Jaiprakash Power Ventures Ltd

Jaiprakash Power Ventures Limited is engaged in the generation of power, including hydro and thermal; cement grinding; captive coal mining, and transmission of power.

Pros:
Stock is trading at 0.09 times its book value
Cons:
Company has low interest coverage ratio.
Promoter's stake has decreased
The company has delivered a poor growth of 6.14% over past five years.
Promoter holding is low: 29.85%
Company has a low return on equity of -11.94% for last 3 years.
Contingent liabilities of Rs.824.14 Cr.
Company might be capitalizing the interest cost
Promoters have pledged 86.97% of their holding
Debtor days have increased from 88.25 to 110.96 days

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Mar 2019 Jun 2019
1,123 810 1,079
648 682 734
Operating Profit 475 128 345
OPM % 42% 16% 32%
Other Income 61 18 6
Interest 382 374 377
Depreciation 132 130 132
Profit before tax 22 -357 -158
Tax % 12% 34% 40%
Net Profit 16 -239 -101
EPS in Rs 0.03 -0.39 -0.16
Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
301 297 691 737 1,616 2,459 2,889 4,140 4,113 4,658 4,877 3,892
25 47 85 91 134 500 840 1,356 1,561 2,944 3,354 2,563
Operating Profit 276 250 606 646 1,482 1,958 2,050 2,783 2,552 1,713 1,523 1,329
OPM % 92% 84% 88% 88% 92% 80% 71% 67% 62% 37% 31% 34%
Other Income 110 40 27 104 71 38 24 85 75 87 43 166
Interest 99 82 236 448 859 1,213 1,524 2,189 2,478 2,777 2,614 1,474
Depreciation 46 47 103 98 231 376 499 518 635 771 819 528
Profit before tax 241 161 294 204 462 408 51 162 -485 -1,748 -1,867 -507
Tax % 11% 11% 18% 20% 13% 12% 8% -4% 50% 26% 9% 30%
Net Profit 213 143 242 162 401 351 33 151 -255 -1,233 -1,596 -373
EPS in Rs 4.09 2.65 1.15 0.77 1.53 1.20 0.08 0.49 -0.87 0.00 0.00 0.00
Dividend Payout % 35% 52% 0% 0% 0% 0% 61% 2% -115% -0% -0% -0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:29.36%
5 Years:6.14%
3 Years:-1.83%
TTM:-20.20%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:66.88%
Stock Price CAGR
10 Years:-35.08%
5 Years:-38.41%
3 Years:-37.74%
1 Year:-50.00%
Return on Equity
10 Years:-2.92%
5 Years:-7.90%
3 Years:-11.94%
Last Year:-5.62%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
491 491 2,096 2,625 2,625 2,938 2,938 2,938 2,938 5,996 5,996 5,996
Reserves 539 584 1,272 2,542 2,834 3,522 3,407 3,473 4,676 3,391 1,783 1,388
Borrowings 900 989 7,045 13,068 17,417 23,015 27,503 32,065 25,076 23,994 23,416 23,194
160 206 434 2,087 2,670 3,781 4,556 4,438 4,447 5,531 7,243 8,289
Total Liabilities 2,090 2,270 10,848 19,792 25,547 33,256 38,404 42,914 37,137 38,913 38,439 38,867
1,506 1,585 4,228 3,211 9,860 12,341 13,529 24,156 23,530 27,437 31,093 30,650
CWIP 94 251 2,392 10,324 9,565 15,124 19,631 12,696 8,029 4,848 561 534
Investments 0 0 400 1,986 1,986 1,986 1,986 1,986 1,986 1,986 1,986 1,986
491 434 3,828 4,271 4,135 3,806 3,259 4,076 3,593 4,642 4,798 5,697
Total Assets 2,090 2,270 10,848 19,792 25,547 33,256 38,404 42,914 37,137 38,913 38,439 38,867

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
300 375 21 591 1,508 1,872 2,249 2,676 2,816 1,413 1,782 1,178
37 -246 -2,087 -4,226 -6,049 -7,021 -5,059 -4,886 6,416 -802 -230 -191
-300 -102 4,529 3,276 3,233 5,014 3,084 2,058 -9,494 -672 -1,543 -1,020
Net Cash Flow 37 28 2,464 -359 -1,309 -135 274 -152 -262 -61 9 -33

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 14% 12% 8% 5% 6% 6% 5% 6% 6% 3% 3% 3%
Debtor Days 260 148 108 77 97 78 37 66 48 80 73 111
Inventory Turnover 52.59 60.18 51.93 19.24 31.10 26.49 19.44 16.94 11.82 13.65 17.96 16.85

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