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ICICI Securities Report
NTPC Ltd. continues to report good performance on the back of its strong operational numbers. For Q1 FY23, standalone / consolidated profit after tax was at Rs 36.8 billion / Rs 39.8 billion (up 16.9% / up 15.5% YoY) and adjusted-profit after tax at Rs 33.9 billion / Rs 36.9 billion (up 7.1% / up 6.6% YoY), respectively.
This was driven by higher plant load factor-based incentives at Rs 2.2 billion and despite disincentives of Rs 5.8 billion due to planned shutdown, as well as higher tax incidence on account of higher Delhi Transco Ltd. on renewable energy capacity commissioning. Yet, core earnings continued to be robust backed by capacity addition and strong PLFs (coal PLF was up 1,071 bps YoY).
NTPC is planning to add 11 gigawatt of capacity by FY24-end.
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