Adani Power Ltd

₹ 324 -0.31%
25 Nov - close price
adani.com BSE: 533096 NSE - BE : ADANIPOWER
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 ₹ 124,946 Cr.
  • Current Price ₹ 324
  • High / Low ₹ 433 / 93.6
  • Stock P/E 12.1
  • Book Value ₹ 62.8
  • Dividend Yield 0.00 %
  • ROCE 20.7 %
  • ROE 370 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 34.3% CAGR over last 5 years

Cons

  • Stock is trading at 5.16 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 4.15% over past five years.
  • Earnings include an other income of Rs.6,131 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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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
5,916 6,575 6,172 5,204 7,749 6,895 6,374 6,569 5,184 5,361 10,598 13,723 7,044
4,567 5,127 5,968 3,815 3,706 5,272 4,759 4,921 4,020 3,590 5,366 8,003 6,096
Operating Profit 1,349 1,448 205 1,388 4,043 1,623 1,614 1,648 1,163 1,771 5,232 5,720 948
OPM % 23% 22% 3% 27% 52% 24% 25% 25% 22% 33% 49% 42% 13%
901 110 155 152 1,043 204 528 644 388 233 2,710 1,786 1,402
Interest 1,326 1,423 1,244 1,392 1,364 1,223 1,127 1,068 976 1,015 1,035 823 818
Depreciation 765 783 768 783 828 810 782 774 785 784 774 816 833
Profit before tax 158 -649 -1,653 -634 2,894 -206 234 450 -210 204 6,133 5,866 699
Tax % 98% -8% 21% -8% 23% -40% 94% 38% -10% -7% 24% 19% 0%
Net Profit 4 -702 -1,313 -682 2,228 -289 13 278 -231 218 4,645 4,780 696
EPS in Rs 0.01 -1.82 -3.40 -1.77 5.78 -0.75 0.03 0.72 -0.60 0.57 12.04 12.39 1.80
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
2,097 4,035 6,692 15,328 18,683 25,377 22,616 20,304 23,884 26,468 26,221 27,711 36,725
852 2,661 5,732 10,735 14,005 16,575 16,635 14,868 18,901 20,734 17,533 17,830 23,055
Operating Profit 1,246 1,373 960 4,593 4,678 8,802 5,980 5,436 4,983 5,734 8,688 9,881 13,670
OPM % 59% 34% 14% 30% 25% 35% 26% 27% 21% 22% 33% 36% 37%
11 -45 215 137 1,188 -201 -3,666 754 2,448 323 1,909 3,908 6,131
Interest 255 738 1,703 4,162 4,864 5,560 5,902 5,570 5,657 5,315 5,106 4,095 3,692
Depreciation 189 590 1,290 1,937 1,818 2,666 2,672 2,699 2,751 3,006 3,202 3,118 3,207
Profit before tax 813 0 -1,818 -1,370 -816 375 -6,260 -2,079 -976 -2,265 2,289 6,577 12,902
Tax % 37% 86,718% -26% 79% 0% -47% 1% 0% -1% -0% 45% 25%
Net Profit 513 -294 -2,295 -291 -816 551 -6,174 -2,103 -984 -2,275 1,270 4,912 10,339
EPS in Rs 2.36 -1.32 -9.59 -1.01 -2.84 1.65 -16.01 -5.45 -2.55 -5.90 3.29 12.73 26.80
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 21%
5 Years: 4%
3 Years: 5%
TTM: 47%
Compounded Profit Growth
10 Years: 31%
5 Years: 34%
3 Years: 93%
TTM: 4635%
Stock Price CAGR
10 Years: 20%
5 Years: 55%
3 Years: 74%
1 Year: 220%
Return on Equity
10 Years: %
5 Years: %
3 Years: %
Last Year: 370%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 3,933 3,945 4,258 3,857
Reserves 4,107 3,861 1,900 3,671 2,853 4,134 -857 -2,968 -4,145 -5,992 -5,132 -388 20,346
24,503 38,600 41,795 44,150 44,742 52,729 52,484 52,835 46,980 55,123 52,430 48,744 45,242
4,199 6,742 8,599 8,045 8,008 15,597 16,027 15,804 21,293 22,037 27,651 29,768 17,175
Total Liabilities 34,989 51,384 54,688 58,739 58,474 75,794 71,511 69,528 67,985 75,025 78,806 81,981 86,620
8,747 15,804 29,089 46,365 45,080 56,941 54,391 52,137 50,419 55,846 52,851 53,274 53,484
CWIP 20,305 26,721 18,976 3,660 191 88 125 120 350 2,347 6,439 10,270 11,550
Investments 10 19 22 115 357 0 164 0 3 3 20 183 20
5,927 8,839 6,600 8,599 12,846 18,765 16,831 17,271 17,213 16,830 19,495 18,254 21,566
Total Assets 34,989 51,384 54,688 58,739 58,474 75,794 71,511 69,528 67,985 75,025 78,806 81,981 86,620

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,439 964 3,001 3,238 5,824 5,257 4,725 5,101 5,610 5,598 7,014 10,233
-14,877 -13,474 -4,064 -4,700 -4,737 -2,692 -1,212 -520 -984 -2,304 -2,188 774
13,247 12,356 861 1,631 -1,144 -2,713 -3,539 -4,600 -4,663 -2,377 -5,655 -10,338
Net Cash Flow -191 -154 -203 169 -58 -148 -26 -19 -37 917 -828 669

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 41 41 37 68 179 124 109 131 115 165 126
Inventory Days
Days Payable
Cash Conversion Cycle 8 41 41 37 68 179 124 109 131 115 165 126
Working Capital Days -258 -378 -430 -131 -38 40 -5 -7 18 31 136 98
ROCE % 5% 2% -0% 6% 7% 11% 6% 6% 9% 8% 14% 21%

Shareholding Pattern

Numbers in percentages

7 recently
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 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
12.39 12.38 12.77 12.62 11.57 11.52 11.54 11.17 11.03 11.34 12.56 13.23
8.60 8.29 7.38 5.76 7.32 7.08 5.53 5.53 5.53 5.53 5.00 0.00
4.04 4.35 4.88 6.65 6.14 6.43 7.96 8.33 8.46 8.15 7.47 11.80

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