चिलिमे हाइड्रोपावर कम्पनीको प्रथम त्रैमासिक वित्तीय विवरणChilime Hydropower Company 1st Quarter Financial Statement
- वर्ग:Category:
- Financial Analysis
- प्रकाशित मिति:Published:
- Published on November 16, 2026
(Rs.'000')
Particulars 2083.06.31 (17.10.2026) 2083.03.32 (16.07.2026) 2082.06.31 (17.10.2025)
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 2,096,938.42 | 2,118,119.61 | 2,140,846.39 |
| Capital Work-In-Progress | - | - | 42,454.88 |
| Investment Work-In-Progress | 333,749.69 | 325,132.46 | 284,391.22 |
| Financial Assets | |||
| Investment in subsidiary | 694,250.00 | 694,250.00 | 671,086.40 |
| Investment in Associates | 5,901,125.90 | 5,900,375.90 | 5,900,375.90 |
| Total non-current assets | 9,026,064.01 | 9,037,877.97 | 9,039,154.79 |
| Inventory | 165,714.79 | 161,431.74 | 91,913.47 |
| Advances and Deposit | 551,394.81 | 445,472.30 | 543,075.76 |
| Financial Assets | |||
| Investment in Term Deposits | 217,244.03 | 217,244.03 | 325,012.91 |
| Other current assets | 1,997,548.84 | 2,216,235.57 | 2,032,210.38 |
| Cash and cash equivalent | 285,133.46 | 149,042.65 | 111,458.26 |
| Current Tax Assets(Net) | - | - | - |
| Total current assets | 3,217,035.92 | 3,189,426.29 | 3,103,670.78 |
| Total assets | 12,243,099.93 | 12,227,304.26 | 12,142,825.57 |
| Equity and liabilities | |||
| Equity | |||
| Paid up share capital | 9,484,988.68 | 9,484,988.68 | 8,782,396.92 |
| Retained earnings | 2,215,691.72 | 2,206,517.98 | 2,849,464.62 |
| Total Equity | 11,700,680.39 | 11,691,506.66 | 11,631,861.54 |
| Defined Benefit Plans | 212,073.00 | 212,073.00 | 185,675.50 |
| Deferred tax Liabilities | 148,703.19 | 148,703.19 | 127,292.97 |
| Total Non-current liabilities | 360,776.19 | 360,776.19 | 312,968.47 |
| Current liabilities | |||
| Provisions for employee benefits | 48,469.68 | 21,854.85 | 27,376.24 |
| Corporate Social Responsibility Fund | 25,930.29 | 25,837.62 | 21,404.33 |
| Financial Liabilities | |||
| Trade and Other Payables | 49,155.65 | 63,848.41 | 73,319.08 |
| Current Tax Liabilities(Net) | 58,087.73 | 63,480.53 | 75,895.91 |
| Total Current Liabilities | 181,643.34 | 175,021.42 | 197,995.56 |
| Total Equity and Liabilities | 12,243,099.93 | 12,227,304.26 | 12,142,825.57 |
Unaudited Profit/(Loss) Accounts from 1st Shrwan to Aswin 2083 (17th July 2026 to 31st October 2026)
(Rs.'000')
| Particulars FY2083/084 (Up to Aswin) (2026/027) FY2082/083 (Up to Ashad) (2025/026) FY2082/083 (Up to Aswin) (2025/026) | |||
| Revenue | 114,272.26 | 1,167,632.06 | 353,082.70 |
| Direct Expenses | (34,050.99) | (115,829.46) | (26,593.44) |
| Royalty Expenses | (33,527.23) | (138,863.20) | (57,408.27) |
| Gross Profit | 46,694.04 | 912,939.40 | 269,080.99 |
| Employee benefit expense | (20,609.75) | (76,018.70) | (12,953.42) |
| Administrative Expenses | (33,443.49) | (30,541.16) | (7,950.20) |
| Depreciation and amortization | (21,181.20) | (85,071.97) | (14,000.00) |
| Profit from Operation | (28,540.40) | 721,307.56 | 234,177.37 |
| Finance Income | 31,931.25 | 135,931.69 | 31,964.89 |
| Other Income | 8,428.54 | 28,767.60 | 1,176.75 |
| Loss on Sales of Assets | 11,819.39 | 86,006.85 | 267,319.01 |
| Profit/(Loss) Before Tax and Bonus | (236.39) | (17,720.14) | (5,346.38) |
| Employee Bonus | 11,583.00 | 68,286.71 | 261,972.63 |
| Profit/(Loss) Before Tax | 114,272.26 | 1,167,632.06 | 353,082.70 |
| Current tax | (2,316.60) | (183,481.64) | (54,051.61) |
मुख्य सञ्चालन आम्दानी अवरुद्ध भएको वर्तमान अवस्थामा कम्पनीको आम्दानी वैकल्पिक एवं गैर-सञ्चालन स्रोतहरूमा मात्र सीमित हुन पुगेको छ । हाल कम्पनीको कुल आम्दानीको रूपमा निम्नानुसारका सीमित स्रोतहरू मात्र बाँकी रहेका छन्:
• सहायक कम्पनीहरूलाई प्रवाह गरिएको अल्पकालीन सापट (Short-term Loans) बापत प्राप्त हुने ब्याज आम्दानी ।
• 'चिलिमे टावर' को व्यावसायिक उपयोगबाट प्राप्त हुने नियमित बहाल (Rent) आम्दानी ।
यद्यपि, यी स्रोतहरूबाट प्राप्त हुने आम्दानीले कम्पनीको नियमित प्रशासनिक खर्च धान्न सहयोग पुर्याए तापनि मुख्य उत्पादन अवरुद्ध हुँदा सिर्जना भएको आम्दानीको खाडललाई पूर्ण रूपमा पूर्ति गर्न पर्याप्त देखिँदैनन् ।
वित्तीय व्यवस्थापन तथा तरलताको चुनौती (Liquidity and Financial Management Challenges)
पावरहाउसको आकस्मिक पुनरस्थापना र पुनर्निर्माणका लागि ठूलो पूँजीको आवश्यकता परेको यस घडीमा कम्पनीको वित्तीय व्यवस्थापन केही चुनौतीपूर्ण देखिन्छ। कम्पनीसँग रहेको नगद मौज्दातको ठुलो हिस्सा यसअघि नै सहायक कम्पनीहरूलाई अल्पकालीन सापटका रूपमा उपलब्ध गराइएको छ। सहायक कम्पनीहरूको आफ्नै वित्तीय अवस्था र आयोजना विकासको चरणका कारण उक्त सापट रकम तत्कालै फिर्ता हुने सम्भावना न्यून रहेको छ।
नगद प्रवाह (Cash Flow) मा आएको यो संकुचन र तरलता (Liquidity) को सीमितताका कारण क्षतिग्रस्त संरचनाको पुनर्निर्माण, आगामी दिनमा भुक्तानी गरिने लाभांश दायित्व, र चालु वित्तीय दायित्वहरू समयमै फर्छ्यौट गर्ने कार्यमा थप दबाब पर्न जाने विश्लेषण गरिएको छ । व्यवस्थापनले यस तरलता चुनौतीलाई सामना गर्न वैकल्पिक वित्तीय स्रोतहरू (जस्तै: बैंक ओभरड्राफ्ट, पुनर्निर्माण कर्जा वा बिमा दाबीको अग्रिम भुक्तानी) परिचालन गर्ने सम्बन्धमा आवश्यक गृहकार्य र परामर्श अगाडि बढाइसकेको छ ।
भविष्यको कार्यदिशा (Future Outlook)
बाढीबाट अवरुद्ध भएको पावरहाउसलाई यथाशीघ्र पुनः सञ्चालनमा ल्याउनका लागि कम्पनीले विभिन्न प्राविधिक तथा व्यवस्थापकीय तयारीका कामहरू तीव्र गतिमा सुचारु राखेको छ । बिमा दाबी (Insurance Claim) को प्रक्रिया, प्राविधिक मूल्याङ्कन, र मर्मत सम्भारको कामलाई प्राथमिकतामा राखी उत्पादन कार्यलाई छिटोभन्दा छिटो पूर्ववत् अवस्थामा फर्काउन कम्पनी व्यवस्थापन पूर्ण रूपमा प्रतिबद्ध रहेको छ ।
कानूनी कारवाही सम्बन्धी विवरण :
कम्पनीको यस कर्पोरेट भवनदेखि उत्तर/पूर्व पट्टिका सँधियारहरूले टावरको नक्सापास रोकि पाऊँ भनि सम्मानित श्री सर्वोच्च अदालतमा दिएको रिट निवेदन विचाराधिन अवस्थामा रहेको छ । साथै ठुला करदाता कार्यालयबाट फुल अडिट हुँदा तहाँबाट गणना भएको कर उपर चित्त नबुझि आव. २०७५/०७६ र २०७६/०७७ को हकमा आन्तरिक राजस्व विभागमा पुनरावलोकनका लागि दिइएको निवेदन उपर कुनै कारवाही भएको छैन ।
संगठित संस्थाको शेयर कारोबार सम्बन्धी विश्लेषण :
(क) सेयरको बजार मूल्यमा असाधारण तरिकाले थप/घट हुने गरी कम्पनी व्यवस्थापनबाट कुनै कार्यहरू भएका छैनन् तथापि मिति २०८३/०५/१० गते भोटेकोशी नदीमा आएको भीषण बाढीका कारण पावर हाउसबाट हुने विद्युत् उत्पादन पूर्णरूपमा प्रभावित हुन गएकोले कम्पनीको मुख्य आयस्रोत नै बन्द हुन गएको अवस्था छ ।
(ख) मिति २०८२/०९/३० गतेको २९औं वार्षिक साधारण सभाले पारित गरे बमोजिम साधारण शेयर दाखिला खारेज बन्द भएको मितिमा सेयरधनी दर्ता किताबमा नाम दर्ता रहेका सेयरधनीहरूले पाउने गरी कम्पनीको चुक्ता पूँजीको ४ प्रतिशत नगद लाभांश तथा मुनाफा रकमबाट चुक्ता पूँजीको ८ प्रतिशत बोनस सेयर वितरण गर्ने प्रस्ताव पारित भए अनुसार सेयरधनीलाई घोषित प्रतिफल वितरण गर्ने कार्य जारी छ । बोनस सेयरलाई पूँजीकरण गरी वासलातमा देखाइएको छ । वोनस सेयर डिम्याट गर उतन नसकेका सेयरधनीहरूको हकमा सेयर रजिस्ट्रार श्री सिद्धार्थ क्यापिटल लि. मार्फत अभौतिकीकरण गराउन उच्चतम प्रयास भइरहेको छ । हालसम्म पनि आफ्नो सेयर अभौतिकीकरण गराउन छुटेका सेयरधनीलाई यथाशीघ्र अभौतिकीकरण गराउन यसै प्रतिवेदन मार्फत अनुरोध पनि गरिन्छ ।
(ग) त्रैमासिक अवधिको सेयर कारोबार सम्बन्धी विवरण :
सेयरको अधिकतम मूल्य (रू.) ५००
सेयरको न्यूनतम मूल्य (रू.) ३२०.४०
सेयरको अन्तिम मूल्य (रू.) ३३६.७०
कारोबार भएको कुल दिन ६१
कारोबार संख्या २२४२०
समस्या र चुनौती : सञ्चालन चुनौती, भविष्यका आयोजनाहरू तथा रणनीति विश्लेषण
प्राकृतिक विपत्ति, जनधनको क्षति तथा विद्युत गृह पुनस्र्थापनाको चुनौती
मिति २०८३ साल भदौ १० गते भोटेकोशी नदी प्रणालीमा आएको आकस्मिक एवं भीषण बाढी चिलिमे जलविद्युत केन्द्रको विद्युत् गृह (Powerhouse) भित्र प्रवेश गर्दा त्यहाँ कार्यरत ६ जना कर्मचारीहरूको कार्यक्षेत्रमै दुखद् निधन हुन गएको व्यहोरा अत्यन्त मर्माहत र खेदका साथ जानकारी गराइन्छ । यस अभूतपूर्व प्राकृतिक विपत्तिबाट जलविद्युत् केन्द्रको भौतिक संरचना, कर्मचारी आवास गृह र इलेक्ट्रो-मेकानिकल उपकरणहरूमा व्यापक क्षति पुगी सोही मितिदेखि विद्युत् उत्पादन पूर्ण रूपमा अवरुद्ध रहेको छ ।
हालको प्राविधिक अध्ययन प्रतिवेदन अनुसार पुनर्स्थापना कार्यमा निम्न बमोजिमका विशिष्ट इन्जिनियरिङ चुनौतीहरू देखा परेका छन्:
• टेलरेस संरचनाको परिमार्जन: बाढीका कारण भोटेकोशी नदीको पिंध (Riverbed) पुरिएर माथि उठेका कारण टेलरेस (Tailrace) बाट हुने पानीको निकास अवरुद्ध हुने प्राविधिक जोखिम देखिएको छ। यसको दिगो समाधानका लागि टेलरेसको लम्बाइ थप विस्तार गर्नुपर्ने बाध्यात्मक अवस्था सिर्जना भएको छ।
• वैकल्पिक पहुँच सुरुङ (Alternative Access Tunnel): पावरहाउस भित्र प्रवेश गर्ने विद्यमान मुख्य टनेलको प्राविधिक जोखिमलाई दृष्टिगत गरी, सुरक्षाका आधारमा उक्त स्थानभन्दा माथिल्लो भागबाट प्रवेश गर्ने गरी अर्को वैकल्पिक सुरुङ मार्ग खन्नुपर्ने इन्जिनियरिङ आवश्यकता देखिएको छ।
उल्लेखित पृष्ठभूमिमा, उपलब्ध समय र लागतको उच्चतम अनुकूलन (Time and Cost Optimization) गर्दै सुरक्षित रूपमा विद्युत् उत्पादन पुनर्स्थापना गर्नु वर्तमानमा कम्पनीको मुख्य रणनीति चुनौतीको रूपमा रहेको छ ।
नयाँ आयोजनाहरूको अनुमति, कानूनी सीमा तथा विद्युत खरिद-बिक्री सम्झौता (PPA) को अवस्था
| Deferred tax Income | (२०,८९५.०३) | - | - |
| Profit after Tax | ९,२६६.४० | ६६३,९१०.०४ | २०७,९२१.०२ |
| Corporate Social Responsibility Provision | (९२.६६) | (६,६३९.१०) | (२,०७९.२१) |
| Net Profit for the year | ९,१७३.७४ | ६५७,२७०.९४ | २०५,८४१.८१ |
धितोपत्र दर्ता तथा निष्काशन नियमावली २०७३, को नियम २६ को उपनियम (१) अनुसूची-१४ अनुसार कम्पनीको आ.व. २०८३/०८४ प्रथम त्रैमासिक प्रतिवेदन ।
वित्तीय विवरण :
(क) प्रथम त्रैमासिक अवधिको संक्षिप्त वासलात र नाफा/(नोक्सान) सम्वन्धी विवरणहरु यसै साथ संलग्न गरिएको छ ।
(ख) प्रमुख वित्तीय सूचकहरु :
| विवरण आ.व.२०८३/०८४ | प्रथम त्रैमासिक अवधि (असोज मसान्तसम्म) आ.व.२०८२/०८३ | प्रथम त्रैमासिक अवधि (असोज मसान्तसम्म कैफियत |
|---|---|---|
| प्रतिशेयर आम्दानी (रू) | ०.३९ | ९.३८ |
| P/E Ratio | ८७०.३१ | ४८.६१ |
| प्रतिशेयर खुद नेटवर्थ (रू) | १२३.३६ | १३२.४५ |
| प्रतिशेयर कुल सम्पतिको मूल्य (रू) | १२९.०८ | १३८.३६ |
| तरलता अनुपात | १७.७१ | १५.६८ |
व्यवस्थापकीय विश्लेषण :
बाढीजन्य क्षति तथा जलविद्युत् उत्पादन तथा आयस्रोतमा पर्न गएको प्रभाव
समीक्षा अवधि अन्तर्गत मिति २०८३ साल भदौ १० गते भोटेकोशी (त्रिशूली नदी प्रणाली) नदीमा आएको आकस्मिक र भीषण बाढीका कारण कम्पनीको जलविद्युत् केन्द्रको भौतिक संरचना तथा विद्युत् उत्पादनमा गम्भीर र उल्लेख्य प्रभाव पर्न गएको छ । बाढीसँगै बगेर आएको लेदो, गेग्रान र ढुङ्गाका कारण कर्मचारी आवास गृह (Staff Quarters), विद्युत् गृहको सिभिल संरचना (Powerhouse Civil Structures), मेसिन तथा उपकरणहरु (Electro-mechanical Equipment) र टेलरेस (Tailrace) क्षेत्रमा व्यापक क्षति पुगेको छ ।
उक्त प्राकृतिक प्रकोपका कारण गत भदौ १० गतेदेखि विद्युत् उत्पादन पूर्ण रुपमा बन्द (Shut down) हुन पुगेको छ । विद्युत् गृह सञ्चालनमा नआउँदा समीक्षा अवधिमा कम्पनीको तर्फबाट हुने विद्युत् बिक्री आय (Revenue from Electricity Sale) गत वर्षको सोही अवधिको तुलनामा उल्लेख्य रुपमा घट्न गई समग्र वित्तीय सूचकहरूमा प्रत्यक्ष प्रतिकूल असर परेको छ । गत आ.व. २०८२/०८३ को अनुपातमा यस आ.व. २०८३/०८४ को असोज मसान्तसम्मको विद्युत् बिक्री रु २३ करोड ८८ लाख १० हजार अर्थात ६७.६४ % ले कमी हुन गएको छ ।
अन्य आम्दानी (Other Income)
जलविद्युत् उत्पादनतर्फ आम्दानी अवरुद्ध भए तापनि कम्पनीको अन्य सञ्चालन तथा गैर-सञ्चालन आम्दानीमा भने सकारात्मक सुधार देखिएको छ । यस आर्थिक वर्षमा सहायक कम्पनीहरूलाई उपलब्ध गराइएको अल्पकालीन सापट, बैंकहरूमा राखिएको मुद्दती निक्षेप (Fixed Deposits) बाट प्राप्त ब्याज आम्दानी, तथा 'चिलिमे टावर' बाट प्राप्त बहाल (Rent) आम्दानीतर्फ गत वर्षको सोही अवधिको तुलनामा भन्डै रु ७२ लाख १४ हजार (अर्थात २१.५८ प्रतिशत) ले वृद्धि हुन गएको छ ।
प्रशासनिक खर्च तथा वित्तीय भारको विश्लेषण
समीक्षा अवधिमा कम्पनीको कर्पोरेट कार्यालयको प्रशासनिक खर्चमा उल्लेख्यरूपमा वृद्धि भएको छ । गत वर्षको सोही अवधिमा प्रशासनिक खर्च रु २ करोड ९ लाख ३ हजार रहेकोमा चालु अवधिमा सो खर्च रु ३ करोड ३१ लाख ४९ हजार पुगेको छ, जुन गत वर्षको तुलनामा ५८.५८ प्रतिशतको वृद्धि हो । खर्च वृद्धि हुनुका मुख्य कारणहरु निम्नानुसार रहेका छन्:
• कर्मचारी सेवा सुविधा परिमार्जन: सञ्चालक समितिद्वारा कर्मचारीहरुको सावधिक जीवन बिमा प्रिमियम (Term Life Insurance Premium) लाई सुरु तलबमानमा आधारित हुने गरी अद्यावधिक गरिएको तथा यसै अवधिमा कर्मचारीहरुको आधारभूत तलबमा १० प्रतिशतको वृद्धि भएकाले बिमा प्रिमियम र तलब भत्ताको भार बढ्न गएको हो ।
• उद्धार तथा खोजी कार्य खर्च: गत भदौ १० गतेको भीषण बाढी पावरहाउसभित्र प्रवेश गर्दा त्यहाँ कार्यरत ६ जना कर्मचारीहरु भित्रै थुनिन पुगेका थिए । ती कर्मचारीहरुको जीवितै उद्धार गर्ने उच्च प्राथमिकता र आशाका साथ चालिएका खोज तथा उद्धार कार्यमा संलग्न जनशक्ति, उद्धार सामाग्री खरिद तथा तत्कालीन व्यवस्थापनमा लागेको सम्पूर्ण खर्चलाई कर्पोरेट कार्यालयको प्रशासनिक खर्चमा समावेश गरिएकाले खर्चको आकार उल्लेख्य रुपमा बढ्न गएको हो ।
नगद प्रवाह तथा तरलताको उपयोग रणनीति (Cash Flow & Liquidity Utilization)
कम्पनीसँग हाल उपलब्ध रहेको नगद तथा बैंक मौज्दात (Cash and Cash Equivalents) लाई संस्थाको व्यावसायिक निरन्तरता र दीर्घकालीन हितका लागि अमूल्य पूँजी मान्दै निम्न बमोजिमका रणनीतिक कार्यहरूमा योजनाबद्ध रूपमा उपयोग गर्दै लगिनेछ:
• बाढीबाट क्षतिग्रस्त चिलिमे पावरहाउसको द्रुत पुनस्थापना तथा पुननिर्माण कार्यमा ।
• सेयरधनीहरुलाई उचित प्रतिफल (लाभांश) वितरण गर्ने कार्यमा ।
• कम्पनीको भावी वृद्धिका लागि नयाँ जलविद्युत् आयोजनाहरू पहिचान, अध्ययन, तथा विकासमा ।
• कम्पनीको तत्कालीन तथा दीर्घकालीन वित्तीय दायित्वहरू (Liabilities) भुक्तानी गर्न ।
• नियमित व्यावसायिक तथा कार्यालय सञ्चालन (Operational Expenses) लाई सुचारू राख्न ।
सञ्चालन आम्दानीको प्रमुख स्रोतमा अवरोध (Concentration of Revenue Risk)
हालसम्म कम्पनीको आम्दानीको मुख्य र एकमात्र आधारभूत स्रोत चिलिमे जलविद्युत् केन्द्र (पावर प्लान्ट) मात्र रहेको सन्दर्भमा, मिति २०८३ साल भदौ १० गते भोटेकोशी नदीमा आएको भीषण बाढीका कारण उक्त पावरहाउसको भौतिक संरचनामा ठूलो क्षति पुग्न गएको छ । यस प्राकृतिक विपत्तिका कारण जलविद्युत् उत्पादन पूर्ण रूपमा ठप्प हुन गई कम्पनीको मुख्य आम्दानीको स्रोत नै सञ्चालन अवधिभरका लागि गुम्न पुगेको छ । यसले गर्दा चालु त्रैमास र आगामी केही अवधिसम्मका लागि कम्पनीको मुख्य व्यावसायिक आम्दानी (Core Operating Revenue) शून्य प्राय: रहने जोखिम देखिएको छ ।
वैकल्पिक आम्दानीको अवस्था (Alternative Income Streams)
कम्पनीले उत्पादन अनुमति पत्र (Generation License) प्राप्त गरिसकेका सेती नदी-३ अर्ध-जलाशययुक्त जलविद्युत् आयोजना (८७ मे.वा.), बूढीगण्डकी प्रोक जलविद्युत् आयोजना (६१ मे.वा.), र घुन्सा खोला जलविद्युत् आयोजना (४५ मे.वा.) निर्माण कार्य प्रारम्भ गर्न सकिने प्राविधिक अवस्थामा रहेका छन् । नेपाल सरकारको विद्यमान कानुनी व्यवस्था अनुसार उत्पादन अनुमति पत्र प्राप्त भइसकेकै मितिदेखि आयोजनाको व्यापारिक आयु (License Period) गणना सुरु हुने प्रावधान रहेको छ ।
तर, नियामक निकाय तथा नेपाल विद्युत प्राधिकरणबाट विद्युत् खरीद-बिक्री सम्झौता (Power Purchase Agreement - PPA) सम्पन्न हुन ढिलाइ भएका कारण आयोजनाहरूको वित्तीय व्यवस्थापन (Financial Closure) लगायतका मुख्य निर्माण कार्यहरू अगाडि बढाउन कानुनी एवं व्यावहारिक बाधा उत्पन्न भएको छ । उक्त PPA प्रक्रियालाई यथाशीघ्र निष्कर्षमा पुर्याउन कम्पनी व्यवस्थापनको तर्फबाट उच्च प्राथमिकताका साथ निरन्तर प्रयास र समन्वय भइरहेको छ ।
अर्कोतर्फ, बूढीगण्डकी जलविद्युत् आयोजना (६१ मे.वा.) को हकमा भने सम्भाव्यता अध्ययन (Feasibility Study) तथा विस्तृत इन्जिनियरिङ डिजाइनका कार्यहरू निरन्तर रुपमा सुचारु रहेका छन् ।
सेती नदी-३ अर्ध-जलाशययुक्त जलविद्युत् आयोजना (८७ मे.वा.) को वित्तीय एवं पूर्वाधार प्रगति
• यस आयोजनाको वित्तीय व्यवस्थापन (Financial Closure) का लागि विभिन्न प्रतिष्ठित वित्तीय संस्थाहरूसँग घनीभूत छलफल अगाडि बढाइएको छ। यसै क्रममा नेपाल हाइड्रोइलेक्ट्रिसिटी (NHPC) ले यस आयोजनाको वित्तीय व्यवस्थापनमा मुख्य लगानीकर्ता (Lead Financial Institution) को रूपमा सहभागिता जनाउन इच्छा व्यक्त गरेको छ भने अन्य कन्सोर्टियम बैंकहरूसँगको समन्वयमा वित्तीय टुङ्गो लगाउने कार्य अन्तिम चरणमा पुगेको छ।
• पूर्वाधार अध्यक्ष: आयोजना स्थलसम्म पुग्ने पहुँच सडक (Access Road) पहिले नै निर्माण भइसकेकाले वित्तीय व्यवस्थापन सम्पन्न हुनासाथ मुख्य निर्माण कार्य द्रुत गतिमा अगाडि बढाउन सकिने अनुकूल परिस्थिति रहेको छ।
• प्रसारण लाइन तथा रणनीतिक सेयर लगानी: आयोजनाबाट उत्पादित विद्युत् राष्ट्रिय ग्रीडमा जोड् नका लागि आवश्यक पर्ने प्रसारण पूर्वाधार निर्माणार्थ राष्ट्रिय प्रसारण ग्रीड कम्पनीको अगुवाइमा 'वेस्ट सेती ट्रान्समिसन कम्पनी' मिति २०८३/०३/१३ मा कानुनी रूपमा स्थापना भइसकेको छ। उक्त प्रसारण लाइन आयोजनामा यस कम्पनीले रणनीतिक साझेदारको रूपमा १२.५ प्रतिशत सेयर पूँजी लगानी गर्ने प्रतिबद्धता (Equity Commitment) औपचारिक रूपमा जनाइसकेको छ।
पहुँच सडकको सीमितता तथा आयोजनाहरूको कार्यान्वयन जोखिम
कम्पनीको अनुमति पत्र भित्र रहेका अन्य दुई आयोजनाहरू-बूढीगण्डकी प्रोक जलविद्युत् आयोजना (६१ मे.वा.) र घुन्सा खोला जलविद्युत् आयोजना (४५ मे.वा.) को हकमा आयोजना स्थलसम्म पुग्ने पहुँच सडक (Access Road) हालसम्म तयार भइनसकेको र विद्युत् खरीद-बिक्री सम्झौता (PPA) समेत हुन बाँकी रहेको हुँदा भौतिक रूपमा निर्माण कार्य तत्कालै प्रारम्भ गर्न सकिने अवस्था देखिँदैन ।
वर्तमानमा, उक्त दुर्गम क्षेत्रमा नेपाली सेनाको प्राविधिक नेतृत्वमा सडक ट्र्याक खोल्ने (Road Construction) कार्य निरन्तर रूपमा जारी रहेको छ। नेपाली सेनाबाट सडक सञ्जालको पहुँच सुनिश्चित हुनासाथ र नेपाल विद्युत् प्राधिकरणसँग PPA सम्झौता सम्पन्न हुनासाथ यी दुवै आयोजनाहरूको निर्माण कार्य पूर्ण क्षमतामा अगाडि बढाउने रणनीति तय गरिएको छ ।
संस्थागत सुशासन :
नियम तथा विनियमावलीहरूको कार्यान्वयन (Regulatory Framework)
कम्पनीको आर्थिक तथा प्रशासनिक कार्यहरूलाई पारदर्शी, व्यवस्थित र सुदृढ बनाउनका लागि 'आर्थिक प्रशासन नियमावली' पूर्ण रूपमा कार्यान्वयनमा ल्याइएको छ। यसै गरी, मानव संसाधनको वैज्ञानिक व्यवस्थापन र वृत्तिविकास सुनिश्चित गर्न 'कर्मचारी सेवा शर्त विनियमावली' लगायतका आवश्यक नियम तथा विनियमहरु सञ्चालक समिति (Board of Directors) बाट स्वीकृत गराई व्यवस्थित रूपमा लागू गरिएको छ ।
उप-समितिहरूको गठन र परिचालन (Committees & Governance)
संस्थागत सुशासनलाई सुदृढ गर्न तथा कार्यसम्पादनलाई चुस्त बनाउन कम्पनीले विभिन्न विशिष्टीकृत समिति तथा उप-समितिहरू गठन गरी परिचालन गर्दै आएको छ:
• लेखापरीक्षण समिति (Audit Committee): कम्पनी ऐन, २०६३ को कानुनी प्रावधान र निर्देशिकाहरू बमोजिम एक स्वतन्त्र लेखापरीक्षण समिति गठन भई क्रियाशील रहेको छ ।
• पदपूर्ति समिति (Recruitment Committee): कर्मचारी छनोट तथा पदपूर्तिको प्रक्रियालाई निष्पक्ष र योग्यतामा आधारित बनाउन यो समिति क्रियाशील छ ।
• खरीद मूल्याङ्कन उप-समिति (Procurement Evaluation Sub-committee): कम्पनीको खरीद प्रक्रियालाई प्रतिस्पर्धी र पारदर्शी बनाउन यो उप-समितिले प्राविधिक एवं वित्तीय मूल्याङ्कन गर्ने गरेको छ ।
• अन्य उप-समितिहरू: व्यावसायिक आवश्यकता र तात्कालिक परिस्थितिका आधारमा अन्य सन्दर्भिक उप-समितिहरू समेत गठन गर्ने परिपाटी रहेको छ ।
आन्तरिक नियन्त्रण प्रणाली (Internal Control System)
कम्पनीको वित्तीय अनुशासन कायम राख्न, सञ्चालन जोखिम न्यूनीकरण गर्न र व्यवस्थापकीय कार्यलाई थप पारदर्शी बनाउनका लागि सुदृढ आन्तरिक लेखापरीक्षण (Internal Audit) को व्यवस्था मिलाइएको छ । नियमित रूपमा गरिने आन्तरिक लेखापरीक्षणले वित्तीय प्रतिवेदनको विश्वसनीयता र कानुनी अनुपालनलाई सुनिश्चित गरेको छ ।
संस्थागत विकास तथा क्षमता अभिवृद्धि (Corporate Capacity Building)
संस्थाको दीर्घकालीन विकास, रणनीतिक सुदृढीकरण तथा कर्मचारीहरूको कार्यक्षमता अभिवृद्धिका लागि कम्पनीले मानव संसाधन विकासलाई विशेष प्राथमिकता दिएको छ। यस अन्तर्गत कर्मचारीहरूका लागि समय-सापेक्ष विभिन्न विधामा अध्ययन, उच्चस्तरीय तालिम, कार्यशाला तथा गोष्ठीहरू नियमित रूपमा आयोजना एवं प्रवर्द्धन गर्ने गरिएको छ ।
प्रमुख कार्यकारी अधिकृतको उद्घोषण :
यस प्रतिवेदनमा उल्लेखित जानकारी तथा विवरणहरूको शुद्धता सम्बन्धमा म व्यक्तिगत रूपमा उत्तरदायी छु । साथै म यो उद्घोष गर्दछु की मैले जाने बुझेसम्म यस प्रतिवेदनमा उल्लेखित विवरणहरु सत्य तथ्य र पूर्णतामा आधारित छन् भनी विश्वास लिएको छु । लगानी कर्ताहरूलाई समुचित निर्णय लिन आवश्यक कुनै विवरण सूचना तथा जानकारीहरू लुकाइएको छैन भन्ने कुरामा पनि म विश्वस्त छु । थप जानकारी आवश्यकता महसुस गरी कम्पनीमा सम्पर्क राख्न आउने लगानीकर्ताहरूको प्रयासलाई सधै स्वागतयोग्य कदम ठान्ने छु ।
(Rs.'000')
Particulars 2083.06.31 (17.10.2026) 2083.03.32 (16.07.2026) 2082.06.31 (17.10.2025)
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 2,096,938.42 | 2,118,119.61 | 2,140,846.39 |
| Capital Work-In-Progress | - | - | 42,454.88 |
| Investment Work-In-Progress | 333,749.69 | 325,132.46 | 284,391.22 |
| Financial Assets | |||
| Investment in subsidiary | 694,250.00 | 694,250.00 | 671,086.40 |
| Investment in Associates | 5,901,125.90 | 5,900,375.90 | 5,900,375.90 |
| Total non-current assets | 9,026,064.01 | 9,037,877.97 | 9,039,154.79 |
| Inventory | 165,714.79 | 161,431.74 | 91,913.47 |
| Advances and Deposit | 551,394.81 | 445,472.30 | 543,075.76 |
| Financial Assets | |||
| Investment in Term Deposits | 217,244.03 | 217,244.03 | 325,012.91 |
| Other current assets | 1,997,548.84 | 2,216,235.57 | 2,032,210.38 |
| Cash and cash equivalent | 285,133.46 | 149,042.65 | 111,458.26 |
| Current Tax Assets(Net) | - | - | - |
| Total current assets | 3,217,035.92 | 3,189,426.29 | 3,103,670.78 |
| Total assets | 12,243,099.93 | 12,227,304.26 | 12,142,825.57 |
| Equity and liabilities | |||
| Equity | |||
| Paid up share capital | 9,484,988.68 | 9,484,988.68 | 8,782,396.92 |
| Retained earnings | 2,215,691.72 | 2,206,517.98 | 2,849,464.62 |
| Total Equity | 11,700,680.39 | 11,691,506.66 | 11,631,861.54 |
| Defined Benefit Plans | 212,073.00 | 212,073.00 | 185,675.50 |
| Deferred tax Liabilities | 148,703.19 | 148,703.19 | 127,292.97 |
| Total Non-current liabilities | 360,776.19 | 360,776.19 | 312,968.47 |
| Current liabilities | |||
| Provisions for employee benefits | 48,469.68 | 21,854.85 | 27,376.24 |
| Corporate Social Responsibility Fund | 25,930.29 | 25,837.62 | 21,404.33 |
| Financial Liabilities | |||
| Trade and Other Payables | 49,155.65 | 63,848.41 | 73,319.08 |
| Current Tax Liabilities(Net) | 58,087.73 | 63,480.53 | 75,895.91 |
| Total Current Liabilities | 181,643.34 | 175,021.42 | 197,995.56 |
| Total Equity and Liabilities | 12,243,099.93 | 12,227,304.26 | 12,142,825.57 |
Unaudited Profit/(Loss) Accounts from 1st Shrwan to Aswin 2083 (17th July 2026 to 31st October 2026)
(Rs.'000')
| Particulars FY2083/084 (Up to Aswin) (2026/027) FY2082/083 (Up to Ashad) (2025/026) FY2082/083 (Up to Aswin) (2025/026) | |||
| Revenue | 114,272.26 | 1,167,632.06 | 353,082.70 |
| Direct Expenses | (34,050.99) | (115,829.46) | (26,593.44) |
| Royalty Expenses | (33,527.23) | (138,863.20) | (57,408.27) |
| Gross Profit | 46,694.04 | 912,939.40 | 269,080.99 |
| Employee benefit expense | (20,609.75) | (76,018.70) | (12,953.42) |
| Administrative Expenses | (33,443.49) | (30,541.16) | (7,950.20) |
| Depreciation and amortization | (21,181.20) | (85,071.97) | (14,000.00) |
| Profit from Operation | (28,540.40) | 721,307.56 | 234,177.37 |
| Finance Income | 31,931.25 | 135,931.69 | 31,964.89 |
| Other Income | 8,428.54 | 28,767.60 | 1,176.75 |
| Loss on Sales of Assets | 11,819.39 | 86,006.85 | 267,319.01 |
| Profit/(Loss) Before Tax and Bonus | (236.39) | (17,720.14) | (5,346.38) |
| Employee Bonus | 11,583.00 | 68,286.71 | 261,972.63 |
| Profit/(Loss) Before Tax | 114,272.26 | 1,167,632.06 | 353,082.70 |
| Current tax | (2,316.60) | (183,481.64) | (54,051.61) |
In the current situation where main operating revenue is blocked, the company's income has been limited only to alternative and non-operating sources. Currently, as the total income of the company, only the following limited sources remain:
• Interest income received from short-term loans provided to subsidiary companies.
• Regular rent income received from commercial utilization of 'Chilime Tower'.
However, although the income received from these sources helps to bear the company's regular administrative expenses, as the main generation is blocked, it does not seem sufficient to fully fill the income gap created.
Liquidity and Financial Management Challenges
In this hour when large capital is required for emergency restoration and reconstruction of the powerhouse, the financial management of the company appears somewhat challenging. A large portion of the cash balance with the company was previously provided as short-term loans to subsidiary companies. Due to the subsidiary companies' own financial position and project development phase, the possibility of immediate refund of the said loan amount is low.
Due to this contraction in Cash Flow and limitation of Liquidity, it is analyzed that additional pressure will fall on reconstructing damaged structures, dividend liabilities to be paid in coming days, and settling current financial liabilities on time. Management has already initiated necessary homework and consultations regarding mobilizing alternative financial sources (such as: Bank Overdraft, Reconstruction Loan or Advance Payment of Insurance Claim) to face this liquidity challenge.
Future Outlook
To bring the powerhouse blocked by flood back into operation as soon as possible, the company has kept various technical and managerial preparation works moving forward at a fast pace. Prioritizing the process of Insurance Claim, technical evaluation, and maintenance work, the company management is fully committed to returning the generation work to its former state as quickly as possible.
Details Regarding Legal Actions:
A writ petition filed in the Honorable Supreme Court by neighbors on the North/East side of this corporate building of the company asking to stay the pass of the tower's map remains under consideration. Also, regarding the tax calculated during the full audit from the Large Taxpayers Office, not being satisfied with the calculated tax, no action has been taken on the application given to the Inland Revenue Department for review in respect of FY 2075/076 and 2076/077.
Analysis Regarding Share Trading of Organized Entity:
(a) No actions have been taken from the company management causing extraordinary fluctuation in the market price of shares, however, due to the severe flood in the Bhote Koshi River on date 2083/05/10, electricity generation from the powerhouse has been completely affected, resulting in a state where the company's main source of income itself has been closed.
(b) As per the decision passed by the 29th Annual General Meeting dated 2082/09/30, as per the proposal passed to distribute 4 percent cash dividend and 8 percent bonus shares from profit amount of paid-up capital to shareholders whose names are registered in the shareholder register book on the date of closure of share transfer register, the work of distributing the declared return to shareholders is ongoing. Bonus shares have been capitalized and shown in the balance sheet. In respect of shareholders who have not been able to demat bonus shares, maximum efforts are being made to dematerialize through the share registrar Sr Siddhartha Capital Ltd. Shareholders who have still missed dematerializing their shares are also requested through this report to get them dematerialized at the earliest.
(c) Details regarding share trading during the quarterly period:
Maximum Share Price (Rs.) 500
Minimum Share Price (Rs.) 320.40
Closing Share Price (Rs.) 336.70
Total Days Traded 61
Number of Transactions 22420
Problems and Challenges: Operational Challenges, Analysis of Future Projects and Strategy
Challenges of Natural Disaster, Loss of Life and Property, and Powerhouse Restoration
It is informed with extreme sadness and regret that on the date 2083 Bhadra 10, when sudden and severe flood in the Bhote Koshi River system entered inside the Powerhouse of Chilime Hydropower Center, 6 employees working there tragically passed away in their workplace. From this unprecedented natural disaster, physical structures of the hydropower center, employee quarters, and electro-mechanical equipment suffered widespread damage, causing power generation to remain completely blocked since the same date.
According to the current technical study report, the following specific engineering challenges have appeared in the restoration work:
• Modification of Tailrace Structure: Due to the bed of the Bhote Koshi River (Riverbed) being buried and raised up by the flood, a technical risk of blocking the discharge of water from the Tailrace has been seen. A compelling situation has been created to further extend the length of the tailrace for a sustainable solution to this.
• Alternative Access Tunnel: Considering the technical risk of the existing main tunnel entering inside the powerhouse, an engineering necessity has been seen to dig another alternative tunnel entering from the upper section above the said place on safety grounds.
In the mentioned background, doing safe restoration of electricity generation while achieving optimal Time and Cost Optimization stands as the main strategic challenge of the company at present.
Status of Licenses for New Projects, Legal Limits, and Power Purchase Agreement (PPA)
| Deferred tax Income | (20,895.03) | - | - |
| Profit after Tax | 9,266.40 | 663,910.04 | 207,921.02 |
| Corporate Social Responsibility Provision | (92.66) | (6,639.10) | (2,079.21) |
| Net Profit for the year | 9,173.74 | 657,270.94 | 205,841.81 |
First Quarterly Report of the Company for F.Y. 2083/084 as per Rule 26, Sub-rule (1), Schedule-14 of the Securities Registration and Issue Regulations, 2073.
Financial Statements:
(a) Short Balance Sheet and Profit/(Loss) statement of the first quarter period is attached herewith.
(b) Major Financial Indicators:
| Particulars F.Y. 2083/084 First Quarter Period (Up to Ashwin End) F.Y. 2082/083 First Quarter Period (Up to Ashwin End) Remarks | ||
| Earnings per Share (Rs.) | 0.39 | 9.38 |
| P/E Ratio | 870.31 | 48.61 |
| Net Worth per Share (Rs.) | 123.36 | 132.45 |
| Total Assets Value per Share (Rs.) | 129.08 | 138.36 |
| Liquidity Ratio | 17.71 | 15.68 |
Management Analysis:
Impact of flood damage on hydropower generation and revenue sources:
During the review period, due to sudden and severe flooding in the Bhote Koshi (Trishuli River System) river on 2083 Bhadra 10, severe and significant impacts occurred on the physical structure and power generation of the company's hydropower center. Debris, gravel, and stones swept along by the flood caused extensive damage to the Staff Quarters, Powerhouse Civil Structures, Electro-mechanical Equipment, and Tailrace area.
| Due to the said natural disaster, power generation has been completely shut down since last Bhadra 10. As the powerhouse is not operational, the Revenue from Electricity Sale on behalf of the company during the review period significantly decreased compared to the same period last year, directly adversely affecting overall financial indicators. Compared to F.Y. 2082/083, electricity sales up to Ashwin end of this F.Y. 2083/084 decreased by Rs. | 23 | 88 | 10 |
| Other Income: | |||
| Although revenue from hydropower generation was interrupted, positive improvements were seen in the company's other operating and non-operating income. In this fiscal year, interest income received from short-term loans provided to subsidiary companies, fixed deposits maintained in banks, and rental income from 'Chilime Tower' increased by nearly Rs. | 72 | 14 | 21.58 |
Analysis of Administrative Expenses and Financial Burden:
Administrative expenses at the company's corporate office increased significantly during the review period. While administrative expenses were Rs. 2 crore 9 lakh 3 thousand in the same period last year, such expenses reached Rs. 3 crore 31 lakh 49 thousand in the current period, representing a 58.58 percent increase compared to last year. The main reasons for the expense increase are as follows:
• Adjustment of Employee Service Benefits: The Board of Directors updated the Term Life Insurance Premium for employees to be based on the basic salary scale, and with a 10 percent increase in employees' basic salary during this period, the burden of insurance premium and salary/allowances increased.
• Rescue and Search Operation Expenses: When the severe flood entered inside the powerhouse on Bhadra 10, 6 employees working there were trapped inside. With high priority and hope to rescue those employees alive, all expenses incurred for deployed personnel, purchase of rescue materials, and immediate management were included in the administrative expenses of the corporate office, leading to a significant increase in expense volume.
Cash Flow & Liquidity Utilization Strategy:
Considering the cash and bank balances currently available to the company as invaluable capital for business continuity and long-term interest of the institution, it will be planned and utilized in the following strategic activities:
• Rapid rehabilitation and reconstruction work of the flood-damaged Chilime Powerhouse.
• Distribution of appropriate returns (dividends) to shareholders.
• Identification, study, and development of new hydropower projects for future growth of the company.
• Payment of current and long-term financial obligations (Liabilities) of the company.
• Smooth operation of regular business and operational expenses.
Concentration of Revenue Risk:
As the company's main and sole basic source of income so far has been only the Chilime Hydropower Center (Power Plant), severe damage occurred to the physical structure of the powerhouse due to the massive flood in Bhote Koshi river on 2083 Bhadra 10. Due to this natural disaster, hydropower generation has come to a complete standstill, resulting in the loss of the company's primary source of revenue for the operational period. Consequently, there is a risk that the company's Core Operating Revenue will remain virtually zero for the current quarter and subsequent periods.
Alternative Income Streams:
The company is in a technically capable state to commence construction of the Seti Nadi-3 Semi-PRoR Hydropower Project (87 MW), Budhigandaki Prok Hydropower Project (61 MW), and Ghunsa Khola Hydropower Project (45 MW), for which Generation Licenses have already been received. According to existing legal provisions of the Government of Nepal, the commercial license period of a project begins from the date the generation license is obtained.
However, due to delays in concluding Power Purchase Agreements (PPA) with the regulatory body and Nepal Electricity Authority, legal and practical hurdles have arisen in advancing key construction tasks including Financial Closure of the projects. Continuous efforts and coordination are being made by the company management with high priority to conclude the PPA process as early as possible.
On the other hand, regarding the Budhigandaki Hydropower Project (61 MW), Feasibility Study and detailed engineering design works are ongoing continuously.
Financial and Infrastructure Progress of Seti Nadi-3 Semi-PRoR Hydropower Project (87 MW):
• Intense discussions have been advanced with various reputable financial institutions for the Financial Closure of this project. In this process, Nepal Hydroelectricity (NHPC) has expressed interest to participate as the Lead Financial Institution for the project's financial closure, while finalization of financial arrangements in coordination with other consortium banks is in the final stage.
• Infrastructure status: As the Access Road reaching the project site has already been constructed, favorable conditions exist to rapidly advance main construction works immediately upon completion of financial closure.
• Transmission line and strategic equity investment: For constructing transmission infrastructure required to connect electricity generated from the project to the national grid, 'West Seti Transmission Company' was legally incorporated on 2083/03/13 under the leadership of National Transmission Grid Company. The company has formally expressed its commitment for Equity Commitment to invest 12.5 percent share capital as a strategic partner in the transmission line project.
Access Road Constraints and Project Implementation Risk:
Regarding the other two projects under the company's license—Budhigandaki Prok Hydropower Project (61 MW) and Ghunsa Khola Hydropower Project (45 MW)—access roads reaching the project sites have not been completed yet, and Power Purchase Agreements (PPA) are also pending, so physical construction work cannot be initiated immediately.
Currently, road track opening (Road Construction) work in the remote region continues under the technical leadership of the Nepali Army. A strategy has been formulated to advance full-capacity construction of both projects as soon as road network access is ensured by the Nepali Army and PPA agreements are executed with Nepal Electricity Authority.
Corporate Governance:
Regulatory Framework:
To make the company's financial and administrative activities transparent, systematic, and strong, the 'Financial Administration Regulations' have been fully implemented. Similarly, to ensure scientific human resource management and career development, necessary rules and regulations including 'Employee Service Conditions Regulations' have been approved by the Board of Directors and systematically implemented.
Committees & Governance:
To strengthen corporate governance and streamline performance, the company has formed and deployed various specialized committees and sub-committees:
• Audit Committee: An independent Audit Committee operates actively in accordance with legal provisions and guidelines of the Companies Act, 2063.
• Recruitment Committee: This committee operates to make employee selection and recruitment processes fair and merit-based.
• Procurement Evaluation Sub-committee: This sub-committee carries out technical and financial evaluation to make the company's procurement process competitive and transparent.
• Other Sub-committees: Other relevant sub-committees are also formed based on business needs and contemporary situation.
Internal Control System:
To maintain financial discipline, mitigate operational risks, and make management functions more transparent, a robust Internal Audit system has been set up. Regularly conducted internal audits ensure the reliability of financial reporting and legal compliance.
Corporate Capacity Building:
For the long-term growth, strategic strengthening of the organization, and enhancing employee competence, the company gives special priority to human resource development. Under this, studies, high-level training, workshops, and seminars in various relevant disciplines are regularly organized and promoted for employees.
Declaration by Chief Executive Officer:
I am personally accountable for the accuracy of the information and details mentioned in this report. Furthermore, I declare that to the best of my knowledge and belief, the details stated in this report are true, factual, and complete. I am also confident that no details, notices, or information necessary for investors to make appropriate decisions have been concealed. I will always consider efforts by investors seeking further information to contact the company as a welcome step.