BUY: NHPC Limited by Motilal Oswal Target: 36 | Upside: 27.89% See all reports for NHPC
HOLD: Talwalkars Better Va.. by ICICI Securities Limited Target: 215 | Upside: 78.28% See all reports for TALWALKARS
BUY: Ashok Leyland Limited by Motilal Oswal Target: 179 | Upside: 23.70% See all reports for ASHOKLEY
BUY: Shilpa Medicare Limi.. by Motilal Oswal Target: 749 | Upside: 56.04% See all reports for SHILPAMED
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Summary Date 201804-10
Stock
Broker
CMP
Target
Change since reco(%)
NHPC Limited
Motilal Oswal
28.15
36.00
-1.23
All Recent
Upside(%)
Type
27.89
Buy
Report
Target
NHPC: Lower under-recoveries to boost earnings
Broker Report
Motilal Oswal The under-recovery in O&M cost is more than INR5.5b. It would decline to less than INR2b when the O&M norms are reset in the next tariff regulations in FY20. The decline in under-recoveries will also be aided by reduction in number of employees (count has reduced from ~8,000 in FY17 to ~7,500 in FY18 and will decline to ~6,500). The revenue under-recovery of INR1.5b- 2b per year on four projects due to over-run in capital cost, which is pending approval, is also likely to be recovered by FY20. Of the four projects, three are in the first review stage of CEA, while one is in the second review stage of PIB. The final stage is approval by CCEA
