NTPC Green Energy Limited has submitted to the Exchange, the financial results for the period ended March 31, 2025.
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NTPC Green Energy, a subsidiary of NTPC Ltd, reported audited results for Q4 FY25 and full year ended March 31, 2025. Standalone FY25 revenue from operations rose ~3.7% YoY to ₹2,022.54 Cr, while profit after tax jumped ~32% to ₹489.26 Cr. Q4 standalone PAT nearly doubled YoY to ₹205.12 Cr. On a consolidated basis, FY25 revenue grew ~12.6% to ₹2,209.64 Cr and PAT climbed ~38% to ₹474.12 Cr. Statutory auditors issued an unmodified (clean) opinion, with an Emphasis of Matter on pending balance confirmations and the accounting treatment of a 33-year leasehold land for the Green Hydrogen Hub in Andhra Pradesh. The company completed its ₹10,000 Cr IPO in November 2024, with ₹3,350 Cr still unutilized and parked in bank deposits — earning ₹165.25 Cr in interest income that materially boosted 'other income'. Capital work-in-progress stood at ₹13,983 Cr (consolidated) and non-current borrowings reached ₹17,301 Cr, reflecting aggressive capacity expansion. EPS dipped to ₹0.69 (from ₹0.78) due to share count expansion post-IPO.
Headline profit growth looks strong but is flattered by one-time IPO interest income and a lower base; underlying operating margins are under pressure from rising employee and finance costs. Heavy capex and a sharp jump in debt (D/E close to 1x consolidated) signal significant growth-mode execution risk, though the large CWIP indicates a substantial future revenue pipeline for renewable energy capacity.