Countrys largest power producer NTPC today posted a marginal rise in net profit at Rs 2,527.02 crore in the first quarter ended June 30,2013,even as total income declined.
The state-run company had a net profit of Rs 2,498.67 crore in the year-ago period. NTPCs total income operations dropped to Rs 15,661.85 crore in the latest June quarter from Rs 16,165.95 crore in the same period a year ago,NTPC said in a regulatory filing.
However,lower expenses helped the company to report a marginally higher quarterly net profit.
In the 2013 June quarter,total expenses of the company fell to Rs 12,289.94 crore as compared to Rs 13,092.66 crore in the year-ago period.
Meanwhile,the variation related to coal prices on Gross Calorific Value (GCV) basis,worth around Rs 3,523.18 crore at the end of June this year has been considered as contingent liability.
Pending resolution of the issue,difference between the amount billed by the coal companies and the amount admitted by the company amounting to Rs 3,52,318 lakh up to June 30,2013 has been considered as contingency liability with corresponding possible reimbursements from the beneficiaries, the state-run company said.
From December 2011,the grading and pricing of non-coking coal was changed to GCV basis from earlier Useful Heat Value system.
The board had approved payments to coal companies on Gross Calorific Value basis besides directing the company to frame modalities for implementation of GCV-based grading system.