NTPC (NTPC) Q4 08/09 earnings summary

Executive summary

• FY09 total income rose 13.11% YoY to Rs.452,558 million; net profit increased 10.61% to Rs.82,013 million.

• Generation reached 206.939 BU, up 3.03% YoY; coal stations recorded 91.14% PLF and a record 92.47% availability factor.

• Capacity expansion, fuel security and diversification underpin targets of 50,000 MW by 2012 and 75,000 MW-plus by 2017.

Financial highlights

• Standalone sale of energy was Rs.417,913 million, up 13.11% YoY; total income was Rs.452,558 million.

• Reported PBT fell to Rs.93,595 million from Rs.102,549 million; PAT rose to Rs.82,013 million from Rs.74,148 million, aided by lower tax expense.

• Adjusted PAT, excluding specified prior-period and tax-refund effects, was Rs.81,454 million versus Rs.75,133 million; adjusted growth was 8.41%.

• Consolidated gross income was Rs.476,472 million; consolidated PAT was Rs.80,925 million versus Rs.74,699 million.

Outlook and guidance

• Target capacity of 50,000 MW by 2012 and 75,000 MW-plus by 2017; 17,930 MW was under construction and preparatory work covered a further 25,000 MW.

• 3,300 MW was planned for commissioning in FY10; target capacity additions include greenfield projects, expansions, JVs and acquisitions.

• Capacity additions were planned for a 70:30 debt-to-equity mix, with internal accruals expected to fund the equity share.