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NTPC: Stable performance

May 10, 2013

NTPC declared results for the quarter and full year ended March 2013. The company reported a 6% YoY growth in net sales and a 37% YoY rise in profits during the year. Here is our analysis of the results.

Performance summary
  • Standalone net sales rise by 6% during the quarter ended March 2013.
  • Operating margins expand by 1.9% YoY leading to a 14.2% YoY rise in operating profits. Margin expansion on the back of lower fuel costs (as a percentage of sales).
  • Higher other income coupled with an extraordinary income of Rs 16.8 bn leads to a 57% YoY increase in profit before tax (PBT) in 4QFY13. On excluding the same, PBT rises by 11% YoY.
  • Net profits rise by 69% YoY during quarter (including extraordinary item).
  • In FY13, standalone revenues and profits increase by 6% YoY and 37% YoY. Full year PBT up by 21% YoY after adjusting for extraordinary items (interest component on settlement of dues; 35% YoY without adjustment).
  • Company declares dividend of Rs 3.75 (including special dividend of Rs 2; dividend yield of 2.4%) during the quarter. Total dividend for year stands at Rs 5.75.

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