Motilal Oswal: NTPC Q2 Review - Underlying Numbers Strong; Other Income Drives Beat
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Motilal Oswal Report
NTPC Ltd.’s Q2 FY21 results witnessed strong underlying numbers. This was highlighted by high plant load factor incentives for the company despite muted power demand.
Other income was higher and boosted profitability. Standalone adjusted profit after tax (excluding fixed charge under recoveries) was up 20% YoY at Rs 41.6 billion.
Commercialization at 5.3 giga watt in FY20 was at an all-time high.
With the addition of THDC/ North Eastern Electric Power Corporation Ltd. and continued pickup in capitalization, we expect 9% earnings compound annual growth rate over FY20-23E.
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