Emkay Global Financial Services has come with its June quarterly earning estimates for utilities sector. According to the research firm, top line is expected to decline marginally by 0.5% QoQ, while grow by 23.7% YoY, driven by new tariff orders in 4Q12 (eg. NHPC, CESC) and 16% YoY generation growth driven by capacity additions. EBITDA is expected to grow by 4.2% QoQ and 28.7% YoY. Adj. net profit will grow by 2.2% QoQ and 6.5% YoY.
Merchant prices (over-the-counter) have shown some softness with April and May prices declined respectively by 6% and 2%QoQ. International coal prices have corrected significantly during the quarter (Indonesian coal – 9%, South African coal - 10%, Australian coal - 15%; all QoQ basis) but partially offset by rupee depreciation (~8% QoQ average). For 1Q13 results: Positive surprise - KSK energy (lower fuel cost in Wardha driven by coal India supply) and negative surprise: Adani Power (spot coal mix and fuel cost).
| Company Name | Net Sales (Rs mn) | APAT (Rs mn) | ||||
| Q1FY13 | Q1FY12 | Growth % | Q1FY13 | Q1FY12 | Growth % | |
| Adani Power | 13288 | 8187 | 62% | -1312 | 1519 | |
| CESC | 12367 | 11830 | 5% | 1466 | 1110 | 32% |
| Guj Ind Power | 3018 | 3407 | -11% | 465 | 430 | 8% |
| Indiabulls Power | 0 | 0 | 0 | -51 | 759 | 0 |
| Jaiprakash Power | 5719 | 2753 | 108% | 2009 | 696 | 189% |
| JSW Energy | 17301 | 11454 | 51% | 1809 | 1364 | 33% |
| KSK Energy | 5682 | 4419 | 29% | 459 | 406 | 13% |
| Lanco Infratech | 36166 | 19492 | 86% | -1739 | 137 | 0 |
| Nava Bharat | 2612 | 2347 | 11% | 671 | 528 | 27% |
| NHPC | 11103 | 11564 | -4% | 5707 | 5961 | -4% |
| NTPC | 159963 | 141715 | 13% | 23518 | 20758 | 13% |
| Power Grid | 28698 | 22024 | 30% | 10095 | 7065 | 43% |
| Reliance Power | 10147 | 5418 | 87% | 2503 | 1961 | 28% |
| Tata Power | 68266 | 58048 | 18% | 3486 | 3406 | 2% |
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