NTPC Ltd

₹ 170 0.15%
25 Nov - close price
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]

  • Market Cap 164,601 Cr.
  • Current Price 170
  • High / Low 183 / 118
  • Stock P/E 9.72
  • Book Value 146
  • Dividend Yield 4.12 %
  • ROCE 9.23 %
  • ROE 12.6 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.16 times its book value
  • Stock is providing a good dividend yield of 4.12%.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 36.1%
  • Company's working capital requirements have reduced from 22.3 days to 14.4 days

Cons

  • The company has delivered a poor sales growth of 10.1% over past five years.
  • Company has a low return on equity of 11.4% over last 3 years.
  • Company might be capitalizing the interest cost
  • Promoter holding has decreased over last 3 years: -3.40%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
25,709 26,478 30,391 26,195 27,708 27,526 30,103 29,888 32,404 33,293 37,085 43,177 44,175
18,137 18,389 21,874 17,247 19,195 18,785 22,658 21,026 23,423 22,319 25,659 32,381 33,392
Operating Profit 7,572 8,090 8,516 8,948 8,512 8,741 7,444 8,862 8,980 10,974 11,426 10,796 10,783
OPM % 29% 31% 28% 34% 31% 32% 25% 30% 28% 33% 31% 25% 24%
1,906 2,218 2,886 790 857 1,988 1,785 1,525 1,518 799 1,027 730 1,380
Interest 1,912 2,147 2,201 2,465 2,219 2,457 2,083 2,465 2,212 2,232 2,408 2,477 3,068
Depreciation 2,531 2,782 2,613 2,937 3,015 3,042 3,457 3,201 3,314 3,452 3,821 3,542 3,687
Profit before tax 5,035 5,378 6,588 4,336 4,135 5,230 3,689 4,722 4,972 6,089 6,224 5,508 5,408
Tax % 25% 38% 75% 32% 15% 26% -26% 27% 26% 24% 16% 28% 37%
Net Profit 3,788 3,351 1,630 2,949 3,495 3,876 4,649 3,444 3,691 4,626 5,200 3,978 3,418
EPS in Rs 3.75 3.30 1.55 2.92 3.47 3.88 4.68 3.52 3.71 4.64 5.33 4.06 3.44
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
56,860 65,231 71,518 78,330 79,957 73,396 82,042 88,083 100,287 109,464 111,531 132,669 157,730
42,424 49,935 53,370 58,603 62,605 54,829 60,445 65,598 77,576 77,863 77,484 92,301 113,751
Operating Profit 14,436 15,296 18,149 19,727 17,352 18,568 21,598 22,485 22,710 31,601 34,047 40,368 43,979
OPM % 25% 23% 25% 25% 22% 25% 26% 26% 23% 29% 31% 30% 28%
2,412 3,088 4,777 2,792 2,338 1,188 1,592 5,576 2,818 8,194 5,017 4,803 3,937
Interest 1,735 2,139 2,491 3,263 3,669 3,366 3,753 4,447 5,605 8,189 9,224 9,376 10,184
Depreciation 2,720 3,107 3,823 4,770 5,565 5,771 6,010 7,460 8,669 10,356 12,450 13,788 14,502
Profit before tax 12,392 13,137 16,611 14,486 10,456 10,618 13,426 16,154 11,255 21,250 17,390 22,007 23,230
Tax % 25% 25% 24% 21% 4% -2% 20% 35% -25% 44% 14% 23%
Net Profit 9,348 9,815 12,586 11,403 9,992 10,781 10,714 10,502 14,034 11,902 14,969 16,960 17,221
EPS in Rs 9.45 9.92 12.72 11.53 10.09 10.92 10.83 10.66 13.88 11.72 15.09 17.20 17.47
Dividend Payout % 34% 34% 38% 42% 21% 26% 37% 40% 44% 27% 41% 41%
Compounded Sales Growth
10 Years: 7%
5 Years: 10%
3 Years: 10%
TTM: 32%
Compounded Profit Growth
10 Years: 5%
5 Years: 9%
3 Years: 3%
TTM: 11%
Stock Price CAGR
10 Years: 2%
5 Years: 2%
3 Years: 14%
1 Year: 32%
Return on Equity
10 Years: 12%
5 Years: 12%
3 Years: 11%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
8,245 8,245 8,245 8,245 8,245 8,245 8,245 8,245 9,895 9,895 9,697 9,697 9,697
Reserves 60,198 66,157 72,995 79,084 73,849 83,330 89,593 95,318 101,462 108,945 116,042 125,677 131,861
50,754 59,804 70,419 81,455 102,252 99,424 113,773 130,049 173,058 202,984 210,208 210,707 223,206
17,414 21,049 27,116 31,334 35,366 33,666 36,990 48,880 62,509 55,746 62,075 69,671 75,329
Total Liabilities 136,612 155,255 178,776 200,118 219,712 224,665 248,601 282,492 346,923 377,569 398,022 415,752 440,092
44,864 51,131 71,833 84,208 91,853 92,929 104,532 128,245 150,985 187,803 203,245 224,923 228,757
CWIP 41,092 50,398 46,555 53,825 67,555 75,046 86,896 83,386 118,397 98,508 97,506 91,126 92,905
Investments 8,357 6,545 4,923 3,300 1,902 6,473 7,614 8,876 8,132 9,307 10,589 10,626 13,523
42,299 47,180 55,465 58,785 58,403 50,217 49,560 61,985 69,409 81,951 86,681 89,076 104,907
Total Assets 136,612 155,255 178,776 200,118 219,712 224,665 248,601 282,492 346,923 377,569 398,022 415,752 440,092

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
12,068 11,397 16,508 16,531 14,889 24,125 20,167 19,670 18,686 23,890 32,444 41,788
-9,372 -9,583 -16,845 -15,509 -15,977 -19,162 -24,480 -20,678 -24,063 -29,628 -21,034 -22,838
-889 -1,583 988 -2,709 -1,474 -3,899 3,138 1,028 4,927 6,004 -11,049 -19,172
Net Cash Flow 1,807 231 651 -1,687 -2,563 1,064 -1,176 19 -451 266 360 -222

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 11 37 31 31 42 41 40 37 45 68 92 75
Inventory Days
Days Payable
Cash Conversion Cycle 11 37 31 31 42 41 40 37 45 68 92 75
Working Capital Days 19 5 -11 -16 -44 -32 -38 -16 -43 18 34 14
ROCE % 13% 12% 12% 11% 8% 8% 9% 9% 7% 10% 9% 9%

Shareholding Pattern

Numbers in percentages

7 recently
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
54.14 51.02 51.02 51.02 51.10 51.10 51.10 51.10 51.10 51.10 51.10 51.10
12.76 12.64 11.43 11.38 12.32 11.94 13.13 13.48 14.54 14.74 14.00 14.97
30.55 33.46 34.58 34.87 33.45 33.93 32.93 31.98 30.91 30.76 31.33 31.31
0.08 0.10 0.10 0.13 0.14 0.14 0.09 0.21 0.17 0.17 0.17 0.10
2.47 2.78 2.87 2.59 2.99 2.89 2.76 3.23 3.28 3.23 3.40 2.50

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