BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
NHPC Ltd.'s Q1 result highlights the impact of lower generation, offset by higher other income and revenue from the Teesta low dam project stage-IV order.
Standalone reported profit after tax was up 26% YoY to Rs 9.1 billion (in line with our estimate of Rs 9.6 billion).
NHPC's Q1 FY21 had a one-time rebate impact of Rs 1.85 billion. Adjusted for this, profit after tax would be largely flat on a YoY basis.
The capex run-rate is expected to increase on account of investments in new projects.
However, much of the commissioning remains three to four years away, implying free cash flow/return on equity getting dragged over the near term.
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