Adani Power Ltd

₹ 560 4.14%

06 Dec - 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 ₹ 2,16,022 Cr.
Current Price ₹ 560
High / Low ₹ 589 / 132
Stock P/E 10.5
Book Value ₹ 105
Dividend Yield 0.00 %
ROCE 15.8 %
ROE 44.8 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
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 34.3%
Company's working capital requirements have reduced from 103 days to 74.2 days

Cons

Stock is trading at 5.34 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.10,128 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

	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
	7,749	6,895	6,374	6,569	5,184	5,361	10,598	13,723	7,044	7,764	10,242	11,006	12,991
	3,706	5,272	4,759	4,921	4,020	3,590	5,366	8,003	6,096	6,295	8,335	7,491	7,819
Operating Profit	4,043	1,623	1,614	1,648	1,163	1,771	5,232	5,720	948	1,470	1,907	3,514	5,171
OPM %	52%	24%	25%	25%	22%	33%	49%	42%	13%	19%	19%	32%	40%
	1,043	204	528	644	388	233	2,710	1,786	1,402	526	553	7,103	1,945
Interest	1,364	1,223	1,127	1,068	976	1,015	1,035	823	818	946	746	883	888
Depreciation	828	810	782	774	785	784	774	816	833	838	817	935	1,004
Profit before tax	2,894	-206	234	450	-210	204	6,133	5,866	699	212	898	8,800	5,224
Tax %	23%	-40%	94%	38%	-10%	-7%	24%	19%	0%	96%	-484%	0%	-26%
	2,228	-289	13	278	-231	218	4,645	4,780	696	9	5,242	8,759	6,594
EPS in Rs	5.78	-0.75	0.03	0.72	-0.60	0.57	12.04	12.39	1.80	0.02	13.59	22.71	17.10
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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	TTM
	4,035	6,692	15,328	18,683	25,377	22,616	20,304	23,884	26,468	26,221	27,711	38,773	42,003
	2,661	5,732	10,735	14,005	16,575	16,635	14,868	18,901	20,734	17,533	17,830	28,677	29,940
Operating Profit	1,373	960	4,593	4,678	8,802	5,980	5,436	4,983	5,734	8,688	9,881	10,096	12,063
OPM %	34%	14%	30%	25%	35%	26%	27%	21%	22%	33%	36%	26%	29%
	-45	215	137	1,188	-201	-3,666	754	2,448	323	1,909	3,908	4,216	10,128
Interest	738	1,703	4,162	4,864	5,560	5,902	5,570	5,657	5,315	5,106	4,095	3,334	3,464
Depreciation	590	1,290	1,937	1,818	2,666	2,672	2,699	2,751	3,006	3,202	3,118	3,304	3,594
Profit before tax	0	-1,818	-1,370	-816	375	-6,260	-2,079	-976	-2,265	2,289	6,577	7,675	15,133
Tax %	86,718%	-26%	79%	0%	-47%	1%	0%	-1%	-0%	45%	25%	-40%
	-294	-2,295	-291	-816	551	-6,174	-2,103	-984	-2,275	1,270	4,912	10,727	20,605
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	53.42
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:	14%

Compounded Profit Growth
10 Years:	21%
5 Years:	48%
3 Years:	120%
TTM:	99%

Stock Price CAGR
10 Years:	30%
5 Years:	61%
3 Years:	111%
1 Year:	73%

Return on Equity
10 Years:	11%
5 Years:	24%
3 Years:	34%
Last Year:	45%

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	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	3,862	1,900	3,671	2,853	4,134	-857	-2,968	3,855	2,624	9,256	14,600	25,772	36,652
Preference Capital	0	0	0	0	0	0	0	0	76	88	401	416
	38,600	41,795	44,150	44,742	52,729	52,484	52,835	46,980	55,123	52,430	48,744	42,181	32,367
	6,741	8,599	8,045	8,008	15,597	16,027	15,804	13,293	13,422	13,263	14,780	14,012	16,833
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	89,709
	15,804	29,089	46,365	45,080	56,941	54,391	52,137	50,419	55,846	52,851	53,274	51,451	65,501
CWIP	26,721	18,976	3,660	191	88	125	120	350	2,347	6,439	10,270	12,880	461
Investments	19	22	115	357	0	164	0	3	3	20	183	654	110
	8,839	6,600	8,599	12,846	18,765	16,831	17,271	17,213	16,830	19,495	18,254	20,836	23,638
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	89,709

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	1,545
	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	-433

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	74
ROCE %	2%	-0%	6%	7%	11%	6%	6%	9%	7%	12%	16%	16%

Shareholding Pattern

Numbers in percentages

2 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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