NHPC Ltd.|Q2FY15 First Cut Analysis | Adjusted PAT in line our expectation-:: IndiaNivesh

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NHPC reported Q2FY15 numbers in line our expectation. Reported PAT decreased
by 3% YoY to Rs 6.84 bn; however adjusted PAT (excluding borrowing and admin
cost) stood at Rs 7.64 in-line with our expectation of Rs 7.34 bn. Revenue increased
by 29% YoY and 3% QoQ to Rs. 20.86 bn (in line our expectation of Rs. 21.46 bn) led
by capacity addition and re-commissioning of Dhauliganga Plant. Reported EBITDA
margin contracted 132 bps YoY to 61.7% due to higher other expenditure. Due to
stoppage of work in its projects Subansiri lower and TLDP 4, the company has
included borrowing expenses of Rs. 790 mn and admin and other expenses of Rs
256 mn in profit and loss account of Q2FY15 as per instruction of ICAI (The Institute
of Chartered Accountants of India). Although, construction activities at Subansiri
are expected to begin shortly as the matter is being pursued at the level of GoI.

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