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