Gujarat Industries Power Co Ltd

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.

Pros:
Stock is trading at 0.44 times its book value
Stock is providing a good dividend yield of 3.65%.
Company has been maintaining a healthy dividend payout of 18.74%
Cons:
Promoter's stake has decreased
The company has delivered a poor growth of -0.75% over past five years.
Company has a low return on equity of 10.34% for last 3 years.

Peer Comparison Sector: Power Generation & Distribution // Industry: Power Generation And Supply

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
354 316 306 336 321 321 335 372 329 361 353 364
241 221 210 208 193 204 225 249 204 215 226 216
Operating Profit 113 94 95 129 128 117 110 122 126 147 127 149
OPM % 32% 30% 31% 38% 40% 36% 33% 33% 38% 41% 36% 41%
Other Income 4 21 5 41 1 2 19 28 3 -213 4 105
Interest 17 15 15 26 12 13 9 17 13 12 13 12
Depreciation 29 30 32 36 38 38 42 42 42 42 42 42
Profit before tax 71 71 52 107 80 68 78 92 74 -121 76 199
Tax % 23% 28% 21% 23% 21% 21% 25% 25% 22% 2% 2% 18%
Net Profit 55 51 41 82 63 53 59 69 58 -118 74 163
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
796 936 1,155 939 1,085 1,300 1,416 1,377 1,215 1,352 1,311 1,364 1,407
560 682 944 719 776 868 874 906 793 946 878 871 859
Operating Profit 236 254 210 220 310 432 542 470 422 407 432 493 548
OPM % 30% 27% 18% 23% 29% 33% 38% 34% 35% 30% 33% 36% 39%
Other Income 87 27 16 14 8 -3 74 31 25 36 69 51 -101
Interest 52 52 30 17 72 119 105 88 78 76 73 67 50
Depreciation 90 88 88 88 125 169 158 156 120 118 127 160 168
Profit before tax 182 140 108 128 121 142 354 257 248 250 301 317 228
Tax % -1% 27% 21% 17% -35% 16% 38% 28% 49% 25% 24% 23%
Net Profit 183 102 85 107 163 118 219 186 126 188 229 244 176
EPS in Rs 11.80 6.34 5.27 6.64 10.37 7.42 14.05 11.86 7.84 12.45 15.16 16.17
Dividend Payout % 17% 37% 39% 35% 23% 32% 17% 20% 30% 22% 18% 17%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:3.84%
5 Years:-0.75%
3 Years:3.94%
TTM:4.36%
Compounded Profit Growth
10 Years:9.10%
5 Years:5.82%
3 Years:21.66%
TTM:-27.86%
Return on Equity
10 Years:9.99%
5 Years:9.95%
3 Years:10.34%
Last Year:10.42%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
151 151 151 151 151 151 151 151 151 151 151 151 151
Reserves 928 986 1,032 1,095 1,214 1,288 1,463 1,605 1,685 1,882 2,085 2,308 2,419
Borrowings 543 681 840 1,064 1,114 944 855 716 606 475 417 617 425
287 382 472 508 501 593 487 530 570 652 776 726 835
Total Liabilities 1,909 2,199 2,496 2,818 2,979 2,977 2,956 3,001 3,013 3,160 3,429 3,802 3,831
958 879 806 726 2,193 2,284 2,133 1,991 1,890 1,859 2,522 2,680 2,633
CWIP 356 833 1,290 1,755 337 164 83 87 41 153 24 6 166
Investments 261 141 62 27 30 45 69 160 207 250 281 328 90
334 347 337 309 420 483 671 763 874 897 602 788 942
Total Assets 1,909 2,199 2,496 2,818 2,979 2,977 2,956 3,001 3,013 3,160 3,429 3,802 3,831

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
250 183 202 228 302 482 408 398 405 232 433 341
-35 -293 -310 -396 -237 -100 55 -86 -124 -178 -459 -383
-152 69 85 167 -65 -333 -237 -272 -230 -228 -161 92
Net Cash Flow 62 -41 -24 -2 -0 49 225 40 50 -174 -187 51

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 15% 11% 7% 7% 8% 11% 16% 14% 14% 13% 15% 13%
Debtor Days 49 65 57 53 67 59 44 59 39 72 69 70
Inventory Turnover 9.52 11.35 13.32 9.72 10.48 11.35 11.49 11.43 9.07 9.06 8.44 8.76