NTPC Ltd. share price target

Q2FY18 adjusted PAT grew 12% YoY at Rs 27 bn (vs. our estimate Rs 26 bn) in tandem with 17% YoY rise in regulated equity. Core RoE is still healthy at 20.2% though it contracted ~174 bps YoY due to under-recovery in fuel cost. Company clocked highest-ever quarterly commercial capacity addition of 3.

Higher Regulated Equity to Aid Profitability; Maintain BUY NTPC has delivered a decent performance in 2QFY18 as well. Its PAT adjusting for prior periods and reversals (net of tax in 2QFY17) grew by 19.8% YoY to Rs28.4bn led by regulated equity growth, efficiency gains and higher PLF incentive. Looking ahead, we expect NTPC's business to improve further backed by higher capacity commercialisation, better fuel availability and likely improvement in demand owing to UDAY scheme. We reiterate our BUY recommendation on the stock with an unrevised Target Price of Rs192. Net Sales Up 1.3% YoY; Reported PAT Dips 2.3% YoY...

NTPC reported Q2FY18 results, which were ahead of expectations operationally, given higher EBITDA led to beat on the reported PAT coupled with lower-than-excepted other income Adjusted revenues came in at | 19996.5 crore vs. estimate of | 19533.8 crore. The key reason for the beat was higher tariff of | 3.31/kWHR compared to expectation of | 3.23/kWHR. Q2FY18 also witnessed strong generation growth of 7.4% YoY to 65.04 billion units (BU) whereas the energy sold grew 7.1% YoY to 60.48 BU...

2Q18 Core RoE at 22% on adj. profits; 2.6GW commercialised NTPC's 2Q18 adjusted net profit stood at INR 29bn (+15% YoY) due to a) reversal of FY17 sales in Barh II (INR 4bn) due to regulatory disputes and b) wage provsioning of INR 2bn whih is yet to be approved by CERC. NTPC added 2.62GW of commecial capacity, however this is yet to reflect in earnings growth as they came in at the fag end of the quarter. Core RoEs (on regulated equity) came in at 22% on adjusted profits. We expect NTPC to add 4-5GW annually in FY18 and FY19 based on CEA timelines of plant execution. Thus NTPC is set to add c40% of its existing base and almost double its regulated equity base in next 2-3years....

NTPC is Indias largest power producer with an installed capacity of 51 GW, accounting for ~16% share in overall capacity. In addition to this the company has ~21 GW under construction. The NTPC group contributed 24% to all Indias generation during FY17. Over FY11-17 the company added nearly 16 GW of capacity. Valuations & View: The fl..

Earnings to accelerate from FY19 on ramp-up in capacity addition. Management guided regulated equity to rise by 50% over 3 years and 100% over 5 years, driven by capacity ramp-up over FY18-20 to ~5 GW p.a. vs. recent track record of ~2 GW pa. over FY13-17

NTPC reported Q1FY18 results, which were disappointing operationally, given lower EBITDA. However, significant other income led to beat on reported PAT Reported revenues came in at | 19879.3 crore vs. estimate of | 19934.3 crore. The revenue miss was on account of lower-thanexpected energy sold as auxiliary consumption at 7.1% was higher than estimates of 6.6%. The company sold 59.8 billion units during Q1FY18 vs. our estimate of 60 billion units. Gross generation declined 0.2% at 64.4 billion units. Average tariff for Q1FY18 was at...

Government-owned power generation company NTPC Ltd.'s profit beat street estimates on the back of other income. NTPC, the public sector power major has registered 4% growth in standalone sales to Rs 19879.32 crore for the quarter ended June 2017. However a 170 bps contraction in operating profit margin has dragged the operating profit down by 3% to Rs 5040.10 crore. But gained by...

Revenue decreased by 2.63% to Rs. 19879.32 Cr in Q1FY18 when compared to the previous quarter. Revenue decreased by 2.63% to Rs. 19879.32 Cr in Q1FY18 when compared to the previous quarter.

Adjusted PAT (~Rs 26 bn) was up just 2% YoY despite 6% YoY increase in regulated equity to Rs 440 bn.