Torrent Power Ltd

₹ 450 3.38%
31 Jan - close price
About

Torrent Power Ltd is a leading integrated power utility company in India with presence across generation, transmission and distribution of power. Its operations are spread across the states of Gujarat, Maharashtra, Uttar Pradesh and Karnataka.[1]

It is a part of Torrent Group which has presence across pharmaceutical, power and city gas distribution business.[2]

Key Points

Project Portfolio
As per FY22, the company has a total operational power generation capacity of ~4,100 MW through its gas-based and coal-based thermal generation power plants situated in the state of Gujarat and through its solar and wind farm projects located across Gujarat, Karnataka and Maharashtra. [1]

  • Market Cap 21,625 Cr.
  • Current Price 450
  • High / Low 610 / 415
  • Stock P/E 10.7
  • Book Value 227
  • Dividend Yield 2.00 %
  • ROCE 13.1 %
  • ROE 8.64 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 61.2%

Cons

  • The company has delivered a poor sales growth of 7.44% over past five years.
  • Company has a low return on equity of 12.7% over last 3 years.
  • Company might be capitalizing the interest cost

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
3,842 3,079 2,984 3,007 3,129 2,953 3,084 3,099 3,648 3,767 3,744 6,510 6,703
2,787 2,239 2,156 2,038 2,418 2,082 2,170 2,371 2,709 2,833 2,753 5,450 5,539
Operating Profit 1,055 840 827 969 711 870 914 728 938 934 991 1,060 1,164
OPM % 27% 27% 28% 32% 23% 29% 30% 24% 26% 25% 26% 16% 17%
49 36 -963 35 37 37 32 36 36 66 -1,203 108 94
Interest 249 235 222 220 202 190 164 163 157 157 151 186 215
Depreciation 322 327 335 316 317 319 328 329 332 334 340 312 319
Profit before tax 533 315 -693 468 230 399 455 273 485 509 -703 671 725
Tax % -42% -33% 60% 20% 12% 19% 13% 24% 24% 27% 31% 25% 33%
Net Profit 756 421 -274 374 202 322 398 208 369 369 -487 502 484
EPS in Rs 15.70 8.73 -5.72 7.75 4.18 6.67 8.26 4.30 7.64 7.66 -10.15 10.45 10.02
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
6,771 7,906 8,181 8,641 10,348 11,680 9,960 11,512 13,151 13,641 12,173 14,258 20,725
4,710 5,579 6,819 7,310 8,246 8,681 7,487 8,364 9,934 10,045 8,695 10,643 16,575
Operating Profit 2,061 2,327 1,362 1,331 2,103 2,999 2,472 3,148 3,217 3,596 3,477 3,615 4,149
OPM % 30% 29% 17% 15% 20% 26% 25% 27% 24% 26% 29% 25% 20%
97 90 132 233 320 337 179 232 172 -862 130 -1,089 -935
Interest 335 336 438 705 962 1,131 1,058 848 899 955 776 628 709
Depreciation 400 384 427 585 720 916 1,006 1,132 1,227 1,304 1,280 1,334 1,304
Profit before tax 1,423 1,698 630 275 740 1,290 587 1,401 1,264 475 1,552 564 1,201
Tax % 26% 26% 39% 61% 51% 30% 27% 32% 28% -148% 16% 19%
Net Profit 1,056 1,255 387 108 363 902 430 952 904 1,179 1,296 459 868
EPS in Rs 22.32 26.51 8.19 2.23 7.61 18.73 8.92 19.61 18.70 24.43 26.86 9.45 17.98
Dividend Payout % 25% 25% 24% 22% 20% 24% 25% 26% 27% 47% 41% 95%
Compounded Sales Growth
10 Years: 6%
5 Years: 7%
3 Years: 3%
TTM: 62%
Compounded Profit Growth
10 Years: -4%
5 Years: 17%
3 Years: 0%
TTM: 57%
Stock Price CAGR
10 Years: 10%
5 Years: 11%
3 Years: 14%
1 Year: -17%
Return on Equity
10 Years: 10%
5 Years: 12%
3 Years: 13%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
472 472 472 472 472 481 481 481 481 481 481 481 481
Reserves 4,306 5,286 5,631 5,733 6,083 5,990 6,411 7,239 8,490 8,673 9,704 9,463 10,448
3,547 5,414 8,050 9,463 9,355 8,515 8,768 9,298 9,715 8,908 7,817 9,143 10,443
2,342 2,750 3,125 3,457 3,722 4,626 5,132 5,571 5,865 5,541 5,513 5,902 8,176
Total Liabilities 10,668 13,923 17,278 19,126 19,632 19,612 20,793 22,589 24,550 23,603 23,514 24,988 29,548
7,058 7,568 7,758 10,185 15,088 15,139 16,804 17,871 18,014 17,569 17,326 17,097 18,620
CWIP 710 3,445 6,163 4,550 233 213 332 393 359 568 838 1,297 2,397
Investments 164 258 367 866 607 511 671 873 914 724 466 407 554
2,736 2,652 2,990 3,525 3,705 3,748 2,986 3,453 5,263 4,743 4,885 6,187 7,977
Total Assets 10,668 13,923 17,278 19,126 19,632 19,612 20,793 22,589 24,550 23,603 23,514 24,988 29,548

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,670 1,597 1,568 1,355 2,251 2,550 2,356 2,764 2,425 3,610 2,988 3,167
-1,255 -2,832 -3,725 -885 -1,158 -911 -2,122 -2,418 -1,828 -1,129 -910 -2,483
-208 1,164 2,090 437 -1,206 -2,163 -674 -311 -617 -2,506 -2,061 -502
Net Cash Flow 207 -71 -67 908 -112 -523 -440 34 -20 -25 16 182

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 27 30 34 34 31 33 36 36 34 34 43 41
Inventory Days
Days Payable
Cash Conversion Cycle 27 30 34 34 31 33 36 36 34 34 43 41
Working Capital Days -66 -29 -98 -25 -31 9 -13 -11 -7 -23 12 12
ROCE % 22% 21% 8% 6% 11% 15% 10% 13% 12% 13% 13% 13%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
53.57 53.57 53.57 53.57 53.57 53.57 53.57 53.57 53.57 53.57 53.56 53.56
8.75 8.52 9.08 9.06 8.45 8.14 7.33 6.86 6.86 6.79 6.77 6.73
18.10 18.44 17.97 18.01 18.77 19.03 20.13 20.87 20.91 21.18 21.21 21.31
1.47 1.47 1.47 1.47 1.47 1.47 1.47 1.47 1.47 1.47 1.47 1.47
18.11 18.01 17.92 17.90 17.75 17.80 17.50 17.24 17.20 17.00 16.99 16.94

* 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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Documents

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