2021-08-03 NTPC Ltd. HDFC Securities 117.65 143.00 117.65
(-1.87%) 23.86 Buy

HSIE Results Daily 03082021

HSIE Results Daily NTPC: Generation/sales increased 19.2%/19.3% YoY to 71.7bn/66.6bn unit in Q1FY22 on the back of demand recovery. Coal PAF, however, declined in Q1FY22 to 94% vs 96% YoY, but coal PLF was up at 70% in Q1FY22 vs 58.2% YoY. Underrecovery in Q1FY22 came in at INR1.9bn. After adjusting for previous periods and one-off items, adjusted PAT came in at INR31.6bn above our estimate. Debtors (>45 days) increased to INR90bn vs INR65bn QoQ during the second corona wave. NTPC plans to add 15GW of RES capacity by FY24 and another 45GW by FY32. We expect the companys standalone PAT to grow at 9% CAGR over FY21-23E, led by improvement in PLF, PAF, and regulated equity. The RoE shall expand from 13.2% in FY21 to 13.7% in FY23 and generate an FCF of INR175bn over FY22-23E. Management plans to monetise its trading arm and renewable business, going ahead, to enhance the value proposition for stakeholders. We maintain a BUY rating and FY23 P/BV (consolidated) TP of INR 143/share as the stock is currently trading at an attractive FY23 consolidated P/BV of 0.7x and a PE of 6.0x.

2021-08-02 NTPC Ltd. Motilal Oswal

117.65 140.00 117.65
(-1.87%) 21.26 Buy

Profits in-line, aided by other income

NTPCs 1QFY22 results highlight a steady performance given the regulated business and aided by other income. S/A adj. PAT (excl. FC u/r) was broadly flat YoY at INR33.1b. NTPC has set a RE capacity target of 60GW by 2032. While this may seem ambitious (implying 55.5GW p.a. of RE additions over the next 11 years), the co. has taken steps to improve its renewable footprint. ~3GW of renewable capacities are under construction and expected to be commissioned over the next two years. Even as the co. gradually scales up...

2021-08-02 NTPC Ltd. SMC online 116.50 116.50
(-0.90%) Results Update

NTPC Limited

Net up 18% thanks to lower EO exp, lower tax and lower MI Consolidated net sales (including other operating income) of NTPC for the quarter ended Jun 2021 has increased 14% to Rs 29888.02 crore. Sales for the quarter ended 30 June 2021 include (a) Rs 25.27 crore (30 June 2020: Rs 20.39 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2019; (b) Rs 40. 10...

2021-08-02 NTPC Ltd. ICICI Securities Limited 117.75 122.00 117.75
(-1.95%) 5.67 Hold

NTPC India

NTPC has 17% of total installed capacity in India with 23% generation share The companys vision is to become a 130 GW+ company by 2032 of which 60 GW would be contributed by renewable energy Q1FY22 Results: NTPC reported Q1FY22 results, which were below estimates on...

2021-06-23 NTPC Ltd. Geojit BNP Paribas

116.05 140.00 116.05
(-0.52%) 21.26 Buy

NTPC LTD

NTPC Ltd. owns and operates power generation plants that supply power to state electricity boards throughout India. The company generates power from coal, gas, liquid fuel, hydro, solar, nuclear, wind and renewable energy...

2021-06-22 NTPC Ltd. SMC online 116.05 116.05
(-0.52%) Results Update

NTPC Limited

NTPC had created an additional tax provision amounting to Rs 2,661.47 crore during previous years as it proposed to settle all pending income tax disputes. During the year, the company decided to settle its pending disputes for three years under the Vivad se Vishwas Scheme....

2021-06-21 NTPC Ltd. HDFC Securities 118.00 143.00 118.00
(-2.16%) 23.86 Buy

HSIE Results Daily: NTPC

We maintain a BUY rating and FY23 P/BV (consolidated) TP of INR 143/share (+25% from the current level). The stock is currently trading at a FY23 standalone P/BV of 0.9x and a PE of 6.5x (consolidated PE of 5.7x). NTPC: Generation/sales increased 13.7%/13.8% YoY to 77.6bn/72.2bn unit in Q4FY21 on the back of demand recovery. PAF, however, declined in Q4 to 89% vs 94% YoY, but was up at 91.5% in FY21 vs 89.7% YoY. Underrecovery in FY21 came in at INR6bn vs INR2.5 YoY. After adjusting for previous periods and one-off items, adjusted PAT increased by a healthy 31% YoY to INR38.3bn in Q4. Debtors (>45 days) improved to INR65bn vs INR96bn YoY. The company expects to add 5.5GW/6.5GW capacity in FY22/23. For renewables, it now plans to add 60GW capacity by FY32. We expect NTPCs standalone PAT to grow at a 9% CAGR over FY21-23E, led by improvement in PLF, PAF, and regulated equity. The RoE shall expand from 13.2% in FY21 to 13.7% in FY23 and generate an FCF of INR175bn over FY22-23E.

2021-06-21 NTPC Ltd. ICICI Securities Limited

118.00 122.00 118.00
(-2.16%) Target met Hold

NTPC India

Other conference call highlights include a) from a balance sheet perspective, receivables were greater than 45 days, which was at | 19164 crore in September 2020 and | 16720 crore in December 2020 on account of overdues from SEBs has drastically come down to | 6500 crore as of FY21, b) cumulative capex on coal mining was at ~| 8100 crore, c) standalone,...

2021-06-20 NTPC Ltd. Motilal Oswal

118.00 145.00 118.00
(-2.16%) 25.60 Buy 2021-02-25 NTPC Ltd. Motilal Oswal

107.30 141.00 107.30
(7.60%) 22.13 Buy 2021-02-05 NTPC Ltd. ICICI Securities Limited

99.50 105.00 99.50
(16.03%) Target met Hold

NTPC India

The other key concall highlights include a) receivables greater than 45 days has reduced from | 19164 crore in September 2020 to | 16720 crore as of December 2020 on account of overdues from SEBs, b) Capex done on coal mining projects was at | 7513 crore, c) overall capex for FY21 is pegged at...

2021-02-05 NTPC Ltd. Motilal Oswal

99.50 139.00 99.50
(16.03%) 20.40 Buy 2020-12-17 NTPC Ltd. Sharekhan

103.75 140.00 103.75
(11.28%) 21.26 Buy

NTPC

NTPCs risk averse regulated business model provides earnings visibility (expect a 19% PAT CAGR over FY2021E-FY2023E) as robust commercialisation target (5-6 GW annually) would drive strong growth in regulated equity base. We expect gradual re-rating led by improving operational performance (PAF at 90% plus and higher PLF for coal-based power plants), 15% CAGR guidance over FY21-23 in regulated equity, and better mix of renewable energy to allay concern of ESG. Management is confident to reduce receivable to Rs. 16,000 crore by Q4FY2021 (versus Rs. 19,164 crore in Q2FY2021) as discoms are expected to clear dues of power generation...

2020-11-05 NTPC Ltd. SMC online 87.30 87.30
(32.25%)

NTPC

NTPC Q2 PAT declines 7.74% to Rs 3436 cr and board approves share buyback worth Rs 2,275 cr, in line with the estimates The board of directors of NTPC on Monday (26 October) approved a buyback proposal. The company aims to buyback upto 19.78 crore shares (2% of the total number of fully paid-up equity shares) at Rs 115 per share. The buyback will be on a proportionate basis through a tender offer route. The company has fixed 13 November 2020 as the record date for the purpose of ascertaining the eligibility of...

2020-11-03 NTPC Ltd. LKP Securities 85.10 85.10
(35.66%) Buy

NTPC Share Buy Back Trade

NTPC has announced a Buy Back scheme for an aggregate amount not exceeding INR 2,276 crores offering 197,891,146 shares at a price of INR 115 per share. The buyback will be on a proportionate basis under the tender offer route. Company has fixed 13th November, 2020 as the record date for the purpose of ascertaining the eligibility of shareholders for Buyback of equity shares. Offering to Small Shareholders (up to 2 lakhs)...

2020-11-03 NTPC Ltd. ICICI Securities Limited

85.95 88.00 85.95
(34.32%) Target met Hold

NTPC India

Reported revenues came in at | 24677.1 crore up 8.4% YoY. This was in line with our expectations. Generation came in to the tune of 67.6 billion units (BUs) in Q2FY21 vs. expectations of 67.3 BUs. On the other hand, energy sold came in 62.8 BUs vs. expectations of 62.6 BUs. PLFs of coal plants were at 64.3% in Q2FY21 vs. 58.2% in Q1FY21. As of Q2FY21, commercial capacity was at 50355 MW whereas installed capacity was at 51155 MW. The company has also made strong progress on the coal mining side as it expects to mine 15 million tonnes (MT) in FY21. The management has...

2020-09-30 NTPC Ltd. Sharekhan 86.80 123.00 86.80
(33.01%) 6.54 Buy

NTPC

NTPCs Q2FY2021 PAT at Rs. 3,505 crore (up 7.4% y-o-y) was in-line with our estimate of Rs. 3,502 crore as higher-than-expected higher surcharge income at Rs. 657 (up 20% q-o-q) and increased regulated equity (up 19.3% y-o-y) was offset by FC underrecoveries of Rs. 271 crore. Management has guided for strong commercialisation of 5,566MW for FY2021, 7,336MW for FY2022, and 5,016 for FY2023 and expects fixed cost under-recoveries to reduce to Rs. 200 crore-220 crore by March 2021. NTPC board has approved buyback of equity shares not exceeding 19.8 crore shares (2% of the total paid up equity share capital) at a price of Rs. 115/share (29% premium...

2020-08-20 NTPC Ltd. Geojit BNP Paribas

105.95 119.00 105.95
(8.97%) Target met Buy

NTPC LTD

NTPC Ltd. owns and operates power generation plants that supply power to state electricity boards throughout India. The company generates power from coal, gas, liquid fuel, hydro, solar, nuclear, wind and renewable energy...

2020-08-18 NTPC Ltd. SMC online 105.95 105.95
(8.97%)

NTPC

minority interest de-grew by 6% to Rs 2890 crore in Q1 June 2020 over Q1 June 2019. NTPC reported exceptional cost of Rs 836.76 crore in Q1 June 2020. The PSU enterprise said that in accordance with the announcement of Government, to allow a rebate of 20%-25% on the capacity charges, the company has approved Rs 1510.47 crore for the 2020-21. During the...

2020-08-17 NTPC Ltd. Motilal Oswal

95.05 130.00 95.05
(21.46%) Buy

Underlying numbers strong; sees partial rebate impact

Maintain NTPCs reported S/A PAT (including the impact of a rebate) was down 5% YoY to INR24.7b (v/s our est. PLF of coal-based plants fell to 58.2%, v/s 73.9% in the previous year, weighed by lower power demand. Interest cost at S/A was also impacted by INR2.1b on account of the The co.s numbers also included an INR2.2b CSR contribution in the current quarter related to COVID-19 care packages NTPC plans to reach ~130GW capacity by 2032. NTPC expects its capitalization run-rate to be at 56GW p.a. for the next three to four years. The balance is to be paid only when DISCOMs withdraw their NTPC has discussed the possibility of a buyback in its previous board meetings Outstanding overdues have reduced to INR145b (currently) from INR164b at June-end. This provides strong With the pickup in capitalization, which was partly hampered due to coal availability issues, we expect a regulated equity CAGR of ~11% over FY2023.

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