State-run hydro power producer NHPC today reported more than 7 per cent increase in net profit at Rs 719.93 crore for the first quarter ended June 30,2013,helped by higher income. In the year-ago period,the company had a net profit of Rs 669.81 crore. The company’s total income climbed to Rs 1,619.73 crore in the latest June quarter from Rs 1,424.45 crore in the same period a year ago,according to a regulatory filing.
Following the cloud burst and unprecedented floods in Uttarakhand last month,the company’s 280-MW Dhauliganga power station got damaged,and it resulted into stoppage of electricity production at the project. “The assets of the power station and loss of generation are covered under mega insurance policy. However,loss beyond excess clause,if any,to be borne by the company shall be determined after receipt of the final survey report and impact thereof shall be accounted accordingly,” the filing said. Meanwhile,in the June quarter of 2013,all the four units of 132-MW Teesta Low Dam-III power stations began commercial operations. Shares of the company dropped 2 per cent to close at Rs 16.65 on the BSE.