NTPC

₹355.7 9.7 | 2.8%

WEBSITE BSE:532555 NSE : NTPC LTD 10 May, 16:01

Market Cap ₹344910 Cr.

Stock P/E 17.7

P/B 2.2

Current Price ₹355.7

Book Value ₹ 162

Face Value 10

52W High ₹380.4

Dividend Yield 2.04%

52W Low ₹ 171.9

Edit Ratio

NTPC Research see more...

Equity Research: NTPC

Overview Inc. Year: 1975Industry: Power Generation/Distribution

NTPC Limited is an primarily India-based organisation, which is engaged in the technology and sale of electricity. The predominant business activity of the Company is electric power generation with the aid of a totally coal-based thermal energy plant. The Company's commercial enterprise segments consist of Generation and Others. The Company's Other commercial enterprise includes presenting consultancy, assignment control and supervision, re-gasification, oil and gas exploration and coal mining. The Company's subsidiaries are NTPC Electric Supply Company Ltd., NTPC Vidyut Vyapar Nigam Ltd., Kanti Bijlee Utpadan Nigam Ltd., Nabinagar Power Generating Company Ltd., Bhartiya Rail Bijlee Company Ltd., ., North Eastern Electric Power Corporation Ltd.,Patratu Vidyut Utpadan Nigam Ltd THDC India Limited, NTPC Mining Ltd., NTPC EDMC Waste Solutions Private Ltd., NTPC Renewable Energy Ltd. And Ratnagiri Gas and Power Private Ltd.

NTPC Share Price

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Peer Comparison

NTPC Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	32404	33293	37085	43177	44175	44602	44253	43075	44983	42820
Other Income	692	491	639	384	506	387	493	315	401	754
Total Income	33096	33784	37724	43561	44682	44989	44746	43390	45385	43575
Total Expenditure	23423	22281	25659	32381	33662	30124	32311	30220	32303	31458
Operating Profit	9672	11503	12065	11180	11019	14865	12435	13170	13081	12116
Interest	2212	2232	2408	2477	2652	3168	2860	2922	2921	3250
Depreciation	3314	3452	3821	3542	3687	3715	3848	3821	4038	4074
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	4146	5819	5836	5161	4681	7982	5727	6426	6123	4792
Provision for Tax	1281	1463	1025	1530	1991	1829	1447	1754	2020	1362
Profit After Tax	2865	4356	4811	3631	2690	6153	4280	4672	4104	3431
Adjustments	734	143	355	305	649	-1376	580	201	511	1725
Profit After Adjustments	3599	4499	5167	3937	3338	4777	4861	4873	4615	5155
Adjusted Earnings Per Share	3.7	4.6	5.3	4.1	3.4	4.9	5	5	4.8	5.3

NTPC Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	72098	78951	80612	72697	81343	87202	99382	108512	110368	131387	174772	175131
Other Income	3305	2960	2652	1156	1513	5247	2380	7853	6582	4572	933	1963
Total Income	75403	81910	83263	73854	82856	92448	101762	116365	116950	135959	175706	177096
Total Expenditure	54046	59311	63537	54787	60029	64832	76906	76976	76626	91749	126901	126292
Operating Profit	21357	22599	19726	19067	22827	27616	24856	39389	40324	44210	48805	50802
Interest	2491	3343	3705	3366	3753	4447	5605	8189	9655	9434	10875	11953
Depreciation	3823	4770	5565	5224	6010	7460	8669	10356	12450	13788	14792	15781
Exceptional Income / Expenses	1568	0	0	0	0	0	0	0	-1512	0	0	0
Profit Before Tax	16611	14486	10456	10618	13689	16154	11255	21250	17390	22007	23917	23068
Provision for Tax	4025	3082	464	-163	2975	5653	-2780	9348	2421	5047	6796	6583
Profit After Tax	12586	11403	9992	10781	10714	10502	14034	11902	14969	16960	17121	16487
Adjustments	5	0	-6	20	6	42	-298	-302	-335	-284	-209	3017
Profit After Adjustments	12591	11404	9986	10801	10720	10544	13737	11600	14635	16676	16913	19504
Adjusted Earnings Per Share	12.7	11.5	10.1	10.9	10.8	10.7	13.9	11.7	15.1	17.2	17.4	20.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	33%	17%	15%	9%
Operating Profit CAGR	10%	7%	12%	9%
PAT CAGR	1%	13%	10%	3%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	101%	49%	23%	13%
ROE Average	12%	12%	12%	12%
ROCE Average	10%	9%	9%	9%

NTPC Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	81476	87330	82094	91576	97838	103563	111356	118839	125738	135374	147023
Minority's Interest	645	680	888	793	803	948	2908	3317	3524	3760	3930
Borrowings	64588	75542	93363	91205	104075	116776	147064	176020	180536	181871	187884
Other Non-Current Liabilities	15340	13867	14615	16667	11375	23658	22332	27740	28766	26792	34265
Total Current Liabilities	26699	29665	35946	33842	41677	45650	74653	64542	70646	76672	84535
Total Liabilities	188747	207084	226907	234084	255768	290595	358312	390458	409210	424469	457637
Fixed Assets	71833	84208	91853	92929	104532	128245	150985	187803	203245	224923	240424
Other Non-Current Assets	72454	78491	93262	110270	118067	114340	155453	136694	137673	128076	136044
Total Current Assets	44460	44385	41792	30884	33169	48009	51874	65961	68292	71452	81047
Total Assets	188747	207084	226907	234084	255768	290595	358312	390458	409210	424469	457637

NTPC Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	18087	18738	17051	475	1539	364	775	324	590	950	676
Cash Flow from Operating Activities	16508	16531	14889	24125	20167	19670	18686	23890	32444	41788	40052
Cash Flow from Investing Activities	-16845	-15509	-15977	-19162	-24480	-20678	-24063	-29628	-21034	-22891	-26107
Cash Flow from Financing Activities	988	-2709	-1475	-3899	3138	1028	4927	6004	-11049	-19172	-14154
Net Cash Inflow / Outflow	651	-1688	-2563	1064	-1176	19	-451	266	361	-274	-210
Closing Cash & Cash Equivalent	18738	17051	14488	1539	364	383	324	590	950	676	466

NTPC Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	12.73	11.53	10.09	10.92	10.83	10.66	13.88	11.72	15.09	17.2	17.44
CEPS(Rs)	16.58	16.35	15.72	16.18	16.9	18.15	22.95	22.5	28.28	31.71	32.91
DPS(Rs)	5.75	5.75	2.5	3.35	4.78	5.12	6.08	3.15	6.15	7	7.25
Book NAV/Share(Rs)	82.34	88.26	82.97	92.55	98.88	104.67	112.54	120.11	129.67	139.61	151.62
Core EBITDA Margin(%)	24.84	24.66	20.99	24.39	25.98	25.4	22.41	28.81	30.25	29.88	27.17
EBIT Margin(%)	26.29	22.38	17.41	19.04	21.26	23.39	16.81	26.89	24.25	23.7	19.74
Pre Tax Margin(%)	22.86	18.19	12.85	14.46	16.69	18.34	11.22	19.41	15.59	16.59	13.57
PAT Margin (%)	17.32	14.32	12.28	14.68	13.06	11.92	13.99	10.87	13.42	12.78	9.72
Cash Profit Margin (%)	22.58	20.31	19.12	21.8	20.38	20.39	22.64	20.33	24.58	23.18	18.11
ROA(%)	7.14	5.76	4.6	4.68	4.37	3.84	4.33	3.18	3.74	4.07	3.88
ROE(%)	16.15	13.51	11.8	12.42	11.31	10.43	13.06	10.34	12.24	12.99	12.13
ROCE(%)	13.35	11.12	8.02	7.45	8.66	9.25	6.51	9.75	8.26	9.24	9.77
Receivable days	32.09	29.38	35.84	43.59	38.38	36.83	38.54	54.48	79.38	77.27	58.82
Inventory Days	21.98	24.21	31.32	37.34	30.33	26.37	26.19	32.33	34.28	27.44	25.25
Payable days	0	0	0	0	0	0	0	0	0	0	0
PER(x)	9.3	8.67	12.17	9.83	12.76	13.27	9.75	7.18	7.05	7.85	10.05
Price/Book(x)	1.44	1.13	1.48	1.16	1.4	1.35	1.2	0.7	0.82	0.97	1.16
Dividend Yield(%)	4.05	4.79	1.7	2.6	2.88	3.02	4.49	3.74	5.78	5.19	4.14
EV/Net Sales(x)	2.34	2.07	2.6	2.76	3.04	3.05	3.06	2.59	2.79	2.56	2.2
EV/Core EBITDA(x)	7.9	7.23	10.62	10.53	10.83	9.62	12.23	7.13	7.65	7.6	7.89
Net Sales Growth(%)	9.42	9.5	2.1	-9.82	11.89	7.2	13.97	9.19	1.71	19.04	33.02
EBIT Growth(%)	25.05	-6.66	-20.57	-1.25	24.73	18.11	-18.16	74.61	-8.13	16.26	10.66
PAT Growth(%)	28.24	-9.4	-12.37	7.89	-0.62	-1.98	33.64	-15.19	25.77	13.3	0.95
EPS Growth(%)	28.31	-9.43	-12.43	8.16	-0.75	-1.64	30.28	-15.55	28.73	13.95	1.42
Debt/Equity(x)	0.86	0.93	1.25	1.09	1.16	1.26	1.55	1.69	1.67	1.55	1.5
Current Ratio(x)	1.67	1.5	1.16	0.91	0.8	1.05	0.69	1.02	0.97	0.93	0.96
Quick Ratio(x)	1.5	1.29	0.96	0.71	0.64	0.92	0.58	0.85	0.83	0.8	0.79
Interest Cover(x)	7.67	5.33	3.82	4.15	4.65	4.63	3.01	3.59	2.8	3.33	3.2
Total Debt/Mcap(x)	0.6	0.82	0.84	0.94	0.83	0.93	1.29	2.41	2.03	1.6	1.29

NTPC Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	51.1	51.1	51.1	51.1	51.1	51.1	51.1	51.1	51.1	51.1
FII	14.54	14.74	14	14.95	15.65	15.58	15.77	16.67	17.03	17.84
DII	31.08	30.93	31.5	31.42	30.63	30.62	30.33	29.14	28.82	27.68
Public	3.28	3.23	3.4	2.53	2.62	2.7	2.8	3.08	3.05	3.38
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	495.53	495.53	495.53	495.53	495.53	495.53	495.53	495.53	495.53	495.53
FII	140.96	142.89	135.78	144.97	151.73	151.08	152.95	161.63	165.09	173.02
DII	301.37	299.96	305.42	304.65	297.02	296.88	294.06	282.61	279.5	268.39
Public	31.8	31.28	32.93	24.51	25.38	26.17	27.12	29.89	29.54	32.73
Others	0	0	0	0	0	0	0	0	0	0
Total	969.67	969.67	969.67	969.67	969.67	969.67	969.67	969.67	969.67	969.67

Pros

Cons

Company has a low return on equity of 12% over the last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.