NTPC (Q1 FY14)

India Infoline News Service | Mumbai |

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

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
BSE 175.75 [0.05] ([0.03]%)
NSE 176.05 0.15 (0.09%)

***Note: This is a NSE Chart

 

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