NTPCGREEN · Power
NTPC Green Energy Ltd. reported revenue of ₹505 cr for October to December 2024, +13.2% on the year and +0.2% on the quarter.
Operating profit (EBITDA) was ₹424 cr, a margin of 84.0%, −460 bps on the year and +83 bps on the quarter. Operating costs grew +58.8%, faster than revenue at +13.2%, so operating profit grew less than sales.
Net profit was ₹66.0 cr, +17.9% on the year and +78.4% on the quarter, with earnings per share of ₹0.08. Profit before other income, one-offs and tax fell 63.5%, so 81 points of the headline growth came from outside the core business. The tax rate of 34% is in line with its recent average.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹0.51 over the last four quarters, the stock at ₹89.82 trades at 176.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +17.9% on the year; profit before other income, exceptional items and tax −63.5%.
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 77% of profit before tax, against 21% a year earlier.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 84.0%, −460 bps on the year (+83 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹446 cr | ₹508 cr | ₹578 cr | ₹504 cr | ₹505 cr | ₹622 cr | ₹680 cr | ₹612 cr | ₹653 cr | ₹913 cr | ₹1,107 cr | ₹938 cr |
| YoY | — | — | — | — | +13% | +22% | +18% | +21% | +29% | +47% | +63% | +53% |
| EBITDA margin | 88.6% | 86.0% | 88.8% | 83.1% | 84.0% | 90.0% | 88.8% | 86.6% | 81.9% | 84.8% | 89.3% | 88.5% |
| Other income, % of PBT | 21% | 35% | 16% | 33% | 77% | 42% | 32% | 49% | 84% | 19% | 12% | 62% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 31% | 36% | 24% | 42% | 34% | 24% | 20% | 29% | 53% | 20% | 17% | 17% |
| Net profit | ₹56.0 cr | ₹81.0 cr | ₹139 cr | ₹37.0 cr | ₹66.0 cr | ₹233 cr | ₹220 cr | ₹86.0 cr | ₹17.0 cr | ₹197 cr | ₹305 cr | ₹138 cr |
| YoY | — | — | — | — | +18% | +188% | +58% | +132% | −74% | −15% | +39% | +60% |
| Core profit YoY | — | — | — | — | −63% | +117% | +22% | +48% | −74% | +12% | +72% | +2% |
| EPS | ₹0.12 | ₹0.14 | ₹0.24 | ₹0.05 | ₹0.08 | ₹0.28 | ₹0.26 | ₹0.10 | ₹0.02 | ₹0.23 | ₹0.36 | ₹0.16 |
| Flags | · | 1 | · | 1 | 3 | 1 | 3 | 2 | 1 | 3 | 2 | 4 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
NTPC Green Energy Ltd. reported revenue of ₹505 cr (+13.2% on the year) and net profit of ₹66.0 cr (+17.9% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −63.5% on the year, against +17.9% for reported profit.
3 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.