Adani Power Ltd

₹ 248 -5.00%
27 Jan - 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]

  • Market Cap 95,633 Cr.
  • Current Price 248
  • High / Low 433 / 105
  • Stock P/E
  • Book Value 43.7
  • Dividend Yield 0.00 %
  • ROCE 3.32 %
  • ROE -3.07 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 5.68 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -44.3% over past five years.
  • Company has a low return on equity of -4.89% over last 3 years.
  • Promoters have pledged 25.0% of their holding.
  • Earnings include an other income of Rs.752 Cr.

* 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

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
17 426 531 27 19 55 346 26 18 94 444 56 73
26 423 552 16 14 44 335 12 13 81 430 35 66
Operating Profit -10 3 -21 12 5 11 12 14 4 12 14 22 7
OPM % -59% 1% -4% 42% 28% 20% 3% 54% 25% 13% 3% 39% 9%
247 255 216 106 115 99 -185 109 114 126 139 232 256
Interest 305 316 266 158 156 160 170 161 168 178 177 279 307
Depreciation 9 9 8 8 8 8 8 8 8 8 7 8 8
Profit before tax -77 -67 -79 -49 -44 -59 -351 -46 -57 -47 -32 -33 -52
Tax % 0% 0% 0% 0% 10% 0% 0% 0% 0% 0% -0% 0% 0%
Net Profit -77 -67 -79 -49 -40 -59 -351 -46 -57 -47 -32 -33 -52
EPS in Rs -0.20 -0.17 -0.20 -0.13 -0.10 -0.15 -0.91 -0.12 -0.15 -0.12 -0.08 -0.08 -0.13
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
2,068 3,894 6,246 10,725 10,487 12,730 10,868 8,121 2,404 1,005 447 581 667
828 2,801 5,494 7,147 8,025 9,189 9,604 7,233 2,417 1,044 408 536 612
Operating Profit 1,241 1,093 752 3,578 2,462 3,540 1,264 888 -13 -38 39 45 55
OPM % 60% 28% 12% 33% 23% 28% 12% 11% -1% -4% 9% 8% 8%
80 243 412 483 848 509 -3,180 1,957 1,065 -92 134 487 752
Interest 317 788 1,645 3,339 2,498 2,951 3,102 2,008 1,239 1,175 644 684 941
Depreciation 180 551 1,012 1,188 881 1,137 1,121 861 38 35 32 30 30
Profit before tax 824 -4 -1,494 -465 -69 -39 -6,138 -24 -225 -1,341 -503 -182 -163
Tax % 36% -8,019% -31% 228% 0% 345% 1% 0% 0% 0% 1% -0%
Net Profit 524 -294 -1,952 595 -69 97 -6,054 -24 -225 -1,341 -499 -182 -163
EPS in Rs 2.40 -1.35 -8.16 2.07 -0.24 0.29 -15.70 -0.06 -0.58 -3.48 -1.29 -0.47 -0.41
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: -17%
5 Years: -44%
3 Years: -38%
TTM: 50%
Compounded Profit Growth
10 Years: %
5 Years: 14%
3 Years: 6%
TTM: 68%
Stock Price CAGR
10 Years: 15%
5 Years: 46%
3 Years: 57%
1 Year: 134%
Return on Equity
10 Years: -9%
5 Years: -7%
3 Years: -5%
Last Year: -3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
2,180 2,180 2,393 2,872 2,872 3,334 3,857 3,857 3,857 3,857 3,857 3,857 3,857
Reserves 4,143 3,849 2,256 4,915 4,844 5,690 816 5,682 5,271 3,318 2,440 1,692 12,994
17,346 26,943 28,092 25,282 23,909 27,012 27,274 9,577 11,491 5,757 6,284 12,149 13,377
1,960 3,136 5,233 5,710 6,101 9,506 9,810 586 8,309 9,598 11,827 12,068 1,310
Total Liabilities 25,629 36,108 37,975 38,779 37,726 45,543 41,757 19,702 28,928 22,530 24,408 29,767 31,537
7,809 14,695 24,151 24,467 20,111 23,797 22,718 642 603 570 541 512 497
CWIP 12,260 9,488 613 146 48 39 68 0 0 0 1 0 0
Investments 1,671 2,325 4,928 4,916 5,627 7,662 7,740 7,768 17,157 18,216 19,359 20,901 22,269
3,889 9,600 8,282 9,250 11,940 14,045 11,231 11,292 11,168 3,744 4,508 8,354 8,771
Total Assets 25,629 36,108 37,975 38,779 37,726 45,543 41,757 19,702 28,928 22,530 24,408 29,767 31,537

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,450 541 1,820 3,386 2,393 1,869 659 -333 -167 95 -288 -0
-8,410 -9,047 177 -31 -2,575 -3,236 -555 -3,565 -8,285 6,816 390 -5,192
6,654 8,382 -2,245 -3,353 180 1,330 -95 3,845 8,457 -6,907 -105 5,200
Net Cash Flow -305 -125 -247 2 -2 -37 10 -52 4 3 -3 7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 8 42 39 9 50 150 59 2 2 133 8 65
Inventory Days
Days Payable
Cash Conversion Cycle 8 42 39 9 50 150 59 2 2 133 8 65
Working Capital Days -28 -207 -275 -148 -139 -45 -170 116 -147 -165 3 -11
ROCE % 6% 3% 1% 9% 7% 9% 3% 2% 5% 5% 1% 3%

Shareholding Pattern

Numbers in percentages

2 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
74.97 74.97 74.97 74.97 74.97 74.97 74.97 74.97 74.97 74.97 74.97 74.97
12.38 12.77 12.62 11.57 11.52 11.54 11.17 11.03 11.31 12.56 13.23 12.88
8.29 7.38 5.76 7.32 7.08 5.53 5.53 5.53 5.56 5.00 0.00 0.00
4.35 4.88 6.65 6.14 6.43 7.96 8.33 8.46 8.15 7.47 11.80 12.15

* 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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