NTPC (NTPC) Q4 09/10 earnings summary

Executive summary

• Total income rose 8.85% YoY to ₹492,339 million; reported net profit increased 6.42% to ₹87,282 million.

• Adjusted net profit was ₹92,493 million versus ₹80,722 million in FY09, up 14.58%; adjusted results exclude specified prior-year revenue and interest items.

• Generation reached 218.84 BU, up 5.75% YoY; coal-station PLF was 90.81%, against the national 77.48%.

Financial highlights

• Energy sales, excluding electricity duty, increased 10% to ₹461,687 million; units sold rose 5.89% to 205,091 million.

• Reported PBT was ₹108,855 million versus ₹93,595 million; PAT was ₹87,282 million versus ₹82,013 million.

• Adjusted PBT before tax, provisions and prior-period adjustments was ₹111,956 million versus ₹94,033 million; adjusted PAT before these items was ₹92,474 million versus ₹80,051 million.

• Operating expenditure was ₹339,692 million, up 8%; fuel cost rose 9% to ₹294,628 million, while employee costs fell 2% to ₹24,124 million.

• Net cash from operations increased to ₹105,942 million from ₹96,881 million; net cash used in investing activities was ₹104,977 million.

Outlook and guidance

• Capacity targets: 75,000 MW by 2017 and 128,000 MW by 2032; the longer-term plan targets a mix of 56% coal, 16% gas, 11% nuclear and 17% renewable sources, including hydro.

• Projects totaling 17,830 MW, including 4,390 MW through JVs, were under construction; 7,092 MW was under bidding and feasibility reports for 8,460 MW were approved.

• Renewable capacity target is 1,000 MW by 2017; nuclear capacity target is 2,000 MW by 2017.

• Capacity additions are planned at a 70:30 debt-to-equity ratio; internal accruals were expected to fund the equity share, with domestic and international borrowing considered for debt.