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 13.7
  • Book Value 112
  • Dividend Yield 0.00 %
  • ROCE 32.2 %
  • ROE 57.1 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 88.5% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 47.8%
  • Debtor days have improved from 106 to 84.6 days.

Cons

  • Tax rate seems low
  • Earnings include an other income of Rs.9,883 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

Consolidated Figures in Rs. Crores / View Standalone

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
6,374 6,569 5,184 5,361 10,598 13,723 7,044 7,764 10,242 11,006 12,991 12,991 13,364
4,759 4,921 4,020 3,590 5,366 8,003 6,096 6,295 8,335 7,491 7,819 8,346 8,514
Operating Profit 1,614 1,648 1,163 1,771 5,232 5,720 948 1,470 1,907 3,514 5,171 4,645 4,850
OPM % 25% 25% 22% 33% 49% 42% 13% 19% 19% 32% 40% 36% 36%
528 644 388 233 2,710 1,786 1,402 526 553 7,103 1,945 364 518
Interest 1,127 1,068 976 1,015 1,035 823 818 946 746 883 888 797 820
Depreciation 782 774 785 784 774 816 833 838 817 935 1,004 1,002 990
Profit before tax 234 450 -210 204 6,133 5,866 699 212 898 8,800 5,224 3,210 3,558
Tax % 94% 38% -10% -7% 24% 19% 0% 96% -484% 0% -26% 15% 23%
13 278 -231 218 4,645 4,780 696 9 5,242 8,759 6,594 2,738 2,737
EPS in Rs 0.03 0.72 -0.60 0.57 12.04 12.39 1.80 0.02 13.59 22.71 17.10 7.10 7.10
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
6,692 15,328 18,683 25,377 22,616 20,304 23,884 26,468 26,221 27,711 38,773 50,351
5,732 10,735 14,005 16,575 16,635 14,868 18,901 20,734 17,533 17,830 28,677 32,124
Operating Profit 960 4,593 4,678 8,802 5,980 5,436 4,983 5,734 8,688 9,881 10,096 18,228
OPM % 14% 30% 25% 35% 26% 27% 21% 22% 33% 36% 26% 36%
215 137 1,188 -201 -3,666 754 2,448 323 1,909 3,908 4,216 9,883
Interest 1,703 4,162 4,864 5,560 5,902 5,570 5,657 5,315 5,106 4,095 3,334 3,388
Depreciation 1,290 1,937 1,818 2,666 2,672 2,699 2,751 3,006 3,202 3,118 3,304 3,931
Profit before tax -1,818 -1,370 -816 375 -6,260 -2,079 -976 -2,265 2,289 6,577 7,675 20,792
Tax % -26% 79% 0% -47% 1% 0% -1% -0% 45% 25% -40% -0%
-2,295 -291 -816 551 -6,174 -2,103 -984 -2,275 1,270 4,912 10,727 20,829
EPS in Rs -9.59 -1.01 -2.84 1.65 -16.01 -5.45 -2.55 -5.90 3.29 12.73 27.81 54.00
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 13%
5 Years: 16%
3 Years: 24%
TTM: 30%
Compounded Profit Growth
10 Years: 60%
5 Years: 88%
3 Years: 153%
TTM: 94%
Stock Price CAGR
10 Years: 28%
5 Years: 70%
3 Years: 85%
1 Year: 195%
Return on Equity
10 Years: 26%
5 Years: 39%
3 Years: 48%
Last Year: 57%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 1,900 3,671 2,853 4,134 -857 -2,968 3,855 2,624 9,256 14,600 26,019 39,288
Preference Capital 0 0 0 0 0 0 0 76 88 401 169 184
41,795 44,150 44,742 52,729 52,484 52,835 46,980 55,123 52,430 48,744 42,181 34,431
8,599 8,045 8,008 15,597 16,027 15,804 13,293 13,422 13,263 14,780 13,765 14,433
Total Liabilities 54,688 58,739 58,474 75,794 71,511 69,528 67,985 75,025 78,806 81,981 85,821 92,009
29,089 46,365 45,080 56,941 54,391 52,137 50,419 55,846 52,851 53,274 51,451 63,016
CWIP 18,976 3,660 191 88 125 120 350 2,347 6,439 10,270 12,880 925
Investments 22 115 357 0 164 0 3 3 20 183 654 374
6,600 8,599 12,846 18,765 16,831 17,271 17,213 16,830 19,495 18,254 20,836 27,694
Total Assets 54,688 58,739 58,474 75,794 71,511 69,528 67,985 75,025 78,806 81,981 85,821 92,009

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
3,001 3,238 5,824 5,257 4,725 5,101 5,610 5,598 7,014 10,233 8,431 14,170
-4,064 -4,700 -4,737 -2,692 -1,212 -520 -984 -2,304 -2,188 774 1,545 3,481
861 1,631 -1,144 -2,713 -3,539 -4,600 -4,663 -2,377 -5,655 -10,338 -10,408 -16,864
Net Cash Flow -203 169 -58 -148 -26 -19 -37 917 -828 669 -433 787

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 41 37 68 179 124 109 131 115 165 126 109 85
Inventory Days
Days Payable
Cash Conversion Cycle 41 37 68 179 124 109 131 115 165 126 109 85
Working Capital Days -430 -131 -38 40 -5 -7 18 31 136 98 74 73
ROCE % -0% 6% 7% 11% 6% 6% 9% 7% 12% 16% 16% 32%

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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