NTPC · Power
NTPC Ltd. reported revenue of ₹44,706 cr for July to September 2024, −0.6% on the year and −7.9% on the quarter.
Operating profit (EBITDA) was ₹11,665 cr, a margin of 26.1%, −210 bps on the year and −160 bps on the quarter. It is the narrowest margin of the last 6 quarters (range 26.1% to 29.4%). Operating costs grew +2.3%, faster than revenue at −0.6%, so operating profit grew less than sales.
Net profit was ₹5,380 cr, +13.8% on the year and −2.3% on the quarter, with earnings per share of ₹5.44. Profit before other income, one-offs and tax fell 33.1%, so 47 points of the headline growth came from outside the core business. The tax rate of 24% 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 ₹22.77 over the last four quarters, the stock at ₹314.10 trades at 13.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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 +13.8% on the year; profit before other income, exceptional items and tax −33.1%.
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 46% of profit before tax, against 15% a year earlier.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 26.1%, −210 bps on the year (−160 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹44,983 cr | ₹42,820 cr | ₹47,628 cr | ₹48,529 cr | ₹44,706 cr | ₹45,069 cr | ₹49,834 cr | ₹47,064 cr | ₹44,786 cr | ₹45,846 cr | ₹49,686 cr | ₹50,741 cr |
| YoY | — | — | — | +13% | −1% | +5% | +5% | −3% | +0% | +2% | −0% | +8% |
| EBITDA margin | 28.2% | 26.5% | 29.4% | 27.7% | 26.1% | 29.6% | 29.6% | 26.7% | 28.6% | 31.8% | 17.1% | 32.0% |
| Other income, % of PBT | 15% | 39% | 17% | 16% | 46% | 14% | 39% | 42% | 37% | 22% | 124% | 17% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 30% | 21% | 20% | 24% | 24% | 29% | 26% | 21% | 28% | 30% | — | 25% |
| Net profit | ₹4,726 cr | ₹5,209 cr | ₹6,490 cr | ₹5,506 cr | ₹5,380 cr | ₹5,170 cr | ₹7,897 cr | ₹6,108 cr | ₹5,225 cr | ₹5,597 cr | ₹10,615 cr | ₹6,896 cr |
| YoY | — | — | — | +12% | +14% | −1% | +22% | +11% | −3% | +8% | +34% | +13% |
| Core profit YoY | — | — | — | +8% | −33% | +55% | −5% | −26% | +19% | +1% | −106% | +68% |
| EPS | ₹4.76 | ₹5.32 | ₹6.36 | ₹5.65 | ₹5.44 | ₹5.22 | ₹7.85 | ₹6.20 | ₹5.23 | ₹5.66 | ₹10.81 | ₹6.93 |
| Flags | · | 1 | · | ✓ | 2 | ✓ | 2 | 2 | ✓ | ✓ | 3 | ✓ |
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 Ltd. reported revenue of ₹44,706 cr (−0.6% on the year) and net profit of ₹5,380 cr (+13.8% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −33.1% on the year, against +13.8% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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