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BUY NATIONAL HYDRO POWER CORPORATION (533098)
CMP: 25
Target: 40 in 6 months

National Hydro Power Corporation, an entity of Government of India, is
country's largest hydro power producer.
NHPC is currently having an installed capacity of more than 5,300 MW
with 14 operational power stations and has a cash surplus of over Rs.
4,000 crore.

National Hydroelectric Power Corporation ( NHPC ) has reported a net
profit of Rs 966 crore in the second quarter of FY12, a growth of 40%
as compared to Rs 690 crore in the corresponding quarter of last
fiscal.

Net sales jumped 47.66% to Rs 1,831 crore in the July-September period
of 2011 versus Rs 1,240 crore in same quarter the previous year.
The second quarter is a seasonally favorable quarter which contributes
bulk of full-year earnings.
Total revenue shot up 54% to Rs 1,981.5 crore from Rs 1,282.6 crore
year-on-year.

Earnings before interest, tax, depreciation and amortisation (EBITDA)
rose 35% to Rs 1,416 crore from Rs 1,049 crore during the same period
The state-run major is engaged in the construction of 10 projects at
various locations in the country, going to have an additional capacity
of 4,502 MW. It is planning to develop two hydro projects in Myanmar.

It plans to increase the capacity to over 10,000 MW by end of 2012.

The coal price is expected to rise by 2012, which will result in
increase in power price by 20%. This will further boost the profit
margin of NHPC to a large extent.
Spanning on Government's increasing emphasis on hydro power and NHPC's
strong hold, we recommend a BUY on NHPC at CMP of Rs 25, with a target
of Rs.40 in 6 months.

DISCLAIMER:- Smart Profit has taken due care and caution in
compilation of data for its reports. The market view and investment
tips expressed on Smart Profit are in no way a guarantee either
express or implied. However, Smart Profit does not guarantee the
accuracy, adequacy or completeness of any information and is not
responsible for any errors or omissions or for the results obtained
from the use of such information. CEO, Directors and staff may have a
position in the recommended stock.

FOR FUTHER DETAILS CONTACT:-
SUMAN JAIN
(CEO)
+919820041126
Email: sumanjain@smartprofit.in

ANKITA JAIN
(Director)
+919819854402
Email: ankita@smartprofit.in

DIPAK MANGELA
(Research Analyst)
+919820260291
Email: dipak.mangela@smartprofit.in

MANSINGH RAI
(Sr. Executive)
+919320907684
Email: mansingh.rai@smartprofit.in

SHAILESH GOWDA
(Sr. Executive)
+919967394114
Email: shailesh.gowda@smartprofit.in

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