NTPC | Q3FY15 Result Update | Above our expectation | Maintain BUY rating on the stock with PT of Rs.190 ::IndiaNivesh

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NTPC reported Q3FY15 numbers (Standalone) above our expectation due to improved operational performance and coal availability. Adjusted Revenue (excluding prior period sales and recovered tax) increased by 4% YoY and 17 % QoQ to Rs. 185.8 bn; above our expectation of Rs. 179.2 bn. Adjusted PAT (excluding impact of tax of earlier year) stood at Rs. 23.81 bn (vs our expectation of Rs. 18.22 bn) due to better EBITDA margin. On operational front, the company has produced 60.75 billion units, up 3.7% YoY and 10% QoQ. Average PLF stood for coal based power plant stood at 81% in Q3FY15 (Vs 82.4% Q3FY14). The under-recoveries at the new plants reduced QoQ due to higher fuel availability.

EBITDA margin expanded 534 bps QoQ to 24.7% due to lower fuel and staff cost. Fuel cost decreased by 430 bps QoQ to 24.7% (as a percentage of sales). Other expenses decreased from 6.8% to 6.2% QoQ (as a percentage of sales) and staff cost decreased from 5.5% to 4.8%. Interest cost increased by 17% YoY to Rs. 7 bn while depreciation was higher by 22% YoY to Rs 12.53 bn on account of new capacity addition.

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