NHPC Ltd's Q2FY19 standalone net profit rises 19.6% yoy to Rs1,219cr : In-line with Estimates

The company’s standalone revenue stood at Rs2,495cr, up 26.6% yoy and 17.2% qoq

Nov 14, 2018 09:11 IST India Infoline Research Team


Standalone Results Q2FY19: (Rs. in cr)

Q2FY19 YoY (%)
Revenue 2,495 26.6
EBITDA 1,597 43.2
EBITDA Margin (%) 64 743
Net Profit (adjusted) 1,219 19.6
***EBITDA margin change is bps

NHPC reported results in-line with estimates for Q2FY19 despite slight miss on the EBITDA front due to higher operating expenses. Revenue rose by 26.6% yoy to Rs2,495cr (expectation Rs2,460cr). EBITDA stood at Rs1,597cr, up 43.2% yoy against estimates of Rs1,652cr. EBIDTA margin rose by 743bps yoy to 64%. Net Profit stood at Rs1,219cr against an estimate of Rs1,017cr.
  • Hydro power generation volumes for Q2FY19 stood at 7.9bn units (up 13.9% yoy). This rise was supported by the commissioning of the 330MW Kishenganga HPS in Q1FY19.
  • Provision of Rs23.4cr was made in Q2FY19 due to pending revision of employee pay scales, against a provision of Rs12.3cr in Q2FY18. This bring the total provision to Rs44.5cr in 1HFY19.
  • Total borrowings stood at Rs16,308cr at the end of September 2018, down 4% from the end of FY18.
  • Leverage ratios showed strong improvement over the past six months for NHPC.
    • Debt-to-equity stood at 0.6x at the end of 1HFY19, against 0.65x at the end of FY18
    • Debt service coverage ratio stood at 4.5x at the end of 1HFY19, against 3.75x at the end of FY18
    • Interest service coverage ratio stood at 9.93x at the end of 1HFY19, against 9.76x at the end of FY18
  • Tax rate for the quarter stood at 19.1% against 27.3% in FY18.

Technical View:

NHPC Ltd is currently trading at Rs. 27.05, down by 0 points or 0% from its previous closing of Rs. 27.05 on the BSE.
The scrip opened at Rs. 27.10 and has touched a high and low of Rs. 27.50 and Rs. 26.90 respectively. So far 86,66,734 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200 DMA.

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