NTPC Ltd. | Q2FY15 Result Update | Mixed set of performance:: IndiaNivesh

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NTPC reported Q2FY15 numbers (Standalone) was mixed bag. Adjusted Revenue
(excluding prior period sales and recovered tax) grew by 4% Y-o-Y (down 22% Q-o-Q)
to Rs. 158.7 bn, below our expectation of Rs. 162 bn due to lower than expected
production coupled with lower tariff (As RoE reduced due to new CERC regulations
and generation incentives has been linked to PLF instead of PAF). However, Adjusted
PAT (excluding impact of tax of earlier year) de- grew by 15% YoY to Rs. 19.81 bn (vs
our expectation of Rs. 18.22 bn) due to reversal of tax. On operational front, the
company has produced 55.42 billion units in Q2FY15, up 0.92% Y-o-Y. Average PLF
(Thermal stood at 73.2% in Q2FY15 (Vs 76% Q2FY14) due to coal supply constraint.

EBITDA margin contracted 653 bps y-o-y to 19.4% due to lower tariff and incentive
income. Fuel cost increased by 667 bps y-o-y to 68.9% (as a percentage of sales)
due to change in CERC norms to reduce normative station heat rate. However, other
expenses decreased from 7.2% to 6.8% y-o-y (as a percentage of sales). the interest
cost increased by 8% YoY to Rs. 6.6 bn while depreciation was higher by 19% YoY to
Rs 11.51 bn on account of new capacity addition. NTPC has achieved its capacity
addition (1.8GW) and commercialization target (2.5GW) for FY14. For FY15 it has
given guidance of 1.8GW.

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