"The company had recorded a net profit of Rs 581.61 crore for the quarter ended December 31, 2009," said in a filing to the Bombay Stock Exchange.
On being asked about the reason for drop in profit, NHPC chairman and managing director A B L Srivastava said, "In the corresponding quarter (December 31, 2009) we received arrears for the revised tariff of our Dulhasti and Chamera power projects."
The company received Rs 500 crore arrears for the revised tariff of the 390 MW Dulhasti and 231 MW Chamera projects.
The net sales of the company nosedived 41 percent to Rs 709 crore in the quarter ended December 31, 2010.
NHPC reported net sales of Rs 1,213.4 crore in the same quarter of the previous financial year.
The company plans to have a generation capacity of 5,322 MW by the end of the 11th Five Year Plan in March, 2012.