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Karachi, October 22, 2012 (PPI-OT): NPL: 1QFY13 EPS expected at PKR 1.56
According to Elixir Securities Limited,
| NPL | Outstanding shares: 354 million | ||
| PKR million | 1QFY12A | 1QFY13E | YoY |
| Turnover |
6,264 |
4,748 |
-24% |
| Cost of sales |
5,071 |
3,605 |
-29% |
| Gross Profit |
1,193 |
1,143 |
-4% |
| Administrative expenses |
20 |
20 |
2% |
| Other Operating Income |
6 |
6 |
8% |
| Profit from operations |
1179 |
1129 |
-4% |
| Finance Cost |
746 |
605 |
-19% |
| Profit before taxation |
433 |
524 |
21% |
| Taxation |
1 |
2 |
21% |
| Profit for the period |
431 |
523 |
21% |
| EPS (PKR) |
1.22 |
1.48 |
21% |
| Source: Company Accounts; Elixir Research | |||
Net spread to income to rise
NTDCL released payments of nine IPPs amounting to PKR 24 billion with monthly installments of PKR 8 billion each. NPL would likely have received PKR 4-5 billion share from the total payments which is similar to NCPL’s share. Overdue receivables of NPL are thus estimated to have dropped to PKR 6.3 billion, from PKR 8.6 billion. 70% of overdue receivables would likely be funded through ST borrowing, which would keep spread income limited at PKR 147 million (PKR 0.42/share).
Operational savings to drop with low generation
Elixir Securities Limited expects generation for 1QFY13 to clock in at 259Gwh, down 29% YoY, at a load factor of 60%. Fuel savings for the quarter are expected at PKR 0.17/share, down 26% YoY, at a fuel savings rate of 3.8gms/kwh, on account of drop in generation. O and M savings for the quarter are expected at PKR 0.42/share, down 25% YoY, at 50% of the estimated O and M revenue. O and M savings during last year remained low at 44% of the estimated O and M revenue.