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NTPC (Q1 FY14)

NTPC reported revenue of Rs156.1bn down by 5.2% qoq and 2.2%yoy.

January 01, 1970 5:30 IST | India Infoline News Service
CMP Rs132, Target Rs160, Upside 21.2%
 

  • NTPC reported adj PAT of Rs23.2bn down by 9.6% yoy and 13.8% qoq

  • Revenues declined by 2.2% yoy and 5.2% qoq to Rs156.1bn

  • Even Generation remained weak despite growth in capacity on the back of lower PLF 

  • Coal PAF declined to 84% registering decline of 8.7% points qoq and  4.8% points yoy

  • PLF declined to 76.6% from 86.9% in Q4 FY13; even annually the decline was sharp at 9.8% points

  • The fuel cost for the quarter was Rs1.77 per unit, is down by 8.6%,  indicate lower usage of imported coal

  • The company signed FSAs with Coal India for post FY09 plant; Benefit due to increase coal supply in Q2 FY14 would be the key; expect PAF and PLF would improve going forward

  • We maintain our BUY rating, but with a lower target price of Rs160

Result table (Standalone)
(Rs mn)
 Q1 FY14
 Q1 FY13
 %yoy
 Q4 FY13
 % qoq
Generation (BU)
 57.0
 58.9
 (3.2)
 60.3
 (5.4)
Sales (BU)
 53.3
 54.6
 (2.3)
 56.4
 (5.4)
Realisation (Rs/unit)
 2.9
 2.9
 0.1
 2.9
 0.2
Net sales
 156,129
 159,600
 (2.2)
 164,618
 (5.2)
Material cost
 (94,258)
 (105,977)
 (11.1)
 (103,897)
 (9.3)
Personnel cost
 (9,425)
 (7,907)
 19.2
 (9,814)
 (4.0)
Other overheads
 (9,793)
 (9,410)
 4.1
 (11,843)
 (17.3)
Operating profit
 42,653
 36,306
 17.5
 39,065
 9.2
OPM (%)
 27.3
 22.7
 457 bps
 23.7
 359 bps
Depreciation
 (9,423)
 (7,602)
 24.0
 (10,213)
 (7.7)
Interest
 (6,174)
 (4,994)
 23.6
 (5,912)
 4.4
Other income
 7,459
 8,849
 (15.7)
 17,714
 (57.9)
PBT
 34,514
 32,559
 6.0
 40,654
 (15.1)
Tax
 (9,244)
 (7,573)
 22.1
 (13,679)
 (32.4)
Effective tax rate (%)
 26.8
 23.3
 353 bps
 33.6
 (686) bps
Reported PAT
 25,270
 24,987
 1.1
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