NTPC reported strong operational numbers in Q4FY21 on the back of power demand recovery. While reported standalone (SA)/consolidated (cons.) PAT was Rs 44.8/46.5 bn, up 258/205% y-o-y, adjusted PAT was Rs 38.3/40 bn, up 31/25.2% y-o-y, respectively. Strong core earnings backed by 7.3/8.4% y-o-y increase in SA/cons. regulated equity to Rs 663/840 bn helped increase FY21 EPS by 19.2/12.7% to Rs 14.7/15.9. NTPC has doubled its RE capacity addition target by CY32 to 60 GW and is on the right path with 1.5 GW solar capacity won in recent bids and participation in 5 GW of upcoming bids. It will add >13 GW RE capacity in FY22-24.
