GuruFocus –
- Total (EPA:) Income (Standalone Q3 FY25): INR42,303 crores, a growth of 5% from the previous year.
- Total Income (Standalone 9M FY25): INR1,28,601 crores, a 6% increase from the previous period.
- Profit After Tax (Standalone Q3 FY25): INR4,711 crores, a 3% increase from the previous year.
- Profit After Tax (Standalone 9M FY25): INR13,871 crores, an 11% increase from the previous period.
- Total Income (Group 9M FY25): INR1,39,777 crores, a 6% increase from the previous period.
- Profit After Tax (Group 9M FY25): INR16,056 crores, an 8% increase from the previous period.
- Subsidiaries Profit (9M FY25): INR1,908 crores, a 26% increase from the previous year.
- Share of Profit in JVs (9M FY25): Increased by 11% to INR1,581 crores.
- Dividend Income (9M FY25): INR1,309 crores, compared to INR653 crores in the previous year.
- Standalone Regulated Equity (Dec 31, 2024): INR90,289 crores, a 7% growth from the previous year.
- Consolidated Regulated Equity (Dec 31, 2024): INR1,05,854 crores, a 5% increase from the previous year.
- Average Interest Rate (9M FY25): 6.64%, compared to 6.66% in the previous year.
- Group Capex (9M FY25): INR31,133 crores, compared to INR21,642 crores in the previous year.
- Standalone Capex (9M FY25): INR16,305 crores, compared to INR11,963 crores in the previous year.
- Coal Production (9M FY25): 30.88 MMt, a 23% increase from the previous year.
- Dividend Declared: Second interim dividend of INR2.5 per share for FY25.
Release Date: January 25, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- NTPC (NSE:) Ltd (BOM:532555) reported a 4% growth in power generation for the nine-month period of FY25 compared to the same period in FY24.
- The company successfully listed NTPC Green Energy Limited (NGEL), marking a significant milestone in its renewable energy expansion.
- NTPC Ltd (BOM:532555) achieved a 23% increase in coal production during the nine-month period of FY25 compared to the previous year.
- The company declared a second interim dividend of INR2.5 per share for FY25, maintaining a consistent dividend payout.
- NTPC Ltd (BOM:532555) has a robust pipeline with plans to add significant renewable and thermal capacity, aiming for 60 gigawatts of renewable energy by 2032.
Negative Points
- Total income for Q3 FY25 decreased slightly to INR42,303 crores from INR43,288 crores in the same quarter of the previous year.
- The consolidated PAT growth for Q3 FY25 was only 1%, indicating a slowdown compared to previous quarters.
- NTPC Ltd (BOM:532555) faced under-recovery issues in its coal-based power plants, with an under-recovery of INR468 crores by the end of December 2024.
- The company’s other income saw a significant decline, dropping by approximately 30% YoY for the quarter.
- Challenges in commissioning due to vendor issues, particularly with BHEL, could potentially delay future projects.
Q & A Highlights Q: What was the under-recovery in the coal-based power plant for nine-month FY25?
A: As of December, the under-recovery stands at INR468 crores, improved from INR706 crores. The company aims to reduce it further to INR250-300 crores by the end of the fiscal year. – Jaikumar Srinivasan, CFO
Q: What is the expected capacity addition for NTPC Green in FY25, FY26, and FY27?
A: For FY25, the expected addition is 3,088 megawatts. For FY26 and FY27, the targets are close to 5 gigawatts and 8 gigawatts, respectively. – Jaikumar Srinivasan, CFO
Q: Can you provide the adjusted PAT numbers for this quarter for both standalone and consolidated?
A: For Q3, the standalone adjusted PAT is INR4,618 crores, a 6% YoY growth. The consolidated adjusted PAT for nine months is INR14,796 crores, a 10% YoY growth. – Jaikumar Srinivasan, CFO
Q: What are the expected incentive earnings under the new CERC guidelines for Q4?
A: The incentive earnings for Q3 were INR762 crores, and a similar trend is expected for Q4. – Jaikumar Srinivasan, CFO
Q: What is the status of the Bangladesh joint venture plant?
A: Both plants are commissioned but currently shut down due to coal and availability issues. The investment in equity is INR1,324 crores. – Ravindra Kumar, Director of Operations
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
