NEPSE trading

RFPL
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By Sandeep Chaudhary

River Falls Power Limited (RFPL) Q4 Results: Revenue Up but Profitability Almost Wiped Out

River Falls Power Limited (RFPL) Q4 Results: Revenue Up but Profitability Almost Wiped Out

River Falls Power Limited (RFPL) has released its audited Q4 results for FY 2024/25, showing steady revenue growth and strong gross margins but a collapse in profitability, with net income falling sharply compared to last year’s strong results.

The company reported total revenue of Rs. 232.94 million, up 27.7% year-over-year from Rs. 182.40 million in Q4 2023/24. Sequential revenue growth was mixed but remained positive overall, driven by higher generation capacity utilization.

Gross profit stood at Rs. 217.03 million, delivering an impressive margin of 93.17%, consistent with the hydropower sector’s high efficiency levels. However, net income fell drastically to just Rs. 1.08 million, compared to Rs. 61.63 million in Q4 last year, dragging the net margin down to 0.46% from 33.79% a year ago.

For shareholders, EPS (annualized) collapsed to Rs. 0.15, compared to Rs. 8.80 in Q4 last year. The PE ratio shot up to 3,999x, reflecting highly stretched valuations relative to minimal earnings. Book Value per Share remained flat at Rs. 100.52, while the market price surged to Rs. 616.50, up from Rs. 369.10 in Q4 last year, highlighting strong investor optimism despite weak fundamentals.

Financial Indicators

  • ROA (TTM) plummeted to 0.05%, compared to 2.90% in Q4 last year.

  • ROE (TTM) fell sharply to 0.15%, from 9.73% a year ago, showing a major decline in shareholder value creation.

  • Despite weak net income, operating efficiency remained intact with consistently high gross margins above 90%.

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