NHDC Ltd, formerly known as Narmada Hydroelectric Development Corporation Ltd, said on Friday, June 9, the company is going to construct a 525 MW pumped storage project near Indira Sagar Dam, Khandwa, Madhya Pradesh. The estimated cost of the project is Rs 4,200 crore. The Department of New and Renewable Energy, government of Madhya Pradesh, has allotted this project to NHDC.
NHDC Ltd is a joint venture of hydropower giant NHPC Ltd and the government of Madhya Pradesh.
The project is being undertaken, keeping in view the need for increasing peak hour demand of the state as there is a potential for 11.2 GW of pumped storage projects in Madhya Pradesh.
At present, two power stations of NHDC, namely Indira Sagar Power Station (1000 MW) and Omkareshwar Power Station (520 MW), are in operation in the Khandwa district. The entire power produced by these stations is supplied to Madhya Pradesh.
With the increased renewable energy generated through this pumped storage project, the energy needs of the state can be met during peak energy hours (morning and evening). The project will generate 1,226.93 million units of energy during peak hours.
NHPC Ltd reported a 37.7 percent year-on-year (YoY) jump in net profit at Rs 643.4 crore for the fourth quarter that ended March 31, 2023. In the March quarter, total revenue stood at Rs 2,028.8 crore, up 21.2 percent against Rs 1,674.3 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA jumped 72.7 percent to Rs 898.8 crore in the fourth quarter of this fiscal over Rs 520.2 crore in the corresponding period in the previous fiscal.
The EBITDA margin stood at 44.3 percent in the reporting quarter, compared to 31.1 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
