External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>NTPC’s net sales stood down 4%/5% YoY/QoQ and missed the Bloomberg consensus by 4%. EBITDA stood down by 22%/10% YoY/QoQ and missed the consensus by 11%.</li><li>However, PAT stood up 7%/10% YoY/QoQ, beating the consensus by 7% led by higher regulatory deferral account balances.</li><li>Regulated equity as of 31st Dec 2023 stood at Rs 82,094 Cr on a standalone basis and Rs 98,712 Cr on a consolidated basis. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NTPC’s net sales stood down 4%/5% YoY/QoQ and missed the Bloomberg consensus by 4%. EBITDA stood down by 22%/10% YoY/QoQ and missed the consensus by 11%.However, PAT stood up 7%/10% YoY/QoQ, beating the consensus by 7% led by higher regulatory deferral account balances.Regulated equity as of 31st Dec 2023 stood at Rs 82,094 Cr on a standalone basis and Rs 98,712 Cr on a consolidated basis. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NTPC - Focus Continues on Thermal/RE Expansion; Maintain BUY

<ul><li>NTPC is the largest power producer forming 17% of India’s installed capacity and 25% of the total generation in FY23.</li><li>The broad-based economic recovery and infrastructure growth have driven an increase in peak demand, reaching new highs in FY24.</li><li>This surge in demand, particularly during non-solar hours, has resulted in a resurgence of peak deficits, once again bringing the sector into the spotlight</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NTPC is the largest power producer forming 17% of India’s installed capacity and 25% of the total generation in FY23.The broad-based economic recovery and infrastructure growth have driven an increase in peak demand, reaching new highs in FY24.This surge in demand, particularly during non-solar hours, has resulted in a resurgence of peak deficits, once again bringing the sector into the spotlightContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NTPC - Well-Placed to Benefit from RE-Transition

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>NTPC: Generation/sales increased materially by 8.3%/7.7% YoY to 78.6/72.9bn units in Q3FY23, led by higher demand</li><li>PAF also improved for both coal/gas in Q3 to 92.7/98.5%, vs 85.9/89.9% YoY, led by better fuel availability</li><li>While revenue increased 39.3% YoY to INR414bn, adjusted PAT was up by 17.7% YoY to INR44.2bn, 12% above the consensus estimate</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NTPC: Generation/sales increased materially by 8.3%/7.7% YoY to 78.6/72.9bn units in Q3FY23, led by higher demandPAF also improved for both coal/gas in Q3 to 92.7/98.5%, vs 85.9/89.9% YoY, led by better fuel availabilityWhile revenue increased 39.3% YoY to INR414bn, adjusted PAT was up by 17.7% YoY to INR44.2bn, 12% above the consensus estimateContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: NTPC, United Spirits, Kajaria Ceramics

<ul><li>The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal availability</li><li>Peak power demand increased by 10% YoY during Q3FY23 to ~193GW, driven by the festive season</li><li>Coal inventory at power plants too improved significantly, led by increased usage of imported coal as the number of stations facing subcritical inventory level declined to 43 in Dec 2022, vs 69 YoY and 54 QoQ</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal availabilityPeak power demand increased by 10% YoY during Q3FY23 to ~193GW, driven by the festive seasonCoal inventory at power plants too improved significantly, led by increased usage of imported coal as the number of stations facing subcritical inventory level declined to 43 in Dec 2022, vs 69 YoY and 54 QoQContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Power (3QFY23 Results Preview): Demand remains strong; coal inventory improves

<ul><li>NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demand</li><li>PAF also improved for both coal/gas in Q2 to 93.7/92.8%, vs 85.4/81.6% YoY, led by better fuel availability</li><li>Accordingly, under-recovery also declined to INR2.0bn for Q2FY23 vs INR5.0bn QoQ</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demandPAF also improved for both coal/gas in Q2 to 93.7/92.8%, vs 85.4/81.6% YoY, led by better fuel availabilityAccordingly, under-recovery also declined to INR2.0bn for Q2FY23 vs INR5.0bn QoQContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: NTPC, Indian Oil Corporation, SBI Cards and Payment Services

India

NTPC Ltd. owns and operates power generation plants that supply power to state electricity boards throughout India.  The Company is a public sector undertaking of the Government of India and it also undertakes turnkey consulting projects to set up power plants.

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NTPC Ltd (NTPC IN)

NTPC - Focus Continues on Thermal/RE Expansion; Maintain BUY

NTPC’s net sales stood down 4%/5% YoY/QoQ and missed the Bloomberg consensus by 4%. EBITDA stood down by 22%/10% YoY/QoQ and missed the consensus...

Axis Direct

NTPC - Well-Placed to Benefit from RE-Transition

The broad-based economic recovery and infrastructure growth have driven an increase in peak demand, reaching new highs in FY24.

Axis Direct

HSIE Results Daily: NTPC, United Spirits, Kajaria Ceramics

While revenue increased 39.3% YoY to INR414bn, adjusted PAT was up by 17.7% YoY to INR44.2bn, 12% above the consensus estimate

HDFC Securities

Power (3QFY23 Results Preview): Demand remains strong; coal inventory improves

The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal...

HDFC Securities

HSIE Results Daily: NTPC, Indian Oil Corporation, SBI Cards and Payment Services

NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demand

HDFC Securities

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