Jefferies on NTPC
Buy Call, Target Raised To Rs 485
Q1FY25 Profit Was 11% Above Expectations
Fixed Cost Under Recovery Was `200 Cr Vs `100 Cr YoY, Impact Was Offset By Higher Coal/Gas PLFs
Q1 Capacity Addition Was Muted At 90 MW
Management Guides For 23 GW Addition Over FY25E-27 Led By Renewables
Renewable Energy Capacity Ramp-Up Remain Re-Rating Drivers
Pilot Initiatives On Green Hydrogen Remain Re-Rating Drivers
CLSA on NTPC
O-P, TP Rs 441
1Q rec. PAT up 23% YoY(5% ahead of est.)
on 13% regulated equity growth & favourable regulations FY24-29
Core execution robust but renewable disappointed
Co claimed it had pipeline of 26GW of regulated projects & 24GW in non-fossil projects
HSBC on NTPC
Hold, TP Rs 355
NTPC’s analyst meeting was all about thermal; management did not comment on renewable plan, citing upcoming IPO
Intends to order out 15GW over next two fiscal years, install 60GW by 2032, & progress nuclear capacity
BOFA Sec on NTPC
U-P, TP Rs 271
Earnings in line; capacity additions guidance upgrade; see delays
Thermal ordering guidance maintained: 15.2GW by FY27
