NTPC (standalone)’s reported 3QFY25 EBITDA came in 2% above our estimates, though adjusted PAT was below due to a higher-than-expected tax rate and previous year-related adjustments.

NTPC reported standalone 2QFY25 EBITDA of INR96.7b (-8% YoY), 19% below our estimate of INR119b. Sharp rise in other opex (INR55b vs. INR34bin 2QFY24) led to the miss at the EBITDA level.

Torrent Power (Torrent) is the largest private operator of gas-based power plants and a significant portion of it is untied. Hitherto, the untied capacity was a drag.

JSW Energy (JSWE) has reported operating profit (EBITDA) of INR 14.2bn, up 16% YoY in Q1FY25, aided by new capacity addition - thermal at 0.4GW and renewables at 0.5GW and an increase in hydro power plant generation (+61% YoY).

LICI: Solid quarter; valuations overdone cut to HOLD. ALKEM: Good quarter; cut to SELL on stretched valuations. Monthly Chartbook: Fiscal consolidation to hold key. PWGR: In-line quarter, FY25 capex hiked; maintain BUY. TATACONS: Strong run continues. DIVI: Healthy margin recovery, heady valuations. TPW: Dull quarter; high valuations maintain HOLD. ESCORTS: Weakness persists - maintain SELL. TRCL: Tepid quarter, high capex overhang retain SELL. Metals & Mining: Ferrous read-across: Steel recovery in CY24 - ArcelorMittal

Q2 revenue and PBT flattish YoY as gas trading and power sales in the short-term market tapered

Techno Electric & Engineering Co Ltd (TEEC) reported a strong set of numbers with revenue/EBITD/PAT up 138% / 110% / 146% YoY to INR 3.5bn / 475mn / 539mn. Along with the strong operating performance (on a low base), PAT was further boosted by sharp increase in other income and lower tax rate during Q1FY24.