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ICICI Securities Report
In his recent interactions with investors, NTPC ltd.’s Chairman and Managing Director Mr Gurdeep Singh has elaborately laid down the roadmap for the company in the next decade.
Key thrust areas include:
1. Transition towards an integrated energy company with target capacity of 130 gigawatt by FY32,
2. no addition of new greenfield thermal plants,
3. steady transition towards higher clean generation portfolio with increased focus on renewables,
4. improvement in environmental, social and governance score to maximise stakeholder ,
5. fuel security assured for long term and 6) maximising shareholder returns through best possible means.
We expect company’s core earnings to remain strong and further strengthened by the robust commissioning pipeline and several green initiatives.
We incorporate Central Electricity Regulatory Commission (CERC) norm on return on equity for flue gas desulphurization (FGD) capex in our estimates, which although we believe is positive compared with draft norms, but is lower than our estimate of 15.5%, leading us to cut our FY22E earning per share estimates by 2.2%
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