Ntpc / Q3-FY24

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Positive2024-01-30Back to NTPC

Revenue

₹42,820 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

latest reported figure

Source

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Actual signal trajectory

Where this quarter sits.

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Revenue (₹ Cr)PositiveWatchNegative
8 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q2 FY24: 44,983 · Positive source sentiment · 2023-10-31Q2 FY24Q3 FY24: 42,820 · Positive source sentiment · 2024-01-30Q3 FY24Q4 FY24: 47,628 · Positive source sentiment · 2024-05-15Q4 FY24Q2 FY25: 44,706 · Positive source sentiment · 2024-10-30Q2 FY25Q3 FY25: 45,069 · Positive source sentiment · 2025-01-21Q3 FY25Q4 FY25: 49,834 · Positive source sentiment · 2025-05-15Q4 FY25Q2 FY26: 44,786 · Positive source sentiment · 2025-10-30Q2 FY26Q3 FY26: 45,846 · Watch source sentiment · 2026-01-30Q3 FY2649,83442,820
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

NTPC reported a resilient Q3 FY24 with group PAT for 9M FY24 up 21% YoY to INR 14,842 crore, driven by higher generation (group generation up 7% to 315 BUs) and improved coal production (up 74% to 25.36 MMT). The company plans to award 16.8 GW of new thermal capacity, with 5.6 GW to be tendered in H1 FY25, and targets 50 MTPA coal production in three years. Renewable pipeline stands at 22.7 GW, with 7.8 GW under construction. Management guided for under-recovery reversal in Q4 and expects INR 400-450 crore full-year under-recovery. Key risk: execution delays in renewable projects due to module supply and transmission constraints.

Colored figures show movement against the previous available record.

Guidance to track

  • Out of 16.8 GW planned, 5.6 GW will be tendered in Q1-Q2 FY25, including Singrauli, Sipat, and Darlipali.
  • Management confirmed achieving 27 MMT in 9M FY24 and expects to meet the full-year target of 34 MMT.
  • Despite delays, management reiterated the target of 15 GW operational renewable capacity by FY26.
  • Full-year under-recovery expected at INR 400-450 crore, with reversal in Q4 as planned outages complete.

Risks flagged

  • Module supply issues have delayed renewable commissioning; only 1 GW expected by March 2024 out of 7.8 GW under construction.
  • Analyst raised concern about transmission delays impacting renewable aspirations; management acknowledged minor delays but expects no material impact.
  • Standalone profit before regulatory deferral declined YoY; management attributed to one-time accounting changes but could recur.

Key quotes

  • We are not happy with the pace of execution, but these are things which are not in our control, and now hopefully we are back on track.
  • The regulatory deferral will have deferral based on two, three components... we can't capture a trend per se.
  • We have a comfortable projection... our cash flow projection is comfortable, and it will be able to take care of my 30% equity for all this requirement.

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