>NTPC (HSBC)

Q209 results: NTPC posted Q2 revenue growth of 20%, driven by higher fuel cost (which is a
pass-through cost to the consumer). Generation declined by c7% (qoq) to 47bn units owing to
lower plant load factor (PLF), of c83% as compared to 86% in FY08 achieved by its coal fired
thermal power plants. The wage revision provision continued in Q209, resulting in a 47%
jump in employee cost and a 27% rise in other expenditures. Employee costs include
INR3,170mn in provisions for pending employee pay revisions and other employee benefits.

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