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NTPC: Generation on track

Oct 31, 2012

NTPC declared the results for the second quarter and first half of financial year 2012-2013 (1HFY13). The company has reported 8% YoY growth in net sales and 25% YoY growth in profits for the first half. Here is our analysis of the results.

Performance summary
  • Net sales grow by 8% YoY in 1QFY13 on the back of a marginal 3.5% YoY growth in NTPC's generation volume.
  • Operating margins improved slightly from 22.5% in 1HFY12 to 25.5% in 1HFY13, due to lower fuel (coal) costs (as percentage of sales) and improvement in realization per unit.
  • Growth in other income was due to rise in interest on fixed deposits and higher dividend from subsidiaries.
  • The company had an installed capacity of 39,174 MW at the end of September 2012 and is targeting capacity addition of 14,000 MW during the 12th plan period.
Standalone financial performance
(Rs m) 2QFY12 2QFY13 Change 1HFY12 1HFY13 Change
Net sales 156,574 163,513 4.4% 301,483 325,172 7.9%
Expenditure 120,686 118,954 -1.4% 233,738 242,248 3.6%
Operating profit (EBDITA) 35,888 44,559 24.2% 67,745 82,924 22.4%
EBDITA margin (%) 22.9% 27.3%   22.5% 25.5%  
Other income 7,294 8,165 11.9% 14,064 14,954 6.3%
Depreciation 6,582 7,865 19.5% 12,994 15,467 19.0%
Interest 4,012 3,035 -24.4% 7,756 8,028 3.5%
Profit before tax 32,588 41,824 28.3% 61,059 74,383 21.8%
Tax 8,346 10,401 24.6% 16,060 17,973 11.9%
Effective tax rate 26% 25%   26% 24%  
Profit after tax/(loss) 24,242 31,423 29.6% 44,999 56,410 25.4%
Net profit margin (%) 15.5% 19.2%   14.9% 17.3%  
No. of shares (m)         8,245.5  
Diluted earnings per share (Rs)*         12.6  
Price to earnings ratio (x)         13.4  

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