NHPC Ltd

₹ 43.2 -1.14%
27 Jan - close price
About

NHPC, a Mini Ratna category I public sector utility, is Government of India’s flagship hydroelectric generation company. The company is primarily involved in the generation and sale of bulk power to various Power Utilities. Its other business includes providing project management / construction contracts/ consultancy assignment services and trading of power. [1][2]

Key Points

Projects and Power Capacity
The co has 7071 MW installed capacity (6971 MW Hydro & 100 MW Renewable Energy) through 24 power stations across 13 states. The installed capacity contributes to 15% of the total installed hydroelectric capacity in India. [1]

  • Market Cap 43,395 Cr.
  • Current Price 43.2
  • High / Low 46.9 / 27.0
  • Stock P/E 11.3
  • Book Value 36.8
  • Dividend Yield 4.19 %
  • ROCE 6.50 %
  • ROE 10.4 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.17 times its book value
  • Stock is providing a good dividend yield of 4.19%.
  • Company has been maintaining a healthy dividend payout of 51.0%

Cons

  • The company has delivered a poor sales growth of 1.28% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 10.5% over last 3 years.
  • Contingent liabilities of Rs.13,714 Cr.
  • Company might be capitalizing the interest cost
  • Company has high debtors of 206 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
3,068 2,159 2,170 2,779 2,900 2,360 1,609 2,417 2,941 2,157 1,674 2,785 3,366
1,124 1,562 1,716 1,179 1,065 1,312 1,041 970 1,054 2,237 1,154 1,308 1,178
Operating Profit 1,945 597 454 1,600 1,835 1,047 568 1,447 1,887 -80 520 1,477 2,188
OPM % 63% 28% 21% 58% 63% 44% 35% 60% 64% -4% 31% 53% 65%
358 120 213 -16 224 251 850 220 265 218 462 255 383
Interest 252 156 152 147 146 142 137 134 134 130 134 137 107
Depreciation 403 404 403 347 348 353 245 295 296 303 296 303 301
Profit before tax 1,647 157 112 1,090 1,564 804 1,036 1,238 1,721 -295 553 1,291 2,162
Tax % 12% -307% -131% 22% 17% -20% 53% 21% 19% 402% 7% 18% 22%
Net Profit 1,458 639 259 855 1,300 962 482 983 1,387 889 516 1,054 1,686
EPS in Rs 1.28 0.51 0.16 0.77 1.18 0.87 0.44 0.90 1.33 0.81 0.47 1.03 1.53
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
5,144 7,177 6,381 7,389 8,221 8,354 8,623 7,755 8,983 10,008 9,648 9,189 9,982
1,566 2,192 2,229 3,047 3,087 3,571 3,739 3,508 4,002 4,562 4,371 5,176 5,877
Operating Profit 3,577 4,985 4,152 4,342 5,134 4,783 4,884 4,248 4,981 5,446 5,277 4,013 4,105
OPM % 70% 69% 65% 59% 62% 57% 57% 55% 55% 54% 55% 44% 41%
1,463 1,086 1,595 889 1,597 1,174 2,245 1,185 1,733 311 1,087 981 1,318
Interest 616 569 611 1,203 1,296 1,160 1,133 924 896 877 577 586 507
Depreciation 1,168 1,151 1,241 1,499 1,715 1,432 1,462 1,469 1,658 1,614 1,292 1,190 1,204
Profit before tax 3,256 4,351 3,895 2,529 3,718 3,365 4,535 3,040 4,159 3,266 4,495 3,217 3,712
Tax % 24% 22% 26% 35% 25% 30% 23% 8% 32% -2% 20% -17%
Net Profit 2,463 3,404 2,873 1,633 2,798 2,365 3,480 2,785 2,836 3,345 3,600 3,774 4,144
EPS in Rs 1.88 2.51 2.13 1.10 2.25 1.85 2.95 2.45 2.58 2.87 3.26 3.51 3.84
Dividend Payout % 32% 28% 28% 27% 27% 81% 61% 57% 56% 52% 49% 52%
Compounded Sales Growth
10 Years: 3%
5 Years: 1%
3 Years: 1%
TTM: 7%
Compounded Profit Growth
10 Years: 2%
5 Years: 3%
3 Years: 15%
TTM: 8%
Stock Price CAGR
10 Years: 4%
5 Years: 8%
3 Years: 18%
1 Year: 45%
Return on Equity
10 Years: 9%
5 Years: 10%
3 Years: 10%
Last Year: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
12,301 12,301 12,301 11,071 11,071 11,071 10,259 10,259 10,045 10,045 10,045 10,045 10,045
Reserves 14,226 16,343 17,494 17,175 19,687 20,572 18,756 19,782 20,753 21,336 23,008 24,876 26,952
16,772 19,562 20,340 20,819 20,584 19,938 19,227 18,602 19,066 23,226 23,365 26,096 25,955
10,904 12,108 12,226 12,362 10,094 11,242 11,946 14,290 16,870 16,669 16,717 16,271 16,914
Total Liabilities 54,202 60,314 62,361 61,427 61,436 62,823 60,187 62,933 66,734 71,277 73,136 77,288 79,866
22,731 22,183 23,537 29,587 27,916 22,610 22,227 21,201 24,977 24,402 21,993 21,825 21,413
CWIP 16,008 19,399 19,962 14,924 16,378 16,742 17,588 19,087 15,037 17,180 19,167 22,522 24,516
Investments 1,833 1,656 1,447 1,273 1,020 606 1,020 1,125 1,283 1,398 1,842 2,386 2,477
13,630 17,076 17,415 15,643 16,123 22,866 19,352 21,520 25,437 28,297 30,133 30,554 31,460
Total Assets 54,202 60,314 62,361 61,427 61,436 62,823 60,187 62,933 66,734 71,277 73,136 77,288 79,866

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
3,757 3,378 2,846 3,824 4,061 5,971 8,329 4,696 3,824 2,993 5,070 6,472
-1,272 -2,312 -1,330 -1,122 -768 -746 -1,864 -886 -1,182 -2,987 -1,607 -4,966
-1,922 -22 -1,344 -4,536 -2,494 -4,000 -7,812 -3,863 -2,637 12 -3,058 -638
Net Cash Flow 562 1,044 172 -1,834 798 1,224 -1,347 -53 5 17 405 867

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 40 114 128 120 129 83 78 63 115 131 194 206
Inventory Days
Days Payable
Cash Conversion Cycle 40 114 128 120 129 83 78 63 115 131 194 206
Working Capital Days -180 -74 -36 -12 -1 109 -17 -107 -2 84 116 125
ROCE % 9% 11% 9% 9% 10% 9% 11% 8% 10% 9% 9% 6%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
70.95 70.95 70.95 70.95 70.95 70.95 70.95 70.95 70.95 70.95 70.95 70.95
4.68 4.50 4.27 3.98 4.04 4.29 5.06 5.59 5.70 6.61 6.52 6.82
14.16 14.20 14.43 14.51 14.89 15.19 15.81 15.52 15.26 14.56 14.68 14.43
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.73
10.21 10.35 10.36 10.56 10.12 9.57 8.18 7.94 8.09 7.88 7.83 6.06

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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