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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹44,706 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
NTPC delivered a strong Q2 FY25 with standalone PAT of ₹4,649 crore, up 19.66% YoY, driven by higher generation and cost pass-through mechanisms. Revenue was slightly lower due to a decline in average coal prices, but operational efficiency remained robust with coal PLF at 76.31% vs national average of 70.63%. The company is aggressively expanding its renewable portfolio through NTPC Green Energy (NGEL), targeting 3 GW RE addition in FY25, 5 GW in FY26, and 8 GW in FY27, aiming for 60 GW by FY32. On thermal, 13.6 GW of new capacity is planned for award by FY27, with 8.8 GW already bid out. The NGEL IPO is on track for Q3. Key risks include potential policy changes on FGD installations and rising thermal project costs due to air-cooled condenser requirements.
Colored figures show movement against the previous available record.
Guidance to track
- NTPC Green Energy will add 3 GW renewable capacity in FY25, 5 GW in FY26, and 8 GW in FY27, targeting 60 GW by FY32.
- 8.8 GW already bid out (award by Dec 2024), balance 4.8 GW in next two months; total 13.6 GW thermal capacity to be awarded by FY27.
- Draft red herring prospectus filed; IPO process on track for completion in Q3 FY25.
- NTPC group coal production to increase from 40 MMT in FY25 to about 67 MMT by FY29.
Risks flagged
- Government may stop issuing new FGD tenders; though NTPC is hedged via cost-plus mechanism, any change could impact project timelines.
- CapEx per MW for new thermal projects has risen beyond ₹12 crore due to mandatory air-cooled condensers and limited bidders.
- Under-recovery increased to ₹495 crore in Q2 from ₹381 crore last year due to higher planned outages (6.12% vs 5.19%).
- Some thermal projects (e.g., Gadarwara Stage-II) have only 68% PPA consent; balance expected in four months but could slip.
Key quotes
- We are being only selective because we have to look at the returns profile also, the risk also. So we go about it very judiciously on that.
- As far as the company is concerned, it operates on a cost plus principles, and we are completely hedged against this kind of a decision.
- Our capacity plan of 60 GW with total capacity plan up to 8.32. But right now, as I was explaining, that everything is tied up in terms of whatever is our commissioning up to FY 2026.
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