Retain buy on NTPC even as generation slips for Q1: HSBC

As per the monthly generation data released by CEA (central electricity authority) NTPC saw a 7% y-o-y decline in generation for Q1FY16. NTPC generated 22% of the power generated by all power plants in India during Q1FY16.

Meanwhile, there was a 12% y-o-y increase in generation by the private generation companies post a 20% increase in their generation capacity during Q1FY16. Thus there was a 670 bps y-o-y decline in the plant load factor (PLF) for NTPC coal stations and 400 bps y-o-y decline in PLF for the private thermal stations including both coal as well as gas stations during the same period.

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