Q3FY23 Preview: NTPC: Revenue seen at Rs359,301 million, PAT at Rs40,010 million

27 Jan 2023 , 10:06 AM

Result date: 28^th January, 2023

Recommendation: Buy 

Target price: Rs200

Source: IIFL Research

NTPC could post significant increase in power generation (up 13.1%) over the year-ago quarter, amid buoyant demand during festive season. Realization could grow 20.5% over the year-ago quarter to Rs5.0/unit, led by a rise in fuel cost. Consequently, the company could post revenue growth of 25.5%. PLF and PAF are likely to improve.

The company added 630MW of solar capacity during the December 2022 quarter, and now has total installed capacity to 70.9GW on a consolidated basis.

Profit After Tax or PAT of the company could grow at a slower pace owing to a high base of last year. 

Important management insights to watch out for:

• Additions to commercial capacity 
• Timeline for monetization of stake in renewable asset subsidiary

Rs. Million	December 2022 estimates	YoY change
Revenue	359,301	25.5%
EBITDA	96,360	9.6%
Profit After Tax	40,010	4.9%

Source: Brokerage reports