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Target: ₹205
CMP: ₹174.05
NTPC Ltd reported net sales of ₹44,200 crore (+19 per cent y-o-y, -1 per cent q-o-q), 6 per cent below JM Financial expectation. The y-o-y growth in revenue was led by higher generation and better PLFs during the quarter. EBITDA for the quarter came in at ₹11,900 crore (+5 per cent y-o-y,-18 per cent q-o-q), 21.7 per cent below our expectation.
The miss on our estimates was on largely on account of lower tariff and higher-than expected fuel cost during the quarter. Fuel cost increased during the year on account of higher coal imports. Imported coal accounted for 6.5 per cent of the total coal requirement in FY23 as compared to 1.2 per cent in FY22. Adj. PAT came in at ₹4,870 crore (-6 per cent YoY, -14.8 per cent below our forecast).
The standalone regulated equity grew 9.5 per cent y-o-y to ₹77,600 crore on the back of 3.9GW capacity addition in FY23. Current installed RE capacity stands at 3.2GW (1,352MW commissioned in FY23) and another 4.6GW is under execution.
With this, the journey of NTPC continues with transition to a balanced portfolio (45 per cent renewables, 47 per cent Thermal, 8 per cent others) by FY32.
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