Conference Call Overview
• Date: May 20, 2024
• Purpose: Discuss financial results for FY'24 (ending March 31, 2024)
• Moderated by: Rupesh Sankhe (Elara Securities)
• Key Personnel:
• R.P. Goyal (Chairman & Managing Director)
• Uttam Lal (Director Personnel)
• R.K. Chaudhary (Director Technical)
• Content: Management overview followed by Q&A session
• Disclosure: No unpublished price-sensitive information shared
Financial Performance
• Power Generation: Decreased to 21,773 million units (-12% YoY)
• Revenue from Operations: Fell by 10% to INR 8,405 Crore
• Other Income: Increased by 94% to INR 1,620 Crore
• Profit After Tax (PAT):
• FY'24: INR 3,744 Crore (slight decrease YoY)
• Q4 FY'24: INR 698 Crore (+23% YoY)
• Dividend: Recommended total of 19% for the year
• Trade Receivables: Improved to INR 3,984 Crore from INR 5,887 Crore
Operational Challenges
• Plant Availability Factor (PAF): Declined to 77.60% from 88.75%
• Total Expenses: Increased due to higher insurance costs and material damage
• Capital Expenditure: INR 8,652 Crore (below target)
Project Updates
• Hydroelectric Projects: Progress on Subansiri Lower, Parbati-II, and Dibang projects
• Completion Dates:
• Parbati-II: December 2024
• Subansiri: May 2026
• Solar Initiatives: Advancing 300 MW project in Rajasthan and other capacities
• Future Capex: Target of INR 11,761 Crore for FY'25
Q&A Highlights
• Delays: Addressed by R.P. Goyal regarding Subansiri and Parbati-II projects
• Tariff Revisions: Ongoing efforts to lower tariffs due to project delays
• Floating Solar Technology: Initial stages of partnership with Ocean Sun
• Pumped Storage Projects: Plans for 3-4 projects totaling 5,000-6,000 MW by FY'30
Investor Insights
• Retail Investor Interest: Tripled since December 2023
• Projected Return on Equity: 10-11% for FY 2024-25
• Impact of Monsoon: Both excess and low rainfall negatively affect operations
Conclusion
• Positive remarks from participants; call concluded with thanks from the moderator.

Conference Call Overview
• Date: November 8, 2023
• Topic: Financial results for the quarter ending September 30, 2023
• Compliance: Confirmed adherence to SEBI regulations; no unpublished price-sensitive information shared
• Availability: Transcript accessible on the company's website
• Hosts: Elara Securities; NHPC management included Director (Finance) and Director (Technical)
Financial Highlights
• Power Generation: Decreased to 16,797 million units (down 8% YoY) due to lower water availability and flooding
• Revenue:
• Fell by 5% to Rs. 5,056 Crore
• Other income increased by 23% to Rs. 408 Crore
• Profit After Tax (PAT): Rs. 2,500 Crore (marginal increase YoY)
• Capital Expenditure: Rs. 4,095 Crore against a target of Rs. 10,857 Crore
• Outstanding Dues: Rs. 1,188 Crore, with Rs. 965 Crore received but subject to reversal
Project Updates
• Hydroelectric Projects: Active management of multiple projects with completion dates from 2024 to 2032
• Renewable Energy:
• Two renewable projects commissioned (50 MW solar and 50 MW wind)
• 1,000 MW solar project under construction
• Pumped Storage Projects: Exploration across several states with signed MoUs
Q&A Session Insights
• Renewable Energy Portfolio: Focus on hydroelectric power; open to renewable projects with a 12% return on equity
• Revenue Dip Explanation: Attributed to decreased energy generation from 10,138 million units to 9,010 million units
• Hydro Capacity Plans: Current capacity of 6,971 MW; target of 16,285 MW by 2031-32
• Funding Structure: 70% debt and 30% internal accruals; recent loan secured at 7.54% interest
• Cost of Equity: Confirmed at around 12%
• Tariff Discussions:
• Pump storage hydro projects: generation tariff of approximately Rs. 5 per unit
• Pricing for secondary energy: maximum Rs. 1.20 per unit
Closing Remarks
• Participants expressed gratitude for insights shared
• Management addressed various concerns, including MAT credit and incentive income
• Call concluded with well-wishes for Diwali from participants.

NHPC Limited Conference Call Summary (August 14, 2023)
Overview
• Conference call regarding Q1 FY24 financial results.
• Moderated by Rupesh Sankhe from Elara Securities.
• Featured NHPC's Chairman R.K. Vishnoi and Director of Finance R.P. Goyal.
Financial Performance
• Power Generation: Decreased by 5% to 7,787 million units due to lower water availability.
• Revenue: Increased by 3% to Rs. 2,571 Crore, driven by tariff arrears.
• Profit After Tax (PAT): Stable at Rs. 1,053 Crore.
• Capital Expenditure: Increased to Rs. 1,906 Crore from Rs. 1,161 Crore year-over-year.
Project Updates
• Subansiri Project: On track for commissioning in FY24; minimal cost overruns expected.
• Parbati-II Project: Delays due to floods; 65 meters of tunnel excavation remains.
• Pumped Hydro Storage: Aggressive entry with MoUs for 7,000 megawatts; first project expected by FY29.
Future Plans
• Capex for FY24: Planned at Rs. 10,857 Crore.
• Renewable Capacity: Bidding for 10 gigawatts this fiscal year; 3 gigawatts already tendered.
• Ancillary Services: Plans to monetize from pumped hydro storage.
Key Discussions
• Regulated Equity Projections: Rs. 13,000 Crore for FY24 and Rs. 22,600 Crore for FY25.
• IPO Plans: No current plans for NHPC's clean energy arm unless additional capacity is added.
• Arrears: One-time revenue of Rs. 80 Crore related to sales and interest.
Conclusion
• NHPC is focused on enhancing its balance sheet through capital expenditure and ongoing projects while maintaining stable financial performance despite challenges.

NHPC Limited Conference Call Summary (June 6, 2023)
Conference Call Details
• Date: June 6, 2023
• Transcript Availability: Accessible on NHPC's website
• Moderator: Rupesh Sankhe (Elara Securities)
• Key Speaker: Mr. R. P. Goyal, Director (Finance)
Financial Highlights for FY'23
• Power Generation:
• Total: 24,619 million units (up from 24,494 million units)
• Q4 FY'23: 14% decline in generation
• Revenue:
• Increased by 12% to Rs. 9,316 Crore
• Other Income:
• Decreased by 19% due to lower late payment surcharges
• Expenses:
• Generation expenses increased; employee costs decreased
• Finance costs decreased; slight rise in depreciation
• Tax Expenses:
• Shifted to Rs. 605 Crore from negative tax last year
• Profit After Tax (PAT):
• Increased by 8% to Rs. 3,834 Crore
Capital Expenditure and Dividends
• Capital Expenditure:
• Total for FY'23: Rs. 6,961 Crore (target was Rs. 8,061 Crore)
• Dividend:
• Recommended final dividend of 4.5%, totaling 18.5% for the year
Trade Receivables
• Net Trade Receivables:
• Rs. 787 Crore as of May 28, 2023
• Key receivables:
• Punjab: Rs. 178 Crore
• J&K: Rs. 171 Crore
• Uttar Pradesh: Rs. 120 Crore
Project Updates
• Subansiri Lower Project:
• Two units expected by Q2/Q3 FY'24; remaining six by Q2 FY'25
• Parbati-II HE Project:
• Nearing completion despite delays
• New Projects:
• Investment approval for Dibang Multipurpose Project
• Ongoing projects: Teesta-VI, Rangit, Ratle HE, and Chenab Basin projects
International Expansion and Solar Projects
• International Projects:
• Initiatives in Nepal
• Solar Power Projects:
• 200 MW in Gujarat and 1000 MW under government scheme
• Pumped Storage Projects:
• Investigating projects in multiple states
Future Projections and Financial Strategy
• Regulated Equity:
• Rs. 13,000 Crore as of March 31; projected Rs. 22,000 Crore post-commissioning
• Capex Targets:
• Average target: Rs. 8,000 to Rs. 9,000 Crore for next three years
• Dividend Policy:
• Maintain at 30% of PAT or 5% of net worth
Conclusion
• Management confirmed focus on hydro projects (80% of capex) and some investment in solar (20%).
• The call concluded with thanks from management and the moderator.