Gujarat Industries Power Co Ltd

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Gujarat Industries Power Company Limited is engaged in the generation of electricity. The Company's gas-based power plants are Vadodara Stations, including Station-I with a capacity of 145 Mega Watts (MW) and Station-II with a capacity of 165 MW.

  • Market Cap 1,147 Cr.
  • Current Price 75.8
  • High / Low 94.7 / 52.6
  • Stock P/E 5.69
  • Book Value 190
  • Dividend Yield 3.82 %
  • ROCE 11.2 %
  • ROE 9.32 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.40 times its book value
  • Stock is providing a good dividend yield of 3.82%.
  • Company has been maintaining a healthy dividend payout of 19.75%

Cons

  • The company has delivered a poor sales growth of 2.57% over past five years.
  • Company has a low return on equity of 10.61% for last 3 years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
372 329 361 353 364 354 332 350 343 336 336 331
249 204 215 226 216 197 220 235 222 208 226 228
Operating Profit 122 126 147 127 149 156 112 115 121 128 111 103
OPM % 33% 38% 41% 36% 41% 44% 34% 33% 35% 38% 33% 31%
Other Income 28 3 -213 4 105 13 8 9 12 7 7 8
Interest 17 13 12 13 12 13 13 13 12 12 10 10
Depreciation 42 42 42 42 42 46 48 48 49 49 49 25
Profit before tax 92 74 -121 76 199 111 59 63 72 74 58 76
Tax % 25% 22% 2% 2% 18% 23% 13% 22% 15% 18% 19% 58%
Net Profit 69 58 -118 74 163 85 52 49 62 61 47 32
EPS in Rs 4.57 3.82 -7.82 4.90 10.77 5.64 3.42 3.24 4.09 4.02 3.10 2.11

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,155 939 1,085 1,300 1,416 1,377 1,215 1,352 1,311 1,354 1,407 1,379 1,346
944 719 776 868 874 906 793 946 878 871 859 874 883
Operating Profit 210 220 310 432 542 470 422 407 432 483 548 505 462
OPM % 18% 23% 29% 33% 38% 34% 35% 30% 33% 36% 39% 37% 34%
Other Income 16 14 8 -3 74 31 25 36 69 51 -101 42 34
Interest 30 17 72 119 105 88 78 76 73 57 50 51 44
Depreciation 88 88 125 169 158 156 120 118 127 160 168 191 172
Profit before tax 108 128 121 142 354 257 248 250 301 317 228 305 280
Tax % 21% 17% -35% 16% 38% 28% 49% 25% 24% 23% 23% 19%
Net Profit 85 107 163 118 219 186 126 188 229 244 176 248 202
EPS in Rs 5.64 7.06 10.77 7.83 14.47 12.29 8.35 12.45 15.16 16.17 11.66 16.40 13.32
Dividend Payout % 39% 35% 23% 32% 17% 20% 30% 22% 18% 17% 25% 18%
Compounded Sales Growth
10 Years:4%
5 Years:3%
3 Years:2%
TTM:-4%
Compounded Profit Growth
10 Years:9%
5 Years:13%
3 Years:2%
TTM:-42%
Stock Price CAGR
10 Years:-1%
5 Years:-2%
3 Years:-8%
1 Year:36%
Return on Equity
10 Years:10%
5 Years:11%
3 Years:11%
Last Year:9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
151 151 151 151 151 151 151 151 151 151 151 151 151
Reserves 1,032 1,095 1,214 1,288 1,463 1,605 1,685 1,882 2,085 2,308 2,419 2,597 2,719
Borrowings 840 1,064 1,114 944 855 716 606 475 417 617 573 447 389
468 503 466 552 478 521 559 639 761 710 688 734 806
Total Liabilities 2,492 2,813 2,945 2,936 2,947 2,992 3,002 3,148 3,414 3,786 3,831 3,930 4,066
806 726 2,193 2,284 2,133 1,991 1,890 1,859 2,522 2,680 2,632 2,883 2,787
CWIP 1,290 1,755 337 164 83 87 41 153 24 6 167 5 117
Investments 62 27 30 45 69 160 207 250 281 328 90 60 76
333 304 385 442 661 754 863 885 587 772 942 982 1,086
Total Assets 2,492 2,813 2,945 2,936 2,947 2,992 3,002 3,148 3,414 3,786 3,831 3,930 4,066

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
202 228 302 482 408 398 405 232 433 337 590
-310 -396 -237 -100 55 -86 -124 -178 -459 -389 -239
85 167 -65 -333 -237 -272 -230 -228 -161 103 -142
Net Cash Flow -24 -2 -0 49 225 40 50 -174 -187 51 209

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 7% 7% 8% 11% 16% 14% 14% 13% 15% 13% 16% 11%
Debtor Days 57 53 67 59 44 59 39 72 69 70 56 51
Inventory Turnover 9.95 6.47 6.30 0.16 0.15 0.16 0.18 0.17 4.45 4.16 4.10 3.81

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
58.21 58.21 55.69 55.69 55.69 55.69 55.69 55.69 55.69 55.69 55.69 55.69
3.34 2.93 2.77 2.87 2.57 1.59 1.02 0.95 0.78 0.80 0.71 1.50
13.11 12.90 15.37 15.42 15.40 15.37 15.38 14.88 14.29 14.13 13.97 11.70
7.64 7.64 7.64 7.64 7.64 7.64 7.64 7.64 7.64 7.64 7.64 7.64
17.70 18.32 18.53 18.38 18.69 19.71 20.27 20.84 21.60 21.74 21.98 23.46

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