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ICICI Direct Report
NTPC Ltd. reported Q1 FY22 results, which were below estimates on account of lower-than-expected tariff and higher interest costs.
Reported revenues came in at Rs 26038.5 crore versus our estimate of Rs 27140.5 crore.
Key reason was lower-than-expected tariff of Rs 3.73/ kilowatt-hour.
On the operational parameter front, expected generation in Q1 FY22 was at 71.7 billion units versus estimate of 71.3. billion units.
On the other hand, energy sold was tad higher than estimates at 66.6 billion units versus 66.2 billion units.
Plant load factor of the coal plants was at 69.7% versus 64.3% QoQ.
As of Q1 FY22, commercial capacity was at 51750 megawatt whereas the installed capacity was at 52660 megawatt.
On the coal mining side, NTPC has mined coal to the tune of 2.46 million tonne in Q1 FY22 versus 2.4 million tonnne mined in Q4 FY21.
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