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NTPC Announces Quarterly Results (2QFY19); Net Profit Down 10.0%

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NTPC Announces Quarterly Results (2QFY19); Net Profit Down 10.0%
Mon, 5 Nov

NTPC has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

NTPC Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m196,988227,036222,611-1.9%13.0%
Other incomeRs m2,6161,3642,24964.9%-14.0%
TurnoverRs m199,604228,400224,860-1.6%12.7%
ExpensesRs m142,585167,488166,687-0.5%16.9%
Gross profitRs m54,40259,54855,924-6.1%2.8%
DepreciationRs m17,12718,60218,8851.5%10.3%
InterestRs m9,19512,19912,9416.1%40.7%
Profit before taxRs m30,69730,11126,347-12.5%-14.2%
TaxRs m7,8425,8315,786-0.8%-26.2%
Profit after taxRs m22,85524,28020,561-15.3%-10.0%
Gross profit margin%27.626.225.1
Effective tax rate%25.519.422.0
Net profit margin%11.510.69.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 13.0% on a year-on-year (YoY) basis. The expenses were up by 16.9% YoY during the same period.
  • The company's operating profit increased by 2.8% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 25.1% in 2QFY19 as against 27.6% in 2QFY18.
  • Depreciation charges increased by 10.3% and finance costs increased by 40.7% YoY, respectively.
  • Other income declined by 14.0% YoY during the quarter.
  • Net profit for the quarter declined by 10.0% YoY. Net profit margins during the quarter declined from 11.5% in 2QFY18 to 9.1% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 1.9% on a quarter-on-quarter (QoQ) basis. The expenses were down by 0.5% QoQ during the same period.
  • The company's operating profit declined by 6.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 25.1% in 2QFY19 as against 26.2% in 1QFY18.
  • Net profit for the quarter declined by 15.3% QoQ, while net profit margins declined from 10.6% in 1QFY18 to 9.1% in 2QFY19.

To see how NTPC has performed over the last eight quarters, please visit here.

NTPC Share Price Performance

Over the last one year, NTPC share price has moved up from Rs 181.3 to Rs 153.6, registering a Loss of Rs 27.7 or around 15.3%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 1,958.9 (down 1.5%). Over the last one year it has moved down from 2,347.1 to 1,958.9, a gain of 388 points (down 16.5%).

Overall, the S&P BSE SENSEX is up 4.1% over the year.

Current Valuations

At the current price of Rs 153.6, the price to earnings (P/E) ratio of NTPC stands at 13.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.2 times.

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