Analyst Concall
NTPC's regulated equity rises 7% on year in Dec quarter
This story was originally published at 20:31 IST on 25 January 2025
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--NTPC: Dec qtr standalone capex INR 163.05 bln vs INR 119.63 bln yr ago
--CONTEXT: Comments by NTPC mgmt in post-earnings analyst call
--NTPC: Expect to improve under-recovery to INR 2.5 bln-INR 3.0 bln Jan-Mar
--NTPC: Most capacity additions would be from NTPC Green over next 2-3 yrs
By Anand JC
MUMBAI – The regulated equity earned by NTPC Ltd. through its conventional power and mining business for the December quarter was INR 902.89 billion, up 7% compared to the same period a year ago, the company's management told analysts in a post-earnings conference call on Saturday. NTPC functions on a tariff model regulated by the Central Electricity Regulatory Commission, which gives it fixed returns on power generation assets.
On a consolidated basis, regulated equity for the quarter was INR 1.05 trillion, up 5% on year but similar to the September quarter figure.
The Maharatna enterprise announced its financials for the December quarter on Saturday, reporting a net profit of INR 47.11 billion on revenues of INR 413.52 billion.
The company informed analysts that its adjusted profit after tax for the December quarter was INR 46.18 billion, up 6% compared to the corresponding period a year ago.
In the first nine months of the ongoing financial year, the company incurred a capital expenditure of INR 313.33 billion on a consolidated basis, almost 44% higher from a year ago. On a standalone basis, the company incurred a capital expenditure of INR 163.05 billion during the period, up 36.3% on year.
NTPC's total thermal capacity under-construction is currently 2.2 gigawatts, taking the total capacity under construction for the group to over 30 gigawatts. The company is actively considering awarding additional thermal capacity to the tune of 7.2 gigawatts by 2026-27 (Apr-Mar), the company's executives informed analysts.
The company clarified that none of its thermal capacity additions in recent years have been from greenfield projects, as it is predominantly opting for brownfield projects.
At the end of December quarter, NTPC's under-recovery was INR 4.68 billion. Since the company sees its best performance in the final quarter of every financial year, it expects to bring the under-recovery to INR 2.50 billion-INR 3.00 billion by the end of it.
In FY25, FY26 and FY27, the company is planning an overall capacity addition of 24.65 gigawatts. Of this, 5.7 gigawatts is expected to be thermal, 1.4 gigawatts to be hydropower, and 17.5 gigawatts to be renewable energy.
The company expects most of its capacity additions in the coming 2–3 years to happen through its newly-listed subsidiary NTPC Green Energy Ltd. On Friday, shares of NTPC closed at INR 323.65 on the National Stock Exchange, largely unchanged from the previous close. End
Edited by Ashish Shirke
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