SJVN Ltd

SJVN is the principal business activity Electricity generation of the company. The company is also engaged in the business of providing consultancy.

Add ratio:

Pros:

Stock is trading at 0.73 times its book value

Company has been maintaining a healthy dividend payout of 85.86%

Debtor days have improved from 56.29 to 38.04 days.

Cons:

The company has delivered a poor growth of 7.23% over past five years.

Company has a low return on equity of 12.55% for last 3 years.

Peer comparison Sector: Power Generation & Distribution // Industry: Power Generation And Supply

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Detailed Comparison with:

	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
	614	752	484	794	724	946	488	538
	152	137	214	180	149	180	149	196
Operating Profit	462	615	270	614	575	766	339	342
OPM %	75%	82%	56%	77%	79%	81%	69%	64%
	155	185	33	86	92	144	73	293
Interest	136	141	-42	1	23	67	41	137
Depreciation	95	96	98	101	92	92	93	106
Profit before tax	386	562	248	599	552	750	278	392
Tax %	24%	23%	26%	23%	23%	17%	22%	-2%
Net Profit	294	429	182	458	422	622	215	397
EPS in Rs	0.75	1.09	0.47	1.17	1.08	1.59	0.55	1.02
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	1,682	1,872	2,816	2,494	2,679	2,228	2,654	2,697
	242	268	372	432	480	524	606	674
Operating Profit	1,440	1,604	2,443	2,062	2,199	1,705	2,048	2,022
OPM %	86%	86%	87%	83%	82%	76%	77%	75%
	245	237	309	542	411	409	387	601
Interest	54	29	65	218	55	101	251	268
Depreciation	447	475	641	677	680	365	390	384
Profit before tax	1,185	1,338	2,047	1,709	1,875	1,648	1,795	1,972
Tax %	11%	17%	18%	17%	18%	26%	24%
Net Profit	1,052	1,114	1,677	1,411	1,541	1,225	1,367	1,656
EPS in Rs	2.38	2.53	3.84	3.28	3.73	3.12	3.48	4.24
Dividend Payout %	38%	36%	26%	32%	74%	122%	62%

* Sales is net of excise duty and discounts

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	4,137	4,137	4,137	4,137	4,137	3,930	3,930	3,930
Reserves	4,273	4,914	6,066	7,166	7,353	6,770	7,316	7,846
Borrowings	2,164	2,457	2,648	2,646	2,416	2,231	2,155	1,997
	1,916	2,053	1,781	1,440	1,486	1,460	1,572	1,907
Total Liabilities	12,489	13,561	14,632	15,389	15,392	14,391	14,974	15,680
	5,820	5,670	9,054	8,775	8,425	8,087	8,142	8,083
CWIP	2,982	4,056	429	505	661	944	1,303	2,233
Investments	5	0	3	36	90	120	160	195
	3,683	3,835	5,147	6,073	6,216	5,239	5,368	5,169
Total Assets	12,489	13,561	14,632	15,389	15,392	14,391	14,974	15,680

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	1,406	1,279	1,492	2,209	2,376	1,641	1,018
	-665	-879	-304	-768	-1,199	15	-34
	-207	-408	-746	-705	-1,621	-2,272	-1,107
Net Cash Flow	534	-8	442	736	-444	-616	-123

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %		12%	18%	13%	14%	13%	16%
Debtor Days	78	73	195	147	83	47	38
Inventory Turnover		0.36	0.36	0.24	0.32	0.33	0.29

Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
89.97	89.97	89.73	90.78	90.62	90.63	89.53	88.78	88.78	88.00	87.90	86.77
3.44	3.47	3.44	3.00	2.97	2.94	2.82	3.07	3.26	3.37	3.06	3.14
2.48	2.58	3.85	3.56	3.66	3.52	3.50	3.82	3.67	5.15	5.40	6.01
0.00	0.00	0.00	0.00	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00
4.11	3.98	2.98	2.66	2.74	2.91	4.14	4.33	4.29	3.47	3.64	4.09