Result date: 20th May, 2022
Recommendation: Buy
Target price: Rs200
Source: IIFL Research
NTPC is likely to witness healthy addition in its capacity during the March 2022 quarter. Company’s sales are likely to be flattish and energy sold is estimated at 71.2 BUs. Revenue is likely to grow 3.2% over the year-ago quarter.
EBITDA could grow 5.2% over the year-ago period, while Profit After Tax (PAT) could fall 31% over the year-ago quarter. This fall is partly due to the low base effect of the year-ago quarter on the back of tax reversals.
Important management insights to watch out for:
· Outlook on volumes, realizations
· Margin levers
| Rs Crore | March 2022 estimates | YoY change | QoQ change |
| Revenue | 27,430 | 3.2% | 1.4% |
| EBITDA | 6,847 | 5.2% | (13.6)% |
| Profit After Tax | 3,114 | (30.6)% | (16.0)% |
Source: Brokerage reports
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