NTPC (NTPC) Q4 15/16 earnings summary

Executive summary

• FY2015-16 delivered steady standalone PAT of ₹10,242.91 crore despite lower reported revenue, supported by lower fuel costs and operating efficiency.

• Commissioned 2,255 MW and added 1,960 MW of commercial capacity; installed capacity including subsidiaries and JVs reached 46,653 MW at year-end.

• Coal-station PLF was 78.61% versus 62.29% nationally; 100% of current bills were realized for the 13th consecutive year.

• Standalone capex reached ₹25,959.60 crore, above the ₹23,000 crore MoU target; more than 24,000 MW was under construction.

Financial highlights

• Standalone net revenue from operations was ₹70,506.80 crore, down 4% YoY; total revenue was ₹71,696.07 crore, down 5%.

• Standalone PAT was ₹10,242.91 crore versus ₹10,290.86 crore; EPS was ₹12.42 versus ₹12.48.

• Fuel expense declined to ₹43,793.25 crore from ₹48,833.57 crore; fuel cost per generated unit fell to ₹1.82 from ₹2.03.

• Consolidated total revenue was ₹79,939.56 crore and PAT was ₹10,162.43 crore; consolidated EPS was ₹12.35.

• Net cash from operations was ₹14,503.53 crore standalone and ₹15,410.61 crore consolidated.

Outlook and guidance

• Capacity expansion remains central; 24,009 MW was under implementation at March 31, 2016, including 4,050 MW through JVs and subsidiaries.

• Strategy targets 10 GW of own renewable capacity and participation as facilitator for 15 GW of solar under the National Solar Mission.

• Investment approvals covered 2,360 MW of new capacity, including 1,600 MW coal and 760 MW solar; over 24,000 MW remained under construction.

• Planned project financing uses a 70:30 debt-equity ratio for thermal and hydro and 80:20 for solar; internal accruals are expected to fund equity needs.

• The Board sought shareholder approval to raise up to ₹15,000 crore through domestic private-placement bonds for capex, working capital and general corporate purposes.