Power Finance Corporation Ltd

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Power Finance Corporation (Govt. of India undertaking & Schedule-A Navratna CPSE #) is engaged in the business of extending financial assistance to power sector and is a Systemically Important Non-Deposit taking Non-Banking Financial Company (NBFC) registered with Reserve Bank of India (RBI) as an Infrastructure Finance Company (IFC).

  • Market Cap 35,256 Cr.
  • Current Price 134
  • High / Low 139 / 74.2
  • Stock P/E 3.79
  • Book Value 226
  • Dividend Yield 7.10 %
  • ROCE 8.91 %
  • ROE 14.8 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.59 times its book value
  • Stock is providing a good dividend yield of 7.10%.
  • Company's median sales growth is 16.73% of last 10 years

Cons

  • Company has low interest coverage ratio.
  • Company might be capitalizing the interest cost
  • Promoter holding has decreased over last 3 years: -9.93%
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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
13,343 13,276 14,045 14,363 14,599 15,530 15,873 16,193 16,914 18,158 18,435
997 286 657 687 613 1,760 780 4,184 1,437 1,641 2,135
Operating Profit 12,346 12,990 13,388 13,676 13,986 13,770 15,093 12,009 15,477 16,517 16,300
OPM % 93% 98% 95% 95% 96% 89% 95% 74% 92% 91% 88%
Other Income 4 18 26 56 20 8 12 65 23 18 7
Interest 8,159 8,450 8,871 9,146 9,938 10,153 10,264 10,491 10,869 11,240 11,330
Depreciation 3 3 4 5 5 6 6 8 6 6 7
Profit before tax 4,187 4,554 4,540 4,581 4,063 3,620 4,834 1,576 4,626 5,289 4,970
Tax % 32% 45% 15% 26% 29% 31% 30% 56% 23% 19% 20%
Net Profit 2,167 1,688 3,268 2,798 2,185 1,871 2,597 469 2,683 3,249 2,894
EPS in Rs 8.21 6.39 12.38 10.60 8.28 7.09 9.84 1.78 10.16 12.31 10.96
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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
6,586 8,050 10,178 13,092 17,314 21,407 24,988 27,861 27,581 48,624 54,106 62,189 69,700
138 130 197 350 322 748 1,103 2,042 5,538 6,583 1,696 7,332 9,396
Operating Profit 6,448 7,920 9,981 12,742 16,992 20,659 23,885 25,819 22,043 42,041 52,410 54,857 60,304
OPM % 98% 98% 98% 97% 98% 97% 96% 93% 80% 86% 97% 88% 87%
Other Income 4 73 36 5 3 23 25 25 30 42 94 105 113
Interest 4,436 4,943 6,426 8,595 10,995 13,053 15,456 16,657 16,768 30,289 34,627 40,845 43,930
Depreciation 4 4 5 6 6 5 8 20 41 15 15 24 26
Profit before tax 2,012 3,046 3,586 4,146 5,994 7,624 8,446 9,167 5,264 11,779 17,862 14,093 16,461
Tax % 27% 22% 26% 26% 26% 28% 29% 33% 58% 25% 29% 33%
Net Profit 1,470 2,378 2,647 3,059 4,438 5,462 6,004 6,184 2,236 6,689 9,921 7,122 9,295
EPS in Rs 6.40 10.36 11.53 11.59 16.81 20.69 22.74 23.42 8.47 25.34 37.58 26.98 35.21
Dividend Payout % 31% 22% 22% 26% 21% 22% 20% 30% 59% 31% 0% 35%
Compounded Sales Growth
10 Years:23%
5 Years:20%
3 Years:31%
TTM:15%
Compounded Profit Growth
10 Years:12%
5 Years:3%
3 Years:47%
TTM:-2%
Stock Price CAGR
10 Years:1%
5 Years:10%
3 Years:13%
1 Year:21%
Return on Equity
10 Years:17%
5 Years:16%
3 Years:18%
Last Year:15%

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 Dec 2020
1,148 1,148 1,148 1,320 1,320 1,320 1,320 1,320 2,640 2,640 2,640 2,640 2,640
Reserves 10,569 12,807 14,093 19,473 22,360 26,202 31,091 34,708 34,205 37,194 44,481 46,760 57,135
Borrowings 52,160 67,108 76,275 110,126 139,473 159,215 187,795 200,660 202,993 441,151 539,488 596,563 646,286
4,427 2,461 13,210 4,763 6,178 7,582 8,705 10,531 19,700 41,546 42,260 48,558 50,594
Total Liabilities 68,304 83,525 104,725 135,682 169,330 194,320 228,912 247,220 259,537 522,531 628,869 694,521 756,655
75 73 75 77 75 72 102 198 296 161 196 238 237
CWIP 0 2 2 0 0 1 2 47 105 129 199 288 405
Investments 35 30 27 27 27 27 528 2,230 3,145 5,493 4,604 4,404 5,718
68,193 83,420 104,622 135,578 169,229 194,220 228,280 244,745 255,990 516,749 623,871 689,591 750,295
Total Assets 68,304 83,525 104,725 135,682 169,330 194,320 228,912 247,220 259,537 522,531 628,869 694,521 756,655

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
-10,732 -13,405 -16,641 -27,031 -25,102 -22,473 -21,455 -13,298 1,795 -57,148 -80,252 -42,690
27 9 -21 -36 22 9 -491 -1,973 -667 1,409 -13,463 470
10,450 14,437 17,580 26,676 27,947 17,671 26,916 10,383 1,950 52,018 93,616 43,399
Net Cash Flow -255 1,041 919 -390 2,868 -4,793 4,970 -4,888 3,079 -3,720 -98 1,179

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

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
65.92 65.61 65.64 61.48 59.05 59.05 56.16 55.99 55.99 55.99 55.99 55.99
14.00 11.55 11.34 14.18 16.63 17.84 19.31 18.90 18.92 17.45 16.81 17.37
13.07 15.14 15.59 18.01 18.70 17.70 19.32 20.26 20.40 21.12 20.67 20.18
7.02 7.70 7.43 6.32 5.63 5.41 5.22 4.85 4.68 5.43 6.53 6.45

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