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Result Reviews
NTPC
NTPC reported an 18.4% yoy increase in its top line to `15,378cr, aided by
commencement of new capacities. The company had ~1,000MW of
additional commercial capacity operational during the quarter on yoy basis.
The growth in top-line was also aided by the grossing up under the corporate
tax rate in 2QFY2012 (v/s MAT rate in 2QFY2011). Further, the company’s
top-line growth was also boosted by `759cr of prior-period sales recognized
in 2QFY2012. Operating profit rose phenomenally by 109.1% yoy to
`3,239cr. This huge growth in operating profit was largely due to low base on
account of a one-off provision of `1,263cr made on sundry debtors during
2QFY2011. However, the company also had depreciation write-back and
advance against depreciation (AAD) recognized as prior-period sales,
totaling `1,763cr, in 2QFY2011. Net profit during the quarter rose by healthy
15% yoy to `2,424cr. We maintain our Buy view 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 �� ��
Result Reviews
NTPC
NTPC reported an 18.4% yoy increase in its top line to `15,378cr, aided by
commencement of new capacities. The company had ~1,000MW of
additional commercial capacity operational during the quarter on yoy basis.
The growth in top-line was also aided by the grossing up under the corporate
tax rate in 2QFY2012 (v/s MAT rate in 2QFY2011). Further, the company’s
top-line growth was also boosted by `759cr of prior-period sales recognized
in 2QFY2012. Operating profit rose phenomenally by 109.1% yoy to
`3,239cr. This huge growth in operating profit was largely due to low base on
account of a one-off provision of `1,263cr made on sundry debtors during
2QFY2011. However, the company also had depreciation write-back and
advance against depreciation (AAD) recognized as prior-period sales,
totaling `1,763cr, in 2QFY2011. Net profit during the quarter rose by healthy
15% yoy to `2,424cr. We maintain our Buy view on the stock with a target
price of `202.
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