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COMPANY FINALYTICS
NTPC Ltd
Exclusive Financial Analysis of Indian Companies
Prepared and Edited By‐
Tanay Roy, CFA
Peu Karak, MBA
Disclaimer
The information, opinions, estimates and forecasts contained in this document have been arrived at or obtained from public sources believed
to be reliable and in good faith which has not been independently verified and no warranty, express or implied, is made as to their accuracy,
completeness or correctness.
For more information about this sample and our other services, please write to tanay.roy2008@gmail.com
Monday, September 19, 2011
2. Description Page
Summary 3
Latest Result 3
Valuation Matrix 3
ROE Analysis 3
Income Statement 4
Balance Sheet 5
Cashflow Statement 6
Quarterly Result 6
Growth Analysis 7
Comparative Analysis 8
Income Statement 8
Balance Sheet 8
Index Analysis 9
Income Statement 9
Balance Sheet 9
Ratio Analysis 10
Annual 10
Quarterly 11
TTM Analysis 11
Technical Analysis 12
CONTENT
About Tanay & Peu
Our passion lies in the field of financial research & Investment management and we intend to apply
our knowledge gained over a period of years through intense study and keen observation of the
nuances of financial markets and instruments to real life scenarios. We possess expert knowledge of
financial products and markets as evidenced by top notch qualifications earned by us , all in the first
attempt and keep ourselves abreast with the latest happenings and innovations taking place in
financial landscape.
1. Expertise in Portfolio Management, Product optimization, Product performance Analysis, Financial
Reporting/ Planning, Cash Flow Analysis, Ratio Analysis, Budgeting, Forecasting, Mergers &
Acquisition and knowledge of GAAP/ IFRS
2. Possess Strong Financial Modeling skills including DCF, LBO and other techniques. Possess ability to
research all asset classes in a broad range of industries and geographies.
3. Strong equity research, finance, accounting and advisory and assurance experience
4. Expertise in Technical analysis, fundamental analysis, developing trading systems.
5. Conduct in‐depth financial analysis of company financials.
6. Write analytical or trend based reports on companies, sectors or markets.
7. Expert level application in Bloomberg, Thomson Banker, Factset, Datastream, StockVal, Merger
markets, Reuters Knowledge, Haver Analytics, Factiva, PackHedge,
8. Building Excel/VBA based customized tools to perform detailed analysis.
Contact Us: tanay.roy2008@gmail.com
Page 2
3. Summary
At a Glance
Latest Results Industry Power ‐ Generation/Distribution
Yearly Quarterly TTM Business Group Public Sector
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 10
Latest Results
Number of Equity shares 82454.64
EBDITA 15122.55 (1.15) 3862.64 (9.11) 18527.39 1.60
Reported Net
Profit 9352.59 7.15 2075.78 (25.38) 9336.48 2.57 Price 172
Adjusted PAT 7974.61 3.84 2075.78 (25.38) NA NA
Market Cap(Rs. In Cr) 141821.98
Valuation Matrix Share Holding
Other
Annual TTM Ratio 2% General
Particulars March ' 11 March ' 11 FII Public
BFI
MF 7% 4% 2%
1%
Reported P/E 15.58 15.58
Price/Sales Per Share 2.58 2.43
Price/ Book Value 2.07 NA
Dividend Yield 0.02 NA
Earning Yield 0.06 0.06
Market Cap(Rs. In Cr) 141821.98 Promote
r
85%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 15%
Reported PAT / PBT 0.78 0.72 0.84 0.81 0.88 14%
Adjusted PAT / PBT 0.75 0.71 0.74 0.75 0.75 13%
PBT / PBIT 0.81 0.84 0.85 0.85 0.84 12%
PBIT / Sales 0.33 0.33 0.27 0.27 0.23 11%
Sales / Total Assets 0.39 0.39 0.40 0.41 0.44 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 1.74 1.74 1.77 1.77 1.83
Reported ROE 14% 14% 14% 13% 14% Reported ROE Adjusted ROE
Adjusted ROE 14% 13% 12% 12% 12%
ROE Factors
2.00 14%
1.80 14%
1.60 14%
1.40 14%
1.20
13%
1.00
13%
0.80
0.60 13%
0.40 13%
0.20 13%
0.00 12%
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Reported ROE Reported PAT / PBT PBT / PBIT
PBIT / Sales Sales / Total Assets Total Assets / Net Worth
Page 3
4. Income Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Net Sales 32631.70 37091.00 41975.20 46377.70 54938.68
Operating Expenses
Material Consumed 23.70 26.80 31.00 31.10 31.33
Manufacturing Expenses 20790.50 23080.70 28232.30 30785.70 37069.51
Personnel Expenses 1362.60 2229.30 2897.60 2946.80 3395.27 Operating Income
Selling Expenses 57.70 45.00 57.50 65.10 174.22
60000.00
Adminstrative Expenses 656.00 726.80 851.10 977.60 2676.34
Expenses Capitalised (418.40) (544.70) (637.40) (866.90) (1052.98) 50000.00
Total Operating Expenses 22472.10 25563.90 31432.10 33939.40 42293.69
40000.00
Operating Profit 10159.60 11527.10 10543.10 12438.30 12644.99
Other Income 2760.90 2957.60 3307.00 2859.60 2477.56 30000.00
EBDITA 12920.50 14484.70 13850.10 15297.90 15122.55
20000.00
Depreciation 2075.40 2138.50 2364.50 2650.10 2485.69
Other Write offs 9.90 3.10 3.60 4.30 4.50
10000.00
EBIT 10835.20 12343.10 11482.00 12643.50 12632.36
Interest 2055.70 1982.20 1737.00 1861.90 2027.21 0.00
EBT 8779.50 10360.90 9745.00 10781.60 10605.15 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 2163.70 2994.20 2554.70 2682.70 2630.54
Adjusted PAT 6615.80 7366.70 7190.30 8098.90 7974.61 Net Sales Operating Profit EBDITA
Non Recurring Items 114.70 162.10 (294.20) 13.20 47.92
Other Non Cash adjustments 134.20 (114.00) 1305.20 616.10 1330.06
Reported Net Profit 6864.70 7414.80 8201.30 8728.20 9352.59
Equity Dividend 2638.50 2885.90 2968.30 3133.20 3133.26
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 389.60 490.50 501.70 527.60 514.77
Retained Earnings 3836.60 4038.40 4731.30 5067.40 5704.56
Profit Levels Total Income Break‐up
18000.00
Total Operating Expenses Depreciation
16000.00 Other Write offs Interest
14000.00 Income Tax Adjusted PAT
12000.00
10000.00
8000.00 14%
6000.00 5%
4000.00 3%
0%
4%
2000.00
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 74%
Operating Profit EBDITA EBIT
EBT Adjusted PAT
Page 4
5. Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 8245.50 8245.50 8245.50 8245.50 8245.46
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 40351.30 46021.90 50749.40 55478.60 60138.66
Total Owners fund 48596.80 54267.40 58994.90 63724.10 68384.12
Loan Funds
Secured Loans 7479.60 7314.70 8969.60 9079.90 9910.68
Unsecured Loans 17661.50 19875.90 25598.20 28717.10 33277.56
Total Loan fund 25141.10 27190.60 34567.80 37797.00 43188.24
Capital Structure
Total 73737.90 81458.00 93562.70 101521.10 111572.36
80000.00
USES OF FUNDS
Fixed Assets 70000.00
Gross Block 50604.20 53368.00 62353.00 66663.80 72583.94
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 60000.00
Less : Accumulated
Depreciation 25079.20 27274.30 29415.30 32088.80 33519.19 50000.00
Net Block 25525.00 26093.70 32937.70 34575.00 39064.75
Capital Work‐in‐progress 16962.30 22478.30 26404.90 32290.60 38441.84 40000.00
Investments 16094.30 15267.20 13983.50 14807.10 12344.84
30000.00
Net Current Assets
Current Assets, Loans &
20000.00
Advances 25858.80 30527.80 30925.30 30815.70 35396.79
Less : Current Liabilities &
10000.00
Provisions 10702.50 12909.00 10688.70 10967.30 13675.86
Total Net Current Assets 15156.30 17618.80 20236.60 19848.40 21720.93
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 73737.90 81458.00 93562.70 101521.10 111572.36 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 18008.20 15453.10 13785.00 14795.10 12332.84
Market Value of Quoted
Investments 316.40 304.30 275.50 133.60 100.92
Contingent liabilities 25218.80 29361.80 66083.20 40044.00 33227.29
Number of Equity shares
outstanding (in Lacs) 82454.64 82454.64 82454.64 82454.64 82454.64
Sources of Capital Application of capital
Total Net
Current Assets
20%
Total Loan Investments Net Block
fund 11% 35%
39%
Total Owners
fund Capital Work‐
61% in‐progress
34%
Page 5
6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 8896.50 10529.40 9467.80 10807.60 10410.88
Net CashFlow‐Operating
Net Cash Flow
Activity 8065.30 10171.10 9688.10 10594.20 11095.20
Net Cash Used In Investing
Activity (3145.80) (6203.80) (7500.40) (10497.70) (7658.85)
NetCash Used in Fin. Activity
(76.30) (2348.70) (849.30) (1908.60) (1710.57) 8065.30
Net Inc/Dec In Cash And 10171.10 9688.10 10594.20 11095.20
Equivlnt 4843.20 1618.60 1338.40 (1812.10) 1725.78
Cash And Equivalnt Begin of
(3145.80) (6203.80)
Year 8471.40 13314.60 14933.20 16271.60 14459.48 (7500.40) (10497.7 (7658.85)
(76.30) 0)
Cash And Equivalnt End Of
(2348.70) (849.30) (1710.57)
Year 13314.60 14933.20 16271.60 14459.50 16185.26 (1908.60)
Net CashFlow‐Operating Activity
Net Cash Used In Investing Activity
NetCash Used in Fin. Activity
Quarterly Result
September '
Particulars (Rs. In Cr) June ' 10 10 December ' 10 March ' 11 June ' 11
Sales 13,302.55 15,113.82 13,963.81 15,979.52 14,524.23
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 13,302.55 15,113.82 13,963.81 15,979.52 14,524.23
Profit Levels
Other Income 226.87 253.54 202.09 205.56 643.66
Total Income 13,529.42 15,367.36 14,165.90 16,185.08 15,167.89
Stock Adjustment 0.00 0.00 0.00 0.00 0.00
Raw Material 0.00 0.00 0.00 0.00 0.00
Power And Fuel 8,702.31 8,607.27 8,338.64 9,725.56 9,749.82
Employee Expenses 683.82 709.18 688.52 708.19 690.72
Admin And Selling Expenses 0.00 0.00 0.00 0.00 0.00
Research And Devlopment Expe 0.00 0.00 0.00 0.00 0.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Other Expeses 571.63 662.77 630.99 982.47 864.71
Total Expenses 9,957.76 9,979.22 9,658.15 11,416.22 11,305.25
EBDITA 3,571.66 5,388.14 4,507.75 4,768.86 3,862.64
Provisions Made 0.00 1,262.67 5.39 283.98 0.01
Depreciation 682.72 506.28 598.55 698.14 641.13
EBIT 2,888.94 3,619.19 3,903.81 3,786.74 3,221.50
Interest 535.75 590.20 493.18 529.95 374.35
EBT 2,353.19 3,028.99 3,410.63 3,256.79 2,847.15
Taxation 511.30 921.61 1,039.15 474.95 771.37
Net Profit / Loss 1,841.89 2,107.38 2,371.48 2,781.84 2,075.78
Extra Ordinary Item 0.00 0.00 0.00 0.00 0.00 EBDITA EBIT
Prior Year Adjustments 0.00 0.00 0.00 0.00 0.00
EBT Net Profit / Loss
Page 6