Power Finance Corporation Ltd

Power Finance Corporation is engaged in extending financial assistance to power sector and is a Systemically Important (Non-Deposit Accepting or Holding) Non Banking Finance Company (NBFC) registered with Reserve Bank of India (RBI) as an Infrastructure Finance Company (IFC).(Source : 201903 Annual Report Page No: 75)

Pros:
Stock is trading at 0.62 times its book value
Company has been maintaining a healthy dividend payout of 36.86%
Cons:
Company has low interest coverage ratio.
Promoter's stake has decreased
Company might be capitalizing the interest cost

Peer Comparison Sector: Finance // Industry: Finance - Term-Lending Institutions

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Mar 2019 Jun 2019
13,343 14,375 14,599
997 693 613
Operating Profit 12,346 13,682 13,986
OPM % 93% 95% 96%
Other Income 4 48 20
Interest 8,159 9,140 9,938
Depreciation 3 4 5
Profit before tax 4,187 4,585 4,063
Tax % 32% 26% 29%
Net Profit 2,167 2,802 2,185
EPS in Rs 8.21 10.61 8.28
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
5,042 6,586 8,050 10,178 13,092 17,314 21,407 24,988 27,861 27,581 48,624 54,114
85 138 130 197 350 322 748 1,103 2,042 5,538 6,583 1,701
Operating Profit 4,957 6,448 7,920 9,981 12,742 16,992 20,659 23,885 25,819 22,043 42,041 52,413
OPM % 98% 98% 98% 98% 97% 98% 97% 96% 93% 80% 86% 97%
Other Income 18 4 73 36 5 3 23 25 25 30 42 86
Interest 3,182 4,436 4,943 6,426 8,595 10,995 13,053 15,456 16,657 16,768 30,289 34,621
Depreciation 5 4 4 5 6 6 5 8 20 41 15 15
Profit before tax 1,788 2,012 3,046 3,586 4,146 5,994 7,624 8,446 9,167 5,264 11,779 17,862
Tax % 32% 27% 22% 26% 26% 26% 28% 29% 33% 58% 25% 29%
Net Profit 1,207 1,470 2,378 2,647 3,059 4,438 5,462 6,004 6,184 2,236 6,689 9,921
EPS in Rs 4.96 6.06 9.98 11.10 11.10 16.24 19.93 21.84 22.01 7.45 25.34 37.58
Dividend Payout % 33% 31% 22% 22% 26% 21% 22% 20% 30% 59% 31% 21%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:23.44%
5 Years:20.38%
3 Years:24.77%
TTM:11.29%
Compounded Profit Growth
10 Years:21.04%
5 Years:12.68%
3 Years:17.07%
TTM:48.32%
Return on Equity
10 Years:17.78%
5 Years:17.01%
3 Years:15.94%
Last Year:22.82%

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
1,148 1,148 1,148 1,148 1,320 1,320 1,320 1,320 1,320 2,640 2,640 2,640
Reserves 9,249 10,569 12,807 14,093 19,473 22,360 26,202 31,091 34,708 34,205 37,194 44,481
Borrowings 40,648 52,160 67,108 76,275 110,126 139,473 159,215 187,795 200,660 202,993 441,151 539,488
3,727 4,437 2,468 13,228 4,780 6,187 7,607 8,718 10,550 19,721 41,546 42,385
Total Liabilities 54,772 68,313 83,532 104,744 135,699 169,339 194,344 228,924 247,239 259,558 522,531 628,994
77 75 73 75 77 75 72 102 198 296 161 196
CWIP 0 0 2 2 0 0 1 2 47 105 129 199
Investments 66 35 30 27 27 27 27 528 2,230 3,145 5,493 4,604
54,629 68,203 83,427 104,640 135,595 169,238 194,245 228,292 244,764 256,011 516,749 623,996
Total Assets 54,772 68,313 83,532 104,744 135,699 169,339 194,344 228,924 247,239 259,558 522,531 628,994

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
-6,261 -10,732 -13,405 -16,641 -27,031 -25,102 -22,473 -21,455 -13,298 1,795 -57,148 -80,253
-8 27 9 -21 -36 22 9 -491 -1,973 -667 1,409 -13,463
6,436 10,450 14,437 17,580 26,676 27,947 17,671 26,916 10,383 1,950 52,018 93,616
Net Cash Flow 167 -255 1,041 919 -390 2,868 -4,793 4,970 -4,888 3,079 -3,720 -100

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 % 11% 11% 12% 11% 12% 12% 12% 11% 9% 12% 10%
Debtor Days 0 0 0 0 0 0 0 0 1 4 1 1
Inventory Turnover

Credit Ratings