NTPC Ltd

About

NTPC (National Thermal Power Corporation) Ltd along with its subsidiaries/ associates & JVs is primarily involved in generation and sale of bulk power to State power utilities. Other business of the group includes providing consultancy, project management & supervision, energy trading, oil & gas exploration and coal mining.[1]

Key Points

Power Plants Portfolio
As on Jun 2020, the company has a power portfolio of ~ 63,000 MW from 70 power plants.
Out of total capacity, ~83% comes from coal plants, followed by gas/ liquid fuel plants (~10%), hydro (~5%) & renewables (~2%).
It owns 17% of total installed capacity in India with ~22% share in electricity generation in India.[1]
Company's allocated capacity is well diversified across regions. As on april 2021, none of a single region contributes more than 40% of total allocated capacity of company.[2]

See full details
  • Market Cap 144,868 Cr.
  • Current Price 149
  • High / Low 151 / 80.3
  • Stock P/E 9.24
  • Book Value 130
  • Dividend Yield 4.12 %
  • ROCE 8.57 %
  • ROE 12.6 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.15 times its book value
  • Stock is providing a good dividend yield of 4.12%.
  • Company has been maintaining a healthy dividend payout of 37.14%

Cons

  • The company has delivered a poor sales growth of 8.73% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 11.78% for last 3 years.
  • Contingent liabilities of Rs.51832.74 Cr.
  • Company might be capitalizing the interest cost
  • Promoter holding has decreased over last 3 years: -10.61%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
23,348 25,491 23,800 26,886 25,709 26,478 30,391 26,195 27,708 27,526 30,103 29,888
17,575 18,589 24,984 19,528 18,137 18,389 21,874 17,247 19,195 18,785 22,658 21,026
Operating Profit 5,773 6,902 -1,184 7,359 7,572 8,090 8,516 8,948 8,512 8,741 7,444 8,862
OPM % 25% 27% -5% 27% 29% 31% 28% 34% 31% 32% 25% 30%
Other Income 1,512 789 1,892 1,177 1,906 2,218 2,886 790 857 1,988 1,785 1,525
Interest 1,444 1,407 1,137 1,858 1,912 2,147 2,201 2,465 2,219 2,457 2,083 2,465
Depreciation 1,994 2,100 1,876 2,429 2,531 2,782 2,613 2,937 3,015 3,042 3,457 3,201
Profit before tax 3,846 4,184 -2,304 4,249 5,035 5,378 6,588 4,336 4,135 5,230 3,689 4,722
Tax % 36% 38% 324% 26% 25% 38% 75% 32% 15% 26% -26% 27%
Net Profit 2,494 2,598 5,087 3,087 3,715 3,264 1,535 2,890 3,436 3,766 4,542 3,412
EPS in Rs 2.52 2.63 5.14 3.12 3.75 3.30 1.55 2.92 3.47 3.88 4.68 3.52

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
48,312 56,860 65,231 71,518 78,330 79,957 73,396 82,042 88,083 100,287 109,464 111,531 115,224
35,275 42,424 49,935 53,370 58,603 62,605 54,829 60,445 65,598 77,576 77,863 77,484 81,665
Operating Profit 13,037 14,436 15,296 18,149 19,727 17,352 18,568 21,598 22,485 22,710 31,601 34,047 33,559
OPM % 27% 25% 23% 25% 25% 22% 25% 26% 26% 23% 29% 31% 29%
Other Income 2,985 2,412 3,088 4,777 2,792 2,338 1,188 1,592 5,576 2,818 8,194 5,017 6,155
Interest 2,078 1,735 2,139 2,491 3,263 3,669 3,366 3,753 4,447 5,605 8,189 9,224 9,224
Depreciation 2,894 2,720 3,107 3,823 4,770 5,565 5,771 6,010 7,460 8,669 10,356 12,450 12,714
Profit before tax 11,049 12,392 13,137 16,611 14,486 10,456 10,618 13,426 16,154 11,255 21,250 17,390 17,776
Tax % 20% 25% 25% 24% 21% 4% -2% 20% 35% -25% 44% 14%
Net Profit 8,838 9,348 9,813 12,591 11,404 9,986 10,801 10,720 10,544 13,737 11,600 14,635 15,156
EPS in Rs 8.93 9.45 9.92 12.72 11.53 10.09 10.92 10.83 10.66 13.88 11.72 15.09 15.55
Dividend Payout % 35% 34% 34% 38% 42% 21% 26% 37% 40% 44% 27% 41%
Compounded Sales Growth
10 Years:7%
5 Years:9%
3 Years:8%
TTM:6%
Compounded Profit Growth
10 Years:5%
5 Years:7%
3 Years:13%
TTM:32%
Stock Price CAGR
10 Years:0%
5 Years:4%
3 Years:3%
1 Year:86%
Return on Equity
10 Years:12%
5 Years:11%
3 Years:12%
Last Year:13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
8,245 8,245 8,245 8,245 8,245 8,245 8,245 8,245 8,245 9,895 9,895 9,697
Reserves 54,382 60,198 66,157 72,995 79,084 73,849 83,330 89,593 95,318 101,462 108,945 116,042
Borrowings 44,149 50,754 59,804 70,419 81,455 102,252 99,424 113,773 130,049 173,058 202,984 212,451
15,139 17,414 21,049 27,116 31,334 35,366 33,666 36,990 48,880 62,509 55,746 59,911
Total Liabilities 121,916 136,612 155,255 178,776 200,118 219,712 224,665 248,601 282,492 346,923 377,569 398,100
38,805 44,864 51,131 71,833 84,208 91,853 92,929 104,532 128,245 150,985 187,803 203,245
CWIP 37,682 41,092 50,398 46,555 53,825 67,555 75,046 86,896 83,386 118,397 98,508 97,506
Investments 11,778 8,357 6,545 4,923 3,300 1,902 6,473 7,614 8,876 8,132 9,307 10,589
33,651 42,299 47,180 55,465 58,785 58,403 50,217 49,560 61,985 69,409 81,951 86,760
Total Assets 121,916 136,612 155,255 178,776 200,118 219,712 224,665 248,601 282,492 346,923 377,569 398,100

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
11,949 12,068 11,397 16,508 16,531 14,889 24,125 20,167 19,670 18,686 23,890 32,444
-13,033 -9,372 -9,583 -16,845 -15,509 -15,977 -19,162 -24,480 -20,678 -24,063 -29,628 -21,034
-114 -889 -1,583 988 -2,709 -1,474 -3,899 3,138 1,028 4,927 6,004 -11,049
Net Cash Flow -1,197 1,807 231 651 -1,687 -2,563 1,064 -1,176 19 -451 266 360

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 54 11 37 31 31 42 41 40 37 45 68 58
Inventory Days
Days Payable
Cash Conversion Cycle 54 11 37 31 31 42 41 40 37 45 68 58
Working Capital Days 32 43 32 16 9 -6 1 -10 10 -12 53 39
ROCE % 13% 13% 12% 12% 11% 8% 8% 9% 9% 7% 10% 9%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
61.77 58.93 56.09 56.41 54.50 54.14 51.02 51.02 51.02 51.10 51.10 51.10
11.60 11.66 11.48 11.64 12.09 12.76 12.64 11.43 11.38 12.32 11.94 13.13
23.53 26.10 28.73 28.44 30.65 30.55 33.46 34.58 34.87 33.45 33.93 32.93
0.01 0.01 0.32 0.01 0.12 0.08 0.10 0.10 0.13 0.14 0.14 0.09
3.09 3.30 3.38 3.51 2.64 2.47 2.78 2.87 2.59 2.99 2.89 2.76

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