NTPC Ltd. share price target

Capitalization to pick up pace; under-recoveries to decline Standalone (S/A) adj. PAT (management stated) grew by a healthy 14% YoY to ~INR106b in FY19 even as regulated equity grew by ~6% YoY (to ~INR540b). The strong performance was led by sharp reduction in under-recoveries on fixed charge (from ~INR14b in FY18 to ~INR8b in FY19) and increase in late payment surcharge income. Reported PAT was higher at INR117.4b (13% YoY) in FY19 on tax related adjustments (~INR17b), offset partly by certain one-time expenses. Consolidated reported PAT grew 20% YoY to INR126.4b in FY19. Besides the...

Capacity addition to be evenly spread out in FY20 In FY19, NTPC commissioned 1960 MW capacity while in Q4FY19 the commercialisation was at 1160 MW. The commercial capacity at standalone level in FY19 was at 45725 MW while the same at the group level was at 52800 MW. Similarly, for FY20E NTPC expects to add capacities to the tune of 5000 MW in H2FY20E. Going ahead, with increase in capacity over ~80009000 MW in FY19-2E, we expect energy sold to grow at a CAGR of 8.5% to...

ICICI Securities Ltd | Retail Equity Research NTPC goes ex-bonus today. It has announced issuance of bonus shares along with its Q3FY19 results on January 30, 2019. Bonus share ratio was 1:5 i.e. one equity share of face value 10 for every five existing equity shares. NTPC has fixed March 20, 2019 as record date while ex-date for the same is today i.e. March 19, 2019. Consequently, today the share price has adjusted to | 132 per share from | 159 per share yesterday, post bonus issue of equity shares. Our target price has also been revised to...

NTPC Ltd.'s profit fell in the quarter ended December, profit misses estimates. The Country's largest power generator - NTPC Ltd. having installed capacity of 52946 MW, declared the financial results for the second quarter and half-year of financial year 2018-19. The Total Income for the Q3 FY19 was Rs. 24120.36 crore as against the Total Income of Rs. 20774.37 crore in the Q3 FY18, registering an increase of 16.10%. For Q3 FY19, Profit before...

NTPC reported a decent set of Q3FY19 numbers wherein generation was in line with estimates coupled with higher-than-expected revenues (on account of higher realisations) and EBITDA (lower employee & other expenses). Accentuation of under recovery of fixed costs was pegged at | 1108 crore (YTDFY19), which was on account of lower PAF and unviability of coal at a few plants Reported revenues came in at | 24120.4 crore vs. estimate of | 22299.5 crore. The revenue beat mainly came in from higher-thanexpected realisation at | 3.65/Kwhr. However, on an operational...

Central Electricity Regulatory Commission's (CERC) draft power tariff regulations aim to promote efficiencies like reduction in regulated equity of conventional power sector in India, with the proposed return on equity higher-than-expected at 15.5%. However, some suggested changes may face implementation challenges like formation of operating & maintenance expense escalation being below long term inflation and tightening of working capital by way of reduction in receivable days despite payment delays from discoms....

NTPC India (NTPC) is the largest power utility in the Indian Power sector, having 24% & 16% market share in the power generation & installed capacity in India respectively. Private sector is in bad shape on back of poor business economics on back of slew of factors; mentioned in the report. On the other hand, NTPC India, which is ..

NTPC reported a muted set of Q2FY19 numbers, which were below our estimates operationally as higher-than-expected fuel and other expenses impacted profitability. Accentuation of under recovery of fixed costs was pegged at | 932 crore (YTDFY19), which was on account of lower PAF and unviability of coal at a few plants Reported revenues came in at | 22261.1 crore vs. estimate of | 21385.9 crore. However, on an operational basis, gross generation grew 1.4% at ~66 billion units (BUs) vs. estimate of 66.3 BUs...