000 units of electricity in one hour.
NTPC currently generates over 43,000 MW and has plans to add 14,038 MW by 2017.
"We have already done 6,000 MW of the targeted capacity and are on track to achieve our goal,"CMD NTPC Arup Roy said.
The Board of Directors of the company has recommended a dividend of Rs 1.75 per equity share for the financial year 2013-14.
The company this week cancelled a mine development and operation contract worth Rs 23,000 crore with Thiess Minecs India due to delays in development and operation of the Pakri-Barwadih coal block.
"The production plan of the the Pakri Barwadih mines has taken a beating but we wanted to send a message across to the mine developers that the work cannot be taken lightly," Choudhury told reporters here.
Meanwhile, NTPC which has been allotted seven coal blocks plans to start production from the Chhatti Bariatu mines in Jharkhand during the current fiscal (2014-15).
Shares of NTPC rose 2.95 per cent to close at Rs 129.25 apiece on the BSE.