- Total Income (FY '24): INR 1,65,707 crores (previous year: INR 1,67,724 crores).
- Profit After Tax (FY '24): INR 18,079 crores (previous year: INR 17,197 crores, increase of 5%).
- Group Total Income (FY '24): INR 1,81,166 crores (previous year: INR 1,77,977 crores).
- Group Profit After Tax (FY '24): INR 21,332 crores (previous year: INR 17,121 crores, increase of almost 25%).
- Dividend Income (FY '24): INR 1,630 crores (previous year: INR 2,336 crores).
- Total Dividend (FY '24): INR 7.75 per share (previous year: INR 7.25 per share).
- Stand-alone Regulated Equity (31/3/2024): INR 87,713 crores (previous year: INR 77,628 crores, increase of 13%).
- Consolidated Regulated Equity (31/3/2024): INR 1,04,331 crores (previous year: INR 94,180 crores, increase of 11%).
- Gross Property Plant Equipment (31/3/2024): INR 2,98,418 crores.
- Group Gross PPE (31/3/2024): INR 3,73,696 crores.
- Capital Work in Progress (31/3/2024): INR 47,154 crores (previous year: INR 61,744 crores).
- Group CWIP (31/3/2024): INR 87,596 crores (previous year: INR 89,133 crores).
- Group CapEx (FY '24): INR 34,943 crores (previous year: INR 35,204 crores).
- Stand-alone CapEx (FY '24): INR 19,319 crores (previous year: INR 24,597 crores).
- Trade Receivables (31/3/2024): Equivalent to 31 days of sales (previous year: 36 days of sales).
- Renewable Energy Projects Commissioned: 3.6 gigawatts.
- Renewable Energy Projects Under Construction: 8.4 gigawatts.
- Renewable Energy Projects Under Tendering: 11.2 gigawatts.
- Thermal Capacity Under Construction: 9.6 gigawatts.
- Coal Mining Capacity Target: 50 million tons in the next 3 years.
Release Date: May 24, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- NTPC Ltd (BOM:532555, Financial) added 3,924 megawatts of commercial capacity in FY '24, increasing its total commercial capacity to 75,958 megawatts for the group.
- The company generated 422 billion units in FY '24, a 6% increase from the previous year.
- Profit after tax for the group increased by almost 25% to INR 21,332 crores in FY '24.
- NTPC Ltd (BOM:532555) has a robust renewable energy pipeline with 3.6 gigawatts commissioned and an additional 8.4 gigawatts under construction.
- The company has received several awards and accolades, including the ATD BEST Awards 2024 and the Top Employer certification in India.
Negative Points
- Total income for NTPC Ltd (BOM:532555) decreased slightly from INR 1,67,724 crores in the previous year to INR 1,65,707 crores in FY '24.
- Dividend income from subsidiaries and joint ventures decreased from INR 2,336 crores in FY '23 to INR 1,630 crores in FY '24.
- The rate of interest on borrowings increased from 6.4% in FY '23 to 6.67% in FY '24.
- There were delays in renewable energy project execution due to late clearance for module imports and land acquisition issues.
- Under recovery for the fiscal year was INR 776 crores, with significant contributions from the Barh and Barauni power plants.
Q & A Highlights
Q: Can you provide a year-wise tentative plan for the 15.2 gigawatts of thermal power capacity you mentioned?
A: The coal capacity planned for tendering during FY '24-'25 is around 10,400 megawatts, including projects like Sipat 3, Darlipali 2, Meja 2, NPGCL 2, Telangana 2, and Gadarwara. For FY '25-'26, it will be Anpara and Obra totaling 3,200 megawatts. For FY '26-'27, it will be Patratu 2 with 1,600 megawatts. This totals to 15,200 megawatts.
Q: What was the under recovery in the full fiscal on a stand-alone and consolidated basis?
A: The under recovery for the whole year was INR 776 crores, and for Q4, it was INR 36 crores. The major part of this is from Barh and Barauni plants. Barauni has been decommissioned, and issues at Barh have been addressed. We expect minimal disincentives going forward.
Q: Can you provide the revenues, EBITDA, and profit for NTPC renewables subsidiary for FY '24?
A: The EBITDA of NTPC Green Energy Limited (NGEL) is INR 1,820 crores, and the PAT for FY '24 was INR 343 crores.
Q: What was NTPC's win in renewable energy auctions in FY '24?
A: NTPC won more than 5 gigawatts in renewable energy auctions across various categories. The exact breakdown can be shared later.
Q: What is the renewable energy capacity likely to be commissioned in FY '25, '26, and '27?
A: For FY '25, we target to commission about 3 gigawatts. For FY '26, over 5 gigawatts, and for FY '27, 8 gigawatts. Delays in module imports and land acquisition have been addressed, and we expect progressive capacity additions.
Q: Can you provide an update on NTPC's medium-term plans for green hydrogen, pumped storage hydro, and nuclear?
A: We have a 1,000-megawatt PSP order from Tamil Nadu and expect more from other states. For nuclear, a joint venture with NPCIL is expected to get cabinet clearance soon, with the Mahi Banswara project likely to be allotted. For green hydrogen, we are running pilot projects and have signed agreements for various initiatives.
Q: What was the dividend from subsidiaries and JVs for FY '24, and how has it grown?
A: The dividend from subsidiaries was INR 905 crores, and from JVs, it was INR 726 crores, totaling INR 1,630 crores. Last year, it was INR 2,336 crores. The reduction is due to retained earnings for reinvestment in projects.
Q: What is the adjusted PAT number for Q4 and full year FY '24?
A: The reported PAT for Q4 is INR 5,556 crores, and the adjusted PAT is INR 5,107 crores. For the full year, the adjusted PAT is INR 16,405 crores, an increase of 2% over the previous year.
Q: What is the commissioning outlook for coal-based plants for FY '25 and '26?
A: For FY '25, we expect to commission 6,780 megawatts, including 2,780 megawatts of thermal, 1,000 megawatts of hydro, and 3,000 megawatts of renewable. For FY '26, we expect 6,460 megawatts, including 1,460 megawatts of thermal and 5,000 megawatts of renewable.
Q: Can you comment on the renewable listing plans and the expected timeline?
A: We plan to proceed with the IPO around October or November. Post-June, we will begin the DRHP filing and due diligence process. NTPC will remain the holding company, and NGEL will remain a subsidiary post-IPO.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
