NTPC - 4QFY2013 Result Review - Angel Broking

For 4QFY2013, NTPC's top-line performance was below our estimates, registering a growth 1.2% yoy to Rs. 16,462cr, due to lower off take. Gross generation in 4QFY2013 stood at 60.3bn unit, flat yoy. On the EBITDA front, OPM contracted by 156bp yoy mainly on account of increase in other expenditure (due to higher water charges). Consequently, net profit grew by 4.0% yoy to Rs. 2,698cr.

We recommend Accumulate rating on the stock with target price of Rs. 163.

Source : Equity Bulls

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