NTPC’s Q3 FY24 standalone/ consolidated PAT was up 2%/8% over the year-ago quarter as higher surcharge income and lower tax offset the rise in fixed cost U/R (expected to normalize in Q4). It expects to award 16.8GW coal projects through FY25-27 and sees a pickup in execution of RE projects, improving outlook on LT growth. At 1.7x FY26 estimated consolidated P/B, valuations are reasonable given sectoral tailwinds and favorable stance of policymakers, believe analysts at IIFL Capital Services.
During the post-earnings call hosted by IIFL, NTPC stated
Analysts at IIFL Capital Services have maintained their FY24-26 standalone/ consolidated PAT growth estimates of 4%/10% p.a. respectively. NTPC is remains their preferred pick in the sector.
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