External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal availability</li><li>Peak power demand increased by 10% YoY during Q3FY23 to ~193GW, driven by the festive season</li><li>Coal inventory at power plants too improved significantly, led by increased usage of imported coal as the number of stations facing subcritical inventory level declined to 43 in Dec 2022, vs 69 YoY and 54 QoQ</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal availabilityPeak power demand increased by 10% YoY during Q3FY23 to ~193GW, driven by the festive seasonCoal inventory at power plants too improved significantly, led by increased usage of imported coal as the number of stations facing subcritical inventory level declined to 43 in Dec 2022, vs 69 YoY and 54 QoQContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Power (3QFY23 Results Preview): Demand remains strong; coal inventory improves

<ul><li>NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demand</li><li>PAF also improved for both coal/gas in Q2 to 93.7/92.8%, vs 85.4/81.6% YoY, led by better fuel availability</li><li>Accordingly, under-recovery also declined to INR2.0bn for Q2FY23 vs INR5.0bn QoQ</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demandPAF also improved for both coal/gas in Q2 to 93.7/92.8%, vs 85.4/81.6% YoY, led by better fuel availabilityAccordingly, under-recovery also declined to INR2.0bn for Q2FY23 vs INR5.0bn QoQContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: NTPC, Indian Oil Corporation, SBI Cards and Payment Services

<ul><li>The power industry is expected to report 19.4% YoY earnings growth, owing to the ongoing spur in power demand and merchant rates, which continued in Q2FY23 as well</li><li>However, demand growth softened to ~5% YoY during Q2FY23 (vs ~17% YoY in Q1FY23) due to high YoY base and monsoon season</li><li>Coal inventory at power plants improved significantly as the number of stations facing subcritical inventory levels declined to 54 in Q2FY23, vs 88 YoY and 79 QoQ</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The power industry is expected to report 19.4% YoY earnings growth, owing to the ongoing spur in power demand and merchant rates, which continued in Q2FY23 as wellHowever, demand growth softened to ~5% YoY during Q2FY23 (vs ~17% YoY in Q1FY23) due to high YoY base and monsoon seasonCoal inventory at power plants improved significantly as the number of stations facing subcritical inventory levels declined to 54 in Q2FY23, vs 88 YoY and 79 QoQContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Power (2QFY23 Results Preview): Demand remains strong; coal inventory improves

<ul><li>India’s long-awaited Capex cycle finally seems to be gathering momentum, after a hiatus of 10 years</li><li>While there were false starts in the last decade, we believe the recent post-COVID pick-up is looking sustainable and drivers are in place for multi-year growth</li><li>In this report, we have done a detailed bottom-up analysis of (a) 1,700+ government projects that are under implementation (explaining &gt;60% of total government Capex of FY22) and (b) Capex plans of top 400+ private sector companies to better understand the drivers and likely shape of the Capex demand curve</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India’s long-awaited Capex cycle finally seems to be gathering momentum, after a hiatus of 10 yearsWhile there were false starts in the last decade, we believe the recent post-COVID pick-up is looking sustainable and drivers are in place for multi-year growthIn this report, we have done a detailed bottom-up analysis of (a) 1,700+ government projects that are under implementation (explaining &gt;60% of total government Capex of FY22) and (b) Capex plans of top 400+ private sector companies to better understand the drivers and likely shape of the Capex demand curveContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India Equity Strategy - Capex: On a Sustainable Upswing

<ul>
<li>We attended a solar conference organised by Mercom in New Delhi, which saw participation from notable players like MNRE, SECI, NTPC, Adani Green, Tata Power, Vikram Solar, Azure Power, Acme, Renewsys, Jackson EPC, Longi, and many sectoral experts</li>
<li>The crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the industry is facing at present in the renewable sector</li>
<li>While PSUs maintained a positive stance on achievement of the targeted 280GW of solar capacity by FY30, a few unlisted EPC players and developer community were of the opinion that, with issues like the increase in module prices, rupee depreciation, duty imposition on imported cells/modules, land availability, and grid congestion, the country would only be able to achieve ~70% of this target</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


We attended a solar conference organised by Mercom in New Delhi, which saw participation from notable players like MNRE, SECI, NTPC, Adani Green, Tata Power, Vikram Solar, Azure Power, Acme, Renewsys, Jackson EPC, Longi, and many sectoral experts
The crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the industry is facing at present in the renewable sector
While PSUs maintained a positive stance on achievement of the targeted 280GW of solar capacity by FY30, a few unlisted EPC players and developer community were of the opinion that, with issues like the increase in module prices, rupee depreciation, duty imposition on imported cells/modules, land availability, and grid congestion, the country would only be able to achieve ~70% of this target

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Power Sector: Renewable Solar Summit July 2022

India

NTPC Ltd. owns and operates power generation plants that supply power to state electricity boards throughout India.  The Company is a public sector undertaking of the Government of India and it also undertakes turnkey consulting projects to set up power plants.

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NTPC Ltd (NTPC IN)

Power (3QFY23 Results Preview): Demand remains strong; coal inventory improves

The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal...

HDFC Securities

HSIE Results Daily: NTPC, Indian Oil Corporation, SBI Cards and Payment Services

NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demand

HDFC Securities

Power (2QFY23 Results Preview): Demand remains strong; coal inventory improves

The power industry is expected to report 19.4% YoY earnings growth, owing to the ongoing spur in power demand and merchant rates, which continued...

HDFC Securities

India Equity Strategy - Capex: On a Sustainable Upswing

While there were false starts in the last decade, we believe the recent post-COVID pick-up is looking sustainable and drivers are in place for...

HDFC Securities

Indian Power Sector: Renewable Solar Summit July 2022

The crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the...

HDFC Securities

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