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Thread: NTPC Limited (NSE:NTPC) (BSE:532555)

  1. #1
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    NTPC Limited (NSE:NTPC) (BSE:532555)

    NTPC Limited is an India-based energy company. The company is engaged in the generation and sale of bulk power to state power utilities. The Company’s other business includes providing consultancy, project management and supervision, oil and gas exploration, and coal mining.

    Official website: www.ntpc.co.in

  2. #2
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    For 1QFY2016, NTPC’s net sales declined by 5.9% yoy to Rs17,019cr (8.4% below our estimate; and as against Rs18,086cr in the corresponding quarter of last year) due to fall in the PLF and owing to plant maintenance undertaken during the quarter. The fall in PLF was on account of very high PLF levels last year due to the general elections and due to delayed monsoon. The Management expects generation levels to pick up this quarter led by hydro generation coming on stream and pickup in the industrial cycle. The EBITDA declined by 2.7% yoy to Rs3,438cr, led by decline in revenue. On a sequential basis, the fall in EBITDA was of 26%, due to plant shutdown. Despite the fall in revenue, the EBITDA margin showed an 85bp yoy improvement to 20.1% as against 19.3% in the corresponding quarter of last year. However, on a sequential basis, margins were down by 395bp. Strong capacity addition to drive regulated equity: NTPC’s current capacity stands at 45,048MW and the company plans to add ~23,500MW by FY2019. The company will commission 7,500MW by FY2017, ~8,050MW in FY2018 and ~8,200MW in FY2019. Led by the strong capex, the Management expects to see a 45% jump in regulated equity by FY2018 and a 75% increase by FY2019. Outlook and valuation: We like NTPC for the growth offered by its regulated equity model, huge capacity addition plans and expected improvement in demand for power in the country. At the current market price of Rs131, the stock trades at a P/BV of 1.25x and 1.17x its FY2016E and FY2017E BV of Rs105 and Rs112, respectively. We remain positive on the stock and upgrade our rating on it to Buy with a target price of Rs157, based on ~1.4x FY2017E BV, implying a 20% upside from the current levels.

    Source: http://www.angelbroking.com/
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