NTPC reported a comprehensive earnings performance.

Chirag Batavia • 24 August 2020

NTPC Ltd

 NTPC reported a comprehensive earnings performance, with Q1FY21 growth in adjusted PAT of Rs.3,140 cr (+20% yoy) aligned to the growth in underlying regulated equity.

 NTPC remains confident of a scheduled commissioning of 10 GW (1 GW = 1,000 MW) of capacities under construction that will help the company report 14% compounded annual growth rate (CAGR) in earnings between FY20 and FY23E.

 The company expects regulated equity to grow at a CAGR of 15% for the next three years based on capacity under construction. Current CWIP (Capital Work in progress) is 33% of regulated equity, that will propel growth up to FY23E.

 NTPC has installed renewable capacity of 1.1 GW which it plans to grow to 32 GW by 2032 through a combination of owned assets and JVs.

 NTPC currently has 20 GW of capacities under construction on a standalone-basis that will likely commission over the next four years, resulting in an increase in regulated equity to Rs86,000 cr by FY23E (Vs Rs62,860 cr currently).

 Maintain BUY rating with revised Fair Value of Rs130/share, noting inexpensive valuations at 0.7x Price/Book Value and 6x P/E on FY22E earnings. Company is considering a buyback however no plans have been finalized yet.

NTPC Ltd: BUY
Dated: 24th August 2020
CMP: Rs.106
Fair Value: Rs.130
Potential Upside: 22.64%
Market Cap: Rs.1,05,130 Cr
Time Frame: 12 months
Note: The above is a brief note on the company, based on the inputs of KIE research report dated 18th August, 2020, which is available on their website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental.      
Disclaimer: http://bit.ly/2n5AxIE



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