th NTPC LTD · NTPC Ltd has recommended final dividend of Rs. 2.39 per equity share for the financial year 2017-18 which is addition to the interim dividend of Rs. 2.73 per equity

Document code: FOTL_160720185_4 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved

NTPC LTDResult Update (PARENT BASIS): Q4 FY18

CMP: 152.80 JULY 16th, 2018

Overweight ISIN:INE733E01010

Index Details SYNOPSISNTPC Limited is an India-based company, which isengaged in the generation and sale of electricity.Revenue for the 4th quarter stood at Rs. 231002.60 mnagainst Rs. 204166.70 mn, when compared with theprior year period, higher by 13.14%.For the quarter ended Q4 FY18, EBITDA was Rs.64275.50 mn as against Rs. 59329.30 mn in thecorresponding period of the previous year.During Q4 FY18, Profit before tax stood at Rs.33885.70 mn against Rs. 26458.90 mn in Q4 FY17.During Q4 FY18, the company’s net profit stood at Rs.29255.90 mn as against Rs. 20794.00 mn in thecorresponding quarter ending of previous year, up by40.69%.EPS of the company stood at Rs. 3.55 during thequarter, as against Rs. 2.52 per share over previousyear period.For FY18, Net Sales rose by 6.62% and stood at Rs.834527.00 mn as compared to Rs. 782734.40 mn in thecorresponding period of last year.During FY18, Net Profit stood at Rs. 103431.70 mn asagainst of Rs. 93852.60 mn in nine months ended 31st

March 2017, up by 10.21%.Installed Capacity (NTPC Group) as on 31st Mar, 2018increased to 53651 MW from 50498 MW in previousyear Mar 2017, up by 3153 MW.Installed Capacity (NTPC Standalone) as on 31st Mar,2018 increased to 46100 MW from 43532 MW inprevious year Mar 2017, up by 2568 MW.Commercial Capacity (NTPC Group) as on 31st Mar,2018 increased to 51391 MW from 47293 MW inprevious year Mar 2017, up by 4098 MW.NTPC Ltd has recommended final dividend of Rs. 2.39per equity share for the financial year 2017-18 which isaddition to the interim dividend of Rs. 2.73 per equityshare.PAT & Operating Profit of the company are expectedto grow at a CAGR of 8% and 10% over 2017 to2020E, respectively.

Stock DataSector Electric UtilitiesBSE Code 532555Face Value 10.0052wk. High / Low (Rs.) 187.95/149.45Volume (2wk. Avg.) 1413000Market Cap (Rs. in mn.) 1259906.29

Annual Estimated Results(A*: Actual / E*: Estimated)Years(Rs. in mn) FY18A FY19E FY20ENet Sales 834527.00 895447.47 967083.27EBITDA 234225.70 256171.43 275891.48Net Profit 103431.70 109847.85 116855.83EPS 12.54 13.32 14.17P/E 12.18 11.47 10.78

Shareholding Pattern (%)

As on Mar 2018 As on Dec 2017

Promoter 62.27 62.27

Public 37.73 37.73

Others -- --

1 Year Comparative Graph

NTPC LTD S&P BSE SENSEX

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDENDCompany Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)NTPC Ltd 152.80 1259906.29 12.54 12.18 1.24 51.20BF Utilities Ltd 308.30 11612.90 4.20 73.40 11.55 0.00Power Grid Corporation Of India Ltd 181.65 950318.30 15.75 11.53 1.64 52.50Tata Power Co.Ltd 70.00 189334.10 -- -- 1.46 130.00


QUARTERLY HIGHLIGHTS (PARENT BASIS)

Results updates- Q4 FY18,

Rs. In Million Mar-18 Mar-17 % Change

Revenue 231002.60 204166.70 13.14%

Net Profit 29255.90 20794.00 40.69%

EPS 3.55 2.52 40.69%

EBIDTA 64275.50 59329.30 8.34%

The company’s net profit stood at Rs. 29255.90 million against Rs. 20794.00 million in the corresponding quarter ending

of previous year, up by 40.69%. Revenue for the 4th quarter rose by 13.14% to Rs. 231002.60 million as against Rs.

204166.70 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs.

3.55 during the quarter, as against Rs. 2.52 per share over previous year period. Profit before interest, depreciation and tax

is Rs. 64275.50 million as against Rs. 59329.30 million in the corresponding period of the previous year, registered robust

growth of 8.34%.

Break up of Expenditure

Break up ofExpenditure

Value in Rs. Million

Q4 FY18 Q4 FY17 %Change

Fuel Cost 125696.70 119464.20 5%

Employee BenefitsExpense 13682.10 16376.90 -16%

Depreciation &Amortization Expense 19348.10 16061.70 20%

Other Expenses 27237.70 13698.10 99%


Segment Revenue

KEY PERFORMANCE HIGHLIGHTS FOR QUARTER AND FINANCIAL YEAR ENDED ON 31.03.2018:

Increase in Installed/ Commercial Capacity (MW):

Installed Capacity (NTPC Group) as on 31st Mar, 2018 increased to 53651 MW from 50498 MW in previous year Mar

2017, up by 3153 MW.

One unit of 800 MW at Kudgi, one unit 800 MW at Lara, one unit of 660 MW at Solapur, 250 MW Solar Capacity at

Mandsaur, 50 MW of Wind Capacity at Rojmal, 8 MW of Hydro Capacity at Singrauli, One unit of 660 MW at Meja

(MUNPL), one unit of 250 MW at Nabinagar (BRBCL) and decommissioning of 325 MW at PVUNL.

Installed Capacity (NTPC Standalone) as on 31st Mar, 2018 increased to 46100 MW from 43532 MW in previous year

Mar 2017, up by 2568 MW.

One unit of 800 MW at Kudgi, one unit 800 MW at Lara, one unit of 660 MW at Solapur, 250 MW Solar Capacity at

Mandsaur, 50 MW of Wind Capacity at Rojmal, 8 MW of Hydro Capacity at Singrauli.

Commercial Capacity (NTPC Group) as on 31st Mar, 2018 increased to 51391 MW from 47293 MW in previous year

Mar 2017, up by 4098 MW.

Two Units of 800 MW at Kudgi, one unit of 660 MW at Mauda, one unit of 660 MW at Solapur, one unit of 500 MW at

Unchahar, one unit of 250 MW at Bongaigaon, 250 MW Solar capacity at Mandasaur, 50 MW of Wind Capacity at

Rojmal, 8 MW of Hydro Capacity at Singrauli, One unit of 250 MW at Nabinagar (BRBCL), 195 MW at Kanti and de-

commercialization of 325 MW at PVUNL.


Commercial Capacity (NTPC Standalone) as on 31st Mar, 2018 increased to 44500 MW from 40522 MW in previous

year Mar 2017, up by 3978 MW.

Two Units of 800 MW at Kudgi, one unit of 660 MW at Mauda, one unit of 660 MW at Solapur, one unit of 500 MW at

Unchahar, one unit of 250 MW at Bongaigaon, 250 MW Solar capacity at Mandasaur, 50 MW of Wind Capacity at

Rojmal, 8 MW of Hydro Capacity at Singrauli.

Other Updates:


COMPANY PROFILE

NTPC Limited is an India-based company, which is engaged in the generation and sale of electricity. The principal

business activity of the Company is the electric power generation by coal-based thermal power plant. The Company's

business segments include Generation and Others. The Company's Other business includes providing consultancy, project

management and supervision, re-gasification, oil and gas exploration and coal mining. The Company has an installed

capacity of 47,178 megawatts (MW), including joint ventures (JVs) with over 18 coal-based, seven gas-based stations and

one hydro -based station. The Company has approximately nine joint venture stations, which are coal-based. It also holds

approximately nine renewable energy projects. The Company's subsidiaries include NTPC Electric Supply Company

Limited, NTPC Vidyut Vyapar Nigam Limited, Kanti Bijlee Utpadan Nigam Limited, Bhartiya Rail Bijlee Company

Limited and Patratu Vidyut Utpadan Nigam Limited.


FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)Balance Sheet as of March 31, 2017 -2020E

FY17A FY18A FY19E FY20EASSETS1) Non-Current Assets

a) Property, plant and equipment 990627.00 1207206.10 1364142.89 1514198.61b) Capital Work in Progress 803024.60 773138.70 788601.47 824088.54c) Intangible Assets 2930.20 3316.00 3647.60 3939.41d) Intangible Assets under Development 4346.30 4693.60 4975.22 5273.73e) Investments in Subsidiary & joint venture companies 81346.30 99412.00 113329.68 123529.35f) Financial Assets

i) Investments 1134.80 1062.80 1041.54 1072.79ii) Trade Receivables 355.90 0.00 0.00 0.00iii) Loans 5305.90 6556.70 7212.37 6635.38iv) Others Financial Assets 18741.80 16328.60 15185.60 15641.17

g) Other Non-Current Assets 168734.80 115686.80 107758.18 115301.25Sub Total Non- Current Assets 2076547.60 2227401.30 2405894.55 2609680.22

2) Current Assetsa) Inventories 65048.10 60573.80 58756.59 61106.85b) Financial assets

i) Trade Receivables 81379.20 75779.70 78053.09 83516.81ii) Cash and Cash equivalents 1571.20 604.90 635.15 711.36iii) Other Bank Balances with Bank 27733.70 39178.90 45447.52 51946.52iv) Loans 2369.20 2802.20 3194.51 3705.63v) Other Financial Assets 60533.20 79381.20 86525.51 99504.33

c) Other current assets 45364.40 108782.30 122924.00 134646.00Sub Total - Current Assets 283999.00 367103.00 395536.36 435137.50

3) Regulatory Deferral Account Debit Balances 5228.30 7431.30 0.00 0.00Total Assets (1+2) 2365774.90 2601935.60 2801430.91 3044817.73EQUITY AND LIABILITIES1) EQUITY

a) Equity Share Capital 82454.60 82454.60 82454.60 82454.60b) Other equity 879857.70 935323.10 1045170.95 1162026.78

Total Equity 962312.30 1017777.70 1127625.55 1244481.382) Non Current Liabilities

a) Financial Liabilitiesi) Borrowings 973392.80 1086976.00 1152194.56 1244370.12ii) Trade Payables 131.70 233.10 279.72 321.68iii) Other Financial Assets 22471.30 21646.90 22079.84 21417.44

b) Provisions 4631.50 4809.00 4967.70 5116.73c) Deferred Tax Liabilities (Net) 14848.40 24086.30 29626.15 34070.07d) Other Non-Current Liabilities 174.90 0.00 0.00 0.00

Sub Total - Non Current Liabilities 1015650.60 1137751.30 1209147.96 1305296.043) Current Liabilities

a) Financial liabilitiesi) Borrowings 30005.60 65003.20 76703.78 85141.19ii) Trade Payables 48760.80 55926.40 62078.30 67044.57iii) Other financial liabilities 191794.00 214089.80 237639.68 254274.46

b) Other Current Liabilities 10811.60 9639.90 8965.11 8516.85c) Provisions 79649.20 80888.30 79270.53 80063.24d) Current Tax Liabilities (Net) 752.00 0.00 0.00 0.00Sub Total - Current Liabilities 361773.20 425547.60 464657.40 495040.31

4) Deferred Revenue 21211.40 20859.00 0.00 0.005) Regulatory deferral account credit balances 4827.40 0.00 0.00 0.00Total Equity and Liabilities (1+2+3) 2365774.90 2601935.60 2801430.91 3044817.73


Annual Profit & Loss Statement for the period of 2017 to 2020E

Value(Rs.in.mn) FY17A FY18A FY19E FY20E

Description 12m 12m 12m 12mNet Sales 782734.40 834527.00 895447.47 967083.27

Other Income 10688.60 17552.50 18430.13 19904.54

Total Income 793423.00 852079.50 913877.60 986987.80

Expenditure -569891.70 -617853.80 -657706.17 -711096.33

Operating Profit 223531.30 234225.70 256171.43 275891.48

Interest -35972.00 -39842.50 -44225.18 -47320.94

Gross profit 187559.30 194383.20 211946.25 228570.54

Depreciation -59208.20 -70988.60 -78797.35 -85101.13

Exceptional Items -7829.50 0.00 0.00 0.00

Profit Before Tax 120521.60 123394.60 133148.91 143469.41

Tax -26669.00 -19962.90 -23301.06 -26613.57

Net Profit 93852.60 103431.70 109847.85 116855.83

Equity capital 82454.60 82454.60 82454.60 82454.60

Reserves 879857.70 935323.10 1045170.95 1162026.78

Face value 10.00 10.00 10.00 10.00

EPS 11.38 12.54 13.32 14.17

Quarterly Profit & Loss Statement for the period of 30th Sep, 2017 to 30th June, 2018E

Value(Rs.in.mn) 30-Sep-17 31-Dec-17 31-Mar-18 30-June-18E

Description 3m 3m 3m 3mNet sales 196987.50 207743.70 231002.60 221762.50Other income 2616.00 3134.70 5175.70 5693.27

Total Income 199603.50 210878.40 236178.30 227455.77

Expenditure -142585.10 -154973.70 -171902.80 -163039.79

Operating profit 57018.40 55904.70 64275.50 64415.98Interest -9194.70 -10650.10 -11041.70 -11372.95

Gross profit 47823.70 45254.60 53233.80 53043.03

Depreciation -17126.80 -18813.70 -19348.10 -19928.54

Profit Before Tax 30696.90 26440.90 33885.70 33114.48

Tax -6310.90 -2832.80 -4629.80 -5129.43

Net Profit 24386.00 23608.10 29255.90 27985.05Equity capital 82454.60 82454.60 82454.60 82454.60

Face value 10.00 10.00 10.00 10.00

EPS 2.96 2.86 3.55 3.39


Ratio Analysis

Particulars FY17A FY18A FY19E FY20E

EPS (Rs.) 11.38 12.54 13.32 14.17

EBITDA Margin (%) 28.56% 28.07% 28.61% 28.53%

PBT Margin (%) 15.40% 14.79% 14.87% 14.84%

PAT Margin (%) 11.99% 12.39% 12.27% 12.08%

P/E Ratio (x) 13.42 12.18 11.47 10.78

ROE (%) 9.75% 10.16% 9.74% 9.39%

ROCE (%) 14.38% 14.07% 14.21% 14.02%

Debt Equity Ratio 1.04 1.13 1.09 1.07

EV/EBITDA (x) 5.64 5.38 4.92 4.57

Book Value (Rs.) 116.71 123.43 136.76 150.93

P/BV 1.31 1.24 1.12 1.01

Charts


OUTLOOK AND CONCLUSION

At the current market price of Rs. 152.80, the stock P/E ratio is at 11.47 x FY19E and 10.78 x FY20E respectively.

Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 13.32 and Rs. 14.17

respectively.

Net Sales and Operating Profit of the company are expected to grow at a CAGR of 8% and 10% over 2017 to 2020E,

respectively.

On the basis of EV/EBITDA, the stock trades at 4.92 x for FY19E and 4.57 x for FY20E.

Price to Book Value of the stock is expected to be at 1.12 x and 1.01 x for FY19E and FY20E respectively.

Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.

INDUSTRY OVERVIEW

Power is one of the most critical components of infrastructure crucial for the economic growth and welfare of nations. The

existence and development of adequate infrastructure is essential for sustained growth of the Indian economy.

India’s power sector is one of the most diversified in the world. Sources of power generation range from conventional

sources such as coal, lignite, natural gas, oil, hydro and nuclear power to viable non-conventional sources such as wind,

solar, and agricultural and domestic waste. Electricity demand in the country has increased rapidly and is expected to rise

further in the years to come. In order to meet the increasing demand for electricity in the country, massive addition to the

installed generating capacity is required.

India ranks third among 40 countries in EY’s Renewable Energy Country Attractiveness Index, on back of strong focus by

the government on promoting renewable energy and implementation of projects in a time bound manner.


Market Size:

Indian power sector is undergoing a significant change that has redefined the industry outlook. Sustained economic

growth continues to drive electricity demand in India. The Government of India’s focus on attaining ‘Power for all’ has

accelerated capacity addition in the country. At the same time, the competitive intensity is increasing at both the market

and supply sides (fuel, logistics, finances, and manpower).

Total installed capacity of power stations in India stood at 305,554.25 Megawatt (MW) as of August 31, 2016. Electricity

generation rose 5.69 per cent year-on-year to 486.44 BU during April 2016-August 2016.

The Planning Commission’s 12th Five-Year Plan estimates total domestic energy production to reach 669.6 Million

Tonnes of Oil Equivalent (MTOE) by 2016–17 and 844 MTOE by 2021–22. India’s wind power capacity, installed in

2016, is estimated to increase 20 per cent over last year to 2,800 MW@, led by favorable policy support that has

encouraged both independent power producers (IPP) and non-IPPs. India is expected to add nearly 4,000 MW# of solar

power in 2016, nearly twice the addition of 2,133 MW in 2015. India’s wind energy market is expected to attract

investments totaling Rs 1,00,000 crore (US$ 14.91 billion) by 2020, and wind power capacity is estimated to almost

double by 2020 from over 23,000 MW in June 2015, with an addition of about 4,000 MW per annum in the next five

years.

Major Players in the power sector:

NTPC is the largest power producer in India & is also the 6th largest thermal power producer in the world, with

installed capacity of 47.17 GW (including JVs). By 2032, NTPC plans to reach 128,000 MW of power capacity. Coal-

based power accounts for more than 84.7 per cent of the total capacity. It has also diversified into hydro power, coal

mining, power equipment manufacturing, oil & gas exploration, power trading & distribution

Tata Power is India’s largest integrated power company, with significant presence in solar, hydro, wind & geothermal

energy space. The company accounts for 52 per cent of total generation capacity in the private sector. The company

has an installed capacity of 10.0 GW in FY16. By 2022, the company plans to increase the generating capacity to 18

GW, distribution networks by 4 GW & energy resources by 25 million tonnes per annum.

The company has more than 35,000 MW of power generation capacity, both operational & under development.

Reliance Power has an operational power generation capacity of 6 GW. FY13 saw the development of 3,960-MW

Sasan UMPP in Madhya Pradesh. In FY15, the company accounted for a generation performance of 1048 billion

units.

CESC Limited is a vertically integrated player engaged in coal mining & generation & distribution of power. It owns

& operates 3 thermal power plants generating 1225 MW of power. These are Budge Budge Generating Station (750

MW), Southern Generating Station (135 MW) & Titagarh Generating Station (240 MW).


NHPC is the largest hydro power utility in India, with an installed capacity of 6.5 GW; it has drawn up a massive

capacity expansion plan of adding 6.7 GW by 2017. NHPC is constructing 9 projects, aggregating an installed

capacity of 4.2 GW. NHPC added 1.9 GW & 1.1 GW during the 10th & 11th Plan periods, respectively.

Power Finance Corporation Limited (PFC) is an NBFC engaged in financing & development activities within the

Indian power sector. Major products & services include project term loans, lease financing, direct discounting of bills,

short-term loans & consultancy services.

Adani Power is one of India’s largest private thermal power producers, with total capacity at 10.5 GW in 2016; the

company aims to generate 20 GW of power by 2020. The company is one of the world’s largest single-location

thermal power plants in Mundra, Gujarat.

Power Grid Corporation of India Limited (PGCIL) is the single largest transmission utility in India; it is responsible

for planning, co-ordination, supervision and control over inter-state transmission systems Target to enhance inter-

regional capacity to about 72.25 GW at the end of XII Plan. In 2016, inter-regional capacity is 47.45 GW.

Damodar Valley Corporation is engaged in power generation, distribution & transmission of electric power, irrigation

and flood control.

Power generation fundamentals will remain strong:

Demand for electricity is expected to increase at a CAGR of 7 per cent to 1,894.7 TWh over FY07–22

Current production levels are not enough to meet demand; annual demand outstrips supply by about 7.5 per cent

All India per capita consumption of electricity is expected to reach 1348 TWh by FY17

Various reforms being undertaken by the government are positively impacting India's power sector. In wake of the

surging domestic coal production, the country’s power sector is becoming increasingly stable.

The government Five-Year Plans (GW) is targeting capacity addition of around 88.54 GW under the 12th (2012–17) and

around 100 GW under the 13th (2017–22) Five-Year Plan

The expected investments in the power sector during the 12th Plan (2012–17) is USD250 billion

There is a tangible shift in policy focus on the sources of power. The government is keen on promotion of hydro,

renewable & gas-based projects, as well as adoption of clean coal technology

For ensuring transparency in the implementation of rural electrification programme, a new app will be launched by the

Power Ministry namely GARV-II, which will provide real time data. Earlier the GARV mobile phone app would provide

data for rural electrification for 18452 un-electrified villages only

Indian Power Sector – Outlook

24x7 Affordable Power for All by 2019

Renewable Integration : 175 GW by 2022


Per Capita Consumption : about 4000 units by 2030; CAGR:10%

Seamless SAARC Power Grid

Outlook:

The Indian power sector has an investment potential of Rs 15 trillion (US$ 223.67 billion) in the next 4–5 years, thereby

providing immense opportunities in power generation, distribution, transmission, and equipment, according to Union

Minister Mr Piyush Goyal.

The government’s immediate goal is to generate two trillion units (kilowatt hours) of energy by 2019. This means

doubling the current production capacity to provide 24x7 electricity for residential, industrial, commercial and agriculture

use.

The Government of India is taking a number of steps and initiatives like 10-year tax exemption for solar energy projects,

etc., in order to achieve India's ambitious renewable energy targets of adding 175 GW of renewable energy, including

addition of 100 GW of solar power, by the year 2022. The government has also sought to restart the stalled hydro power

projects and increase the wind energy production target to 60 GW by 2022 from the current 20 GW.


Disclosure Section

The information and opinions in Firstcall Research was prepared by our analysts and it does not constitute an offer orsolicitation for the purchase or sale of any financial instrument including any companies scrips or this is not an officialconfirmation of any transaction. The information contained herein is from publicly available secondary sources and dataor other secondary sources believed to be reliable but we do not represent that it is accurate or complete and it should notbe relied on as such. Firstcall Research or any of its affiliates shall not be in any way responsible for any loss or damagethat may arise to any person from any inadvertent error in the information contained in this report. Firstcall Research and/or its affiliates and/or employees will not be liable for the recipients’ investment decision based on this document.

Analyst Certification

The following analysts hereby state that their views about the companies and sectors are on best effort basis to the best oftheir knowledge. Unless otherwise stated, the individuals listed on the cover page of this report are research analysts. Theanalyst qualifications, sectors covered and their exposure if any are tabulated hereunder:

Name of the Analyst Qualifications SectorsCovered

Exposure/Interest tocompany/sector UnderCoverage in the CurrentReport

Dr.C.V.S.L. Kameswari M.Sc, PGDCA,M.B.A,Ph.D (Finance)

Pharma &Diversified

No Interest/ Exposure

U. Janaki Rao M.B.A CapitalGoods


B. Anil Kumar M.B.A Auto, IT &FMCG


M. Vijay M.B.A Diversified No Interest/ ExposureV. Harini Priya M.B.A Diversified No Interest/ ExposureMD. Naveed M.B.A Diversified No Interest/ ExposureA. Bhikshapathi M.B.A Diversified No Interest/ Exposure

Important Disclosures on Subject Companies

In the next 3 months, neither Firstcall Research nor the Entity expects to receive or intends to seek compensation for anyservices from the company under the current analytical research coverage. Within the last 12 months, Firstcall Researchhas not received any compensation for its products and services from the company under the current coverage. Within thelast 12 months, Firstcall Research has not provided or is providing any services to, or has any client relationship with, thecompany under current research coverage.

Within the last 12 months, Firstcall Research has neither provided or is providing any services to and/or in the past has notentered into an agreement to provide services or does not have a client relationship with the company under the researchcoverage.

Certain disclosures listed above are also for compliance with applicable regulations in various jurisdictions. FirstcallResearch does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equal-weight, No-Weight andUnderweight are not the equivalent of buy, hold and sell. Investors should carefully read the definitions of all weightsused in Firstcall Research. In addition, since Firstcall Research contains more complete information concerning theanalyst's views, investors should carefully read Firstcall Research, in its entirety, and not infer the contents from theweightages assigned alone. In any case, weightages (or research) should not be used or relied upon as investment advice.


An investor's decision to buy or sell should depend on individual circumstances (such as the investor's own discretion, hisability of understanding the dynamics, existing holdings) and other considerations.

Analyst Stock Weights

Overweight (O): The stock's total return is expected to exceed the average total return of the analyst's industry (orindustry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.

Equal-weight (E): The stock's total return is expected to be in line with the average total return of the analyst's industry(or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.

No-weight (NR): Currently the analyst does not have adequate conviction about the stock's total return relative to theaverage total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next12-18 months.

Underweight (U): The stock's total return is expected to be below the average total return of the analyst's industry (orindustry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.

Unless otherwise specified, the weights included in Firstcall Research does not indicate any price targets. The statisticalsummaries of Firstcall Research will only indicate the direction of the industry perception of the analyst and theinterpretations of analysts should be seen as statistical summaries of financial data of the companies with perceivedindustry direction in terms of weights.

Firstcall Research may not be distributed to the public media or quoted or used by the public media without the expresswritten consent of Firstcall Research. The reports of Firstcall Research are for Information purposes only and is not to beconstrued as a recommendation or a solicitation to trade in any securities/instruments. Firstcall Research is not abrokerage and does not execute transactions for clients in the securities/instruments.

Firstcall Research - Overall StatementS.No Particulars Remarks1 Comments on general trends in the securities market Full Compliance in Place2 Discussion is broad based and also broad based indices Full Compliance in Place3 Commentaries on economic, political or market conditions Full Compliance in Place4

Periodic reports or other communications not for public appearanceFull Compliance in Place

5 The reports are statistical summaries of financial data of the companies as and whereapplicable

Full Compliance in Place

6 Analysis relating to the sector concerned Full Compliance in Place7 No material is for public appearance Full Compliance in Place8 We are no intermediaries for anyone and neither our entity nor our analysts have any

interests in the reportsFull Compliance in Place

9 Our reports are password protected and contain all the required applicable disclosures Full Compliance in Place

10 Analysts as per the policy of the company are not entitled to take positions either fortrading or long term in the analytical view that they form as a part of their work


11 No conflict of interest and analysts are expected to maintain strict adherence to thecompany rules and regulations.


12As a matter of policy no analyst will be allowed to do personal trading or deal andeven if they do so they have to disclose the same to the company and take priorapproval of the company



13Our entity or any analyst shall not provide any promise or assurance of any favorableoutcome based on their reports on industry, company or sector or group


14 Researchers maintain arms length/ Chinese wall distance from other employees of theentity


15No analyst will be allowed to cover or do any research where he has financial interest


16 Our entity does not do any reports upon receiving any compensation from anycompany


Firstcall Research Provides

Industry Research on all the Sectors and Equity Research on Major Companiesforming part of Listed and Unlisted Segments

For Further Details Contact:Mobile No: 09959010555

E-mail: [email protected]@firstcallresearch.comwww.firstcallresearch.com

Documents

th NTPC LTD · NTPC Ltd has recommended final dividend of Rs. 2.39 per equity share for the financial year 2017-18 which is addition to the interim dividend of Rs. 2.73 per equity