NTPC Ltd

About [ edit ]

NTPC is primarily involved in the generation and sale of bulk power to State Power Utilities. Other business includes providing consultancy, project management & supervision, energy trading, oil & gas exploration and coal mining.(Source : 201903 Annual Report Page No: 169)

  • Market Cap 107,147 Cr.
  • Current Price 111
  • High / Low 115 / 73.2
  • Stock P/E 8.54
  • Book Value 126
  • Dividend Yield 2.85 %
  • ROCE 9.77 %
  • ROE 8.82 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.88 times its book value
  • Company has been maintaining a healthy dividend payout of 36.90%

Cons

  • The company has delivered a poor sales growth of 6.48% over past five years.
  • Company has a low return on equity of 11.18% for last 3 years.
  • Company might be capitalizing the interest cost
  • Debtor days have increased from 49.81 to 67.92 days.
  • Promoter holding has decreased over last 3 years: -11.17%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
24,013 23,348 25,491 23,800 26,886 25,709 26,478 30,201 26,195 27,708 27,526
17,846 17,575 18,589 24,984 19,528 18,137 18,389 21,860 17,247 19,195 18,785
Operating Profit 6,168 5,773 6,902 -1,184 7,359 7,572 8,090 8,341 8,948 8,512 8,741
OPM % 26% 25% 27% -5% 27% 29% 31% 28% 34% 31% 32%
Other Income 1,178 1,512 789 1,892 1,177 1,906 2,218 2,956 790 857 1,988
Interest 1,343 1,444 1,407 1,137 1,858 1,912 2,147 2,211 2,465 2,219 2,457
Depreciation 1,962 1,994 2,100 1,876 2,429 2,531 2,782 2,613 2,937 3,015 3,042
Profit before tax 4,040 3,846 4,184 -2,304 4,249 5,035 5,378 6,472 4,336 4,135 5,230
Tax % 33% 36% 38% 324% 26% 25% 38% 76% 32% 15% 26%
Net Profit 2,701 2,494 2,598 5,087 3,087 3,715 3,264 1,443 2,890 3,436 3,766
EPS in Rs 2.73 2.52 2.63 5.14 3.12 3.75 3.30 1.46 2.92 3.47 3.88
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
42,713 48,312 56,860 65,231 71,518 78,330 79,957 73,396 82,042 88,083 100,287 109,464 111,630
32,170 35,275 42,424 49,948 53,432 58,647 62,632 54,847 60,480 65,709 77,588 77,878 77,088
Operating Profit 10,543 13,037 14,436 15,282 18,086 19,682 17,324 18,550 21,562 22,375 22,699 31,586 34,541
OPM % 25% 27% 25% 23% 25% 25% 22% 25% 26% 25% 23% 29% 31%
Other Income 3,376 2,985 2,412 3,101 4,839 2,836 2,365 1,206 1,627 5,686 2,830 8,209 6,590
Interest 2,117 2,078 1,735 2,139 2,491 3,263 3,669 3,366 3,753 4,447 5,605 8,189 9,352
Depreciation 2,495 2,894 2,720 3,107 3,823 4,770 5,565 5,771 6,010 7,460 8,669 10,356 11,606
Profit before tax 9,307 11,049 12,392 13,137 16,611 14,486 10,456 10,618 13,426 16,154 11,255 21,250 20,173
Tax % 13% 20% 25% 25% 24% 21% 4% -2% 20% 35% -25% 44%
Net Profit 8,092 8,838 9,348 9,813 12,591 11,404 9,986 10,801 10,720 10,544 13,737 11,600 11,535
EPS in Rs 8.18 8.93 9.45 9.92 12.72 11.53 10.09 10.92 10.83 10.66 13.88 11.72 11.73
Dividend Payout % 37% 35% 34% 34% 38% 42% 21% 26% 37% 40% 44% 27%
Compounded Sales Growth
10 Years:9%
5 Years:6%
3 Years:10%
TTM:9%
Compounded Profit Growth
10 Years:1%
5 Years:1%
3 Years:-2%
TTM:-17%
Stock Price CAGR
10 Years:-3%
5 Years:1%
3 Years:-7%
1 Year:5%
Return on Equity
10 Years:12%
5 Years:11%
3 Years:11%
Last Year:9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
8,246 8,245 8,245 8,245 8,245 8,245 8,245 8,245 8,245 8,245 9,895 9,895 9,895
Reserves 49,162 54,382 60,198 66,157 72,995 79,084 73,849 83,330 89,593 95,318 101,462 108,945 112,563
Borrowings 38,823 44,149 50,754 59,804 70,419 81,455 102,252 99,424 113,773 130,049 173,058 200,630 197,199
14,847 15,139 17,414 21,049 27,116 31,334 35,366 33,666 36,990 48,880 62,509 58,202 77,297
Total Liabilities 111,077 121,916 136,612 155,255 178,776 200,118 219,712 224,665 248,601 282,492 346,923 377,671 396,953
34,966 38,805 44,864 51,131 71,833 84,208 91,853 92,929 104,532 128,245 150,985 187,803 193,597
CWIP 30,929 37,682 41,092 50,398 46,555 53,825 67,555 75,046 86,896 83,386 118,397 98,508 95,363
Investments 11,696 11,778 8,357 6,545 4,923 3,300 1,902 6,473 7,614 8,876 8,132 9,307 9,649
33,486 33,651 42,299 47,180 55,465 58,785 58,403 50,217 49,560 61,985 69,409 82,053 98,344
Total Assets 111,077 121,916 136,612 155,255 178,776 200,118 219,712 224,665 248,601 282,492 346,923 377,671 396,953

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
10,242 11,949 12,068 11,397 16,508 16,531 14,889 24,125 20,167 19,670 18,686 24,583
-8,389 -13,033 -9,372 -9,583 -16,845 -15,509 -15,977 -19,162 -24,480 -20,678 -24,063 -30,322
37 -114 -889 -1,583 988 -2,709 -1,474 -3,899 3,138 1,028 4,927 6,004
Net Cash Flow 1,890 -1,197 1,807 231 651 -1,687 -2,563 1,064 -1,176 19 -451 266

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 13% 13% 13% 12% 12% 11% 8% 8% 9% 9% 7% 10%
Debtor Days 33 54 11 37 31 31 42 41 40 37 45 68
Inventory Turnover 8.90 8.70 9.84 10.85 10.48 9.49 7.69 6.28 7.60 8.59 8.50 6.61

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
62.27 61.71 61.77 58.93 56.09 56.41 54.50 54.14 51.02 51.02 51.02 51.10
11.52 11.28 11.60 11.66 11.48 11.64 12.09 12.76 12.64 11.43 11.38 12.32
22.82 23.51 23.53 26.10 28.73 28.44 30.65 30.55 33.46 34.58 34.87 33.45
0.01 0.07 0.01 0.01 0.32 0.01 0.12 0.08 0.10 0.10 0.13 0.14
3.37 3.43 3.09 3.30 3.38 3.51 2.64 2.47 2.78 2.87 2.59 2.99

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