New Delhi (25.07.2026): NTPC Limited reported a standalone net profit of Rs 5,342.36 crore for the quarter ended June 30, up 11.89 percent from Rs 4,774.68 crore a year earlier, but down 38.93 percent from Rs 8,747.27 crore in the March quarter. Consolidated net profit was Rs 6,896.44 crore, up 12.90 percent year-on-year and down 35.03 percent sequentially.
Profit before tax and regulatory deferral account balances rose 58.62 percent year-on-year to Rs 6,878.80 crore standalone, and 50.05 percent to Rs 8,639.63 crore consolidated. On that measure the quarter was also marginally better sequentially, up 2.60 percent standalone and 3.27 percent consolidated.
The sharp sequential fall in net profit is not an operating deterioration. In the March quarter, NTPC booked a total tax credit of Rs 8,737.27 crore standalone, arising from the remeasurement of deferred tax liabilities. Deferred tax liability for the previous year was remeasured at 25.168 percent from 34.944 percent, in view of the company's expected transition to the new tax regime under the Finance Act 2026, producing a deferred tax liability net of MAT credit of minus Rs 7,561.43 crore for the year.
That credit was partly offset in the same quarter by a regulatory deferral debit of Rs 6,694.73 crore. Together the two lines added a net Rs 2,042.54 crore to March quarter profit. In the June quarter they subtracted Rs 1,536.44 crore. The swing between those two positions, combined with the Rs 174.07 crore rise in PBT, accounts precisely for the Rs 3,404.91 crore sequential decline.
The year-on-year rise of Rs 2,542.06 crore in standalone PBT reconciles across six lines. Other expenses fell Rs 1,329.18 crore, total income rose Rs 1,179.60 crore and finance costs fell Rs 479.08 crore. Against these, depreciation rose Rs 202.42 crore, fuel cost rose Rs 155.55 crore and electricity purchased for trading rose Rs 78.72 crore.
There was a 22.02 percent fall in other expenses, which is the single largest favourable movement in the quarter.
Below the pre-tax line, two items pulled the other way. The effective tax rate on standalone pre-tax profit was 26.14 percent against 34.14 percent a year earlier, reflecting the new tax regime as a beneficial. But the net movement in regulatory deferral account balances contributed only Rs 261.62 crore against Rs 1,918.50 crore a year earlier, a reduction of Rs 1,656.88 crore. Within that, exchange differences swung to a negative Rs 54.49 crore from a positive Rs 1,625.56 crore. This is why net profit grew 11.89 percent while PBT grew 58.62 percent.
