Jaiprakash Power Ventures Ltd

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

  • Market Cap 2,056 Cr.
  • Current Price 3.00
  • High / Low 4.26 / 0.70
  • Stock P/E
  • Book Value 14.7
  • Dividend Yield 0.00 %
  • ROCE 2.63 %
  • ROE -31.8 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 0.20 times its book value
  • Debtor days have improved from 75.61 to 42.53 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -3.62% over past five years.
  • Promoter holding is low: 26.01%
  • Company has a low return on equity of -16.75% for last 3 years.
  • Contingent liabilities of Rs.645.32 Cr.
  • Company might be capitalizing the interest cost
  • Promoters have pledged 87.30% of their holding.
  • Promoter holding has decreased over last 3 years: -5.16%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,123 994 965 810 1,079 791 835 739 689 779 988
648 599 634 690 734 526 657 499 383 435 664
Operating Profit 475 395 331 120 345 265 178 240 306 344 324
OPM % 42% 40% 34% 15% 32% 34% 21% 32% 44% 44% 33%
Other Income 61 26 60 18 6 6 -1,085 -55 11 6 6
Interest 382 380 338 374 377 386 -227 150 152 152 154
Depreciation 132 134 133 130 132 134 134 132 133 134 134
Profit before tax 22 -93 -80 -365 -158 -248 -815 -97 32 65 42
Tax % 12% 50% -19% 33% 40% 34% -123% 27% 16% 25% 120%
Net Profit 16 -51 -99 -247 -101 -168 -1,820 -73 23 45 -12
EPS in Rs 0.03 -0.08 -0.17 -0.41 -0.17 -0.28 -3.03 -0.11 0.03 0.07 -0.02

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
297 691 737 1,616 2,459 2,889 4,140 4,113 4,658 4,877 3,892 3,443 3,195
47 85 91 134 500 840 1,356 1,561 2,944 3,354 2,571 2,415 1,981
Operating Profit 250 606 646 1,482 1,958 2,050 2,783 2,552 1,713 1,523 1,321 1,028 1,214
OPM % 84% 88% 88% 92% 80% 71% 67% 62% 37% 31% 34% 30% 38%
Other Income 40 27 104 71 38 24 85 75 87 43 166 -1,128 -32
Interest 82 236 448 859 1,213 1,524 2,189 2,478 2,777 2,614 1,474 686 608
Depreciation 47 103 98 231 376 499 518 635 771 819 528 533 534
Profit before tax 161 294 204 462 408 51 162 -485 -1,748 -1,867 -515 -1,318 41
Tax % 11% 18% 20% 13% 12% 8% -4% 50% 26% 9% 29% -63%
Net Profit 143 242 162 401 351 33 151 -255 -1,233 -1,596 -381 -2,162 -18
EPS in Rs 2.91 1.15 0.77 1.53 1.20 0.11 0.51 -0.87 -2.06 -2.66 -0.64 -3.16 -0.03
Dividend Payout % 52% 0% 0% 0% 0% 61% 2% -115% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:17%
5 Years:-4%
3 Years:-10%
TTM:-9%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:-37%
TTM:99%
Stock Price CAGR
10 Years:-24%
5 Years:-7%
3 Years:-10%
1 Year:300%
Return on Equity
10 Years:-6%
5 Years:-14%
3 Years:-17%
Last Year:-32%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
491 2,096 2,625 2,625 2,938 2,938 2,938 2,938 5,996 5,996 5,996 6,873 6,840
Reserves 584 1,272 2,542 2,834 3,522 3,407 3,473 4,676 3,391 1,783 1,381 -647 3,226
Borrowings 989 7,045 13,068 17,417 23,015 27,503 32,065 25,076 23,994 23,416 23,194 5,991 5,570
206 434 2,087 2,630 3,668 4,380 4,086 3,583 4,454 5,907 6,690 5,660 2,109
Total Liabilities 2,270 10,848 19,792 25,506 33,143 38,228 42,561 36,273 37,836 37,102 37,260 17,844 17,746
1,585 4,228 3,211 9,860 12,341 13,529 24,156 23,530 27,437 31,093 30,650 15,251 14,984
CWIP 251 2,392 10,324 9,565 15,124 19,631 12,696 8,029 4,848 561 534 477 479
Investments 0 400 1,986 1,986 1,986 1,986 1,986 1,986 1,986 1,986 1,986 21 21
434 3,828 4,271 4,095 3,692 3,083 3,724 2,729 3,565 3,461 4,090 2,095 2,262
Total Assets 2,270 10,848 19,792 25,506 33,143 38,228 42,561 36,273 37,836 37,102 37,260 17,844 17,746

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
375 21 591 1,508 1,872 2,249 2,676 2,816 1,413 1,782 1,178 1,134
-246 -2,087 -4,226 -6,049 -7,021 -5,059 -4,886 6,416 -802 -230 -191 -158
-102 4,529 3,276 3,233 5,014 3,084 2,058 -9,494 -672 -1,543 -1,020 -932
Net Cash Flow 28 2,464 -359 -1,309 -135 274 -152 -262 -61 9 -33 44

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 12% 8% 5% 6% 6% 5% 6% 6% 3% 3% 3% 3%
Debtor Days 148 108 77 97 78 37 66 48 80 73 111 43
Inventory Turnover 0.24 0.25 0.09 0.10 2.18 2.82 3.83 3.23 7.85 10.42 9.47 6.97

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
31.16 29.85 29.85 29.85 29.85 29.85 29.74 26.07 26.07 26.07 26.07 26.02
1.17 1.16 1.08 1.06 1.04 0.61 0.54 0.49 0.47 0.47 0.46 0.63
51.13 50.23 49.31 49.29 49.28 49.62 47.62 40.88 39.55 38.67 36.26 34.68
0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.00 0.00 0.00 0.00 0.00
16.50 18.73 19.73 19.77 19.80 19.89 22.07 32.57 33.91 34.79 37.21 38.67

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