NTPC Q4FY23 PAT down -5.9% at Rs4,861 crore due to higher fuel costs and spike in financing costs

NTPC reported 19.33% higher revenues for the March 2023 quarter on consolidated basis at Rs44,253cr. Revenues were down -0.78% sequentially. For the quarter the core generation business grew 18.8% while the other business (including the renewable businesses) grew by 27.4% on a yoy basis. In terms of operating profit performance for the quarter, in the generation business were up 0.7% while the operating profits from the other business was up nearly 2.5 times, albeit on a low base.

For the quarter, the operating profits were up 5.5% while the net profits were down -5.9% yoy. As a result, the operating profit margins fell yoy from 21.91% to 19.37% while the net margins fell from 13.93% to 10.98%. The fall in profits was largely on account of higher fuel costs and a spike in financing costs due to rising interest rates in the quarter. That has had an impact on the net profits of the company.

Financial highlights for Mar-23 compared yoy and sequentially

 NTPC Ltd    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 44,253

₹ 37,085

19.33%

₹ 44,602

-0.78%

Operating Profit (Rs cr)

₹ 8,572

₹ 8,125

5.49%

₹ 9,018

-4.95%

Net Profit (Rs cr)

₹ 4,861

₹ 5,167

-5.92%

₹ 4,777

1.76%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 5.01

₹ 5.33

 

₹ 4.93

 

OPM

19.37%

21.91%

 

20.22%

 

Net Margins

10.98%

13.93%

 

10.71%

 

 

The spike in cost of debt has meant that the debt service coverage ratio and the interest service coverage ratio of the company has deteriorated in the quarter. Debtor turnover ratio is up while the inventory turnover ratio is lower. Net cash from operations in FY23 were marginally lower on a yoy basis. The board recommended a final dividend of Rs3 per share taking the total dividend for the year FY23 to Rs7.25 per share.

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