Dordi Khola Hydropower Q4 Results: Revenue Steady but Losses Deepen

Dordi Khola Jal Bidyut Company Limited (DORDI) has published its audited financial results for the fourth quarter of FY 2024/25, showing stable revenue but continued bottom-line losses.

The company reported a total revenue of Rs. 301.11 million in Q4, which represents a 7.62% decline year-on-yearcompared to Rs. 325.82 million in Q4 of 2023/24. Sequentially, revenue also softened from Rs. 234.48 million in Q3. While annual revenue generation remains consistent, the trend reflects weaker sales momentum over recent quarters.

The gross profit stood at Rs. 262.29 million, with a strong gross margin of 87.11%, though slightly below Q3’s 90.14% and Q2’s 91.35%. This indicates continued operational efficiency but rising cost pressures in recent months.

On the earnings front, the company posted a net loss of Rs. 70.57 million in Q4, widening from Rs. 38.91 million in Q3 and reversing the modest profit of Rs. 4.60 million reported in Q4 of the prior year. The net profit margin slipped to -23.44%, showing the extent of financial burden from interest costs and other expenses.

Return indicators also remained negative. Return on Assets (ROA) was at -2.45%, compared to 0.16% in the same quarter last year. Similarly, Return on Equity (ROE) declined to -5.79%, against 0.43% a year earlier. These metrics reflect the company’s inability to translate stable revenues into shareholder value.

Per-share earnings worsened as well. EPS (annualized) dropped to -3.36, compared to -4.92 in Q3 and +0.44 in Q4 of last year. The reported PE ratio remained negative at -100.29, confirming the company’s loss-making position despite positive revenue.

From a balance sheet perspective, the book value per share stood at Rs. 104.26, while the market value per share traded at Rs. 337.15, more than three times the book value. This shows that investors still assign a premium to the stock, possibly factoring in long-term hydropower potential despite current losses.