Sunday, January 29, 2012

NTPC - QTRLY RESULTS - Q3 FY 2012 - 3RD Q/E DEC, 2011 - NET SALES UP BY 14.24%; NET PROFITS DOWN BY -10.17% YoY. - APPEALS ON SOME TARIFF ORDERS PENDING IN COURTS


NTPC Limited
NSE Symbol        NTPC

NTPC has reported FLAT PERFORMANCE in sales and profits both in the third quarter ending Dec,2011.

Net Sales stands at Rs.15332.30 cr in Q3 FY 12 - - down by -0.29% from the previous qtr of Q2 FY 12 but up by  14.24% from the corresponding qtr of Q3 FY 11.

Raw Materials Consumption has increased more than proportionately (compared to Sales) to Rs.10793.29 cr – up by  1.35% from Q2 FY 12; and up by  29.44% from Q3 FY 11.

Other Expenditure  stands at Rs.963.82 cr in Q3 FY 11 – up by  36.79% from Q2 FY 12; and up by  71.75% from Q3 FY 11.

Total Expenditure stands at Rs.13231.96 Cr in Q3 FY 12 – up by  3.4% from Q2 FY 12 and up by  29.89% from  Q3 FY 11.

Profit from Operations       stands at Rs.2151.43 Cr – down by  -25.86% from Q2 FY 12; and down by  -41.88% from Q3 FY 11.

Other Income stands at Rs.861.02 cr – up by  25.14% from Q2 FY 12 and up by  326.06% from Q3 FY 11.

Profit before tax stands at Rs.2562.83 cr in Q3 FY 12 – down by  -21.36% from Q2 FY 12; and down by -24.86% from Q3 FY 11.

Tax expense stands at Rs.432.44 cr in Q3 FY 12 – down by  -48.19% from Q2 FY 12; and down by   -58.39% from Q3 FY 11.

Net Profit  stands at Rs.2130.39 cr in Q3 FY 12 – down  by  -12.12% from Q2 FY 12; and down by      -10.17% from Q3 FY 11.

Basic EPS stands at Rs.2.58 in Q3 FY 12; Rs.2.94 in Q2 FY 12;  Rs.2.52 in Q1 FY 12; Rs.3.37 in Q4 FY 11; Rs.2.88 in Q3 FY 11.

For the nine months ended Dec,2012, the EPS is Rs.8.04 against Rs.7.67 in same period last year. Last year’s annual total  EPS was Rs.11.04. Current year EPS also is like to be at around the same level or slightly more.

Current Market Price is Rs.174.25. The 52 week high price is Rs.197.80 and the  52 week low price is Rs.152.05. The PE Ratio is 15.78.

Though Electricity Generation sector is riddled with various problems relating to end users, it is heartening to note that NTPC is able to ensure 1oo% payment of its Bills. Though, it is difficult to increase Rates significantly as the CERC will approve Rates a little conservatively only and that too, retrospectively with some delays - NTPC has been growing steadily - with assured profits. 

Those who wish to avoid risks; want steady dividend payments and steady (but not very slow) but assured Growth can opt for NTPC   shares for long term investment.

Public shareholding in NTPC is low at 15.50%.

The Tariffs charged by NTPC are regulated under the orders of Central Electricity Regulatory commission which issued the latest amendment in June,2011.

CERC issued final orders for most stations.

NTPC, aggrieved by some orders of CERC has filed appeals with APTEL. APTEL disposed off the appeals favourably to NTPC.CERC filed appeals in Supreme Court on some issues. This is pending disposal. This shows that NTPC is ready to defend its interests  and profitability against the orders of CERC.

During the quarter, one unit of 600 MW  at Sipat has been declared commercial w.e.f.1st Oct,2011.

FROM FY 11 ANNUAL REPORT :

NTPC is maintaining a Dividend of Rs.3.80 per share usually. Its FY 11 annual Report says that – its customer relations Management is such that, it has resulted in 100% realization of its Bills for 8 consecutive years.

Its capacity as at FY 11 was 34854 MW.In FY 12, a total of 14088 MW is under construction, including 3890 MW in JVs. NTPC is targeting to place orders for 13140 MW capacity through bulk tenders for units of 660 MW and 800 MW in the near future. NTPC has signed PPAs for 49000 MW capacity with state Utilities

NTPC is a Maharatna PSU wit the vision to become the largest and best Power producer, powering India’s Growth.

In FY 11, it has added 2490 MW capacity. For FY 12, the target is 4320 MW.

RESULTS TABLE

N T P C
31-Dec-11
30-Sep-11
%DIF1
30-Jun-11
31-Mar-11
31-Dec-10
%DIF2
Net Sales
1533230
1537754
-0.29
1417149
1551894
1342128
14.24
Other Oprtng Income
5109
32125
-84.1
35274
45867
46732
-89.07
Raw Materials
1079329
1064940
1.35
974982
972556
833864
29.44
Employees Cost
71882
78461
-8.39
69072
70819
68852
4.4
Depreciation
75603
65828
14.85
64113
69814
59855
26.31
Other Expenditure
96382
70462
36.79
86472
126454
56117
71.75
Total Expenditure
1323196
1279691
3.4
1194639
1239643
1018688
29.89
Profit from Operations
215143
290188
-25.86
257784
358118
370172
-41.88
Other Income
86102
68807
25.14
64366
20556
20209
326.06
Interest
44962
33117
35.77
37435
52995
49318
-8.83
Profit before tax
256283
325878
-21.36
284715
325679
341063
-24.86
Tax expense
43244
83466
-48.19
77137
47495
103915
-58.39
Net Profit
213039
242412
-12.12
207578
278184
237148
-10.17
Face Value (In Rs
10
10
0
10
10
10
0
Paid Up Equity
824546
824546
0
824546
824546
824546
0
Basic EPS
2.58
2.94
-12.24
2.52
3.37
2.88
-10.42
Public holding (%)
15.5
15.5
0
15.5
15.5
15.5
0

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