For FY2009 NTPC registered a topline growth of 14.2% to Rs42,182.4 crore (Rs36,946.2 crore) in line with our estimates. This growth came on the back of a 3% growth in power generation to 206.9BU (200.9BU).
The increase in fuel costs too aided the growth in topline. Realizations for FY2009 stood at Rs2.04/unit (Rs1.84/unit) resulting in a 10.8% improvement y-o-y. The increase in power generation was due to capacity additions and higher Plant Load factor (PLF) in coal-based plants.
During the year, the company’s coal-based plants achieved PLF of 91.1% as against the national PLF of 77.2%. In March 2009, coal-based plants achieved a historically high PLF of 100%.
However, overall PLF of the company declined by 110bp to 91.14% y-o-y. During the year, NTPC’s installed capacity went up by 1,000MW, while its commercialised capacity went up by 2,000MW.
During FY2009, the company, on a stand-alone basis incurred capex of Rs12,685 crore while the capex of NTPC group (including JVs and subsidiaries) stood at Rs15,183.5 crore.
NTPC’s net profit for the year stood at Rs7,827.4 crore (Rs7,414.8 crore), a y-o-y growth of 5.6%. However, the bottomline was 3-4% below our estimates, which we believe is on account of the higher tax outgo during 4QFY2009.
Our recommendation on the stock is under review.