Nifty
Sensex
:
:
11426.75
38524.03
85.60 (0.75%)
309.56 (0.81%)

Power Generation/Distribution

Rating :
60/99  (View)

BSE: 532555 | NSE: NTPC

119.40
1.65 (1.40%)
15-Oct-2019 | 1:59PM
  • Day's Open
  • Day's High
  • Day's Low
  • Previous Close
  •  117.00
  •  119.70
  •  117.00
  •  117.75
  • Volume
  • Traded Value (lacs)
  • 52 Week High
  • 52 Week Low
  •  5525745
  •  6597.74
  •  145.85
  •  106.67

Stock Summary

  • Market Cap(Crs)
  • Stock P:E
  • Face Value
  • 116,557.88
  • 9.91
  • 10
  • Enterprise Value(Crs)
  • Dividend Yield
  • Price:Book Value
  • 275,493.41
  • 5.16%
  • 1.07

Shareholding Pattern

  • Promoter
  • Corporate
  • Public
  • 56.41%
  • 1.23%
  • 1.51%
  • FII
  • DII
  • Others
  • 12.05%
  • 16.34%
  • 12.46%

Chart

Price | P:E | P:BV | EV:EBITDA

Revenue CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 6.78
  • 4.07
  • 4.84

EBITDA CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 4.23
  • 3.75
  • -2.27

PAT CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 3.02
  • 2.69
  • 7.78

P:E (Median)

  • 8 Years
  • 5 Years
  • 3 Years
  • 11.97
  • 12.18
  • 13.18

P:BV (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 1.41
  • 1.31
  • 1.31

EV:EBITDA (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 9.60
  • 10.20
  • 10.21

Quarterly Results

Standalone Figures in Rs. Crores /

Consolidated
Description
Jun 19
Jun 18
Var%
Mar 19
Mar 18
Var%
Dec 18
Dec 17
Var%
Sep 18
Sep 17
Var%
Net Sales
25,931.11
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Expenses
19,031.16
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
EBITDA
6,899.95
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
EBIDTM
26.61%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Other Income
341.13
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Interest
1,767.23
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Depreciation
2,192.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
PBT
3,281.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Tax
588.53
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
PAT
2,693.17
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
PATM
10.39%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
EPS
2.87
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Annual Results

Consolidated Figures in Rs. Crores /

Standalone
Description
TTM
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Mar 11
Mar 10
Net Sales
-
94,837.75
87,201.80
81,342.90
73,426.44
80,611.94
78,950.63
72,098.09
65,893.25
57,607.17
48,311.59
Net Sales Growth
-
8.76%
7.20%
10.78%
-8.91%
2.10%
9.50%
9.42%
14.38%
19.24%
 
Cost Of Goods Sold
-
0.00
0.00
0.00
0.00
4.64
1.66
0.00
0.00
0.00
0.00
Gross Profit
-
94,837.75
87,201.80
81,342.90
73,426.44
80,607.30
78,948.97
72,098.09
65,893.25
57,607.17
48,311.59
GP Margin
-
100%
100%
100%
100%
99.99%
100.00%
100%
100%
100%
100%
Total Expenditure
-
75,054.00
64,832.39
60,028.87
55,515.89
63,537.29
59,311.32
54,045.54
50,980.11
44,919.47
35,232.69
Power & Fuel Cost
-
58,414.18
53,271.24
50,807.38
47,029.85
54,297.83
50,775.09
45,892.91
43,641.01
36,640.47
30,230.75
% Of Sales
-
61.59%
61.09%
62.46%
64.05%
67.36%
64.31%
63.65%
66.23%
63.60%
62.57%
Employee Cost
-
4,907.59
4,791.97
4,375.54
3,620.66
3,840.62
4,038.63
3,607.22
3,260.96
2,922.26
2,520.17
% Of Sales
-
5.17%
5.50%
5.38%
4.93%
4.76%
5.12%
5.00%
4.95%
5.07%
5.22%
Manufacturing Exp.
-
3,332.71
2,940.77
2,459.99
2,204.49
2,386.71
1,900.40
2,233.86
1,885.22
1,762.29
1,487.91
% Of Sales
-
3.51%
3.37%
3.02%
3.00%
2.96%
2.41%
3.10%
2.86%
3.06%
3.08%
General & Admin Exp.
-
2,055.82
1,745.98
1,608.19
1,411.34
1,398.94
1,450.05
1,191.22
1,074.53
968.63
826.34
% Of Sales
-
2.17%
2.00%
1.98%
1.92%
1.74%
1.84%
1.65%
1.63%
1.68%
1.71%
Selling & Distn. Exp.
-
364.75
56.94
42.21
45.20
688.77
648.41
608.09
684.90
767.24
21.49
% Of Sales
-
0.38%
0.07%
0.05%
0.06%
0.85%
0.82%
0.84%
1.04%
1.33%
0.04%
Miscellaneous Exp.
-
5,978.95
2,025.49
735.56
1,204.35
919.78
497.08
512.24
433.49
1,858.58
21.49
% Of Sales
-
6.30%
2.32%
0.90%
1.64%
1.14%
0.63%
0.71%
0.66%
3.23%
0.30%
EBITDA
-
19,783.75
22,369.41
21,314.03
17,910.55
17,074.65
19,639.31
18,052.55
14,913.14
12,687.70
13,078.90
EBITDA Margin
-
20.86%
25.65%
26.20%
24.39%
21.18%
24.88%
25.04%
22.63%
22.02%
27.07%
Other Income
-
1,920.17
2,181.70
1,513.01
1,156.26
2,651.55
2,959.84
3,304.51
3,470.15
4,159.55
2,942.77
Interest
-
5,260.85
4,446.59
3,752.80
3,366.03
3,705.38
3,343.40
2,491.18
2,138.94
1,735.23
2,078.18
Depreciation
-
7,688.10
7,459.93
6,009.91
5,224.02
5,564.61
4,769.99
3,823.22
3,107.09
2,719.69
2,894.38
PBT
-
8,754.97
12,644.59
13,064.33
10,476.76
10,456.21
14,485.76
15,042.66
13,137.26
12,392.33
11,049.11
Tax
-
-3,206.41
2,588.14
2,975.10
-162.81
463.84
3,082.36
4,024.73
3,322.60
3,044.10
2,211.46
Tax Rate
-
-36.62%
20.47%
22.77%
-1.55%
4.44%
21.28%
24.23%
25.29%
24.56%
20.01%
PAT
-
11,967.95
10,098.90
10,094.93
10,659.99
9,986.34
11,403.61
12,590.78
9,812.79
9,348.23
8,837.65
PAT before Minority Interest
-
11,961.38
10,056.45
10,089.23
10,639.57
9,992.37
11,403.40
12,586.22
9,814.66
9,348.23
8,837.65
Minority Interest
-
6.57
42.45
5.70
20.42
-6.03
0.21
4.56
-1.87
0.00
0.00
PAT Margin
-
12.62%
11.58%
12.41%
14.52%
12.39%
14.44%
17.46%
14.89%
16.23%
18.29%
PAT Growth
-
18.51%
0.04%
-5.30%
6.75%
-12.43%
-9.43%
28.31%
4.97%
5.78%
 
Unadjusted EPS
-
12.77
12.79
13.00
13.10
12.11
13.83
15.27
11.90
11.34
10.72

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Mar 11
Mar 10
Shareholder's Funds
110,036.99
103,563.47
97,838.02
91,575.58
82,093.98
87,329.72
81,475.88
74,402.79
68,443.52
62,627.90
Share Capital
9,894.56
8,245.46
8,245.46
8,245.46
8,245.46
8,245.46
8,245.46
8,245.46
8,245.46
8,245.46
Total Reserves
100,142.43
95,318.01
89,592.56
83,330.12
73,848.52
79,084.26
73,230.42
66,157.33
60,198.06
54,382.44
Non-Current Liabilities
156,240.98
130,108.38
113,042.86
95,986.85
107,978.26
89,409.01
79,927.72
68,231.75
51,623.25
46,050.13
Secured Loans
51,219.62
38,995.27
40,633.44
31,493.43
37,803.22
25,418.80
21,003.83
18,060.13
16,455.73
15,376.43
Unsecured Loans
86,573.26
77,780.54
63,441.68
59,712.06
56,953.85
51,733.38
44,827.94
38,221.87
31,458.32
30,443.99
Long Term Provisions
12,240.31
8,713.81
5,096.53
436.41
8,425.08
7,935.94
10,797.57
9,393.69
568.52
0.00
Current Liabilities
62,104.82
47,981.35
44,083.81
36,215.39
35,946.33
29,665.11
26,698.54
20,795.01
23,463.11
20,109.46
Trade Payables
8,517.62
6,707.55
5,572.70
5,693.81
7,107.63
7,223.96
5,862.29
5,037.97
4,391.67
6,088.46
Other Current Liabilities
30,409.72
26,341.64
24,552.23
21,951.46
20,202.14
14,427.18
13,165.07
12,195.79
9,362.10
3,669.46
Short Term Borrowings
15,994.56
6,680.38
3,119.54
1,487.27
640.15
433.64
382.16
150.16
39.40
0.00
Short Term Provisions
7,182.92
8,251.78
10,839.34
7,082.85
7,996.41
7,580.33
7,289.02
3,411.09
9,669.94
10,351.54
Total Liabilities
329,047.62
282,600.97
255,767.95
224,571.12
226,906.51
207,084.27
188,746.95
164,025.14
144,014.93
129,066.45
Net Block
137,821.36
129,538.46
104,531.66
92,929.36
91,853.02
84,207.98
71,832.71
51,131.49
44,863.83
38,804.75
Gross Block
166,581.05
150,153.14
117,087.88
98,844.06
144,360.75
131,393.74
113,803.77
88,880.05
79,210.13
71,527.39
Accumulated Depreciation
28,759.69
20,614.68
12,556.22
5,914.70
52,507.73
47,185.76
41,971.06
37,748.56
34,346.30
32,722.64
Non Current Assets
278,629.38
241,347.04
221,419.42
193,687.02
185,114.89
162,698.88
144,286.66
121,440.30
97,467.28
86,320.93
Capital Work in Progress
106,777.46
82,093.06
86,895.71
75,045.53
67,554.69
53,824.96
46,554.64
50,398.26
41,092.02
37,682.06
Non Current Investment
8,099.98
9,251.46
7,802.31
6,094.64
14.12
1,663.46
3,300.42
4,922.88
6,545.33
9,834.12
Long Term Loans & Adv.
24,660.08
19,239.05
21,019.81
18,595.30
23,945.95
21,207.61
21,102.37
14,987.67
4,966.10
0.00
Other Non Current Assets
1,270.50
1,225.01
1,169.93
1,022.19
1,747.11
1,794.87
1,496.52
0.00
0.00
0.00
Current Assets
48,916.56
39,994.51
33,169.13
30,884.10
41,791.62
44,385.39
44,460.29
41,211.10
46,088.50
42,360.19
Current Investments
0.00
0.00
0.00
378.72
1,887.39
1,636.96
1,622.46
1,622.46
1,812.00
1,943.49
Inventories
8,119.43
6,140.29
6,586.13
7,050.61
7,972.46
5,988.48
4,575.78
4,177.91
3,910.83
3,532.96
Sundry Debtors
10,147.68
8,812.19
8,963.89
8,288.79
9,249.92
6,725.66
6,096.15
6,681.02
1,746.27
7,080.81
Cash & Bank
2,782.32
4,387.60
3,301.46
4,938.32
14,251.61
17,050.67
18,738.12
18,087.39
17,859.83
16,053.01
Other Current Assets
27,867.13
11,898.09
9,179.54
2,638.76
8,430.24
12,983.62
13,427.78
10,642.32
20,759.57
13,749.92
Short Term Loans & Adv.
11,186.72
8,756.34
5,138.11
7,588.90
2,375.43
3,165.23
1,718.34
1,622.17
11,304.55
12,381.59
Net Current Assets
-13,188.26
-7,986.84
-10,914.68
-5,331.29
5,845.29
14,720.28
17,761.75
20,416.09
22,625.39
22,250.73
Total Assets
329,047.62
282,600.97
255,767.95
224,571.12
226,906.51
207,084.27
188,746.95
164,025.14
144,014.93
129,066.45

Cash Flow

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Mar 11
Mar 10
Cash From Operating Activity
16,367.13
19,662.72
20,166.56
24,124.87
14,888.53
16,530.84
16,507.79
11,396.96
12,067.50
11,948.93
PBT
8,754.97
13,241.68
13,760.55
10,617.92
10,456.21
14,485.76
16,610.95
13,137.26
12,392.33
10,989.52
Adjustment
17,937.91
10,325.06
9,239.53
8,655.47
7,611.66
6,042.60
3,286.50
2,308.26
5,298.90
4,657.98
Changes in Working Capital
-7,286.76
-5,829.75
-207.27
6,237.49
-1,169.39
-1,310.87
-410.12
-2,836.86
-2,589.57
-900.05
Cash after chg. in Working capital
19,406.12
17,736.99
22,792.81
25,510.88
16,898.48
19,217.49
19,487.33
12,608.66
15,101.66
14,747.45
Interest Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Tax Paid
-3,038.99
1,925.73
-2,626.25
-1,386.01
-2,009.95
-2,686.65
-2,979.54
-1,211.70
-3,034.16
-2,798.52
Other Direct Exp. Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Extra & Other Items
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Cash From Investing Activity
-22,238.87
-20,671.71
-24,480.07
-19,161.62
-15,977.18
-15,509.42
-16,845.17
-9,582.93
-9,371.69
-13,032.61
Net Fixed Assets
-25,684.76
-26,434.22
-28,438.41
20,922.58
-23,090.35
-21,525.61
-16,699.00
-15,405.64
-9,296.10
-10,196.48
Net Investments
-2,690.61
-1,502.97
-559.32
639.09
725.73
1,002.24
446.28
1,138.46
2,462.25
-823.59
Others
6,136.50
7,265.48
4,517.66
-40,723.29
6,387.44
5,013.95
-592.45
4,684.25
-2,537.84
-2,012.54
Cash from Financing Activity
5,697.61
1,033.27
3,137.96
-3,899.34
-1,474.50
-2,709.06
988.11
-1,582.81
-888.99
-113.76
Net Cash Inflow / Outflow
-174.13
24.28
-1,175.55
1,063.91
-2,563.15
-1,687.64
650.73
231.22
1,806.82
-1,197.44
Opening Cash & Equivalents
383.11
363.83
1,539.44
475.45
17,050.67
18,738.12
18,087.39
17,856.17
16,053.01
17,250.45
Closing Cash & Equivalent
208.97
388.11
363.83
1,539.44
14,487.54
17,050.67
18,738.12
18,087.39
17,859.83
16,053.01

Financial Ratios

Consolidated /

Standalone
Description
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Mar 11
Mar 10
Book Value (Rs.)
109.69
103.39
97.69
92.55
82.97
88.26
82.34
73.81
68.71
62.91
ROA
3.86%
3.74%
4.20%
4.71%
4.60%
5.76%
7.14%
6.37%
6.85%
7.25%
ROE
11.35%
10.11%
10.72%
12.25%
11.80%
13.51%
16.29%
13.92%
14.36%
14.89%
ROCE
5.58%
7.72%
8.38%
7.35%
7.95%
11.02%
13.29%
12.04%
12.41%
12.75%
Fixed Asset Turnover
0.61
0.66
0.76
0.60
0.59
0.65
0.72
0.79
0.77
0.71
Receivable days
36.14
36.83
38.38
43.59
35.84
29.38
32.09
23.17
27.81
40.94
Inventory Days
27.18
26.37
30.33
37.34
31.32
24.21
21.98
22.24
23.45
25.90
Payable days
37.12
32.65
32.22
40.11
39.09
38.36
35.35
32.67
42.59
56.93
Cash Conversion Cycle
26.20
30.55
36.49
40.82
28.07
15.23
18.72
12.75
8.68
9.91
Total Debt/Equity
1.49
1.27
1.18
1.09
1.26
0.95
0.88
0.84
0.76
0.74
Interest Cover
2.66
3.84
4.48
4.11
3.82
5.33
7.67
7.14
8.14
6.32

News Update


  • NTPC’s JV teams up with NIIF for deployment of smart meters pan India
    10th Oct 2019, 15:12 PM

    NIIF and EESL formed a new joint venture, IntelliSmart Infrastructure, for the smart meter roll-out programme

    Read More
  • NTPC adds capacity to Tanda, Khargone units
    3rd Oct 2019, 14:29 PM

    With this, the total installed capacity of NTPC and NTPC group has become 48645 MW and 57106 MW respectively

    Read More
  • NTPC to start commercial operation of Unit 1 of Lara Super Thermal Power Station
    27th Sep 2019, 11:37 AM

    With this, the commercial capacity of Lara Super Thermal Power Station, NTPC and NTPC group will become 800 MW, 47325 MW and 55786 MW respectively

    Read More
  • Assam government prohibits strikes at NTPC for six months
    26th Sep 2019, 15:42 PM

    The notification prohibits strikes by officers, workmen, contract labours, tanker drivers and also khalasis associated with NTPC

    Read More
  • NTPC to setup two hydro projects in Himachal Pradesh
    26th Sep 2019, 09:57 AM

    Seli & Miyar hydro project are located in Chenab Basin at Lahaul & Spiti district

    Read More
  • NTPC’s arm to start operation of Unit 1 at Nabinagar Super Thermal Power Project
    5th Sep 2019, 14:04 PM

    The company is all set to commence commercial operation on September 6, 2019

    Read More
  • NTPC pays dividend of Rs 2,473 crore for FY19
    5th Sep 2019, 10:10 AM

    This was the 26th consecutive financial year when the company has paid dividend

    Read More
  • NTPC commissions first EV charging station at IOC petrol pump in Greater Noida
    4th Sep 2019, 11:24 AM

    The two companies have joined hands to set up many such charging stations

    Read More
  • NTPC’s JV to procure 2 lakh units in phase-II of super-efficient AC programme
    4th Sep 2019, 11:12 AM

    The procurement in February and March next year is likely be to the tune of Rs 600 crore

    Read More
  • NTPC’s JV planning to establish EV charging stations in Kolkata
    4th Sep 2019, 10:29 AM

    The company is in talks with the West Bengal government for the same

    Read More
  • NTPC commissions first ultra supercritical unit in MP
    30th Aug 2019, 15:31 PM

    This plant operates at an efficiency of 41.5 percent, which is 3.3 percent higher than the conventional supercritical ones

    Read More
  • NTPC incorporates wholly owned subsidiary
    30th Aug 2019, 11:03 AM

    The Subsidiary will take up coal mining business

    Read More
  • NTPC’s JV eyeing to sell 40,000 ACs in 6-8 months
    28th Aug 2019, 11:08 AM

    The company also announced its expansion to Chennai, Bengaluru, Mumbai, Kolkata, Hyderabad and Jaipur

    Read More
  • NTPC unveils work from home policy
    26th Aug 2019, 11:17 AM

    In its initial phase, only 18 ‘Officer’ Grade employees, across 10 cities, have been ordered to work from home

    Read More
  • NTPC wins Dun & Bradstreet Infra Award 2019
    26th Aug 2019, 10:38 AM

    The company been conferred award for Excellence in Power Generation

    Read More
  • NTPC gets shareholders’ nod to raise up to Rs 15,000 crore via bonds
    23rd Aug 2019, 09:26 AM

    The funds raised will be used for capital expenditure, working capital and general corporate purposes

    Read More
  • Govt cancels joint allocation of coal block to NTPC, JKSPDC
    21st Aug 2019, 10:53 AM

    NTPC and Power Development Department, Jammu and Kashmir, had earlier requested the coal ministry for cancellation of the coal block

    Read More
  • NTPC to set up ultra-mega solar park in Gujarat
    20th Aug 2019, 09:48 AM

    The company is also planning to tie up with municipalities to produce electricity from solid waste

    Read More
  • NTPC reports 6% rise in Q1 consolidated net profit
    12th Aug 2019, 11:42 AM

    Total consolidated income of the company increased by 8.79% at Rs 26272.24 crore for Q1FY20

    Read More
  • NTPC - Quarterly Results
    10th Aug 2019, 15:23 PM

    Read More
  • NTPC’s JV planning to enter into induction cook stove segment
    8th Aug 2019, 11:20 AM

    EESL last month had started selling super-efficient air conditioners, manufactured by Voltas that consume 20-30 per cent less energy in Delhi

    Read More
  • NTPC invites bids for development of 20 MW floating solar power project in UP: Report
    6th Aug 2019, 12:06 PM

    The last date for bid submission is September 5, 2019

    Read More
  • NTPC shuts down three units of thermal power station in Odisha: Report
    30th Jul 2019, 11:30 AM

    The company has shut down units after a workers strike at Mahanadi Coalfields snapped supply of the fuel

    Read More
  • NTPC to not get fresh water from reservoirs after 5 years for Mauda thermal power plant: Report
    25th Jul 2019, 11:17 AM

    WRD plans to utilize plant’s quota for irrigation to ease burden on Pench reservoirs

    Read More
  • NTPC, BHEL ink MoU to set up TDP in Chhattisgarh
    25th Jul 2019, 10:06 AM

    The plant shall be the most efficient power plant in the world, resulting in reduction of carbon-di-oxide emission by about 20%

    Read More
  • NTPC inks MoU with Indian Oil Corporation
    24th Jul 2019, 11:31 AM

    The MoU is to explore possible business opportunities in the areas of mutual interest

    Read More
  • NTPC to seek shareholders’ nod to raise Rs 15,000 crore through bonds
    22nd Jul 2019, 15:47 PM

    The funds raised will be used for capex, working capital and general corporate purposes

    Read More
  • Govt to explore possibility of NTPC-SJVN merger
    19th Jul 2019, 11:04 AM

    In this regard, Department of Investment and Public Asset Management has written to the Power Ministry

    Read More
  • NTPC commissions first unit of 660 MW Nabinagar super thermal power project
    18th Jul 2019, 11:51 AM

    With this, the total installed capacity of the company reached 55,786 MW

    Read More
  • NTPC conducts massive plantation drive at Sipat Super Thermal Power Station
    17th Jul 2019, 11:37 AM

    Total cost of plantation drive will be borne by the NTPC

    Read More

Source: www.accordfintech.com. Price feed provided by www.nseindia.com and www.bseindia.com value addition by www.accordfintech.com. Intraday data delayed 15 minutes.

DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.