Shares of NHPC Ltd. are trading flat after reaching a day’s high of Rs 98.80 on 4th September. The company announced yesterday that it has re-entered a memorandum of understanding with the Department of Water Resources, Government of Maharashtra, to establish energy storage systems, specifically pumped storage projects (PSPs), across the state.

The new MoU comes after an earlier agreement with the Energy Department of Maharashtra for developing new and renewable sources of energy such as solar power, wind energy, and hybrid systems with a total capacity of 7,350 MW.

The revised MoU was prompted by a corrigendum issued on 31st July 2024 regarding the state’s policy for developing PSPs through public-private partnerships.

NHPC will develop four major PSPs in Maharashtra under this agreement: Kengadi (1,550 MW), Savitri (2,250 MW), Kalu (1,150 MW), and Jalond (2,400 MW).

The company reported a 1.2% YoY increase in net profit to Rs 1,108.5 crore for Q1 ending 30th June 2024, compared to Rs 1,095 crore in the same quarter last fiscal. 

However, revenue from operations dipped 2.3% to Rs 2,694.2 crore, and EBITDA dropped 2.8% to Rs 1,462.6 crore, with the EBITDA margin slightly lower at 54.3% compared to 54.6% in Q1 FY24.

At 10:44 AM, the shares of NHPC were trading 1.06% lower at Rs 98.02 on NSE.

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