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NTPC
NTPC’s 1QFY2012 standalone top line rose by 9.5% yoy to `14,171cr, aided by higher
capacity. However, power generation was down by 2% yoy at 54.5BU, which we believe is
on account of backing down by SEBs. OPM for the quarter stood at 22.2%, down 298bp
yoy. Fuel costs, which are a pass-through, rose by 12% yoy despite lower generation
primarily due to the higher cost of imported coal. NTPC reported a 12.7% yoy increase in
net profit to `2,076cr, which is in-line with our estimates. At the CMP the stock is trading at
1.8x FY2013E P/BV. We maintain our Accumulate rating on the stock with a target price of
`202.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
NTPC
NTPC’s 1QFY2012 standalone top line rose by 9.5% yoy to `14,171cr, aided by higher
capacity. However, power generation was down by 2% yoy at 54.5BU, which we believe is
on account of backing down by SEBs. OPM for the quarter stood at 22.2%, down 298bp
yoy. Fuel costs, which are a pass-through, rose by 12% yoy despite lower generation
primarily due to the higher cost of imported coal. NTPC reported a 12.7% yoy increase in
net profit to `2,076cr, which is in-line with our estimates. At the CMP the stock is trading at
1.8x FY2013E P/BV. We maintain our Accumulate rating on the stock with a target price of
`202.
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