>NTPC (INDIA INFOLINE)

HIGHLIGHTS

■ Generation at 57BU, higher by 6% yoy while average realizations were higher by only 0.7% yoy

■ Gas plants registered PAF of 84% due to lack of availability of gas and forced outages.

■ Revenues higher by 14% yoy to Rs 114bn against Rs 100bn in the corresponding period last year, due to higher fuel cost.

■ Adjusted PAT de-grows 32% yoy to Rs17bn against Rs25bn last year

■ Commissioned 1GW during the year and plan to commission 3.3GW during Fy10

■ Most expensive utility, trades at 2.8x FY10E book, re-iterate SELL with an increased target price of Rs181/share, representing 15% downside.

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