NTPC - A Lot Riding On Renewable Energy; Key Takeaways From NGEL’s DRHP: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.NTPC Green Energy Ltd., a 100% subsidiary of NTPC Ltd., is looking to debut on exchanges as the company files its draft red herring prospectus.In this note, we analyse NGEL’s business, look at its valuation metrics and evaluate key concerns. The company has an operational capacity of 3.2 GW, 12 GW of contracted under-construction renewable energy projects and future development pipeline at 11GW. NGEL is not only looking to set up utility-scale RE projects, but also tie up with corporates and public sector undertakings for their captive RE requirements. We expect the return ratios for captive to be higher than utility-scale projects. NTPC targets 60GW of RE capacity by FY32. We estimate revenue of Rs 117 billion, Ebitda of Rs 95–100 billion for its portfolio. EV to Ebitda remains the best valuation metric to analyse NGEL’s RE portfolio. Retain Buy and target price of Rs 495 on NTPC..Click on the attachment to read the full report:.Max Healthcare - On An Expansion Spree: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

NTPC - A Lot Riding On Renewable Energy; Key Takeaways From NGEL’s DRHP: ICICI Securities

NGEL is planning to raise Rs 100 billion via its initial public offering adds the brokerage.

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NTPC - A Lot Riding On Renewable Energy; Key Takeaways From NGEL’s DRHP: ICICI Securities

NGEL is planning to raise Rs 100 billion via its initial public offering adds the brokerage.

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