NTPC Ltd

About [ edit ]

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.#

Key Points [ edit ]
  • Market Cap 114,421 Cr.
  • Current Price 118
  • High / Low 121 / 78.1
  • Stock P/E 7.20
  • Book Value 130
  • Dividend Yield 2.67 %
  • ROCE 8.76 %
  • ROE 13.0 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.91 times its book value
  • 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 11.91% for last 3 years.
  • Company might be capitalizing the interest cost
  • 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 Mar 2021
24,013 23,348 25,491 23,800 26,886 25,709 26,478 30,391 26,195 27,708 27,526 30,103
17,846 17,575 18,589 24,984 19,528 18,137 18,389 21,874 17,247 19,195 18,785 22,658
Operating Profit 6,168 5,773 6,902 -1,184 7,359 7,572 8,090 8,516 8,948 8,512 8,741 7,444
OPM % 26% 25% 27% -5% 27% 29% 31% 28% 34% 31% 32% 25%
Other Income 1,178 1,512 789 1,892 1,177 1,906 2,218 2,886 790 857 1,988 1,785
Interest 1,343 1,444 1,407 1,137 1,858 1,912 2,147 2,201 2,465 2,219 2,457 2,083
Depreciation 1,962 1,994 2,100 1,876 2,429 2,531 2,782 2,613 2,937 3,015 3,042 3,457
Profit before tax 4,040 3,846 4,184 -2,304 4,249 5,035 5,378 6,588 4,336 4,135 5,230 3,689
Tax % 33% 36% 38% 324% 26% 25% 38% 75% 32% 15% 26% -26%
Net Profit 2,701 2,494 2,598 5,087 3,087 3,715 3,264 1,535 2,890 3,436 3,766 4,542
EPS in Rs 2.73 2.52 2.63 5.14 3.12 3.75 3.30 1.55 2.92 3.47 3.88 4.68

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
48,312 56,860 65,231 71,518 78,330 79,957 73,396 82,042 88,083 100,287 109,464 111,531
35,275 42,424 49,948 53,432 58,647 62,632 54,847 60,480 65,709 77,588 77,878 77,557
Operating Profit 13,037 14,436 15,282 18,086 19,682 17,324 18,550 21,562 22,375 22,699 31,586 33,974
OPM % 27% 25% 23% 25% 25% 22% 25% 26% 25% 23% 29% 30%
Other Income 2,985 2,412 3,101 4,839 2,836 2,365 1,206 1,627 5,686 2,830 8,209 5,091
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
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
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
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
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
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:2%
Compounded Profit Growth
10 Years:5%
5 Years:8%
3 Years:15%
TTM:56%
Stock Price CAGR
10 Years:-3%
5 Years:-1%
3 Years:-3%
1 Year:22%
Return on Equity
10 Years:12%
5 Years:12%
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 99,424 113,773 130,049 173,058 200,630 197,237
15,139 17,414 21,049 27,116 31,334 35,366 33,666 36,990 48,880 62,509 58,202 75,991
Total Liabilities 121,916 136,612 155,255 178,776 200,118 219,712 224,665 248,601 282,492 346,923 377,671 398,966
38,805 44,864 51,131 71,833 84,208 91,853 92,929 104,532 128,245 150,985 187,803 203,347
CWIP 37,682 41,092 50,398 46,555 53,825 67,555 75,046 86,896 83,386 118,397 98,508 97,404
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 82,053 87,626
Total Assets 121,916 136,612 155,255 178,776 200,118 219,712 224,665 248,601 282,492 346,923 377,671 398,966

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 24,583 32,444
-13,033 -9,372 -9,583 -16,845 -15,509 -15,977 -19,162 -24,480 -20,678 -24,063 -30,322 -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
ROCE % 13% 13% 12% 12% 11% 8% 8% 9% 9% 7% 10% 9%
Debtor Days 54 11 37 31 31 42 41 40 37 45 68 58
Inventory Turnover 8.70 9.84 10.85 10.48 9.49 7.69 6.28 7.60 8.59 8.50 6.61 5.28

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
61.71 61.77 58.93 56.09 56.41 54.50 54.14 51.02 51.02 51.02 51.10 51.10
11.28 11.60 11.66 11.48 11.64 12.09 12.76 12.64 11.43 11.38 12.32 11.94
23.51 23.53 26.10 28.73 28.44 30.65 30.55 33.46 34.58 34.87 33.45 33.93
0.07 0.01 0.01 0.32 0.01 0.12 0.08 0.10 0.10 0.13 0.14 0.14
3.43 3.09 3.30 3.38 3.51 2.64 2.47 2.78 2.87 2.59 2.99 2.89

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