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NTPC Q4FY13 Result Update - Emkay Global Financial Services Ltd.

NTPC Q4FY13 Result Update - Emkay Global Financial Services Ltd.

NTPC

NTPC Result Update Exhibit 2: NTPC standalone result snapshot Rs mn Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 YoY (%) QoQ (%) FY12 FY13 YoY (%) Revenue 162,639 159,600 161,196 157,749 164,618 1.2 4.4 614,260 643,163 4.7 Expenditure -121,346 -123,294 -118,955 -117,789 -125,554 3.5 6.6 -480,068 -485,592 1.2 as % of sales -74.6% -77.3% -73.8% -74.7% -76.3% -78.2% -75.5% Fuel -104,430 -105,977 -99,327 -100,981 -103,897 -0.5 2.9 -416,355 -410,182 -1.5 as % of sales -64.2% -66.4% -61.6% -64.0% -63.1% -67.8% -63.8% Power and Fuel 0 0 0 0 0 0 0 as % of sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Other Mfg Expenses 0 0 0 0 0 1 0 as % of sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Employee Cost -8,963 -7,907 -8,965 -6,910 -9,814 9.5 42.0 -30,906 -33,596 8.7 as % of sales -5.5% -5.0% -5.6% -4.4% -6.0% -5.0% -5.2% Other expenditure -7,953 -9,410 -10,663 -9,898 -11,843 48.9 19.7 -32,808 -41,814 27.5 as % of sales -4.9% -5.9% -6.6% -6.3% -7.2% -5.3% -6.5% EBITDA 41,293 36,306 42,241 39,960 39,065 -5.4 -2.2 134,192 157,571 17.4 Depreciation -7363 -7602 -7865 -8288 -10213 38.7 23.2 -27,916 -33,967 21.7 EBIT 33,931 28,704 34,376 31,672 28,852 -15.0 -8.9 106,277 123,603 16.3 Other Income 5,559 8,849 8,392 7,546 9,354 68.3 24.0 28,246 34,141 20.9 Interest -4,870 -4,994 -5,095 -5,303 -5,912 21.4 11.5 -18,410 -21,303 15.7 PBT 34,620 32,559 37,673 33,915 32,294 -6.7 -4.8 116,113 136,441 17.5 Total Tax -11,515 -8,421 -17,160 -8,174 -11,103 -28,565 -44,858 57.0 PAT before extra-ordinary 23,104 24,138 20,513 25,741 21,191 -8.3 -17.7 87547 91583 4.6 Extra ordinary items 2,830 849 10,908 235 22,625 4,692 34,617 Reported PAT 25,934 24,987 31,421 25,976 43,816 68.9 68.7 92240 126200 36.8 Non-recurring adjustments -2,830 -849 -10,908 -235 -22,416 692.0 9436.1 -4,693 -34,408 633.1 Comparable PAT 23,104 24,138 20,513 25,741 21,191 -7.4 -16.9 87,546 91,583 4.6 Comparable EPS 2.8 2.9 2.5 3.1 2.6 -7.4 -16.9 10.6 11.1 4.6 Margins (%) (bps) (bps) (bps) EBIDTA 18.9 25.4 22.7 26.2 25.3 639 -87 21.8 24.5 265 EBIT 14.0 20.9 18.0 21.3 20.1 606 -125 17.3 19.2 192 EBT 16.7 22.5 20.4 25.9 21.5 478 -445 18.9 21.2 231 PAT 14.6 14.2 15.1 12.7 16.3 175 359 14.3 14.3 2 Effective Tax rate 29.1 29.2 24.7 24.9 23.4 -573 -146 23.9 24.8 93 Source: Company, Emkay Research Exhibit 3: NTPC - Operational performance Particulars Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 YoY (%) QoQ (%) FY12 FY13 YoY (%) Group capacity added (MW) 1000 2160 0 500 1500 -100 -77 2820 4160 Capacity added - NTPC (MW) 500 2160 0 0 1000 -100 -100 1820 3160 Capacity added - JV (MW) 500 0 0 500 500 1000 1000 Group capacity commercialised (MW) 0 1660 1160 1000 1500 -40 1160 5320 Capacity commercialised - NTPC (MW) 0 1160 1160 500 1000 -57 1160 3820 Capacity commercialised - JV (MW) 0 500 0 500 500 0 0 1500 PLF (%) Coal based 91.1 86.5 74.9 84.1 86.9 85.0 83.1 Gas based 67.0 64.6 57.7 58.8 42.6 72.4 56.0 PAF (%) Coal based 94.7 88.4 80.1 88.6 92.7 88.4 87.6 Gas based 98.7 92.6 90.2 93.8 95.9 93.8 93.1 Generation Units generated (MU) 60235 58886 52719 60160 60271 -3.4 2.2 222086 232036 4.5 Energy sent out (MU) 56073 54817 48863 56279 55963 -4.3 2.7 206682 215922 4.5 Per unit Realisation per unit (Rs/unit) 2.8 2.9 3.0 2.8 2.9 5.3 -3.6 3.0 2.9 -1.7 Fuel cost per unit (Rs/unit) 1.9 1.9 2.0 1.8 1.9 6.4 -7.2 2.0 1.9 -5.7 Source: Company, Emkay Research Emkay Research May 13, 2013 2

NTPC Result Update Exhibit 4: NTPC - Revenue break-up NTPC - Quarterly Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 FY12 FY13 Electricity Sales Current Year 158,861 159,771 158,970 147,919 157,332 163,531 611,054 627,752 Previous Yr sales + Sales out of AAD (1,545) 1,848 1,099 10,237 299 784 5,491 12,419 Current Tax Recovered - - Deferred Tax Recovered / (paid) 89 110 119 119 118 176 377 532 Prior Tax Recovered / (Paid) (4,072) 911 (588) 2,921 - 128 (2,661) 2,460 Exchange Fluctuation Recovered - - Energy Internally Consumed - - Consultancy + Other Services - - Reported Revenues 153,333 162,639 159,600 161,196 157,749 164,618 614,260 643,163 Source: Company, Emkay Research Exhibit 5: NTPC - Adjusted profit calculations Adjusted Profit Calculation Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 FY12 FY13 Reported Profit 21,305 25,934 24,987 31,421 25,976 43,816 92,239 126,200 Add - Provision against debtors - - - - - (8,360) (8,360) (8,360) Undischarged liabilities - - - - - - - - Other provisions 486 166 - - - - - - Less - Depreciation Write Back - - - - - - - - Other extraordinary income - - - - - - - - Tax on Extra-ordinaries & others 1,308 1,620 - 3,147 - 12,816 (2,891) 15,963 Adjusted PAT 20,483 24,480 24,987 28,274 25,976 22,640 86,770 101,877 Sales/Tax of earlier years 1,853 (1,375) (849) (7,762) (235) (1,449) 777 (10,294) Comparable APAT 22,336 23,104 24,138 20,513 25,741 21,191 87,546 91,583 Source: Company, Emkay Research Emkay Research May 13, 2013 3

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