Adani Power Ltd

₹ 251 -2.07%

30 May - 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 ₹ 96,867 Cr.
Current Price ₹ 251
High / Low ₹ 433 / 132
Stock P/E 9.03
Book Value ₹ 77.5
Dividend Yield 0.00 %
ROCE 15.8 %
ROE 44.0 %
Face Value ₹ 10.0

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 48.1% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 33.8%
Company's working capital requirements have reduced from 105 days to 80.0 days

Cons

Stock is trading at 3.24 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Tax rate seems low
Company might be capitalizing the interest cost
Promoters have pledged 25.2% of their holding.
Earnings include an other income of Rs.4,267 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.

Peer comparison

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

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
	6,172	5,204	7,749	6,895	6,374	6,569	5,184	5,361	10,598	13,723	7,044	7,764	10,242
	5,968	3,815	3,706	5,272	4,759	4,921	4,020	3,590	5,366	8,003	6,096	6,295	8,335
Operating Profit	205	1,388	4,043	1,623	1,614	1,648	1,163	1,771	5,232	5,720	948	1,470	1,907
OPM %	3%	27%	52%	24%	25%	25%	22%	33%	49%	42%	13%	19%	19%
	155	152	1,043	204	528	644	388	233	2,710	1,786	1,402	526	553
Interest	1,244	1,392	1,364	1,223	1,127	1,068	976	1,015	1,035	823	818	946	746
Depreciation	768	783	828	810	782	774	785	784	774	816	833	838	817
Profit before tax	-1,653	-634	2,894	-206	234	450	-210	204	6,133	5,866	699	212	898
Tax %	21%	-8%	23%	-40%	94%	38%	-10%	-7%	24%	19%	0%	96%	-484%
Net Profit	-1,313	-682	2,228	-289	13	278	-231	218	4,645	4,780	696	9	5,242
EPS in Rs	-3.40	-1.77	5.78	-0.75	0.03	0.72	-0.60	0.57	12.04	12.39	1.80	0.02	13.59
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	4,035	6,692	15,328	18,683	25,377	22,616	20,304	23,884	26,468	26,221	27,711	38,773
	2,661	5,732	10,735	14,005	16,575	16,635	14,868	18,901	20,734	17,533	17,830	28,729
Operating Profit	1,373	960	4,593	4,678	8,802	5,980	5,436	4,983	5,734	8,688	9,881	10,045
OPM %	34%	14%	30%	25%	35%	26%	27%	21%	22%	33%	36%	26%
	-45	215	137	1,188	-201	-3,666	754	2,448	323	1,909	3,908	4,267
Interest	738	1,703	4,162	4,864	5,560	5,902	5,570	5,657	5,315	5,106	4,095	3,334
Depreciation	590	1,290	1,937	1,818	2,666	2,672	2,699	2,751	3,006	3,202	3,118	3,304
Profit before tax	0	-1,818	-1,370	-816	375	-6,260	-2,079	-976	-2,265	2,289	6,577	7,675
Tax %	86,718%	-26%	79%	0%	-47%	1%	0%	-1%	-0%	45%	25%	-40%
Net Profit	-294	-2,295	-291	-816	551	-6,174	-2,103	-984	-2,275	1,270	4,912	10,727
EPS in Rs	-1.32	-9.59	-1.01	-2.84	1.65	-16.01	-5.45	-2.55	-5.90	3.29	12.73	27.81
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	19%
5 Years:	14%
3 Years:	14%
TTM:	40%

Compounded Profit Growth
10 Years:	21%
5 Years:	48%
3 Years:	120%
TTM:	116%

Stock Price CAGR
10 Years:	16%
5 Years:	66%
3 Years:	90%
1 Year:	-26%

Return on Equity
10 Years:	11%
5 Years:	24%
3 Years:	34%
Last Year:	44%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	2,180	2,393	2,872	2,872	3,334	3,857	3,857	3,857	3,933	3,945	4,258	3,857
Reserves	3,862	1,900	3,671	2,853	4,134	-857	-2,968	3,855	2,624	9,256	14,600	26,019
	38,600	41,795	44,150	44,742	52,729	52,484	52,835	46,980	55,123	52,430	48,744	42,350
	6,741	8,599	8,045	8,008	15,597	16,027	15,804	13,293	13,422	13,263	14,780	13,596
Total Liabilities	51,384	54,688	58,739	58,474	75,794	71,511	69,528	67,985	75,025	78,806	81,981	85,821
	15,804	29,089	46,365	45,080	56,941	54,391	52,137	50,419	55,846	52,851	53,274	51,451
CWIP	26,721	18,976	3,660	191	88	125	120	350	2,347	6,439	10,270	12,880
Investments	19	22	115	357	0	164	0	3	3	20	183	654
	8,839	6,600	8,599	12,846	18,765	16,831	17,271	17,213	16,830	19,495	18,254	20,836
Total Assets	51,384	54,688	58,739	58,474	75,794	71,511	69,528	67,985	75,025	78,806	81,981	85,821

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	964	3,001	3,238	5,824	5,257	4,725	5,101	5,610	5,598	7,014	10,233	8,431
	-13,474	-4,064	-4,700	-4,737	-2,692	-1,212	-520	-984	-2,304	-2,188	774	1,544
	12,356	861	1,631	-1,144	-2,713	-3,539	-4,600	-4,663	-2,377	-5,655	-10,338	-10,408
Net Cash Flow	-154	-203	169	-58	-148	-26	-19	-37	917	-828	669	-434

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	41	41	37	68	179	124	109	131	115	165	126	109
Inventory Days
Days Payable
Cash Conversion Cycle	41	41	37	68	179	124	109	131	115	165	126	109
Working Capital Days	-378	-430	-131	-38	40	-5	-7	18	31	136	98	80
ROCE %	2%	-0%	6%	7%	11%	6%	6%	9%	7%	12%	16%	16%

Shareholding Pattern

Numbers in percentages

Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
74.97	74.97	74.97	74.97	74.97	74.97	74.97	74.97	74.97	74.97	74.97	74.97
12.77	12.62	11.57	11.52	11.54	11.17	11.03	11.31	12.56	13.23	12.88	11.70
7.38	5.76	7.32	7.08	5.53	5.53	5.53	5.56	5.00	0.00	0.00	0.01
4.88	6.65	6.14	6.43	7.96	8.33	8.46	8.15	7.47	11.80	12.15	13.32

Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
68.08	73.07	74.97	74.97	74.97	74.97	74.97
22.12	11.28	10.02	12.38	11.52	11.31	11.70
2.67	9.14	10.11	8.29	7.08	5.56	0.01
7.12	6.51	4.90	4.35	6.43	8.15	13.32

* 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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