HIDCL registers profit rise by 19.27% in Q1; Growth in overall business activities

Jalvidhyut Lagani Tatha Bikash Company Limited (HIDCL) has posted net profit rise by 19.27% in the first quarter of the current fiscal year 2073/74. According to the unaudited balance sheet of the hydropower company published today, its profit increased to Rs.10.47 crore in first quarter of the current fiscal year 2073/74 from Rs 8.78 crore in the corresponding period of the previous fiscal year 2072/73. The company’s total operating income increased to Rs. 15.71 crore in Q1 of FY 73/74 up from Rs. 13.37 crore in the corresponding quarter. The progress is mainly due to increase in interest income of the company as the company has disbursed new loan to hydro projects and the interest rate on fixed and call deposits have also increased in this quarter. Further share issue was also completed in last fiscal year, so there was no share issue expense in this quarter which has caused the increment in profit of the company. Its total operating expenses has declined to Rs 75.40 lakh in Q1 from Rs 82.96 lakh in the corresponding quarter of the last fiscl year. The Company has able to increased its investment of Rs 29.70 crore in Q1 compare to Rs 8.64 crore in the corresponding quarter. Likewiseit its  loans to Business has risen from Rs 2.95 crore in the corresponding quarter to Rs 21.53 crore in Q1 HIDCL’s reserve fund has also slightly increased to Rs. 1.10 arba in the first quarter, up from Rs. 83.27 crore in the corresponding quarter. It has share capital of Rs. 10 arba. It’s annualized Earnings per Share (EPS) stands at Rs 4.19, P/E ratio at 71.38 times and net worth stands at Rs. 111.04. Remit Hydro Limited, which is 100 percent subsidiary of this company has acquired survey license for the construction of 138.5 MW hydropower projects located at Taplejung district. This project may pave the way for the construction of mega projects in the future, which will support the income of the company.