NHPC Ltd

NHPC is engaged in the business of generation and sale of bulk power to various Power Utilities. Other business includes providing project management / construction contracts/ consultancy assignment services and trading of power.(Source : 201903 Annual Report Page No:126)

Pros:
Stock is trading at 0.82 times its book value
Stock is providing a good dividend yield of 6.11%.
Company has been maintaining a healthy dividend payout of 57.89%
Cons:
The company has delivered a poor growth of 8.12% over past five years.
Company has a low return on equity of 10.06% for last 3 years.
Contingent liabilities of Rs.11905.01 Cr.
Company might be capitalizing the interest cost
Earnings include an other income of Rs.1807.83 Cr.
Debtor days have increased from 83.32 to 117.31 days

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
2,403 1,309 1,362 2,328 1,972 1,498 1,137 2,138 2,495 1,574 1,950 2,421
844 684 1,139 940 856 713 912 839 898 976 967 917
Operating Profit 1,560 624 223 1,387 1,115 785 225 1,299 1,597 598 983 1,504
OPM % 65% 48% 16% 60% 57% 52% 20% 61% 64% 38% 50% 62%
Other Income 986 309 576 306 662 739 269 223 529 187 806 286
Interest 279 269 250 241 236 228 218 221 228 223 223 237
Depreciation 342 355 353 354 350 347 345 373 404 402 411 387
Profit before tax 1,924 309 197 1,098 1,191 949 -69 929 1,493 161 1,155 1,167
Tax % 19% 31% 14% 21% 14% 28% 391% 21% 18% -13% 57% 24%
Net Profit 1,555 215 168 863 1,019 688 200 738 1,219 182 492 881
EPS in Rs 1.41 0.19 0.16 0.84 0.99 0.67 0.19 0.72 1.19 0.18 0.49 0.68
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
2,283 2,721 4,266 4,225 5,888 5,295 5,522 6,790 7,353 7,271 6,938 8,161 8,440
681 1,194 1,246 1,426 2,008 2,108 2,694 2,896 3,325 3,468 3,174 2,839 3,758
Operating Profit 1,602 1,527 3,021 2,799 3,881 3,187 2,828 3,894 4,028 3,803 3,764 5,323 4,682
OPM % 70% 56% 71% 66% 66% 60% 51% 57% 55% 52% 54% 65% 55%
Other Income 483 679 880 1,363 868 1,385 1,010 1,538 1,074 2,192 1,453 945 1,808
Interest 456 508 465 367 338 400 1,045 1,180 1,114 1,132 943 933 910
Depreciation 483 519 1,034 918 894 969 1,211 1,426 1,359 1,388 1,396 1,590 1,604
Profit before tax 1,147 1,178 2,402 2,877 3,517 3,202 1,583 2,826 2,630 3,475 2,879 3,745 3,976
Tax % 12% 9% 13% 25% 21% 27% 38% 25% 29% 20% 4% 30%
Net Profit 1,004 1,075 2,090 2,167 2,772 2,348 979 2,124 1,879 2,796 2,769 2,631 2,774
EPS in Rs 1.61 1.66 2.14 1.81 0.83 1.80 0.13 2.72 2.70 2.62 2.54
Dividend Payout % 30% 30% 32% 34% 31% 31% 34% 31% 88% 66% 52% 56%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.61%
5 Years:8.12%
3 Years:3.54%
TTM:25.14%
Compounded Profit Growth
10 Years:10.59%
5 Years:17.67%
3 Years:16.30%
TTM:4.92%
Stock Price CAGR
10 Years:-3.01%
5 Years:3.37%
3 Years:-2.58%
1 Year:-0.42%
Return on Equity
10 Years:8.67%
5 Years:8.86%
3 Years:10.06%
Last Year:10.22%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
11,182 11,182 12,301 12,301 12,301 12,301 11,071 11,071 11,071 10,259 10,259 10,045
Reserves 6,095 6,798 10,972 12,280 14,053 15,540 14,997 17,216 18,690 16,683 18,092 19,170
Borrowings 11,260 12,234 13,868 14,569 17,641 18,627 19,866 19,836 19,938 19,227 18,602 19,056
3,334 5,195 6,015 11,038 11,341 10,594 10,558 8,738 6,036 6,567 8,862 11,452
Total Liabilities 31,871 35,410 43,156 50,188 55,336 57,062 56,492 56,860 55,735 52,736 55,816 59,723
17,377 17,644 16,395 17,101 16,368 18,040 24,077 22,695 21,299 20,977 20,018 23,852
CWIP 7,390 10,499 14,025 15,963 19,350 19,709 14,657 16,055 16,579 17,350 18,814 14,898
Investments 3,049 2,794 4,394 2,914 2,750 2,651 2,479 2,235 1,689 2,100 2,210 2,362
4,055 4,474 8,342 14,211 16,868 16,661 15,279 15,875 16,168 12,309 14,774 18,611
Total Assets 31,871 35,410 43,156 50,188 55,336 57,062 56,492 56,860 55,735 52,736 55,816 59,723

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
2,326 2,510 2,792 3,012 2,080 1,898 3,646 3,055 4,900 7,843 3,721 3,162
-2,271 -2,862 -4,226 -1,342 -1,976 -1,295 -480 -789 -799 -1,430 -763 -881
1,319 411 4,632 -1,417 549 -991 -3,478 -2,148 -3,092 -7,547 -3,011 -2,257
Net Cash Flow 1,374 59 3,197 253 654 -388 -312 118 1,009 -1,134 -53 24

Ratios Standalone Figures in Rs. Crores / View Consolidated

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 % 6% 6% 8% 8% 9% 7% 7% 8% 8% 10% 8% 12%
Debtor Days 56 40 98 26 127 141 123 134 77 75 58 117
Inventory Turnover 4.11 6.18 42.61 54.80 89.71 70.17 61.20 66.28 68.98 69.88 67.25 70.98