Shares of hydropower firm NHPC were dragging in the bourses on Friday after the company’s second-quarter net profit fell 41%.

What Happened: NHPC reported a net profit of ₹908.97 crore for the July to September period compared with ₹1,545.85 crore a year ago. Revenue from operations climbed 4.1% to ₹3,051.93 crore crore compared with ₹2,931.26 crore reported in the same quarter in the year-ago period.

In October, the company reported a financial impact of around ₹327.67 crore from a landslide in Sikkim on its 510-megawatt Teesta-V Power Station. NHPC stated that the power station is currently non-operational and is undergoing restoration following the flash floods in October 2023.

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Earlier, in August, a major landslide in Singtam, Sikkim, caused extensive damage to the Teesta Dam’s power station, leaving the infrastructure in ruins and buried under a mound of debris.

The company’s shares have been on a decline in the past few months. In the last six months, the stock has gone down by 16.65%. In just the past 30 days it lost over 9%.

Last month, the “Navratna” public sector firm’s subsidiary NHDC announced the full commissioning of the Omkareshwar Floating Solar Power Plant (FSPV), unit-D. The plant, with a capacity of 88 megawatts, is located in the reservoir of the Omkareshwar project in Madhya Pradesh. The projected annual revenue from the project is around ₹65.87 crore.

Price Action: NHPC lost 2.52% to trade at ₹82.39 on Friday morning.

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