Motilal Oswal has come with its September quarterly earning estimates for utilities sector. Research firm expect utilities companies (excluding Coal India) to report aggregate revenue growth of 9% YoY and PAT de-growth of 2% YoY for 2QFY13. PAT growth would be muted for IPPs. However, CPSUs would witness robust PAT growth, led by 26% YoY PAT growth for NTPC (higher capacity addition) and 24% YoY PAT growth for Power Grid (better capitalization).
Power demand has been strong in YTD FY13. Demand for the months of July-August 2012 grew 10% YoY. Uptick in demand has led to uptick in the deficit for India. YTD FY13 base deficit stood at 8.5% v/s 5.9% a year ago. Also, a relatively volatile monsoon season led to 239bp increase in peak deficit in August 2012 to 11% - in double digits for the first time since March 2012.
| Sales (Rs mn) | Net Profit (Rs mn) | |||
| Sept'12 | % change YoY | Sept'12 | % change YoY | |
| Adani Power | 11,649 | 8.6 | -2,872 | PL |
| CESC | 12,980 | 4.6 | 1,297 | 13.8 |
| Coal India | 147,128 | 11.9 | 27,919 | 25 |
| JSW Energy | 20,198 | 102.7 | 1,100 | LP |
| NHPC | 16,515 | -11.1 | 8,533 | 9.8 |
| NTPC | 155,840 | 1.3 | 18,604 | 25.7 |
| Power Grid Corp | 31,672 | 39.9 | 9,392 | 23.6 |
| PTC India | 29,853 | 25 | 423 | 19 |
| Reliance Infra | 37,700 | -4.6 | 2,551 | -48 |
| Tata Power | 70,935 | 13.5 | 3,097 | -30 |
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