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ICICI Securities Report
NHPC Ltd., the largest hydroelectric power generation company in India, has seven gigawatt operational capacity split 98%/2% in favour of hydro/renewables, making it the largest ‘completely green’ power generating company in India.
Its regulated business model and capacity addition outlook (five under-construction projects) provides earnings certainty, while ever improving operational performance resulting in higher incentives will provide the extra fillip to earnings.
As a result, profit after tax is estimated to increase by 51% over FY20-FY24E (11% compound annual growth rate).
Green credentials and hydro’s must-run status backed by stricter Renewable Purchase Obligation compliance requirements provide further comfort.
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