NTPC (NTPC) Q4 19/20 earnings summary

Executive summary

• FY20 consolidated revenue rose to ₹112,372.58 crore from ₹102,533.05 crore; PAT fell to ₹11,901.98 crore from ₹14,034.49 crore.

• Commercial capacity additions reached 8,260 MW, including 2,970 MW from the THDC and NEEPCO acquisitions; coal-station PLF was 68.20% versus India’s 55.99%.

• COVID-19 lockdown disrupted power demand and collections, while generation continued as an essential service; management assessed the impact as short term.

Financial highlights

• Consolidated revenue from operations was ₹109,464.04 crore; total income ₹112,372.58 crore, up from ₹102,533.05 crore in FY19.

• Consolidated PBT was ₹16,377.51 crore versus ₹15,325.87 crore; PAT was ₹11,901.98 crore versus ₹14,034.49 crore.

• Standalone revenue was ₹100,478.41 crore, PBT ₹14,465.92 crore and PAT ₹10,112.81 crore; FY19 PAT was ₹11,749.89 crore.

• Standalone operating cash flow reached ₹22,014.26 crore, up from ₹16,157.28 crore; group operating cash flow was ₹24,583.22 crore versus ₹18,685.65 crore.

• Standalone dividends totalled ₹3.15/share: ₹0.50 interim paid and ₹2.65 final recommended; FY20 was the 27th consecutive year of dividend payments.

Outlook and guidance

• Long-term plan targets 130 GW installed capacity by 2032, including 32 GW of renewables and nearly 30% non-fossil capacity.

• More than ₹1 lakh crore of capital expenditure was planned for 2019–24; capacity expansion is intended to be funded through domestic and international debt plus internal accruals.

• Renewable pipeline included 2,348 MW under implementation; a separate renewable subsidiary was planned, with a 32 GW renewable target by 2032.

• FY21 outlook remained exposed to demand recovery, COVID-related collection and project-execution effects; management expected the pandemic impact to be short term.