Gujarat Industries Power Co Ltd

₹ 81.0 -2.76%
27 Jan - close price
About

Gujarat Industries Power Company Ltd is engaged in generation of power from gas, lignite, wind and solar assets. Its principal place of business are located in the state of Gujarat.[1]

It is indirectly promoted by Gujarat State Govt. through 3 state undertakings i.e. Gujarat Urja Vikas Nigam Ltd, Gujarat Alkalies & Chemicals Ltd and Gujarat State Fertilizers & Chemicals Ltd.[2]

Key Points

Power Projects
At present, the company owns and operates various projects with a total generation capacity of ~1,200 MW of power p.a. The breakup is as follows -

  • Market Cap 1,225 Cr.
  • Current Price 81.0
  • High / Low 105 / 68.4
  • Stock P/E 7.12
  • Book Value 204
  • Dividend Yield 3.09 %
  • ROCE 7.99 %
  • ROE 5.81 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.40 times its book value
  • Company has been maintaining a healthy dividend payout of 20.8%

Cons

  • The company has delivered a poor sales growth of -2.20% over past five years.
  • Company has a low return on equity of 7.12% over last 3 years.
  • Debtor days have increased from 77.6 to 101 days.
  • Working capital days have increased from 80.6 days to 116 days

* 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

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
332 350 343 336 336 331 332 296 322 262 293 303 252
220 235 222 214 231 233 233 212 203 174 177 178 177
Operating Profit 112 115 121 122 106 98 99 84 119 88 116 125 76
OPM % 34% 33% 35% 36% 31% 30% 30% 28% 37% 33% 40% 41% 30%
8 9 12 7 7 8 8 4 5 5 7 6 14
Interest 13 13 12 9 8 7 7 7 7 7 7 9 9
Depreciation 48 48 49 48 48 24 35 33 37 41 40 41 41
Profit before tax 59 63 72 73 56 75 65 48 79 44 76 81 39
Tax % 13% 22% 15% 18% 19% 59% 32% 27% 32% 37% 28% 23% 32%
Net Profit 52 49 62 59 46 31 44 35 53 28 55 63 27
EPS in Rs 3.42 3.24 4.09 3.93 3.01 2.02 2.92 2.34 3.53 1.85 3.61 4.16 1.76
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
1,085 1,300 1,416 1,377 1,215 1,352 1,311 1,354 1,407 1,379 1,335 1,172 1,109
776 868 874 906 793 946 878 871 859 874 911 767 706
Operating Profit 310 432 542 470 422 407 432 483 548 505 424 406 404
OPM % 29% 33% 38% 34% 35% 30% 33% 36% 39% 37% 32% 35% 36%
8 -3 74 31 25 36 69 51 -101 42 30 21 32
Interest 72 119 105 88 78 76 73 57 50 51 31 29 32
Depreciation 125 169 158 156 120 118 127 160 168 191 155 151 162
Profit before tax 121 142 354 257 248 250 301 317 228 305 268 247 241
Tax % -35% 16% 38% 28% 49% 25% 24% 23% 23% 19% 33% 31%
Net Profit 163 118 219 186 126 188 229 244 176 248 180 171 172
EPS in Rs 10.77 7.83 14.47 12.29 8.35 12.45 15.16 16.17 11.66 16.40 11.89 11.33 11.38
Dividend Payout % 23% 32% 17% 20% 30% 22% 18% 17% 25% 18% 23% 22%
Compounded Sales Growth
10 Years: -1%
5 Years: -2%
3 Years: -6%
TTM: -13%
Compounded Profit Growth
10 Years: 3%
5 Years: -6%
3 Years: -18%
TTM: 5%
Stock Price CAGR
10 Years: 2%
5 Years: -8%
3 Years: 0%
1 Year: -8%
Return on Equity
10 Years: 9%
5 Years: 9%
3 Years: 7%
Last Year: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
151 151 151 151 151 151 151 151 151 151 151 151 151
Reserves 1,214 1,288 1,463 1,605 1,685 1,882 2,085 2,308 2,419 2,597 2,704 2,893 2,940
1,114 944 855 716 606 475 417 617 573 447 480 529 531
466 552 478 521 559 639 761 710 688 734 794 830 847
Total Liabilities 2,945 2,936 2,947 2,992 3,002 3,148 3,414 3,786 3,831 3,930 4,129 4,403 4,469
2,193 2,284 2,133 1,991 1,890 1,859 2,522 2,680 2,632 2,883 2,628 3,056 3,014
CWIP 337 164 83 87 41 153 24 6 167 5 292 41 80
Investments 30 45 69 160 207 250 281 328 90 60 88 148 143
385 442 661 754 863 885 587 772 942 982 1,121 1,158 1,233
Total Assets 2,945 2,936 2,947 2,992 3,002 3,148 3,414 3,786 3,831 3,930 4,129 4,403 4,469

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
302 482 408 398 405 232 433 337 590 445 193 362
-237 -100 55 -86 -124 -178 -459 -389 -239 -113 -231 -340
-65 -333 -237 -272 -230 -228 -161 103 -142 -222 -47 -25
Net Cash Flow -0 49 225 40 50 -174 -187 51 209 109 -85 -2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 67 59 44 59 39 72 69 70 56 51 81 101
Inventory Days
Days Payable
Cash Conversion Cycle 67 59 44 59 39 72 69 70 56 51 81 101
Working Capital Days -62 -64 -25 -16 -19 19 -12 17 7 39 87 116
ROCE % 8% 11% 16% 14% 14% 13% 15% 13% 16% 11% 9% 8%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
55.69 55.69 55.69 55.69 55.69 55.69 55.69 55.69 55.69 55.69 55.69 55.69
0.95 0.78 0.80 0.71 1.50 1.59 1.61 1.67 1.64 2.10 2.76 2.91
14.88 14.29 14.13 13.97 11.70 10.01 8.11 7.33 7.22 8.50 8.48 6.81
7.64 7.64 7.64 7.64 7.64 7.64 7.64 7.64 7.64 7.64 7.64 7.64
20.84 21.60 21.74 21.98 23.46 25.06 26.94 27.67 27.81 26.07 25.42 26.94

* 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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