{"id":368352,"date":"2020-08-18T11:09:26","date_gmt":"2020-08-18T05:39:26","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=368352"},"modified":"2020-08-18T11:09:26","modified_gmt":"2020-08-18T05:39:26","slug":"ntpc-rating-maintain-buy-with-unchanged-target-price-of-rs-165","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/ntpc-rating-maintain-buy-with-unchanged-target-price-of-rs-165\/","title":{"rendered":"NTPC rating: Maintain \u2018buy\u2019 with unchanged target price of Rs 165"},"content":{"rendered":"<p>NTPC\u2018s standalone adjusted profit in Q1FY21 was Rs 27.1 billion (down 7.8% y-o-y), but adjusting one-time rebate on fixed charges to discoms of Rs 8 billion (pre-tax), adjusted profit increased 14.8% y-o-y to Rs 33.7 billion. Being the first full quarter post the acquisition of THDC &amp; NEEPCO, NTPC\u2019s adjusted consolidated profit increased 21.3% to Rs 38.5 billion.<\/p>\n<p>The company\u2019s core RoE remained strong at 19.5%, but fixed cost under- recovery was at Rs 2.3 billion (Rs 1.2 billion in Q1FY20). On Q1FY21 consolidated profit basis, annualised EPS comes to Rs 15.4, Q1FY21-end RoE at 12.5% (pre-exception) and book value\/share at Rs 124. Thus, NTPC is on course to achieve the FY21E target EPS of Rs 12.3\/Rs 14.5 for standalone\/consolidated entity (ex-rebate offered). Core earnings remain strong, which will be further strengthened by the robust commissioning pipeline and green initiatives. Maintain \u2018buy\u2019 with an unchanged target price of Rs 165.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NTPC\u2018s standalone adjusted profit in Q1FY21 was Rs 27.1 billion (down 7.8% y-o-y), but adjusting one-time rebate on fixed charges to discoms of Rs 8 billion (pre-tax), adjusted profit increased 14.8% y-o-y to Rs 33.7 billion. Being the first full quarter post the acquisition of THDC &amp; NEEPCO, NTPC\u2019s adjusted consolidated profit increased 21.3% to Rs 38.5 billion. The company\u2019s core RoE remained strong at 19.5%, but fixed cost under- recovery was at Rs 2.3 billion (Rs 1.2 billion in Q1FY20). On Q1FY21 consolidated profit basis, annualised EPS comes to Rs 15.4, Q1FY21-end RoE at 12.5% (pre-exception) and book value\/share [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,240,138],"tags":[],"class_list":["post-368352","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/368352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=368352"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/368352\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=368352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=368352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=368352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}