Tata Power Company Ltd

About

Tata Power Company Ltd is primarily involved in the business of the generation, transmission and distribution of electricity. It aims to produce electricity completely through renewable sources. It also manufactures solar roofsamd plans to build 1 lakh ev charging stations by 2025[1]

Key Points

Power Portfolio
Presently, the company has a total capacity of ~12,800 MW from its various thermal, hydro, Renewable, WHR power projects across India.
Out of the total capacity, thermal accounts for ~69%, followed by solar (14%), wind (7%), hydro (7%) and Waste-heat recovery (3%).[1]

The company also owns 4,000 MW Ultra Mega Power Project at Mundra based on super-critical coal technology. This project alone accounts for ~31% of total capacity and ~45% of thermal capacity of the company.[2]

See full details
  • Market Cap 71,128 Cr.
  • Current Price 223
  • High / Low 237 / 51.6
  • Stock P/E 50.1
  • Book Value 65.2
  • Dividend Yield 0.70 %
  • ROCE 7.36 %
  • ROE 3.41 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 33.36%

Cons

  • Stock is trading at 3.42 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 1.94% over past five years.
  • Company has a low return on equity of 2.14% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
7,353 7,983 7,230 7,767 7,678 7,071 6,621 6,453 8,290 7,598 10,127 9,968
6,012 6,211 5,907 5,684 5,776 5,280 5,413 4,744 6,308 5,848 8,771 7,819
Operating Profit 1,341 1,772 1,323 2,083 1,902 1,791 1,208 1,708 1,982 1,750 1,356 2,149
OPM % 18% 22% 18% 27% 25% 25% 18% 26% 24% 23% 13% 22%
Other Income 836 267 683 267 419 360 1,068 483 470 375 571 582
Interest 1,034 1,014 1,109 1,144 1,130 1,129 1,091 1,089 1,065 966 890 945
Depreciation 597 603 603 620 654 672 687 644 699 738 663 747
Profit before tax 546 422 294 586 536 350 498 457 689 421 373 1,038
Tax % 28% 48% 42% 59% 35% 26% 5% 41% 46% 24% -29% 55%
Net Profit 336 142 122 164 270 193 403 207 280 248 393 391
EPS in Rs 1.24 0.52 0.45 0.60 1.00 0.71 1.49 0.76 0.88 0.78 1.23 1.22

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
18,928 19,460 26,069 33,177 35,726 33,593 29,494 27,588 26,840 29,881 29,136 32,468 35,983
15,175 14,874 21,185 27,583 28,810 27,292 27,389 22,114 24,545 26,811 23,847 26,587 28,746
Operating Profit 3,753 4,586 4,884 5,595 6,916 6,301 2,105 5,473 2,295 3,070 5,289 5,881 7,237
OPM % 20% 24% 19% 17% 19% 19% 7% 20% 9% 10% 18% 18% 20%
Other Income 672 419 -1,515 375 229 1,056 4,060 1,297 6,586 7,186 3,796 2,815 1,999
Interest 782 868 1,527 2,642 3,440 3,699 3,236 3,365 3,761 4,170 4,494 4,010 3,866
Depreciation 878 980 1,335 2,052 2,730 2,174 1,649 1,956 2,346 2,393 2,634 2,745 2,848
Profit before tax 2,766 3,157 507 1,277 975 1,484 1,281 1,450 2,773 3,693 1,958 1,941 2,521
Tax % 23% 31% 291% 92% 103% 72% 53% 24% 6% 29% 33% 26%
Net Profit 1,967 2,060 -1,088 -85 -260 168 662 897 2,408 2,356 1,017 1,127 1,312
EPS in Rs 7.27 7.61 -4.02 -0.32 -0.96 0.62 2.45 3.31 8.90 8.71 3.76 3.53 4.11
Dividend Payout % 14% 14% -27% -319% -114% 210% 53% 39% 15% 15% 41% 44%
Compounded Sales Growth
10 Years:5%
5 Years:2%
3 Years:7%
TTM:29%
Compounded Profit Growth
10 Years:-11%
5 Years:235%
3 Years:9%
TTM:73%
Stock Price CAGR
10 Years:9%
5 Years:23%
3 Years:45%
1 Year:311%
Return on Equity
10 Years:1%
5 Years:4%
3 Years:2%
Last Year:3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
237 237 237 237 237 270 270 270 516 270 270 320
Reserves 12,071 13,789 12,437 12,098 12,164 14,048 11,363 12,944 14,629 16,535 17,796 20,503
Borrowings 18,447 24,742 33,860 37,882 40,173 40,607 38,849 48,815 48,344 48,506 51,936 46,708
9,147 11,568 15,070 17,038 18,810 20,260 19,575 20,799 18,648 18,762 19,672 31,137
Total Liabilities 39,902 50,337 61,604 67,257 71,383 75,185 70,057 82,829 81,892 84,073 89,674 98,667
15,047 16,037 27,653 41,353 43,394 44,726 36,414 46,595 44,656 44,305 47,666 51,889
CWIP 11,693 18,682 12,659 2,358 3,389 3,323 1,345 2,178 1,653 2,576 1,612 3,600
Investments 3,082 2,841 3,423 3,120 3,019 3,445 11,785 11,873 12,429 13,542 14,535 13,149
10,080 12,776 17,868 20,426 21,582 23,692 20,513 22,184 23,154 23,651 25,861 30,029
Total Assets 39,902 50,337 61,604 67,257 71,383 75,185 70,057 82,829 81,892 84,073 89,674 98,667

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
2,443 3,289 1,147 3,286 6,483 5,981 7,415 7,014 6,364 4,574 7,375 8,458
-6,860 -8,920 -5,963 -4,026 -3,609 -3,865 -1,805 -7,373 -1,512 -272 -493 993
5,595 5,414 5,798 -593 -3,265 -2,239 -6,183 937 -4,726 -5,184 -5,110 -7,603
Net Cash Flow 1,178 -216 981 -1,333 -392 -123 -574 579 126 -883 1,773 1,848

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 75 31 32 36 46 60 44 51 38 54 55 56
Inventory Days
Days Payable
Cash Conversion Cycle 75 31 32 36 46 60 44 51 38 54 55 56
Working Capital Days 5 -49 -29 -7 -6 -1 -11 -7 21 38 50 -52
ROCE % 13% 12% 9% 8% 8% 10% 6% 10% 6% 7% 7% 7%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
33.00 33.00 33.00 33.00 36.21 36.21 37.22 37.22 46.86 46.86 46.86 46.86
27.46 26.06 26.57 25.96 24.16 20.99 18.62 12.89 10.85 12.44 12.17 11.26
24.56 25.53 24.66 24.65 23.44 26.27 26.89 30.42 25.88 23.72 20.06 16.62
0.01 0.26 0.26 0.26 0.45 0.45 0.95 0.95 0.80 0.80 0.80 0.54
14.97 15.15 15.52 16.13 15.74 16.08 16.33 18.52 15.61 16.18 20.11 24.73

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