Adani Power Ltd

₹ 433 -2.94%

29 Nov - close price

About

Adani Power (APL), a part of the diversified Adani Group, is the largest private thermal power producer in India. The co along with its subsidiaries sell power generated from these projects under a combination of long term Power Purchase Agreements, Short term PPA and on merchant basis. ^[1]^[2]

Key Points

Revenue Mix FY22
Power Supply: 98%
Trading goods and others: 2% ^[1]

Power Capacity
The company has an installed thermal power capacity of 13,650 MW spread across six power plants in Gujarat (4620 MW), Maharashtra (3300 MW), Karnataka (1200 MW), Rajasthan (1320 MW), Madhya Pradesh (1200 MW), and Chhattisgarh (1970 MW). It also has a 40 MW solar power plant in Gujarat. ^[2]

Website BSE NSE

Market Cap ₹ 1,67,044 Cr.
Current Price ₹ 433
High / Low ₹ 471 / 132
Stock P/E 8.41
Book Value ₹ 99.3
Dividend Yield 0.00 %
ROCE 17.9 %
ROE 44.1 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company has delivered good profit growth of 54.4% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 25.8%

Cons

Stock is trading at 4.36 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Promoter holding has decreased over last quarter: -4.95%
Tax rate seems low
Earnings include an other income of Rs.10,351 Cr.
Debtor days have increased from 82.0 to 113 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Power Generation & Distribution Industry: Power Generation And Supply

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	19	55	346	26	18	94	10,598	12,613	6,927	7,635	9,507	8,511	10,337
	14	44	335	12	13	81	5,351	7,537	5,902	6,028	7,896	5,985	5,690
Operating Profit	5	11	12	14	4	12	5,247	5,076	1,025	1,608	1,611	2,526	4,647
OPM %	28%	20%	3%	54%	25%	13%	50%	40%	15%	21%	17%	30%	45%
	115	99	-185	109	114	126	2,750	1,844	1,494	560	622	7,136	2,033
Interest	156	160	170	161	168	178	988	828	794	928	757	741	616
Depreciation	8	8	8	8	8	8	774	782	791	795	775	787	801
Profit before tax	-44	-59	-351	-46	-57	-47	6,236	5,310	934	444	701	8,133	5,262
Tax %	10%	0%	0%	0%	0%	0%	24%	20%	1%	45%	-592%	0%	-26%
	-40	-59	-351	-46	-57	-47	4,748	4,222	928	245	4,851	8,133	6,625
EPS in Rs	-0.10	-0.15	-0.91	-0.12	-0.15	-0.12	12.31	10.95	2.41	0.64	12.58	21.09	17.18
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	3,894	6,246	10,725	10,487	12,730	10,868	8,121	2,404	1,005	447	27,711	36,681	35,990
	2,801	5,494	7,147	8,025	9,189	9,604	7,233	2,417	1,044	408	17,807	27,321	25,598
Operating Profit	1,093	752	3,578	2,462	3,540	1,264	888	-13	-38	39	9,904	9,360	10,391
OPM %	28%	12%	33%	23%	28%	12%	11%	-1%	-4%	9%	36%	26%	29%
	243	412	483	848	509	-3,180	1,957	1,065	-92	134	4,001	4,479	10,351
Interest	788	1,645	3,339	2,498	2,951	3,102	2,008	1,239	1,175	644	4,087	3,307	3,043
Depreciation	551	1,012	1,188	881	1,137	1,121	861	38	35	32	3,116	3,143	3,158
Profit before tax	-4	-1,494	-465	-69	-39	-6,138	-24	-225	-1,341	-503	6,702	7,389	14,541
Tax %	-8,019%	-31%	228%	0%	345%	1%	0%	0%	0%	1%	25%	-39%
	-294	-1,952	595	-69	97	-6,054	-24	-225	-1,341	-499	5,036	10,246	19,854
EPS in Rs	-1.35	-8.16	2.07	-0.24	0.29	-15.70	-0.06	-0.58	-3.48	-1.29	13.06	26.57	51.49
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	19%
5 Years:	35%
3 Years:	232%
TTM:	19%

Compounded Profit Growth
10 Years:	23%
5 Years:	54%
3 Years:	219%
TTM:	102%

Stock Price CAGR
10 Years:	28%
5 Years:	51%
3 Years:	124%
1 Year:	30%

Return on Equity
10 Years:	9%
5 Years:	16%
3 Years:	26%
Last Year:	44%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	2,180	2,393	2,872	2,872	3,334	3,857	3,857	3,857	3,857	3,857	3,857	3,857	3,857
Reserves	3,850	2,256	4,915	4,844	5,690	816	5,682	13,271	11,933	13,228	14,607	24,367	34,436
Preference Capital	0	0	0	0	0	0	0	0	0	0	154	169
	26,943	28,092	25,282	23,909	27,012	27,274	9,577	11,491	5,757	6,284	40,342	32,734	22,906
	3,136	5,233	5,710	6,101	9,506	9,810	586	309	983	1,039	12,960	11,874	11,124
Total Liabilities	36,108	37,975	38,779	37,726	45,543	41,757	19,702	28,928	22,530	24,408	71,766	72,832	72,323
	14,695	24,151	24,467	20,111	23,797	22,718	642	603	570	541	49,342	46,583	45,159
CWIP	9,488	613	146	48	39	68	0	0	0	1	184	188	374
Investments	2,325	4,928	4,916	5,627	7,662	7,740	7,768	17,157	18,216	19,359	4,834	6,373	6,955
	9,600	8,282	9,250	11,940	14,045	11,231	11,292	11,168	3,744	4,508	17,406	19,687	19,834
Total Assets	36,108	37,975	38,779	37,726	45,543	41,757	19,702	28,928	22,530	24,408	71,766	72,832	72,323

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	541	1,820	3,386	2,393	1,869	659	-333	-167	95	-288	10,264	7,933
	-9,047	177	-31	-2,575	-3,236	-555	-3,565	-8,285	6,816	390	1,386	2,824
	8,382	-2,245	-3,353	180	1,330	-95	3,845	8,457	-6,907	-105	-11,182	-11,138
Net Cash Flow	-125	-247	2	-2	-37	10	-52	4	3	-3	468	-381

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	42	39	9	50	150	59	2	2	133	8	125	113
Inventory Days
Days Payable
Cash Conversion Cycle	42	39	9	50	150	59	2	2	133	8	125	113
Working Capital Days	-207	-275	-148	-139	-45	-170	116	-147	-165	3	101	84
ROCE %	3%	1%	9%	7%	9%	3%	2%	4%	3%	1%	26%	18%

Shareholding Pattern

Numbers in percentages

3 Recently

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	70.02%
	11.57%	11.52%	11.54%	11.17%	11.03%	11.31%	12.56%	13.23%	12.88%	11.70%	11.95%	17.51%
	7.32%	7.08%	5.53%	5.53%	5.53%	5.56%	5.00%	0.00%	0.00%	0.01%	0.04%	0.76%
	6.14%	6.43%	7.96%	8.33%	8.46%	8.15%	7.47%	11.80%	12.15%	13.32%	13.04%	11.72%
No. of Shareholders	4,30,888	5,55,590	9,81,561	10,05,565	11,42,697	11,74,863	15,02,713	14,76,872	14,88,295	17,90,675	16,70,036	15,03,347

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
	68.08%	73.07%	74.97%	74.97%	74.97%	74.97%	74.97%	70.02%
	22.12%	11.28%	10.02%	12.38%	11.52%	11.31%	11.70%	17.51%
	2.67%	9.14%	10.11%	8.29%	7.08%	5.56%	0.01%	0.76%
	7.12%	6.51%	4.90%	4.35%	6.43%	8.15%	13.32%	11.72%
No. of Shareholders	3,40,749	3,46,605	2,92,036	3,03,805	5,55,590	11,74,863	17,90,675	15,03,347

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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