NTPC trades lower as Q3 revenue, EBITDA fall, despite 7% rise in net profit

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the reporting period also fell 18 percent YoY to Rs 12,116.42 crore while margin declined to 28 percent from 33 percent.

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Shares of NTPC fell 1.2 percent at the open on the NSE on January 30, a day after the company reported a 7.3 percent rise in net profit for Q3FY24, despite a 3.9 percent decline in revenue on January 30. At 9:30am, the stock was trading at Rs 320.05.

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According to a regulatory filing on January 29, NTPC reported a revenue from operations of Rs 42,820.38 crore for the December 2023 quarter , down 3.9 percent from Rs 44,601.84 crore a year back. Net profit for the reporting period increased to Rs 5,208.87 crore in Q3FY24 from Rs 4,854.36 crore last fiscal. Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the reporting period also fell 18 percent on-year to Rs 12,116.42 crore, while margin declined to 28 percent from 33 percent.

Prior to the announcement, Bloomberg had projected the net profit for the period to be around Rs 4,930 crore, with the anticipated revenue reaching Rs 44,646.80 crore.

Also read: NTPC may report strong Q3 earnings powered by demand surge, widening peak deficit

In a January 4 report, Axis Securities said that NTPC’s substantial portfolio in conventional power, with a firm cost-plus business model, positions it well in a growing peak power cycle. According to the report, the portfolio structure contributes to stable cash flows and will facilitate growth led by renewable energy. “The CEA projects an incremental coal-based power capacity of 47 GW by FY32, in which NTPC will capture the major chunk with its brownfield power projects,” the report added.

While analysts concluded that NTPC would be a good bet, they added that further rerating potential is possible “if the peak deficits increase in future and from value unlocking through the green energy IPO”.

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