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UBS Investment Research
NTPC
Q 1 FY12: recurring PAT up 18% YoY
Operating income up 12% YoY, recurring PAT up 18% YoY
In Q1 FY12, NTPC’s operating income rose 12% YoY to Rs145.2bn, EBITDA
grew 13% YoY to Rs32.2bn, and reported PAT increased 13% YoY to Rs20.8bn.
Post adjustment for prior period sales (Rs2.4bn), exceptional operating income
(negative Rs2.6bn), sales on account of deferred tax recoverable (negative Rs89m),
and foreign exchange differences (Rs400m), the recurring PAT has increased 18%
YoY to Rs20.8bn.
NTPC has requested Ministry of Coal to reconsider deallocation of blocks
The Ministry of Coal has cancelled the allotment of Kerandari, Chatti Bariatu,
Chatti Bariatu (South), Brahmini and Chichro Patsimal coal blocks allocated to
NTPC (or its JVs) due to delays in the development of these mines. However,
NTPC has requested for a review of the decision. It has confirmed that it has been
going ahead with all the project activities related to these blocks. The Ministry of
Power has also requested the Ministry of Coal to restore the coal blocks to NTPC.
Analyst meet on Monday, 1 August at 4pm IST
NTPC has scheduled an investor and analyst meet on Monday, 1 August in
Mumbai. We expect more details on the company’s strategy and future plans
during the meet. As per the company, fuel security is one of the key challenges for
NTPC. We also expect updates on bulk tendering during the analyst meet.
Valuation: maintain Buy and price target of Rs215
The key assumptions for our DCF-based price target are: 1) a risk-free rate of
8.1%; 2) intermediate growth of 7.5%; and 3) terminal growth of 5%.
National Thermal Power Corporation Ltd.
National Thermal Power Corp (NTPC) is the largest power generator in India,
accounting for 19% of installed capacity and 28.5% of generation as on 31
March 2008. Of the company's installed capacity, 86% is coal based and 14% is
gas based. It aims to double its generating capacity by 2015. It is integrating
backwards into coal mining, LNG imports, and forward into the transmission
and distribution sector.
Statement of Risk
We believe the key risk to our rating and price target is slower-than-expected
execution and unfavourable regulatory changes.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
UBS Investment Research
NTPC
Q 1 FY12: recurring PAT up 18% YoY
Operating income up 12% YoY, recurring PAT up 18% YoY
In Q1 FY12, NTPC’s operating income rose 12% YoY to Rs145.2bn, EBITDA
grew 13% YoY to Rs32.2bn, and reported PAT increased 13% YoY to Rs20.8bn.
Post adjustment for prior period sales (Rs2.4bn), exceptional operating income
(negative Rs2.6bn), sales on account of deferred tax recoverable (negative Rs89m),
and foreign exchange differences (Rs400m), the recurring PAT has increased 18%
YoY to Rs20.8bn.
NTPC has requested Ministry of Coal to reconsider deallocation of blocks
The Ministry of Coal has cancelled the allotment of Kerandari, Chatti Bariatu,
Chatti Bariatu (South), Brahmini and Chichro Patsimal coal blocks allocated to
NTPC (or its JVs) due to delays in the development of these mines. However,
NTPC has requested for a review of the decision. It has confirmed that it has been
going ahead with all the project activities related to these blocks. The Ministry of
Power has also requested the Ministry of Coal to restore the coal blocks to NTPC.
Analyst meet on Monday, 1 August at 4pm IST
NTPC has scheduled an investor and analyst meet on Monday, 1 August in
Mumbai. We expect more details on the company’s strategy and future plans
during the meet. As per the company, fuel security is one of the key challenges for
NTPC. We also expect updates on bulk tendering during the analyst meet.
Valuation: maintain Buy and price target of Rs215
The key assumptions for our DCF-based price target are: 1) a risk-free rate of
8.1%; 2) intermediate growth of 7.5%; and 3) terminal growth of 5%.
National Thermal Power Corporation Ltd.
National Thermal Power Corp (NTPC) is the largest power generator in India,
accounting for 19% of installed capacity and 28.5% of generation as on 31
March 2008. Of the company's installed capacity, 86% is coal based and 14% is
gas based. It aims to double its generating capacity by 2015. It is integrating
backwards into coal mining, LNG imports, and forward into the transmission
and distribution sector.
Statement of Risk
We believe the key risk to our rating and price target is slower-than-expected
execution and unfavourable regulatory changes.
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