RattanIndia Power Ltd

₹ 8.75 -1.13%

25 Apr - close price

rattanindia.com BSE: 533122 NSE - BE : RTNPOWER

About

RattanIndia Power Limited is one of India’s largest private power generation company, with installed capacity of 2,700 MW thermal power plants at Amravati and Nashik (1,350 MW at each location) in Maharashtra, India. ^[1]

Key Points

Company History
The Co was incorporated in the year 2007 as Sophia Power Company Limited, originally as a part of Indiabulls group. The company changed its name to Indiabulls Power Limited after its listing on NSE as well as BSE in the year 2009. In 2014, subsequent to the group split, the company along with Indiabulls Infrastructure and Power Limited was carved out of the group and renamed as RattanIndia Power Limited. ^[1]

Website BSE NSE - BE

Market Cap ₹ 4,699 Cr.
Current Price ₹ 8.75
High / Low ₹ 12.3 / 3.03
Stock P/E 26.6
Book Value ₹ 10.5
Dividend Yield 0.00 %
ROCE 9.25 %
ROE 6.11 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.83 times its book value
Company has delivered good profit growth of 22.5% CAGR over last 5 years

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
Company has a low return on equity of 5.05% over last 3 years.
Promoters have pledged 88.6% of their holding.
Earnings include an other income of Rs.374 Cr.
Company has high debtors of 282 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.

Peer comparison

Sector: Power Generation & Distribution Industry: Power Generation And Supply

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	304	862	874	757	805	823	843	638	850	901	847	796	806
	131	960	660	604	556	632	627	516	647	683	693	688	634
Operating Profit	173	-97	214	153	248	191	216	122	202	218	155	109	172
OPM %	57%	-11%	24%	20%	31%	23%	26%	19%	24%	24%	18%	14%	21%
	86	370	84	77	50	143	81	84	90	95	95	95	90
Interest	169	154	154	154	137	140	127	138	138	130	136	165	141
Depreciation	57	55	56	57	57	57	56	57	57	52	57	59	60
Profit before tax	33	63	87	19	104	137	114	11	97	131	56	-20	61
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	16%	25%	-5%	24%
	33	63	87	19	104	137	114	11	97	110	42	-22	46
EPS in Rs	0.07	0.12	0.16	0.04	0.19	0.26	0.21	0.02	0.18	0.21	0.08	-0.04	0.09
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	1	0	379	617	2,541	1,334	2,015	1,909	1,774	1,560	3,260	3,231	3,351
	14	65	271	506	1,569	600	1,415	1,236	1,181	1,188	2,452	2,472	2,697
Operating Profit	-12	-65	108	112	972	735	600	673	593	372	808	759	654
OPM %	-1,075%		28%	18%	38%	55%	30%	35%	33%	24%	25%	23%	20%
	73	35	14	34	99	169	224	-2,157	2,887	617	353	350	374
Interest	1	3	129	362	984	1,017	997	1,075	1,354	664	586	534	572
Depreciation	1	1	65	123	195	208	239	233	228	228	227	222	229
Profit before tax	58	-35	-73	-340	-108	-321	-411	-2,792	1,899	97	348	353	228
Tax %	10%	24%	-3%	-0%	0%	0%	-2%	0%	0%	0%	0%	6%
	52	-26	-75	-340	-108	-321	-418	-2,792	1,899	97	348	333	177
EPS in Rs	0.24	-0.10	-0.28	-1.15	-0.37	-1.09	-1.42	-9.45	3.84	0.18	0.65	0.62	0.34
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	10%
3 Years:	22%
TTM:	6%

Compounded Profit Growth
10 Years:	26%
5 Years:	23%
3 Years:	34%
TTM:	-51%

Stock Price CAGR
10 Years:	1%
5 Years:	26%
3 Years:	50%
1 Year:	182%

Return on Equity
10 Years:	-4%
5 Years:	-2%
3 Years:	5%
Last Year:	6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	2,227	2,643	2,643	2,953	2,953	2,953	2,953	2,953	4,940	5,370	5,370	5,370	5,370
Reserves	2,098	2,713	2,648	2,362	2,325	2,005	1,654	-1,135	-189	-441	-93	238	258
Preference Capital	0	0	0	0	0	0	0	0	578	605	580	377
	1,273	4,561	5,749	6,819	7,778	8,030	7,761	6,979	4,913	4,353	3,834	3,504	3,849
	2,170	611	487	641	1,094	1,188	2,080	3,118	2,162	2,028	2,109	2,016	1,728
Total Liabilities	7,768	10,529	11,527	12,774	14,150	14,176	14,449	11,916	11,825	11,310	11,220	11,128	11,206
	109	110	2,867	6,785	7,372	7,415	7,424	7,193	6,968	6,741	6,533	6,384	6,473
CWIP	3,561	5,933	4,541	1,518	906	737	650	646	99	99	109	77	67
Investments	1,890	2,052	2,427	2,758	3,141	3,372	3,529	1,760	1,831	1,227	1,263	1,241	1,219
	2,207	2,434	1,691	1,714	2,730	2,651	2,845	2,316	2,927	3,242	3,315	3,425	3,447
Total Assets	7,768	10,529	11,527	12,774	14,150	14,176	14,449	11,916	11,825	11,310	11,220	11,128	11,206

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	219	413	791	89	271	1,220	320	854	616	700	940	1,024
	-648	-2,524	-1,540	-671	-553	-470	244	-148	-101	144	59	-16
	702	1,826	820	610	104	-701	-502	-812	-472	-795	-963	-978
Net Cash Flow	273	-286	71	28	-178	50	62	-107	42	49	36	30

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	0		118	122	123	216	241	236	316	457	281	282
Inventory Days
Days Payable
Cash Conversion Cycle	0		118	122	123	216	241	236	316	457	281	282
Working Capital Days	-363,527		-251	-425	39	20	-121	-284	359	529	248	242
ROCE %	0%	-1%	1%	0%	7%	5%	4%	6%	6%	8%	10%	9%

Shareholding Pattern

Numbers in percentages

3 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	44.19%	44.19%	44.19%	44.06%	44.06%	44.06%	44.06%	44.06%	44.06%	44.06%	44.06%	44.06%
	0.28%	0.26%	0.17%	0.21%	0.24%	0.32%	0.29%	0.30%	0.31%	0.48%	0.76%	2.04%
	15.12%	13.84%	14.12%	13.42%	8.66%	7.33%	7.20%	7.20%	7.20%	7.14%	6.89%	6.61%
	40.40%	41.70%	41.51%	42.31%	47.04%	48.28%	48.44%	48.44%	48.44%	48.31%	48.28%	47.29%
No. of Shareholders	2,93,017	3,65,193	5,05,992	6,47,569	7,03,202	7,06,678	6,99,496	6,91,513	7,80,818	7,95,420	10,75,987	13,22,745

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	57.49%	54.10%	53.08%	39.33%	44.19%	44.06%	44.06%	44.06%
	16.12%	16.27%	16.78%	9.34%	0.16%	0.21%	0.30%	2.04%
	0.58%	0.69%	1.04%	16.48%	15.15%	13.42%	7.20%	6.61%
	25.82%	28.94%	29.09%	34.84%	40.50%	42.31%	48.44%	47.29%
No. of Shareholders	1,37,099	1,59,808	1,55,102	1,52,776	2,34,783	6,47,569	6,91,513	13,22,745

* 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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RattanIndia Power Ltd

RattanIndia Power Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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