Investor Presentaiton

Why to Invest in NTPC Growth in PPE, CWIP & Financial leverage एनटीपीसी NTPC A Maharatna Company CWIP PPE CWIP % of PPE & CWIP - Financial Leverage (Debt-Equity) 40.00 1.36 1.29 1.35 160% 1.33 35.00 1.20 140% 30.00 1.03 1.08 1.01 120% 25.00 0.78 100% 0.72 20.00 80% 15.00 60% 10.00 37% 38% 42% 42% 45% 43% 41% 35% 40% 5.00 23% 19% 20% 0% FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY20E FY21E FY22E Expansion in Regulated Equity FY22E FY21E FY20E FY19E FY18E FY17 Regulated Equity (Rs. in crore) 50000 100000 0 44049 All financial figures on standalone basis Copyright © 2016 Your Company All Rights Reserved. PPE increased at a CAGR of 16.48% while CWIP grew at a CAGR of 29.46% during FY 13 to FY 17. From FY 13 to FY 17, CWIP to Total fixed assets (PPE and CWIP) ranged between 37% -45%. Reversal in this ratio expected after FY 18 due to COD @ 3-4GW/year. Going forward, growth continues however the turnaround from CWIP to PPE would be quicker in Solar projects Fall in CWIP ratio will lead to RoE expansion as the equity blocked in CWIP will start earning. Benefit of financial leverage to result in higher RoE. 28

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