Prabhudas Lilladher has come with its September`12 quarterly earning estimates for power sector. According to research report, power sector experienced relatively higher merchant tariff rates, average rate being Rs3.5/unit (3.4/unit in Q1FY13), which indicates that monsoons didn’t have much impact on prices. Capacity addition for July 2012 stood at 950MW (Target- 1050MWs), lower by 9% YoY. During August 2012, capacity addition stood at 1070MW (Target-285MWs). Capacity addition YTD stands at 6706MWs.
As far as July 2012 generation goes, units generated stood at 76bn (flat QoQ and 2.1% YoY growth). However, August saw a MoM de-growth of 2.2% at 74.3bn units and growth was 1.7% YoY. The impact of monsoons, thus, is clearly visible. All India PLF stood at 66% YTD. The short-term contracts comprised 10% of the generation.
| (Rs m) | |||
| Q2FY13E | Q2FY12 | YoY gr. (%) | |
| NTPC | |||
| Sales | 158,412 | 153,775 | 3 |
| PAT | 19,950 | 16,640 | 19.9 |
| Tata Power | |||
| Sales | 74,412 | 62,823 | 18.4 |
| PAT | 2,356 | 4,064 | -42 |
| NHPC | |||
| Sales | 18,412 | 19,815 | -7.1 |
| PAT | 8,612 | 7,291 | 18.1 |
| Reliance Infrastructure | |||
| Sales | 50,487 | 55,487 | -9 |
| PAT | 3,041 | 3,616 | -15.9 |
| SJVN | |||
| Sales | 5,843 | 6,220 | -6.1 |
| PAT | 3,704 | 4,095 | -9.6 |
| Lanco Infratech | |||
| Sales | 33,515 | 18,966 | 76.7 |
| PAT | -3,580 | -2,591 | 38.2 |
| PTC India | |||
| Sales | 25,485 | 23,890 | 6.7 |
| PAT | 271 | 260 | 4.3 |
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