NHPC - March 2013 Results Preview - Motilal Oswal

- We expect NHPC to report 4QFY13E revenue of INR10.2b (down 29.4% YoY) and PAT of INR2.5b (up 19.7% YoY). During Jan/Feb-13, NHPC's generation stood at 1.3BUs (up 5% YoY). We expect 4QFY13E generation at 2.4BUs, up 1.7% YoY.

- In FY13, NHPC commissioned Chamera-III 231MW and 44MW of Chutak HEP. TLDP unit-2 and unit-3 were commissioned on 1 April 2013.

- Company guided for no capacity additions during FY15/16. However, led by substantial delays in FY13, capacity addition estimate of ~552MW in FY14, we expect slippages to pass on to FY15E.

- We expect NHPC to report consolidated PAT of INR23b in FY13E (down 8.6% YoY) and INR24.3b in FY14E (up 5.5% YoY). Stock trades at reported P/E of 9.4x FY15E.

Source : Equity Bulls

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