NTPC Limited Q4 / FY25 Earnings Conference Call 24 May 2025

NTPC Limited Q4 / FY25 Earnings Conference Call 24 May 2025
FY25 has truly been an eventful year for the NTPC Group
On a consolidated basis, the NTPC Group's total income for FY25 rose by 5%, amounting to ₹190,862 crore compared to ₹181,166 crore in FY24.

Group PAT registered a robust growth of 12% to reach ₹23,953 crore.
This growth was significantly bolstered by a 35% rise in share of joint venture profits, which reached ₹2,214 crore.
Additionally, NTPC's subsidiaries’ profits rose by 6%, reaching ₹4,139 crore.
Dividend income also witnessed substantial growth, with ₹2,092 crore accounted for in FY25 from subsidiaries and JVs, compared to ₹1,630 crore during FY24 - truly a testament to the value creation across group entities.
For FY25, the Board of Directors have recommended a final dividend of ₹3.35 per share, subject to approval by the shareholders at the upcoming Annual General Meeting.

Interim dividends totalling ₹5.00 per share have already been paid during FY25, in November 2024 and February 2025.
Accordingly, the total dividend for FY25 amounts to ₹8.35 per share, representing an increase from ₹7.75 per share in the previous financial year

This is current year and next 2 years.
On a stand-alone basis, expect a capital expenditure of INR26,000 crore in the current year. INR29,209 crore during the next year and INR32,452 crore in the year next, that is during FY28.

And if you look at the group capex, this current year, it would be INR55,920 crore.

Next year, it would be INR97,363 crore.
And the year next, it will further rise to INR112,172 crore.
So that would be a whopping INR265,455 crore, giving an average of INR88,485 crore

NTPC growth narrative is driven by strategic investments and capacity expansion.
Capacity addition in FY26: targeting around 7.2 GW as a group in this financial year

Currently, 33.7 GW of capacity is under construction, comprising 16.9 GW of coal, 2.2 GW of hydro, and 14.6 GW of renewable energy projects

NTPC Group is working on pipeline of pumped storage projects to the tune of 20 GW in NTPC and its hydro subsidiaries

NTPC Board has granted Investment approval for 8 GW of thermal capacity during FY25, with an estimated cumulative cost of ₹1 lakh crore which will lead to robust capacity expansion in the coming years.
During FY25, the Group CAPEX rose to ₹44,636 crore, making a notable increase from ₹35,385 crore in FY24.

On a standalone basis, CAPEX recorded strong growth reaching ₹22,965 crore from ₹19,444 crore in the previous year.

One of the significant milestones was the successful listing of NTPC Green Energy Limited on November 27, 2024.

This milestone positions NGEL as a frontrunner in India's renewable energy landscape and underscores NTPC's unwavering commitment to leading the nation's energy transition.
Particularly proud of this achievement as it represents the culmination of vision to create a sustainable energy future for India.

By year-end, the NTPC Group's commercial capacity has reached an impressive 79,930 MW, with NTPC's standalone capacity standing strong at 59,413 MW.
Of the 3,972 MW capacity added in FY25, 3,312 MW comes from renewable energy sources, underscoring commitment to transition and a diversified energy portfolio.

Turning to fuel management front, made remarkable strides in ensuring fuel security.
In FY25, procured a total of 253.26 MMT of coal, marking a healthy increase of 5% from 241.21 MMT in the previous year.

Of this, only 2.26 MMT was imported coal, which is lower than the 9.57 MMT of imported coal procured in the previous fiscal.
Invested ₹12,380 crore in developing coal mines on standalone basis, contributing to Regulated Equity growth and resulting in additional revenue stream for the Company.
Achievement in captive coal production has been steep with a 29% year on year growth from 35.64 MMT in FY24 to 45.82 MMT in FY25.

The NTPC Group generated 439 billion units during FY25, registering a growth of 4% compared to 422 billion units in FY24.

On a standalone basis, NTPC's gross generation increased by 3%, rising from 362 billion units to 373 billion units.
Thermal fleet continues to set industry benchmarks in operational efficiency.

NTPC's coal plants achieved a Plant Load Factor of 77.44% during FY25, thus outperforming the Rest of India Coal PLF of 67.23%.
Seven of stations feature among the top 15 performers in India's All-India PLF rankings - a testament to our operational excellence.
NTPC Coal stations' PLF of 77.44% is the highest in the last 7 years.
NTPC’s Coal plants recorded their highest-ever single-day output of 1.15 BU on February 19, 2025

NTPC continues to lead the nation's green hydrogen journey.
From launching the Green Hydrogen Mobility Project in Leh to inaugurating India's first Green Hydrogen Hub in Andhra Pradesh, initiatives are paving the way for a cleaner and greener tomorrow.
These projects, complemented by MOUs for hydrogen mobility solutions in Odisha and Gujarat, demonstrate our unwavering focus on innovation and sustainability

Captive coal production for current year was 45 million metric tons, which would further rise to 50 million, 56 million and 60 million over the next 3 years.
Envisage an average of 7% increase year-on-year.

A New Frontier In alignment with India's net-zero commitment by 2070 and the national target of 100 GW nuclear capacity by 2047, NTPC has set an ambitious goal to develop 30 GW of nuclear power.
Identified 28 potential sites across states like UP, MP, Chhattisgarh, Gujarat, and others, with MOUs already signed with the Madhya Pradesh and Chhattisgarh governments.
Approach is two-pronged:

In FY25, the Government of India approved ASHVINI to build, own, and operate nuclear power plants.
In the process of executing Mahi Banswara Rajasthan Atomic Power Project, comprising of four units of 700 MW reactors.

Second, incorporated NTPC Parmanu Urja Nigam Limited in January 2025 as wholly owned subsidiary to explore advanced nuclear technologies, including Pressurised Water Reactors, Small Modular Reactors and Fast Breeder Reactors.

Rounaq Bakshi notes