NTPC down 2% as Deutsche Bank cuts target to Rs 200; Q1 profit down 1%

Deutsche Bank has maintained buy rating on NTPC and cut target to Rs 200 from Rs 203 per share.

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Shares of NTPC slipped 2 percent intraday Monday as company’s first quarter (Q1FY19) net profit fell by 1.1 percent year-on-year to Rs 2,588.1 crore, dented by lower other income and higher finance cost.

Profit in the same quarter last fiscal was at Rs 2,618.2 crore.

Revenue during the quarter grew by 14.2 percent to Rs 22,703 crore compared to Rs 19,879.3 crore in corresponding period last year.

Deutsche Bank has maintained buy rating on NTPC and cut target to Rs 200 from Rs 203 per share.

The research house also cut EPS estimate by 5% in FY19 on the miss and 2/1% for FY20/21.

Valuation is compelling for 15% PAT CAGR for FY18-21 and under-recovery is less due to maintenance and shutdowns, it added.

The company in its meeting held on July 28 has considered and approved the issue of secured/ unsecured, redeemable, taxable/ tax-free, cumulative/ non-cumulative, non-convertible debentures upto Rs 12,000 crore.

At 09:45 hrs NTPC was quoting at Rs 154.25, down Rs 0.40, or 0.26 percent on the BSE.

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