New Research Reports

For Q4FY17, PAT came in at Rs1.7bn which was significantly below our and consensus expectation of Rs3.9bn. This was primarily due to poor hydrology, leading to low rainfall and higher share of Secondary energy sale on YoY basis, resulting in low realisation....

ICICI Securities Ltd | Retail Equity Research NHPC reported Q4FY17 results, which were below our estimates on all counts. Lower revenues and higher employee expenses (gratuity provisions) marred profitability Revenues came in at | 1362.4 crore, down 16.7% YoY, below our estimate of | 1786.7 crore. During FY17, NHPC commissioned two units of TLDP-IV project worth 80 MW, 50 MW wind power project Absolute EBITDA was at | 223 crore vs. estimate of | 907 crore. This...

Revenue grew by 2.18% to Rs. 1337.59 Cr in Q4FY17 when compared to the previous quarter. Revenue grew by 2.18% to Rs. 1337.59 Cr in Q4FY17 when compared to the previous quarter.

Revenue fell by 44.79% to Rs. 1298.35 Cr in Q3FY17 when compared to the previous quarter. Also, it fell by 3.41% when compared with Q3FY16.

ICICI Securities Ltd | Retail Equity Research NHPC reported its Q3FY17 results, which were in line with our estimates barring PAT, which was optically below estimates on account of a higher effective tax rate. The company also announced a buyback of 81.13 crore shares at a maximum price of | 32.25/share, which would lead to maximum outflow of | 2616 crore Revenues came in at | 1308 crore, down 10.6% YoY, a tad higher than I-direct estimate of | 1287 crore. Generation is expected to be...

ICICI Securities Ltd | Retail Equity Research Reported revenues came in at | 2403.4 crore vs. our estimate of | 2504.9 crore. Generation was up 1.9% YoY at 849 crore units on account of 2x44 MW TLDP IV added in Q2FY17. However, provisional tariff for units commissioned was lower (tariff allowed as per initial DPR). Hence, revenues from sale of power were at | 2351.7 crore vs. our estimate of | 2494.5 crore. In Q2FY17, the company put two units of TLDP IV project (88 MW) on commercial operation...

ICICI Securities Ltd | Retail Equity Research Net sales were at | 2196.7 crore as per new Ind AS. Reported numbers include write-back of advance against depreciation the quantum of which has not been mentioned in result release. Generation as reported by CEA declined 3.7% to 744.6 crore units, below our estimate of 2.9% decline at 760.1 crore units. Sales were higher as tariff order was finalised for eight projects during Q1FY17, resulting in higher tariff of | 3.05/unit vs. our estimate of | 2.65/unit...

ICICI Securities Ltd | Retail Equity Research While generation increased 2% YoY in Q4FY16 to 300.9 crore units, tariff realisation also increased 7% YoY to | 5.3/Kwhr, above I-direct...

Jaiprakash Power Ventures (JPVL) reported higher than estimated PBT, aided by recognition of arrears (Rs 1.26bn) as final tariff for Bina power plant came through in the quarter. Adjusted for these arrears, result was below our estimate due to higher than expected loss from Nigrie plant.