Moneycontrol
Get App
Last Updated : Aug 13, 2019 03:17 PM IST | Source: Moneycontrol.com

Hold NTPC; target of Rs 122: ICICI Direct

ICICI Direct recommended hold rating on NTPC with a target price of Rs 122 in its research report dated August 13, 2019.

Broker Research @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

ICICI Direct's research report on NTPC


NTPC reported its Q1FY20 operational performance in line with estimates. Higher-than-expected tariff for the quarter led to revenue beat as gross generation and energy sold were in line. Higher than other income was balanced by higher depreciation charge, which led PAT to come in line with our estimates. Reported revenues came in at Rs 24,192.6 crore vs. estimate of Rs 22,590.1 crore. The key reason for the beat was higher-than-expected tariff during Q1FY20 at Rs 3.63/kWHR vs. expectations of Rs 3.55/kWHR. EBITDA came in at Rs 6,452.4 crore vs. our estimate of Rs 6,059.1 crore, mainly on account of higher revenues. Reported PAT came in at Rs 2,602.8 crore vs. our estimate of Rs 2,590.5 crore, on account of higher other income the same which was dented by higher than expected depreciation charges.


Outlook


We value the company at 9x P/E on FY21 EPS to arrive at a target price of Rs 122.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.
First Published on Aug 13, 2019 03:17 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant