Torrent Power Ltd

Torrent Power is engaged in the business of generation, transmission and distribution of power and manufactures and sales of Cables.

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Pros:

Company has been maintaining a healthy dividend payout of 25.63%

Cons:

The company has delivered a poor growth of 8.76% over past five years.

Company has a low return on equity of 9.67% for last 3 years.

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

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Detailed Comparison with:

	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019
	2,678	2,327	2,433	3,044	2,909	2,749	2,810	3,528	3,445	3,254	2,925	3,736
	2,020	1,740	1,737	2,249	2,072	1,955	2,120	2,762	2,458	2,517	2,215	2,902
Operating Profit	658	586	696	795	838	794	690	766	987	736	710	834
OPM %	25%	25%	29%	26%	29%	29%	25%	22%	29%	23%	24%	22%
Other Income	49	52	47	35	85	44	99	52	44	53	40	54
Interest	264	261	269	210	213	215	210	229	225	229	216	248
Depreciation	241	255	269	278	280	270	303	302	304	307	313	321
Profit before tax	202	122	205	343	430	353	275	288	502	254	220	320
Tax %	31%	12%	34%	41%	25%	42%	20%	21%	18%	6%	89%	14%
Net Profit	140	107	136	203	318	205	217	226	412	237	24	275
EPS in Rs	2.93	2.22	2.82	4.22	6.61	4.26	4.51	4.70	8.58	4.93	0.50	5.73
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	3,595	4,281	5,776	6,771	7,906	8,181	8,641	10,348	11,680	9,960	11,512	13,151	13,359
	3,098	3,595	4,072	4,718	5,598	6,830	7,327	8,291	8,626	7,499	8,395	9,951	10,092
Operating Profit	497	686	1,704	2,053	2,308	1,351	1,313	2,057	3,054	2,460	3,117	3,199	3,267
OPM %	14%	16%	30%	30%	29%	17%	15%	20%	26%	25%	27%	24%	24%
Other Income	88	136	134	105	110	144	251	366	282	191	264	190	192
Interest	60	155	314	335	336	438	705	962	1,131	1,058	848	899	917
Depreciation	148	183	336	400	384	427	585	720	916	1,006	1,132	1,227	1,245
Profit before tax	377	483	1,187	1,423	1,698	630	275	740	1,290	587	1,401	1,264	1,296
Tax %	44%	16%	29%	26%	26%	39%	61%	51%	30%	27%	32%	28%
Net Profit	211	406	837	1,055	1,253	387	105	360	900	429	942	899	948
EPS in Rs	4.27	8.26	17.22	21.43	25.46	7.81	2.11	7.26	18.73	8.92	19.61	18.70	19.74
Dividend Payout %	27%	23%	17%	25%	25%	24%	22%	20%	24%	25%	26%	27%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	472	472	472	472	472	472	472	472	481	481	481	481
Reserves	2,417	2,759	3,489	4,306	5,286	5,631	5,733	6,083	5,990	6,411	7,239	8,490
Borrowings	2,872	3,607	3,754	3,547	5,414	8,050	9,463	9,355	8,515	8,768	9,298	9,715
	1,581	1,633	1,586	2,401	2,797	3,150	3,457	4,196	4,972	5,636	5,574	5,869
Total Liabilities	7,343	8,472	9,301	10,727	13,970	17,303	19,126	20,106	19,957	21,296	22,592	24,554
	3,172	3,662	6,758	7,058	7,568	7,758	10,185	15,088	15,139	16,804	17,871	18,014
CWIP	2,838	2,987	306	710	3,445	6,163	4,550	233	213	332	393	359
Investments	40	13	205	164	258	367	866	607	511	671	873	914
	1,293	1,810	2,032	2,795	2,698	3,015	3,525	4,178	4,093	3,489	3,456	5,266
Total Assets	7,343	8,472	9,301	10,727	13,970	17,303	19,126	20,106	19,957	21,296	22,592	24,554

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	459	670	1,724	1,670	1,597	1,568	1,355	2,251	2,550	2,356	2,764	2,425
	-1,248	-791	-723	-1,255	-2,832	-3,725	-885	-1,158	-911	-2,122	-2,418	-1,828
	925	562	-274	-208	1,164	2,090	437	-1,206	-2,163	-674	-311	-617
Net Cash Flow	136	441	727	207	-71	-67	908	-112	-523	-440	34	-20

	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 %	9%	10%	21%	22%	21%	8%	6%	11%	15%	10%	13%	12%
Debtor Days	42	42	34	27	30	34	34	31	33	36	36	34
Inventory Turnover	22.57	25.64	36.99	33.21	28.06	30.05	32.32	37.64	34.36	25.23	27.93	24.31