NHPC Ltd

NHPC Ltd

₹ 99.8 -0.94%
24 Jun - 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

Power Capacity
The company has 7097 MW installed capacity (6971 MW Hydro & 126 MW Renewable Energy) through 25 power stations across 13 states. Its contribution is 15% of India’s installed Hydro Power on consolidated basis. [1]

  • Market Cap 1,00,259 Cr.
  • Current Price 99.8
  • High / Low 118 / 44.8
  • Stock P/E 27.7
  • Book Value 38.5
  • Dividend Yield 1.85 %
  • ROCE 7.37 %
  • ROE 9.59 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 50.7%
  • Company's working capital requirements have reduced from 84.6 days to 29.8 days

Cons

  • Stock is trading at 2.59 times its book value
  • Promoter holding has decreased over last quarter: -3.55%
  • The company has delivered a poor sales growth of 1.41% over past five years.
  • Company has a low return on equity of 10.3% over last 3 years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.1,762 Cr.
  • Company has high debtors of 167 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

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
1,609 2,417 2,941 2,157 1,674 2,785 3,366 2,583 2,029 2,757 2,931 2,056 1,888
1,041 970 1,054 2,237 1,154 1,308 1,178 1,383 1,141 1,253 1,174 1,335 1,003
Operating Profit 568 1,447 1,887 -80 520 1,477 2,188 1,200 888 1,505 1,757 721 885
OPM % 35% 60% 64% -4% 31% 53% 65% 46% 44% 55% 60% 35% 47%
850 220 265 218 462 255 383 111 425 292 261 587 622
Interest 137 134 134 130 134 137 107 120 111 109 105 97 91
Depreciation 245 295 296 303 296 303 301 306 304 294 295 296 299
Profit before tax 1,036 1,238 1,721 -295 553 1,291 2,162 885 898 1,394 1,618 914 1,117
Tax % 53% 21% 19% 402% 7% 18% 22% 12% 17% 21% -5% 31% 45%
482 983 1,387 889 516 1,054 1,686 776 745 1,095 1,693 628 611
EPS in Rs 0.44 0.90 1.33 0.81 0.47 1.03 1.53 0.67 0.65 1.03 1.54 0.49 0.55
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
6,381 7,389 8,221 8,354 8,623 7,755 8,983 10,008 9,648 9,144 10,607 9,632
2,229 3,047 3,087 3,571 3,739 3,508 4,002 4,562 4,371 5,131 4,401 4,764
Operating Profit 4,152 4,342 5,134 4,783 4,884 4,248 4,981 5,446 5,277 4,013 6,206 4,868
OPM % 65% 59% 62% 57% 57% 55% 55% 54% 55% 44% 59% 51%
1,595 889 1,597 1,174 2,245 1,185 1,733 311 1,087 981 743 1,762
Interest 611 1,203 1,296 1,160 1,133 924 896 877 577 586 523 402
Depreciation 1,241 1,499 1,715 1,432 1,462 1,469 1,658 1,614 1,292 1,190 1,215 1,184
Profit before tax 3,895 2,529 3,718 3,365 4,535 3,040 4,159 3,266 4,495 3,217 5,211 5,043
Tax % 26% 35% 25% 30% 23% 8% 32% -2% 20% -17% 19% 20%
2,873 1,633 2,798 2,365 3,480 2,785 2,836 3,345 3,600 3,774 4,235 4,028
EPS in Rs 2.13 1.10 2.25 1.85 2.95 2.45 2.58 2.87 3.26 3.51 3.87 3.61
Dividend Payout % 28% 27% 27% 81% 61% 57% 56% 52% 49% 52% 48% 53%
Compounded Sales Growth
10 Years: 3%
5 Years: 1%
3 Years: 0%
TTM: -9%
Compounded Profit Growth
10 Years: 9%
5 Years: 9%
3 Years: 2%
TTM: -7%
Stock Price CAGR
10 Years: 15%
5 Years: 32%
3 Years: 55%
1 Year: 119%
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 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 12,301 11,071 11,071 11,071 10,259 10,259 10,045 10,045 10,045 10,045 10,045 10,045
Reserves 17,494 17,175 19,687 20,572 18,756 19,782 20,753 21,336 23,008 24,876 26,854 28,657
20,340 20,819 20,584 19,938 19,227 18,602 19,066 23,226 23,365 26,096 29,540 32,561
12,226 12,362 10,094 11,242 11,946 14,290 16,870 16,669 16,717 16,271 19,652 22,032
Total Liabilities 62,361 61,427 61,436 62,823 60,187 62,933 66,734 71,277 73,136 77,288 86,091 93,295
23,537 29,587 27,916 22,610 22,227 21,201 24,977 24,402 21,993 21,825 22,137 21,655
CWIP 19,962 14,924 16,378 16,742 17,588 19,087 15,037 17,180 19,167 22,522 31,357 39,650
Investments 1,447 1,273 1,020 606 1,020 1,125 1,283 1,398 1,842 2,386 499 479
17,415 15,643 16,123 22,866 19,352 21,520 25,437 28,297 30,133 30,554 32,098 31,511
Total Assets 62,361 61,427 61,436 62,823 60,187 62,933 66,734 71,277 73,136 77,288 86,091 93,295

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
2,846 3,824 4,061 5,971 8,329 4,696 3,824 2,993 5,070 4,590 4,692 6,938
-1,330 -1,122 -768 -746 -1,864 -886 -1,182 -2,987 -1,607 -3,084 -4,191 -5,968
-1,344 -4,536 -2,494 -4,000 -7,812 -3,863 -2,637 12 -3,058 -638 -796 -581
Net Cash Flow 172 -1,834 798 1,224 -1,347 -53 5 17 405 867 -295 388

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 128 120 129 83 78 63 115 131 194 207 212 167
Inventory Days
Days Payable
Cash Conversion Cycle 128 120 129 83 78 63 115 131 194 207 212 167
Working Capital Days -36 -12 -1 109 -17 -107 -2 84 116 125 99 30
ROCE % 8% 8% 9% 8% 11% 8% 10% 9% 9% 6% 8%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
70.95% 70.95% 70.95% 70.95% 70.95% 70.95% 70.95% 70.95% 70.95% 70.95% 70.95% 67.40%
4.29% 5.06% 5.59% 5.70% 6.61% 6.52% 6.82% 7.37% 7.57% 7.59% 7.38% 6.80%
15.19% 15.81% 15.52% 15.26% 14.56% 14.68% 14.43% 14.20% 14.23% 12.93% 13.42% 11.31%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.73% 1.71% 1.53% 1.53% 1.53% 1.28%
9.57% 8.18% 7.94% 8.09% 7.88% 7.83% 6.06% 5.77% 5.71% 7.00% 6.73% 13.22%
No. of Shareholders 6,97,6786,92,0307,84,9968,26,3578,24,3108,37,9708,34,7608,35,5048,37,8229,57,44510,32,82433,35,566

* 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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