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%
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NTPC reported adj PAT of Rs23.2bn down by 9.6% yoy and 13.8% qoq
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Revenues declined by 2.2% yoy and 5.2% qoq to Rs156.1bn
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Even Generation remained weak despite growth in capacity on the back of lower PLF
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Coal PAF declined to 84% registering decline of 8.7% points qoq and 4.8% points yoy
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PLF declined to 76.6% from 86.9% in Q4 FY13; even annually the decline was sharp at 9.8% points
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The fuel cost for the quarter was Rs1.77 per unit, is down by 8.6%, indicate lower usage of imported coal
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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
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We maintain our BUY rating, but with a lower target price of Rs160
| (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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