Gains for NTPC hinge on faster project execution to recover losses

The NTPC Group generated 327BU in 9MFY25, up 4 per cent from 315BU in 9MFY24. The 9MFY25 standalone income was Rs 1,28,600 crore, up 6 per cent Y-o-Y

NTPC reported Q3FY25 operating profit (standalone) in line with consensus but adjusted net profit was below consensus. Generation was up 2 per cent year-on-year (Y-o-Y) in Q3FY25. Under-recovery in coal-based plants stood at Rs 470 crore in 9MFY25 and is likely to decline to Rs 300 crore by FY25 end, according to management.

 

Project execution was slow. Commissioning (thermal + hydro) targets have been reduced to 2.1 gigawatts (GW) in FY25 and 2.2GW in FY26 (from earlier guidance of 2.7 GW and 4.0 GW, respectively). NTPC reported a standalone revenue of Rs 41,350 crore in Q3FY25. Operating profit was Rs