NTPC- Mine cancellation – short-term overhang :: ICICI Securities, PDF link

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Mine cancellation – short-term overhang
• Generation remained flat with 1.7% YoY increase while tariff
increased 4.2% YoY to | 3.3/Kwh leading to 5.8% YoY growth in
revenue to | 17,097.3 crore, in line with our estimate
• PAF for coal stations declined to 76.8% vs. 87.5% YoY while gas PAF
improved to 89.1% vs. 87.1% YoY. Consequently, in Q2FY15, the
PLF for coal stations declined to 73.2% vs. 75.9% YoY while for gas
stations it improved to 33.4% vs. 31.8% YoY
• However, adjusted PAT declined 15.5% YoY to | 2,039 crore as PLF
based incentives declined 83.7% YoY to | 40 crore in Q2FY15 due to
implementation of stringent new tariff norms, which also led to under
recovery of fixed cost among select old plants

LINK
http://content.icicidirect.com/mailimages/IDirect_NTPC_Q2FY15.pdf