NTPC Q4 net profit declines 70% to Rs 1,523 cr on higher tax provision
State-run power major NTPC on Saturday reported over 70 per cent decline in its consolidated net profit at Rs 1,523.77 crore in the March quarter mainly due to higher tax provision under the Vivad Se Vishwas’ scheme.
The consolidated net profit of the company stood at Rs 5,161.39 crore for the corresponding quarter last fiscal, a regulatory filing said.
Total income was Rs 31,315.32 crore in the period under review, compared to Rs 26,116.15 crore in the year-ago period.
The company said it made “provision for current tax for 2019-20 which includes
Rs 2,743.64 crore being tax related to earlier years. This includes additional tax provision amounting to Rs 2,723.57 crore, as some of the group companies have decided to settle pending income tax disputes by opting under the Vivad se Vishwas Scheme under ‘The Direct Tax Vivad Se Vishwas Act, 2020’.
