Saturday, 28 July 2018

NTPC Q1FY19E Result Expectation

Standalone consensus expectations for Q1FY19E:• Revenue – Rs21,818cr, up 9.8% yoy
• EBITDA – Rs6,035cr, up 14.6% yoy
• EBITDA Margin – 28.3%, an expansion of 116bps yoy
• Adjusted PAT – Rs2,684cr, up 2.5% yoy

Highlights for Q4FY18:
• Revenue – Rs23,100cr, up 13.1% yoy
• EBITDA – Rs5,911cr, up 8.2% yoy
• EBITDA Margin – 25.6%, a contraction of 117bps. This fall in margin was due to decline in PLF by 218bps yoy owing to shortage of coal supply
• PAT – Rs2,626cr, down 1.7% yoy

Remarks:
• Revenues to rise by 9.8% yoy backed by 5% increase in power generation and higher power rates in short term segment.
• Margins are expected to expand by 116bps yoy on the back of higher PLF. However, higher coal costs and availability issues could act as a hindrance.




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