{"id":399757,"date":"2021-02-09T12:28:20","date_gmt":"2021-02-09T06:58:20","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=399757"},"modified":"2021-02-09T13:21:26","modified_gmt":"2021-02-09T07:51:26","slug":"ntpc-retain-buy-with-a-tp-of-rs-145-performance-is-expected-lines","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/ntpc-retain-buy-with-a-tp-of-rs-145-performance-is-expected-lines\/","title":{"rendered":"NTPC: Retain \u2018buy\u2019 with a TP of Rs 145; performance is expected lines"},"content":{"rendered":"<p>NTPC\u2019s overall Q3FY21 performance is in line with our expectations. Highlights: Liquidation of overdue receivables by 15% to Rs157 billion is a key positive; it is likely to reduce to Rs80 billion by March-21. The company continues to progress well on renewable diversification (won 1.2GW in last three months). The CWIP ratio is down to less than 30%, indicating higher profitability going forward.<\/p>\n<p>In our view, the key concern \u2014 a deteriorating balance sheet profile \u2014 has begun to recede. Furthermore, capacity commercialisation of 11GW over the next two years is likely drive a strong 15% earnings CAGR. The stock\u2019s valuation is compelling at (0.7x P\/BV). Maintain \u2018buy\u2019 with a TP of Rs 145<\/p>\n<p>NTPC volumes in Q3 increased 7% YoY to 65.4billion units in line with power demand, resulting in overall revenue growth of 4% YoY to Rs 245billion. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>NTPC\u2019s overall Q3FY21 performance is in line with our expectations. Highlights: Liquidation of overdue receivables by 15% to Rs157 billion is a key positive; it is likely to reduce to Rs80 billion by March-21. The company continues to progress well on renewable diversification (won 1.2GW in last three months). The CWIP ratio is down to less than 30%, indicating higher profitability going forward. In our view, the key concern \u2014 a deteriorating balance sheet profile \u2014 has begun to recede. Furthermore, capacity commercialisation of 11GW over the next two years is likely drive a strong 15% earnings CAGR. The stock\u2019s [&hellip;]<\/p>\n","protected":false},"author":44,"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-399757","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\/399757","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\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=399757"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/399757\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=399757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=399757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=399757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}