India Power Corporation Ltd

India Power Corporation Ltd

₹ 18.4 -0.59%
24 Jun - close price
About

Incorporated in 1919, India Power Corporation Ltd is engaged in business of Power Distribution, Renewable Power Generation and Smart Grid.

Key Points

Business Overview 9M FY24
The company is among the strongest players in West Bengal and the best-performing discoms in the country. [1]

The company's business activities consist of two segments viz.,
a) Regulated Business (93%), which consists of a power distribution business (including thermal power generation which exclusively supplies power for distribution business) in Asansol, West Bengal (licensed area) regulated by West Bengal Electricity Regulatory Commission.

b) Non-Regulated business (7%), consists of all business that is independent and has no bearing with the Regulated business. [2]

  • Market Cap 1,796 Cr.
  • Current Price 18.4
  • High / Low 28.0 / 11.0
  • Stock P/E 119
  • Book Value 10.5
  • Dividend Yield 0.27 %
  • ROCE 4.16 %
  • ROE 1.48 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 32.7%
  • Company's working capital requirements have reduced from 31.3 days to 16.0 days

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 3.68% over past five years.
  • Company has a low return on equity of 1.04% over last 3 years.
  • Promoters have pledged 67.3% of their holding.
  • Earnings include an other income of Rs.46.3 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

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
140.20 117.80 138.47 147.23 156.54 143.71 158.27 144.92 152.32 172.18 161.22 135.90 157.71
126.68 110.82 125.03 155.00 165.05 156.53 160.63 142.06 151.10 157.60 154.78 123.77 151.89
Operating Profit 13.52 6.98 13.44 -7.77 -8.51 -12.82 -2.36 2.86 1.22 14.58 6.44 12.13 5.82
OPM % 9.64% 5.93% 9.71% -5.28% -5.44% -8.92% -1.49% 1.97% 0.80% 8.47% 3.99% 8.93% 3.69%
6.27 12.98 4.70 25.68 36.15 34.58 23.70 17.84 20.54 7.55 15.02 9.67 14.77
Interest 7.79 8.68 8.86 9.01 6.43 10.23 9.16 8.73 9.75 9.31 8.32 7.76 7.14
Depreciation 7.05 7.12 7.20 7.21 7.13 7.22 7.24 7.22 7.36 8.33 8.12 8.48 8.51
Profit before tax 4.95 4.16 2.08 1.69 14.08 4.31 4.94 4.75 4.65 4.49 5.02 5.56 4.94
Tax % 34.55% 25.00% 25.00% 23.67% 27.63% 26.22% 26.32% 26.32% 29.25% 25.61% 24.90% 25.36% 22.27%
3.23 3.12 1.56 1.28 10.19 3.18 3.64 3.51 3.28 3.34 3.76 4.15 3.84
EPS in Rs 0.03 0.03 0.02 0.01 0.10 0.03 0.04 0.04 0.03 0.03 0.04 0.04 0.04
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
650 695 627 562 450 481 523 481 500 560 599 627
587 603 533 477 355 392 450 429 430 551 610 587
Operating Profit 63 91 95 85 95 89 74 52 69 9 -11 40
OPM % 10% 13% 15% 15% 21% 19% 14% 11% 14% 2% -2% 6%
9 3 2 18 42 40 45 51 19 74 96 46
Interest 19 35 45 41 58 78 74 46 38 33 38 33
Depreciation 11 15 15 18 18 17 16 29 30 29 29 33
Profit before tax 42 45 37 44 61 35 28 28 21 22 19 20
Tax % 35% 35% 34% 27% 36% 38% 33% 41% -29% 27% 27% 25%
28 29 24 32 39 21 19 17 27 16 14 15
EPS in Rs 0.28 0.30 0.25 0.33 0.40 0.22 0.19 0.17 0.27 0.17 0.14 0.15
Dividend Payout % 18% 17% 20% 15% 12% 23% 26% 29% 18% 30% 36% 32%
Compounded Sales Growth
10 Years: -1%
5 Years: 4%
3 Years: 8%
TTM: 5%
Compounded Profit Growth
10 Years: -6%
5 Years: -1%
3 Years: -17%
TTM: 10%
Stock Price CAGR
10 Years: 1%
5 Years: 14%
3 Years: 0%
1 Year: 58%
Return on Equity
10 Years: 2%
5 Years: 1%
3 Years: 1%
Last Year: 1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 97 97 97 97 97 97 97 97 97 97 97 97
Reserves 879 847 933 983 1,022 1,044 1,066 1,527 1,551 1,280 916 924
238 392 538 853 589 645 338 342 299 328 282 209
292 377 308 308 366 372 412 606 561 602 729 824
Total Liabilities 1,506 1,713 1,877 2,241 2,075 2,158 1,913 2,573 2,508 2,307 2,024 2,055
305 308 385 367 343 341 348 902 950 907 897 882
CWIP 16 51 18 9 15 38 68 84 22 21 15 14
Investments 7 208 318 605 322 116 107 101 102 101 3 4
1,179 1,146 1,157 1,260 1,394 1,663 1,390 1,486 1,435 1,277 1,109 1,155
Total Assets 1,506 1,713 1,877 2,241 2,075 2,158 1,913 2,573 2,508 2,307 2,024 2,055

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-4 152 36 25 136 63 139 94 33 -2 70 100
-63 -257 -126 -245 307 -7 254 -19 9 -15 -1 -30
54 110 92 222 -448 -54 -397 -36 -84 15 -64 -75
Net Cash Flow -13 5 2 3 -5 2 -4 39 -42 -2 5 -5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 40 48 45 60 48 42 36 49 45 54 62 65
Inventory Days
Days Payable
Cash Conversion Cycle 40 48 45 60 48 42 36 49 45 54 62 65
Working Capital Days 31 33 43 108 131 331 132 100 132 74 4 16
ROCE % 8% 6% 6% 5% 5% 6% 6% 4% 3% 3% 4%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
59.49% 59.49% 59.49% 59.49% 59.49% 59.49% 59.49% 59.49% 59.49% 59.49% 59.49% 59.47%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.00% 0.25%
0.12% 0.12% 0.14% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12%
40.38% 40.38% 40.37% 40.38% 40.38% 40.38% 40.38% 40.38% 40.38% 40.37% 40.38% 40.16%
No. of Shareholders 9,74311,17925,54631,84133,52434,11734,44734,52334,66141,04959,23392,956

* 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.

Click on the line-items to see the names of individual entities.

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