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NTPC
Sales in line, profits lower
NTPC's FY11 provisional numbers had sales in line with the estimate at
Rs563bn, though PAT was lower by 8% at Rs88.2bn. However, a clearer picture
would emerge post audited numbers as usually the company has adjustments.
No surprise on operating numbers and capacity addition. We maintain Buy.
Sales in line, profits lower than estimates
! NTPC reported FY11 provisional numbers, where sales at Rs563bn were in line with
expectations. However, PAT at Rs88.2bn was 8% lower than our estimate of Rs95bn. In
terms of yoy, this translates into growth of 17% and 1%, respectively.
! Operationally, generation of 220bn units was in line with our assumption of 225bn units.
! For the quarter this means a revenue of Rs151bn and PAT of Rs25bn, up 19% and 24%,
respectively. While revenues were in line, PAT was lower than our estimate of Rs32bn by
23%.
! However, full clarity on the results will emerge when the audited numbers are released.
Usually, every quarter the company has adjustments. These adjustments pertain to priorperiod items, gross up of tax rate, provisional recognition of tariffs in certain plants, etc.
Adds 2.4GW in FY11; targeting 4.3GW in FY12
! The company has added 2450MW capacity in FY11. This includes 1990MW of NTPC's own
capacity and 500MW of capacity in joint venture at Jhajjar
! For FY12, the company is targeting capacity addition of 4320MW. This includes 2320MW of
own capacity and 2000MW through joint ventures.
! Capex for FY11 was Rs128bn, while targeted capex for FY12 is Rs264bn.
! The company has projects of 16192MW where bids have been invited, including the
supercritical bulk tender of 9x660MW and 9x800MW, where BHEL, Larsen-Mitsubishi, BGRHitachi etc are among the bidders.
NTPC a defensive play; maintain Buy
! We like NTPC in the Indian utility space. We consider NTPC a low-risk stock among peers
due to its potentially secure capacity addition and steady RoE profile.
! We remain confident on the project pipeline. In our view, the company remains a low-risk
defensive in the Indian utility space.
! The stock currently trades at 2.2x FY12F book value. Maintain Buy.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
NTPC
Sales in line, profits lower
NTPC's FY11 provisional numbers had sales in line with the estimate at
Rs563bn, though PAT was lower by 8% at Rs88.2bn. However, a clearer picture
would emerge post audited numbers as usually the company has adjustments.
No surprise on operating numbers and capacity addition. We maintain Buy.
Sales in line, profits lower than estimates
! NTPC reported FY11 provisional numbers, where sales at Rs563bn were in line with
expectations. However, PAT at Rs88.2bn was 8% lower than our estimate of Rs95bn. In
terms of yoy, this translates into growth of 17% and 1%, respectively.
! Operationally, generation of 220bn units was in line with our assumption of 225bn units.
! For the quarter this means a revenue of Rs151bn and PAT of Rs25bn, up 19% and 24%,
respectively. While revenues were in line, PAT was lower than our estimate of Rs32bn by
23%.
! However, full clarity on the results will emerge when the audited numbers are released.
Usually, every quarter the company has adjustments. These adjustments pertain to priorperiod items, gross up of tax rate, provisional recognition of tariffs in certain plants, etc.
Adds 2.4GW in FY11; targeting 4.3GW in FY12
! The company has added 2450MW capacity in FY11. This includes 1990MW of NTPC's own
capacity and 500MW of capacity in joint venture at Jhajjar
! For FY12, the company is targeting capacity addition of 4320MW. This includes 2320MW of
own capacity and 2000MW through joint ventures.
! Capex for FY11 was Rs128bn, while targeted capex for FY12 is Rs264bn.
! The company has projects of 16192MW where bids have been invited, including the
supercritical bulk tender of 9x660MW and 9x800MW, where BHEL, Larsen-Mitsubishi, BGRHitachi etc are among the bidders.
NTPC a defensive play; maintain Buy
! We like NTPC in the Indian utility space. We consider NTPC a low-risk stock among peers
due to its potentially secure capacity addition and steady RoE profile.
! We remain confident on the project pipeline. In our view, the company remains a low-risk
defensive in the Indian utility space.
! The stock currently trades at 2.2x FY12F book value. Maintain Buy.
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