Vous êtes sur la page 1sur 3

NTPC Government of India (GoI) incorporated NTPC in 1975 as a thermal power generation company.

Bulk sale of electricity forms NTPC's principal business, and accounted for around 99 per cent of revenues, as of March 2012. Power is sold through long-term PPAs, mainly signed with state distribution utilities. The company's installed capacity of 37,014 MW, as on March 2012, represents around 19 per cent of India's overall capacity. It's share in total power produced in the country was 27 per cent in the same period. Coal-based capacities dominate the fuel mix. Of the total installed capacity of 32,650 MW (excluding joint ventures), around 88 per cent capacity is coal-based, while the balance is based on gas.The company has undertaken backward integration measures and has also entered into related businesses, such as power trading and distribution1

Joint ventures and subsidiaries NTPC has formed several JVs which include Utility Powertech Ltd (with Reliance Infra), NTPC Alstom Power Services Pvt Ltd (with Alstom Power Generation AG), NTPC Tamil Nadu Energy Co Ltd, Ratnagiri Gas and Power Pvt Ltd and PTC, among others. It also acquired a 50 per cent equity stake in SAIL Power Supply Corporation Ltd (SPSCL). The company has entered into a JV with BHEL to undertake EPC activities in power sector and manufacture and supply equipment for power plants.

Crisil report

Installed capacity and additions2 Its installed capacity of 37,014 MW (including joint ventures) as on March 2012 represents around 19 per cent of the country's overall generating capacity. On a standalone basis the company has an installed capacity of 32,650 MW.

Financial Performance

The company reported 11.9 per cent y-o-y rise in operating income at Rs 644 billion in 2011-12. This could be attributed mainly to the 12.5 per cent increase in average tariff for the current year to Rs 2.96 per Kwh and increase in commercial capacity. The increase in average tariff was on account of the increase in fuel cost partly led by higher domestic coal prices and increasing mix of imported coal.

2 3

Crisil report Crisil report and company reports.

NTPC's operating margins declined marginally by 86 bps to 21.6 per cent during 2011-12. The cost of power & fuel increased primarily on account of shortage in fuel supply faced during the year. As a result, NTPC's per unit fuel cost increased to Rs 1.87 in 2011-12 from Rs 1.60 per unit in 2010-11. Moreover, decline in PLF and PAFs also reduced incentives earned by the company. Decline in operating margins, coupled with higher interest and depreciation cost, dented the company's net profitability. Net margins declined by 100 bps to 15.2 per cent during the year. This was despite a significant increase in one-time cash adjustments of Rs 12.5 billion as the company accounted for Rs 10.88 billion and Rs 3.17 billion as income related to previous years and provisions written back, respectively.4

Analysis based on crisil report