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NTPC (Q4 FY10) – MP (Target Rs220, Upside 7.8%)
India Infoline Research Team / 16:59 , May 18, 2010

CMP Rs204, Target Rs220, Upside 7.8%

  • Higher commercial capacity and improved gas supply translates into 2.9% yoy and 7.7% qoq growth in generation to 58BU during Q4 FY10
  • We believe average realizations improved by 5.7% yoy to Rs2.25/unit, resulting into 7.9% yoy growth in revenues to Rs123bn
  • Reported PAT de-grows by 4.5% yoy to Rs20.2bn, full year PAT grows 6.4% yoy
  • Only 990MW of 3,300MW commissioned during FY10
  • Re-iterate Market Performer with a target price of Rs220/share
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