NTPC Enters JV Agreement with Maharashtra State Power Generation

NTPC Enters JV Agreement with Maharashtra State Power Generation
NTPC Enters JV Agreement with Maharashtra State Power Generation

by 5paisa Research Team Last Updated: Mar 01, 2024 - 10:21 pm 503 Views
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NTPC Green Energy Limited, a subsidiary of NTPC Limited, has partnered with Maharashtra State Power Generation Company Limited (MAHAGENCO) to lead the development of renewable energy parks in Maharashtra. The agreement was formalized on 28 February 2024, at NTPC's headquarters in New Delhi, outlining plans to undertake projects on a gigawatt (GW) scale in a phased manner.

Expanding Renewable Energy Portfolio

NTPC, India's biggest power utility, aims to expand its renewable energy projects through NGEL, focused on Renewable Energy Parks. These include  Energy Storage Technologies, ventures in Green Hydrogen, and Round the Clock renewable energy solutions.

MAHAGENCO has an installed capacity of approximately 13,170 MW across various power plants including thermal, hydro, gas, and solar technologies. This partnership highlights a joint commitment to advance renewable energy initiatives in Maharashtra, leveraging MAHAGENCO's expertise in the field.

The formation of this joint venture aligns with NTPC's ambitious plans of achieving 60 GW of renewable energy capacity by 2032. Presently, the company has 3.4 GW of installed RE capacity with over 22 GW in the pipeline. This partnership reflects NTPC's commitment to supporting Maharashtra's and India's decarbonization goals.

Financials and Performance

In the third quarter of the fiscal year 2023-24 state-owned power generator NTPC recorded a consolidated net profit of ₹5,208.87 crore marking a 7.3% increase from ₹4,854.36 crore in the same period of the previous year.

the company's revenue from operations amounted to ₹42,820.38 crore showing a decline of 3.9% compared to ₹44,601.84 crore reported in the corresponding quarter of the previous fiscal year.

EBITDA stood at ₹12,116.42 crore reflecting an 18% decrease from ₹14,864.96 crore recorded during the same period a year ago. Additionally, the EBITDA margin faced a decline of 5 percentage points dropping from 33% to 28%.

Over the past month NTPC shares have risen by 4.21%. In the last six months, the stock increased by 52.32%, looking back over the past year NTPC shares have surged by an impressive 96.46%. Over a longer timeframe spanning five years the stock has soared by 164.57%.

Final Words

The collaboration between NTPC Green Energy and MAHAGENCO signifies a milestone in India's renewable energy journey. With a focus on gigawatt scale projects and a commitment to innovation this partnership is poised to drive substantial progress towards a sustainable energy future in Maharashtra and beyond.

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