Astounding profit growth of Api Power by 188.83% to Rs 4.44 crore in Q3; to complete 8 MW hydropower project by Chaitra 2074

Api Power Company (API) has posted massive 188.83% increase in its net profit in the third quarter (Q3) of ongoing fiscal year 2073/74. As per the unaudited financial statement published by the hydropower company today, its net profit has increased to Rs 4.44 crore in Q3, up from Rs 1.53 crore in the same period last year. The reserve fund of company has increased to Rs 5.90 crores from Rs 1.75 crores as compared to last quarter. Its income has increased to Rs 12.23 crore, mostly from the sales of electricity and its administrative expenses has decreased by 48.58% to Rs 93.32 lakh at the end of this quarter. Its current paid up capital stands at Rs 1.05 arba. The company is issuing 1:2 right shares. Hence, additional Rs 210 crores shall be raised from the right issue. Out of that, Rs 110 crores shall be invested in the solar power projects of the company and Rs 100 crores shall be invested in 75 MW. Trisuli Galchi Project is being developed by Siddhakali Power Limited at Dhanding and Nuwakot District. The company has invested Rs 5 Crores in Arun Kabeli Power Limited as well. Its 200% right share is in SEBON pipeline for approval. Its annualized EPS now stands at Rs 5.65, net worth per share at Rs 105.62 and P/E ratio at 108.9 times. The company has already constructed Naugarh Gad Small Hydropower Project of 8.5 MW capacity. In the same river, the company is currently constructing another 8 MW hydropower project. The target of completion of this 8 MW project has been set for Chaitra 2074. The company is also developing 19.5 MW solar power projects in different substation of NEA. Company has notified that right after the completion of the 8 MW project the construction of 40 MW Upper Chameliya Hydropower Project shall start. The company aims in providing good return to the shareholders from these projects.