NTPC (National Thermal Power

Corporation)

NTPC Limited (formerly National Thermal Power Corporation)

(BSE: 532555,NSE: NTPC) is the largest state-owned power generating
company in India. Forbes Global 2000 for 2009 ranked it 317th [3] in the
world. It is an Indian sector company listed on the Bombay Stock
Exchange although at present the Government of India holds 84.5%
(after divestment the stake by Indian government on 19october2009)
of its equity. With a current generating capacity of 31134 MW, NTPC
has embarked on plans to become a 75,000 MW company by 2017. It
was founded on November 7, 1975.
NTPC's core business is engineering, construction and operation of
power generating plants and providing consultancy to power utilities in
India and abroad.

The total installed capacity of the company is 31134 MW (including JVs)

with 15 coal based and 7 gas based stations, located across the
country. In addition under JVs, 3 stations are coal based & another
station uses naphtha/LNG as fuel. By 2017, the power generation
portfolio is expected to have a diversified fuel mix with coal based
capacity of around 53000 MW, 10000 MW through gas, 9000 MW
through Hydro generation, about 2000 MW from nuclear sources and
around 1000 MW from Renewable Energy Sources (RES). NTPC has
adopted a multi-pronged growth strategy which includes capacity
addition through green field projects, expansion of existing stations,
joint ventures, subsidiaries and takeover of stations.

NTPC has been operating its plants at high efficiency levels. Although
the company has 18.79% of the total national capacity it contributes
28.60% of total power generation due to its focus on high efficiency.
NTPC’s share at 31 Mar 2001 of the total installed capacity of the
country was 24.51% and it generated 29.68% of the power of the
country in 2008-09. Every fourth home in India is lit by NTPC. 170.88BU
of electricity was produced by its stations in the financial year 2005-
2006. The Net Profit after Tax on March 31, 2006 was INR 58,202
million. Net Profit after Tax for the quarter ended June 30, 2006 was
INR 15528 million, which is 18.65% more than for the same quarter in
the previous financial year. 2005).

Pursuant to a special resolution passed by the Shareholders at the

Company’s Annual General Meeting on September 23, 2005 and the
approval of the Central Government under section 21 of the
Companies Act, 1956, the name of the Company "National Thermal
Power Corporation Limited" has been changed to "NTPC Limited" with
effect from October 28, 2005. The primary reason for this is the
company's foray into hydro and nuclear based power generation along
with backward integration by coal mining.

(NTPC) is in the 138th position in Fortune 500 in 2009.

10 Indian companies make it to FT's top 500.

Profit Loss Account:

Year: Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Income:

Operating income 46,377.70 41,975.20 37,091.00 32,631.70 26,142.90

Expenses:
Material consumed 31.10 31.00 26.80 23.70 25.00

Manufacturing expenses 30,785.70 28,232.30 23,080.70 20,790.50 17,202.20

Personnel expenses 2,946.80 2,897.60 2,229.30 1,362.60 1,137.50

Selling expenses 65.10 57.50 45.00 57.70 40.40

Administrative expenses 977.60 851.10 726.80 656.00 569.60

Expenses capitalized -866.90 -637.40 -544.70 -418.40 -256.40

Cost of sales 33,939.40 31,432.10 25,563.90 22,472.10 18,718.30

Operating profit 12,438.30 10,543.10 11,527.10 10,159.60 7,424.60

Other recurring income 2,859.60 3,307.00 2,957.60 2,760.90 2,669.40

Year: Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Adjusted PBDIT 15,297.90 13,850.10 14,484.70 12,920.50 10,094.00

Financial expenses 1,861.90 1,737.00 1,982.20 2,055.70 2,004.60

Depreciation 2,650.10 2,364.50 2,138.50 2,075.40 2,047.70

Other write offs 4.30 3.60 3.10 9.90 1.30

Adjusted PBT 10,781.60 9,745.00 10,360.90 8,779.50 6,040.40

Tax charges 2,682.70 2,554.70 2,994.20 2,163.70 1,082.40

Adjusted PAT 8,098.90 7,190.30 7,366.70 6,615.80 4,958.00

Non recurring items 13.20 -294.20 162.10 114.70 228.50

Other non cash adjustments 616.10 1,305.20 -114.00 134.20 633.70

Reported net profit 8,728.20 8,201.30 7,414.80 6,864.70 5,820.20

Earnings before appropriation 8,743.30 8,222.40 7,504.70 6,939.90 5,901.40

Equity dividend 3,133.20 2,968.30 2,885.90 2,638.50 2,308.70

Preference dividend - - - - -

Dividend tax 527.60 501.70 490.50 389.60 323.80

Retained earnings 5,082.50 4,752.40 4,128.30 3,911.80 3,268.90

Balance Sheet:
Years: Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Sources of funds:
Owner's fund:

Equity share capital 8,245.50 8,245.50 8,245.50 8,245.50 8,245.50

Share application money - - - - -

Preference share capital - - - - -

Reserves & surplus 55,478.60 50,749.40 46,021.90 40,351.30 36,713.20

Loan funds:
Secured loans 9,079.90 8,969.60 7,314.70 7,479.60 6,173.50

Unsecured loans 28,717.10 25,598.20 19,875.90 17,661.50 14,464.60

Years: Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Total 1,01,521.10 93,562.70 81,458.00 73,737.90 65,596.80

Uses of funds:
Fixed assets:

Gross block 66,663.80 62,353.00 53,368.00 50,604.20 45,917.60

Less: revaluation reserve - - - - -

Less: accumulated
depreciation 32,088.80 29,415.30 27,274.30 25,079.20 22,950.10

Net block 34,575.00 32,937.70 26,093.70 25,525.00 22,967.50

Capital work-in-progress 32,290.60 26,404.90 22,478.30 16,962.30 13,756.00

Investments 14,807.10 13,983.50 15,267.20 16,094.30 19,289.10

Net current assets:

Current assets, loans &

advances 30,815.70 30,925.30 30,527.80 25,858.80 18,234.80

Less: current liabilities &

provisions 10,967.30 10,688.70 12,909.00 10,702.50 8,650.60

Total net current assets 19,848.40 20,236.60 17,618.80 15,156.30 9,584.20

Miscellaneous expenses not

written - - - - -

Total 1,01,521.10 93,562.70 81,458.00 73,737.90 65,596.80

Notes:

Book value of unquoted

investments 14,795.10 13,785.00 15,453.10 18,008.20 18,409.60

Market value of quoted

investments 133.60 275.50 304.30 316.40 951.60

Contingent liabilities 40,044.00 66,083.20 29,361.80 25,218.80 16,429.80

Number of equity shares

outstanding (Lacks) 82454.64 82454.64 82454.64 82454.64 82454.64

Share Holding:
Share holding pattern as on : 30/09/2010 30/06/2010 31/03/2010

Face value 10.00 10.00 10.00

No. Of % No. Of % No. Of %

Shares Holding Shares Holding Shares Holding

Promoter's holding:
Indian Promoters 6967361180 84.50 6967361180 84.50 6967361180 84.50

Sub total 6967361180 84.50 6967361180 84.50 6967361180 84.50

Non promoter's holding:

Institutional investors:
Banks Fin. Inst. and
Insurance 572901880 6.95 594672158 7.21 605730814 7.35

FII's 234693751 2.85 210857521 2.56 210122856 2.55

Sub total 960563840 11.65 960868200 11.65 955952831 11.59

Other investors:
Private Corporate
Bodies 128913912 1.56 125798864 1.53 124725053 1.51

NRI's/OCB's/Foreign
Others 4463290 0.05 4856983 0.06 4988242 0.06

Others 8733663 0.11 2594792 0.03 3084736 0.04

Sub total 142107360 1.72 133247134 1.62 132794526 1.61

General public 175428515 2.13 183984381 2.23 189352358 2.30

Grand total 8245460895 100.00 8245460895 100.00 8245460895 100.00

Ratios:
Years: Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Per share ratios:

Adjusted EPS (Rs) 9.82 8.72 8.93 8.02 6.01

Adjusted cash EPS (Rs) 13.04 11.59 11.53 10.55 8.50

Dividend per share 3.80 3.60 3.50 3.20 2.80

Operating profit per share (Rs) 15.09 12.79 13.98 12.32 9.00
Years: Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Book value (excl rev res) per share (Rs) 77.28 71.55 65.81 58.94 54.53

Book value (incl rev res) per share (Rs.) 77.28 71.55 65.81 58.94 54.53

Net operating income per share (Rs) 56.25 50.91 44.98 39.58 31.71

Free reserves per share (Rs) 62.75 56.25 52.34 47.38 43.24

Profitability ratios:
Operating margin (%) 26.81 25.11 31.07 31.13 28.40

Gross profit margin (%) 21.10 19.48 25.31 24.77 20.56

Net profit margin (%) 17.72 18.11 18.51 19.39 20.20

Adjusted cash margin (%) 21.83 21.10 23.74 24.58 24.31

Return on long term funds (%) 12.45 12.27 15.15 14.69 12.26

Leverage ratios:
Long term debt / Equity 0.59 0.58 0.50 0.51 0.45

Total debt/equity 0.59 0.58 0.50 0.51 0.45

Owners fund as % of total source 62.76 63.05 66.62 65.90 68.53

Fixed assets turnover ratio 0.69 0.67 0.69 0.64 0.56

Liquidity ratios:
Current ratio 2.81 2.89 2.36 2.42 2.11

Current ratio (inc. st loans) 2.81 2.89 2.36 2.42 2.11

Quick ratio 2.50 2.59 2.16 2.18 1.84

Inventory turnover ratio 27.54 28.21 33.59 30.50 25.14

Payout ratios:
Dividend payout ratio (net profit) 41.94 42.31 45.53 44.11 45.23

Dividend payout ratio (cash profit) 32.16 32.83 35.33 33.83 33.45

Component ratios:
Material cost component (% earnings) 0.06 0.07 0.07 0.07 0.09

Selling cost Component 0.14 0.13 0.12 0.17 0.15

Long term assets / total Assets 0.72 0.70 0.67 0.69 0.75

Bonus component in equity capital (%) - - - - -

Future Goals
The company has also set a serious goal of having 50000
MW of installed capacity by 2012 and 75000 MW by
2017. The company has taken many steps like step-up
its recruitment, reviewing feasibilities of various sites
for project implementations etc. and has been quite
successful till date. NTPC will invest about Rs 20,000
crore to set up a 3,960-megawatt (Mw) coal-based
power project in Madhya Pradesh. Company will also
start coal production from its captive mine in
Jharkhand in 2011-12, for which the company will be
investing about Rs 1,800 crore.