Moody's Ratings (Moody's) has completed a periodic review of the ratings of NTPC Limited and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 27 September 2024 in which we reassessed the appropriateness of the ratings in the context of ...
Japan and Europe Holding Below Resistance Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int'l Compass, after being bullish since early-November 2023. In late-July (7/25/24 Int'l Compass) we discussed expectations for a 1- to 4-month pullback/consolidation period on MSCI ACWI (ACWI-US), and we believe it seems likely to last closer to four months, and potentially 4- to 6-months from our selected 7/17/24 starting point, until the market decides which way this...
The general evaluation of NTPC (IN), a company active in the Conventional Electricity industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date February 1, 2022, the closing price was INR 141.15 and i...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
NTPC: Profits in-line, aided by other income (NTPC IN, Mkt Cap USD15.4b, CMP INR118, TP INR140, 19% Upside, Buy) To see steady growth, led by capacity additions; maintain Buy NTPC's 1QFY22 results highlight a steady performance - given the regulated business and aided by other income. S/A adj. PAT (excl. FC u/r) was broadly flat YoY at INR33.1b. NTPC has set a RE capacity target of 60GW by 2032. While this may seem ambitious (implying 5-5.5GW p.a. of RE additions over the next 11 years)...
(NTPC IN, Mkt Cap USD12.6b, CMP INR98, TP INR148, 52% Upside, Buy) Amid a nationwide lockdown, India’s power demand has declined 20–25% YoY. However, regulated utility companies such as NTPC remain well-insulated from these external conditions. NTPC’s profitability is largely dependent on the ability to operate and declare availability for its plants. The direct impact of lower power demand / plant utilization is seen largely in the form of lower PLF incentives (1–2% of earnings).Given the esse...
Q3FY20 result highlights Under recovery for NTPC coal based power plants declined from Rs4.5bn at end of Sep 19 to Rs3.8bn at end of Dec 19 on better availability at its power plants with improvement in coal supply through indigenous and imported coal. We estimate a further reduction in under recovery of Rs1bn in January 2020. We expect PAF to improve in Q4FY20 further leading to over recovery resulting in total under recovery to be Rs2bn for FY20E. As a result, NTPC’s adjusted EBITDA came ...
NTPC: Profits rise with recoveries of fixed costs (NTPC IN, Mkt Cap USD16b, CMP INR116, TP INR154, 33% Upside, Buy) Fixed-charge recoveries flow in as availability improves NTPC’s results highlight the benefit of fixed-cost (F/C) recoveries and higher surcharge income. Reported PAT was up 26% YoY. We expect recoveries to continue in 4Q with improving availability at NTPC’s plants. Commercialization is on track with 4.2GW YTD (target: 5GW). Pick-up in capitalization, along with lower F/C...
(NTPC IN, Mkt Cap USD15.8b, CMP INR114, TP INR158, 39% Upside, Buy) ** Over the past few months, recovery in availability factors at NTPC’s plants along with commissioning and commercialization of new capacities has lent visibility to NTPCs improving core earnings outlook. ** We note that disruption at Coal India’s mines impacted coal availability at NTPC’s plants during 1HFY20. However, (a) improving production at Coal India’s mines (such as Dipika) post-monsoon, and (b) muted power demand ha...
(NTPC IN, Mkt Cap USD15.8b, CMP INR114, TP INR164, 44% Upside, Buy) ** In Jan'19, the CERC (regulator) directed POSOCO to implement an optimization scheme for the dispatch of power. The scheme - termed as Security Constrained Economic Dispatch (SCED) - planned to optimize sourcing from thermal inter-state generating stations (whose full capacity is tied up and regulated with CERC). ** Under SCED, power would be dispatched in the order of the lowest cost (variable cost) of generation (while tak...
(NTPC IN, Mkt Cap USD15.9b, CMP INR115, TP INR163, 42% Upside, Buy) Government to sell stake in NEEPCO and THDC** As part of the Indian government's strategic divestment program, the cabinet has approved the stake sale in NEEPCO (GoI stake: 100%) and THDC (GoI: 74%; UP govt.: 26%) to NTPC (GoI: 54.5%). ** Details on the transaction value though are still awaited. According to our interaction with NTPC, the purchase value for these assets will be decided after an internal assessment. This proce...
Q2FY20 result highlights PAF for H1FY20 was 87.5% (+225bps yoy). Notably, the PAF for all the newly commissioned power plants has improved significantly. As a result, under recovery has reduced from Rs8.5bn in H1FY19 to Rs4.5bn in H1Y20. The under recovery is primarily on account of Talcher (3.5GW) plant, which has been facing coal shortage issues due to strikes. We expect PAF to improve in H2FY20 leading to over recovery resulting in total under recovery to be Rs2bn for FY20E. Under the CE...
NTPC: Late payment surcharge boosts profitability; Capitalization picking up; Maintain Buy (NTPC IN, Mkt Cap USD16.3b, CMP INR117, TP INR163, 39% Upside, Buy) Standalone (S/A) 2QFY20 adj. PAT increased ~24% YoY to INR34.8b (16% beat to our est.). PAT has been adjusted for INR3.3b fixed charge (FC) under-recovery (u/r) this quarter. The beat was on account of rise in late payment surcharge income. Also, reported PAT was up ~34% YoY to INR33b. FC u/r stood at INR3.3b (flat YoY). U/r in 2Q...
Q1FY20 result highlights NTPC reported a good quarter with sharp improvement in operating metrics. PAF for the quarter was 91.1% (+516bps yoy). Notably, the PAF for all the troubled power plants has improved significantly (details later). Note that PAF in July 19 was also 89% (+487bps). Under recovery reduced from Rs4.6bn to Rs1bn However, NTPC adj EBITDA came in at Rs68bn and adjusted PAT came in at Rs26.1bn (+5%yoy; vs. est of Rs29bn) for Q1FY20. As per management, the profit has been imp...
NTPC: DSM regulations, low GCV coal loss impacts profitability; Expect capitalization to pick up pace (NTPC IN, Mkt Cap USD17.3b, CMP INR124, TP INR165, 33% Upside, Buy) Standalone (S/A) 1QFY20 adj. PAT decreased ~9% YoY to INR27b (14% miss on our est.). PAT has been adjusted for est. INR1.1b under-recovery (u/r) of fixed charge (FC) for this quarter. The miss is due to an impact of DSM regulations (~INR1.5b), carpet coal loss (~INR1.5b) and tax leakage on change in deferred tax recognition...
Q4FY19 result highlights NTPC reported an excellent quarter with sharp improvement in operating metrics. PAF for the quarter was 92.4% (+580bps yoy; vs 9m PAF of 85%). However, it is more pertinent to note that the PAF for Unchahar improved from 0% in 9mFY19 to 78% in Q4FY19, PAF for Mauda improved from 71% in 9mFY19 to 100%, Kudgi improved from 73% in 9mFY19 to 93% in Q4FY19. Improvement in newly commissioned capacity’s utilisation has led to reduction in under recovery from Rs11bn in 9mFY...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.