Shares of NTPC Green Energy Ltd (NGEL) soared 4% on 25 February after the company announced signing a Memorandum of Understanding (MoU) with Madhya Pradesh Power Generating Company Ltd for developing renewable energy parks and projects in the state. 

The MoU is aimed towards building solar, wind, and hybrid renewable energy facilities with or without storage that can generate at least 20 GW of electricity in Madhya Pradesh.  

It also facilitates the incorporation of a joint venture company (JVC) to support MPPGCL’s Renewable Generation Obligation (RGO) and the Renewable Purchase Obligation (RPO) of the state’s power distribution companies.

The deal was signed in front of Madhya Pradesh Chief Minister Mohan Yadav, NTPC CMD Gurdeep Singh, Additional Chief Secretary (Energy) Neeraj Mandloi (IAS), and senior officials from the state’s Energy Department, NGEL, MPPGCL, and NTPC.

NTPC Green Energy’s net profit, or profit after tax (PAT), rose 52.3% to Rs 89.4 crore for the quarter from Rs 58.7 crore in the same quarter of the prior fiscal year. The renewable energy company’s revenue for the quarter climbed 4.1% to Rs 460.9 crore from Rs 442.6 crore in Q3 FY24.

NTPC Green Energy, earnings before interest, taxes, depreciation, and amortization, or (EBITDA), decreased 2.3% to Rs 384.6 crore from Rs 393.6 crore in the previous year.  But the company’s EBITDA margin dropped to 83.5% from 88.9% in Q3 FY24.

However, at 12:04 pm, the shares of NTPC Green Energy were trading 0.13% lower at Rs 98.27 on NSE.

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