Adani Power Ltd

Adani Power Ltd

₹ 738 0.65%
24 Jun - 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

Business Overview
Adani Power is a part of Adani Group. It is India’s largest private thermal power producer with a current capacity of 15210 MW at its 8 power plants. [1]

Market Position
In terms of output, the Company accounted for 6% of India’s total power generation from thermal power plants and 16% of all the power generated by private sector thermal power plants as of FY23. [2]

  • Market Cap 2,84,816 Cr.
  • Current Price 738
  • High / Low 897 / 236
  • Stock P/E 15.2
  • Book Value 102
  • Dividend Yield 0.00 %
  • ROCE 33.0 %
  • ROE 55.5 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 144% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 45.6%
  • Debtor days have improved from 100 to 62.3 days.

Cons

  • Stock is trading at 7.22 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Tax rate seems low
  • Earnings include an other income of Rs.10,150 Cr.
  • Promoter holding has decreased over last 3 years: -3.22%

* 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.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
346 26 18 94 10,598 12,613 6,927 7,635 9,507 8,511 10,337 10,217 10,140
335 12 13 81 5,351 7,537 5,902 6,028 7,896 5,985 5,690 6,749 6,960
Operating Profit 12 14 4 12 5,247 5,076 1,025 1,608 1,611 2,526 4,647 3,467 3,180
OPM % 3% 54% 25% 13% 50% 40% 15% 21% 17% 30% 45% 34% 31%
-185 109 114 126 2,750 1,844 1,494 560 622 7,136 2,033 431 592
Interest 170 161 168 178 988 828 794 928 757 741 616 536 572
Depreciation 8 8 8 8 774 782 791 795 775 787 801 797 790
Profit before tax -351 -46 -57 -47 6,236 5,310 934 444 701 8,133 5,262 2,564 2,411
Tax % 0% 0% 0% 0% 24% 20% 1% 45% -592% 0% -26% 16% 24%
-351 -46 -57 -47 4,748 4,222 928 245 4,851 8,133 6,625 2,160 1,831
EPS in Rs -0.91 -0.12 -0.15 -0.12 12.31 10.95 2.41 0.64 12.58 21.09 17.18 5.60 4.75
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
6,246 10,725 10,487 12,730 10,868 8,121 2,404 1,005 447 27,711 36,681 39,205
5,494 7,147 8,025 9,189 9,604 7,233 2,417 1,044 408 17,807 27,321 25,343
Operating Profit 752 3,578 2,462 3,540 1,264 888 -13 -38 39 9,904 9,360 13,862
OPM % 12% 33% 23% 28% 12% 11% -1% -4% 9% 36% 26% 35%
412 483 848 509 -3,180 1,957 1,065 -92 134 4,001 4,479 10,150
Interest 1,645 3,339 2,498 2,951 3,102 2,008 1,239 1,175 644 4,087 3,307 2,466
Depreciation 1,012 1,188 881 1,137 1,121 861 38 35 32 3,116 3,143 3,176
Profit before tax -1,494 -465 -69 -39 -6,138 -24 -225 -1,341 -503 6,702 7,389 18,371
Tax % -31% 228% 0% 345% 1% 0% 0% 0% 1% 25% -39% -2%
-1,952 595 -69 97 -6,054 -24 -225 -1,341 -499 5,036 10,246 18,749
EPS in Rs -8.16 2.07 -0.24 0.29 -15.70 -0.06 -0.58 -3.48 -1.29 13.06 26.57 48.61
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 14%
5 Years: 75%
3 Years: 344%
TTM: 7%
Compounded Profit Growth
10 Years: 38%
5 Years: 144%
3 Years: 241%
TTM: 83%
Stock Price CAGR
10 Years: 28%
5 Years: 70%
3 Years: 85%
1 Year: 195%
Return on Equity
10 Years: 19%
5 Years: 31%
3 Years: 46%
Last Year: 56%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 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 2,256 4,915 4,844 5,690 816 5,682 13,271 11,933 13,228 14,607 24,367 35,591
Preference Capital 0 0 0 0 0 0 0 0 0 154 169 184
28,092 25,282 23,909 27,012 27,274 9,577 11,491 5,757 6,284 40,342 32,734 25,618
5,233 5,710 6,101 9,506 9,810 586 309 983 1,039 12,960 11,874 10,106
Total Liabilities 37,975 38,779 37,726 45,543 41,757 19,702 28,928 22,530 24,408 71,766 72,832 75,172
24,151 24,467 20,111 23,797 22,718 642 603 570 541 49,342 46,583 43,839
CWIP 613 146 48 39 68 0 0 0 1 184 188 739
Investments 4,928 4,916 5,627 7,662 7,740 7,768 17,157 18,216 19,359 4,834 6,373 7,280
8,282 9,250 11,940 14,045 11,231 11,292 11,168 3,744 4,508 17,406 19,687 23,313
Total Assets 37,975 38,779 37,726 45,543 41,757 19,702 28,928 22,530 24,408 71,766 72,832 75,172

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,820 3,386 2,393 1,869 659 -333 -167 95 -288 10,264 7,933 14,841
177 -31 -2,575 -3,236 -555 -3,565 -8,285 6,816 390 1,386 2,824 1,086
-2,245 -3,353 180 1,330 -95 3,845 8,457 -6,907 -105 -11,182 -11,138 -15,561
Net Cash Flow -247 2 -2 -37 10 -52 4 3 -3 468 -381 367

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 39 9 50 150 59 2 2 133 8 125 113 62
Inventory Days
Days Payable
Cash Conversion Cycle 39 9 50 150 59 2 2 133 8 125 113 62
Working Capital Days -275 -148 -139 -45 -170 116 -147 -165 3 101 84 83
ROCE % 1% 9% 7% 9% 3% 2% 4% 3% 1% 26% 18% 33%

Shareholding Pattern

Numbers in percentages

3 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
74.97% 74.97% 74.97% 74.97% 74.97% 74.97% 74.97% 74.97% 74.97% 70.02% 71.75% 71.75%
11.54% 11.17% 11.03% 11.31% 12.56% 13.23% 12.88% 11.70% 11.95% 17.51% 15.86% 15.91%
5.53% 5.53% 5.53% 5.56% 5.00% 0.00% 0.00% 0.01% 0.04% 0.76% 1.18% 1.41%
7.96% 8.33% 8.46% 8.15% 7.47% 11.80% 12.15% 13.32% 13.04% 11.72% 11.20% 10.93%
No. of Shareholders 9,81,56110,05,56511,42,69711,74,86315,02,71314,76,87214,88,29517,90,67516,70,03615,03,34714,60,76714,26,249

* 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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