Capitaline

Results 01-Aug-21

Analysis

NTPC

Net up 18% thanks to lower EO exp, lower tax and lower MI

Consolidated net sales (including other operating income) of NTPC for the quarter ended Jun 2021 has increased 14% to Rs 29888.02 crore. Sales for the quarter ended 30 June 2021 include (a) Rs 25.27 crore (30 June 2020: Rs 20.39 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2019; (b) Rs 40. 10 crore (30 June 2020: Rs 589.85 crore} pertaining to earlier years on account of revision of energy charges due to grade slippages and other adjustments; (c) Rs 2,016.97 crore (30 June 2020: Rs 1,884.46 crore) on account of sale of energy through trading.

Operating profit margin has slumped from 34.2% to 29.7%, leading to 1% decline in operating profit to Rs 8862.01 crore. Other income fell 16% to Rs 502.58 crore. Provision for interest fell 0.02% to Rs 2464.77 crore. Provision for depreciation rose 9% to Rs 3200.71 crore. Profit before tax shrink 11% to Rs 3699.11 crore. Share of profit/loss was 51% higher at Rs 202.4 crore. PBT after share of profit from associate was down 9% to Rs 3901.51 crore. EO income was nil compared to an expense of Rs 836.76 crore in corresponding previous period. Thus PBT after EO was up 13% to Rs 3901.51 crore. Provision for tax was expense of Rs 1277.78 crore, compared to Rs 1386.58 crore. PAT was up 28% to Rs 2623.73 crore. Regulatory Income was down 8% to Rs 819.99 crore. Thus PAT after RI was up 17% to Rs 3443.72 crore. MI was down 45% to Rs 32.16 crore. Thus net profit attributable to owners of the company increased 18% to Rs 3,411.56 crore.

In line with the directions of MOP issued in accordance with the announcement of GOI under the Atmanirbhar Bharat Special Economic and Comprehensive package, a rebate on the capacity charges during the lockdown period in view of Covid 19 pandemic, was accounted during the previous year 2020-21 and disclosed as exceptional item.

During the quarter ended 31 March 2021, excess tax provision of Rs 1,889.05 crore was reversed consequent to adjustment of tax provision created in accordance with Vivad se Vishwas Scheme (VsVs Scheme) notified through `The Direct Tax Vivad Se Vishwas Act, 2020`. Correspondingly, sales amounting to Rs 1,101.47 crore was reversed on account of income tax recoverable from or refundable to the beneficiaries as per Regulations, 2004.

Other developments

During the quarter, 15 MW solar PV capacity at Bilhaur w.e.f. 8 April 2021 and 10 MW Simhadri floating sola( w.e.f. 30 June 2021 have been declared commercial

Promoters’ stake was 51.10% as of 30 June 2021, compared to 51.02% as of 30 June 2020.

NTPC : Consolidated Results
Particulars	2106 (3)	2006 (3)	Var (%)	2103 (12)
Net Sales (including other operating income)	29888.02	26194.76	14	111531.15
OPM (%)	29.7	34.2		30.5
OP	8862.01	8947.61	-1	33973.83
Other Inc.	502.58	599.92	-16	4015.68
PBIDT	9364.59	9547.53	-2	37989.51
Interest	2464.77	2465.25	0	9224.14
PBDT	6899.82	7082.28	-3	28765.37
Depreciation	3200.71	2936.64	9	12450.31
PBT	3699.11	4145.64	-11	16315.06
Share of Profit/(Loss) from Associates	202.40	134.05	51	683.87
PBT before EO	3901.51	4279.69	-9	16998.93
EO Income	0.00	-836.76	-100	-1512.19
PBT after EO	3901.51	3442.93	13	15486.74
Taxation	1277.78	1386.58	-8	2420.53
PAT	2623.73	2056.35	28	13066.21
Regulatory Income	819.99	892.59	-8	1903.19
PAT after RI	3443.72	2948.94	17	14969.40
Minority Interest (MI)	32.16	58.55	-45	334.77
Net profit	3411.56	2890.39	18	14634.63
P/(L) from discontinued operations net of tax	0.00	0.00		0.00
Net profit after discontinued operations	3411.56	2890.39	18	14634.63
EPS (Rs)*				16.4
Notes
* EPS is on current equity of Rs 9,696.67 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

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