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					                                                                                              Regd off: NTPC Bhawan, Scope Complex 7, Institutional Area, Lodi Rd, N. Delhi - 3
NTPC LIMITED + $                                                                              E-Mail:    akrastogi@ntpc.co.in
                                                                                              Web site: www.ntpc.co.in
                                                                                              Telephone: (011) 2436 0071 Fax: (011) 2436 0241
POWER                                                                     GOVERNMENT          Tr agent: Karvy Computershare, Plot 17-24, Vithalrao Nagar, Madhapur, Hyd. - 81
Chairman: R. S. Sharma (MD)                                                     SEC: A. K. Rastogi                                      AUD: Varma & Varma
Yr of Inc   B. Code       BL. Code     F.V.         Price       % ch 1-m        % ch 12-m       P/E       P/CF           Yield         Mkt cap              Vol.              ISIN
 1975   532555            NATP:IN      10           212.7          -2.1            22.7         21.7      16.6            1.7         1,753,397.1           602.1        INE733E01010
SHAREHOLDING                                                      FX Transaction (FY09)                              ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 89.5%                Exports (fob)          Rs m        0
Foreign collaborators      :   0.0%               Imports (cif)          Rs m 11,305                   (Rs)
Indian inst/Mut Fund       :   4.2%               Fx inflow              Rs m       36          340
FIIs/GDR                   :   3.0%               Fx outflow             Rs m 15,997                                                                         DAILY
Free float                 :   3.3%               Net fx                 Rs m -15,961
Shareholders               : 904,965                                                                                                                         100 DMA

                           No. of months                   12            12            12       260
                             Year ending             31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
High                                   Rs                158            291            203
Low                                    Rs                  91           146            113
Sales per share                        Rs               41.1           46.9           53.7      180
Earnings per share                     Rs                 8.4            9.1            9.8
Cash flow per share                    Rs               10.9           11.7           12.8
Dividends per share                    Rs               3.20           3.50           3.60
Dividend yield (eoy)                   %                 2.6             1.6           2.3
                                                                                                100
Book value per share                   Rs               59.1           64.1           69.6
Shares outstanding (eoy)               m            8,245.46       8,245.46      8,245.46        Aug-06              Jun-07            Feb-08              Nov-08             Aug-09
Bonus/Rights/Conversions                                    -              -              -
Price / Sales ratio                    x                  3.0            4.7            2.9                               No. of months                12            12             12
Avg P/E ratio                          x                14.9           24.1           16.1                                  Year ending          31/03/07      31/03/08       31/03/09
                                                                                               CASH FLOW
P/CF ratio (eoy)                       x                11.4           18.6           12.3
Price / Book Value ratio               x                  2.1            3.4            2.3    From Operations                         Rs   m     83,063        100,258        102,417
Dividend payout                        %                38.2           38.6           36.7     From Investments                        Rs   m    -34,168        -66,555        -83,890
Avg Mkt Cap                            Rs m        1,026,560      1,801,633     1,302,783      From Financial Activity                 Rs   m      2,011        -17,079            373
No. of employees                       `000               24              25            25     Net Cashflow                            Rs   m     50,906         16,624         18,900
Total wages/salary                     Rs m           12,007         19,533        25,325
Avg. sales/employee                    Rs Th        13,897.7       15,755.9      17,924.5                                        INTERIM RESULTS
Avg. wages/employee                    Rs Th           492.6          795.7       1,024.8                                            2QFY09   3QFY09           4QFY09          1QFY10
Avg. net profit/employee               Rs Th         2,830.1        3,043.1        3,274.6     Net sales                   Rs    m    100,911 118,631          122,144         125,280
                                                                                               Gross profit                Rs    m     29,774  37,946           29,885          37,010
INCOME DATA                                                                                    Gross profit margin         %             29.5    32.0             24.5            29.5
Net Sales                              Rs     m      338,757        386,759       442,967      Net profit                  Rs    m     21,105  22,509           21,133          21,936
Other income                           Rs     m       28,988         30,866        30,817      Net profit margin           %             20.9    19.0             17.3            17.5
Total revenues                         Rs     m      367,745        417,625       473,784
Gross profit                           Rs     m       99,012        116,259       112,903                                            KEY DATA
Depreciation                           Rs     m       20,998         22,060        24,949      Parameters                          Unit         FY07                 FY08        FY09
Interest                               Rs     m       17,497         18,807        24,604      Capacity                            MW          26,350               29,394      30,644
Profit before tax                      Rs     m       89,505        106,258        94,167      Generation                          m units    188,674              200,863     206,939
Minority Interest                      Rs     m            0              0             0      Realisation                         Rs/unit        1.8                   1.9         1.9
Prior Period Items                     Rs     m       -3,441         -6,383        12,858      Fuel cost                           Rs/unit         1.1                  1.1         1.3
Extraordinary Inc (Exp)                Rs     m            0              0             0
Tax                                    Rs     m       17,081         25,176        26,100
                                                                                                                                      NOTES
Profit after tax                       Rs     m       68,983         74,699        80,925
Gross profit margin                    %                29.2           30.1          25.5     NTPC is the largest power generating company in India with a nationwide presence
Effective tax rate                     %                19.1           23.7          27.7     and an installed capacity of 30,644 MW, which is over 20% of India's total installed
                                                                                              capacity. Of the 20 plants under NTPC's fold, 13 are coal-based, while 7 are gas-
Net profit margin                      %                20.4           19.3          18.3
                                                                                              based power stations (17%). In FY09, the company generated 207 bn units of power
BALANCE SHEET DATA                                                                            and accounted for around 28% of the total power generated in the country. The PLF
                                                                                              (plant load factor or capacity utilisation) of NTPC's coal-based plants (at over 91% in
Current assets                         Rs m          228,224        263,157       324,633     FY09) is among the best in the country.
Current liabilities                    Rs m           76,934         86,225       120,334
Net working cap to sales               %                44.7           45.7          46.1     NTPC grew its sales by 13% YoY during FY09. This was largely a result of 14% YoY
Current ratio                          x                  3.0            3.1           2.7    increase in average tariff per unit, from Rs 1.8 in FY08 to Rs 2.1 in FY09. The
Inventory Turnover                     Days               28             26            28     company sold around 194 bn units (BU) of electricity during the year, which was up
Debtors Turnover                       Days               15             30            31     by 3% YoY. This was on the back of a 2.9% YoY rise in generation. The company's
Net fixed assets                       Rs m          461,642        537,900       658,948     operating margins contracted by around 5% YoY during the fiscal largely owing to
Share capital                          Rs m           82,455         82,455        82,455     higher fuel and other costs.
"Free" reserves                        Rs m          391,331        430,687       472,751
                                                                                              NTPC incurred capex of around Rs 127 bn during the fiscal (on a standalone basis),
Net worth                              Rs m          487,125        528,629       574,076     which was higher by 45% YoY. For the current fiscal (FY10), it is targeting a capex of
Long term debt                         Rs m          240,616        282,502       363,543     Rs 177 bn for which it has already tied up the necessary financing. In terms of
Total assets                           Rs m          841,300        935,533     1,100,547     capacity, NTPC has outlined a plan to add 3,300 MW of generation capacity during
Interest coverage                      x                  6.1            6.6           4.8    FY10 and has maintained that it will be able to meet its target of setting up a total of
Debt to equity ratio                   x                  0.5            0.5           0.6    around 22,000 MW during the XIth five year plan (2007-12). However, given the pace
Sales to assets ratio                  x                  0.4            0.4           0.4    of expansion combined with project delays, we are of the belief that NTPC might trip
Return on assets                       %                11.9           11.5          11.3     a little in terms of its planned expansion. Fuel - gas and coal - supply issues also
Return on equity                       %                14.2           14.1          14.1     remain a key concern.
Return on capital                      %                14.2           14.6          14.0
Exports to sales                       %                  0.0            0.0           0.0
Imports to sales                       %                  2.4            3.2           2.6
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