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NTPC 1QFY17: Result Review - In line with our expectations - Maintain BUY - Reliance Securities

Posted On: 2016-08-22 20:56:01

NTPC's net sales increased by 11.5% yoy to Rs190.6bn in 1QFY17E in line with our estimate on account of improved PLFs, higher incentives and increase in regulated book on account of capacity commissioned.

Despite 47.6% yoy rise in EBITDA due to improved operating margins (667 bps), the Company's reported net profit increased marginally 4.1 % yoy to Rs23.6bn owing to adjustment of I-T refund in the previous years 1QFY16 of Rs (8418mn).

Results Highlights

Higher PLF & Increased Capacity improved Net Sales: On account of higher generation (10% yoy), Higher incentive & increase in regulated equity - net sales up by 11.5% yoy to Rs190.6bn. Sales for the quarter include no adjustment on account of income tax payable to beneficiaries as against Rs(7919.7mn) in 1QFY16. Fuel cost (coal) reduced by 9% to Rs1.9/unit in 1QFY17 v/s Rs2.1/unit in 1QFY16. Other income dipped 38.2% yoy due to lower cash surplus vis--vis earned income, as NTPC issued bonus debenture.

Higher PBT on Better Operating Margins: On account of higher PLF & lower fuel cost NTPC reported 667 bps higher operating margins at 27.3% which led to higher PBT (+65.9% yoy) to Rs30.7bn.

Power Generation & PLF of Coal Station: NTPC's energy sent out stood at 60.2bn units (BUs) in 1QFY17 v/s 54.5 BUs in 1QFY16. PLF of coal station stood at 81.3% in 1QFY17 v/s 77.6% in 1QFY1.

Coal Supply - Domestic & Imported: Domestic fuel supply rose 7.5% to 40.3MT in 1QFY17, while the supply of imported coal dipped 85.5% yoy to 0.5MT in 1QFY17. Total Installed Capacity: Total installed capacity of NTPC group has reached 47,178MW with capacity addition at Mauda (1x660MW), Muzaffarpur (1x195MW), Nabinagar (1x250 MW), Vindhyachal (Unit-1 of 500MW), 200 MW of Solar and 325MW of Patratu.

Shares of NTPC LTD. was last trading in BSE at Rs.163.55 as compared to the previous close of Rs. 166.75. The total number of shares traded during the day was 1080742 in over 5877 trades.

The stock hit an intraday high of Rs. 168.8 and intraday low of 162.45. The net turnover during the day was Rs. 177699708.


Source: Equity Bulls

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