Torrent Power Ltd

torrentpower.com BSE: 532779 NSE : TORNTPOWER
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Torrent Power is engaged in the business of generation, transmission and distribution of Electricity and of manufacture and sale of Cables.(Source : 202003-01 Annual Report Page No:111)

Website BSE NSE
  • Market Cap ₹ 20,066 Cr.
  • Current Price ₹ 418
  • High / Low ₹ 430 / 232
  • Stock P/E 13.0
  • Book Value ₹ 202
  • Dividend Yield 2.78 %
  • ROCE 13.1 %
  • ROE 16.7 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 34.07% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 33.24%

Cons

  • The company has delivered a poor sales growth of 5.68% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 13.28% for last 3 years.

Peer comparison

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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
2,810 3,528 3,445 3,254 2,925 3,736 3,842 3,079 2,984 3,007 3,129 2,953
2,120 2,762 2,458 2,517 2,215 2,902 2,787 2,239 2,156 2,038 2,418 2,082
Operating Profit 690 766 987 736 710 834 1,055 840 827 969 711 870
OPM % 25% 22% 29% 23% 24% 22% 27% 27% 28% 32% 23% 29%
Other Income 99 52 44 53 40 54 49 36 -963 35 37 37
Interest 210 229 225 229 216 248 249 235 222 220 202 190
Depreciation 303 302 304 307 313 321 322 327 335 316 317 319
Profit before tax 275 288 502 254 220 320 533 315 -693 468 230 399
Tax % 20% 21% 18% 6% 89% 14% -42% -33% 60% 20% 12% 19%
Net Profit 217 226 412 237 24 275 754 419 -275 373 201 320
EPS in Rs 4.51 4.70 8.58 4.93 0.50 5.73 15.70 8.73 -5.72 7.75 4.18 6.67
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
4,281 5,776 6,771 7,906 8,181 8,641 10,348 11,680 9,960 11,512 13,151 13,641 12,072
3,595 4,072 4,718 5,598 6,830 7,327 8,291 8,626 7,499 8,395 9,951 10,106 8,694
Operating Profit 686 1,704 2,053 2,308 1,351 1,313 2,057 3,054 2,460 3,117 3,199 3,534 3,378
OPM % 16% 30% 30% 29% 17% 15% 20% 26% 25% 27% 24% 26% 28%
Other Income 136 134 105 110 144 251 366 282 191 264 190 -801 -853
Interest 155 314 335 336 438 705 962 1,131 1,058 848 899 955 834
Depreciation 183 336 400 384 427 585 720 916 1,006 1,132 1,227 1,304 1,287
Profit before tax 483 1,187 1,423 1,698 630 275 740 1,290 587 1,401 1,264 475 403
Tax % 16% 29% 26% 26% 39% 61% 51% 30% 27% 32% 28% -148%
Net Profit 406 837 1,055 1,253 387 105 360 900 429 942 899 1,174 619
EPS in Rs 8.60 17.72 22.32 26.51 8.19 2.23 7.61 18.73 8.92 19.61 18.70 24.43 12.88
Dividend Payout % 23% 17% 25% 25% 24% 22% 20% 24% 25% 26% 27% 47%
Compounded Sales Growth
10 Years:9%
5 Years:6%
3 Years:11%
TTM:-11%
Compounded Profit Growth
10 Years:6%
5 Years:34%
3 Years:57%
TTM:5%
Stock Price CAGR
10 Years:6%
5 Years:13%
3 Years:17%
1 Year:32%
Return on Equity
10 Years:12%
5 Years:12%
3 Years:13%
Last Year:17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions
Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
472 472 472 472 472 472 472 481 481 481 481 481 481
Reserves 2,759 3,489 4,306 5,286 5,631 5,733 6,083 5,990 6,411 7,239 8,490 8,673 9,242
Borrowings 3,607 3,754 3,547 5,414 8,050 9,463 9,355 8,515 8,768 9,298 9,715 8,870 7,609
1,591 1,541 2,342 2,750 3,125 3,457 3,722 4,626 5,132 5,571 5,865 5,579 6,544
Total Liabilities 8,430 9,257 10,668 13,923 17,278 19,126 19,632 19,612 20,793 22,589 24,550 23,603 23,876
3,662 6,758 7,058 7,568 7,758 10,185 15,088 15,139 16,804 17,871 18,014 17,569 17,250
CWIP 2,987 306 710 3,445 6,163 4,550 233 213 332 393 359 568 563
Investments 13 205 164 258 367 866 607 511 671 873 914 724 689
1,768 1,987 2,736 2,652 2,990 3,525 3,705 3,748 2,986 3,453 5,263 4,743 5,375
Total Assets 8,430 9,257 10,668 13,923 17,278 19,126 19,632 19,612 20,793 22,589 24,550 23,603 23,876

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
670 1,724 1,670 1,597 1,568 1,355 2,251 2,550 2,356 2,764 2,425 3,635
-791 -723 -1,255 -2,832 -3,725 -885 -1,158 -911 -2,122 -2,418 -1,828 -1,154
562 -274 -208 1,164 2,090 437 -1,206 -2,163 -674 -311 -617 -2,506
Net Cash Flow 441 727 207 -71 -67 908 -112 -523 -440 34 -20 -25

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 10% 21% 22% 21% 8% 6% 11% 15% 10% 13% 12% 13%
Debtor Days 42 34 27 30 34 34 31 33 36 36 34 34
Inventory Turnover 19.08 21.04 18.55 16.63 21.42 24.49 27.44 21.27 16.46 17.36 15.66 13.64

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
53.57 53.57 53.57 53.57 53.57 53.57 53.57 53.57 53.57 53.57 53.57 53.57
5.87 5.19 5.78 7.06 7.81 7.91 7.48 8.09 8.75 8.52 9.08 9.06
17.89 18.45 18.09 16.86 15.94 16.76 19.02 18.45 18.10 18.44 17.97 18.01
1.73 1.47 1.47 1.47 1.47 1.47 1.47 1.47 1.47 1.47 1.47 1.47
20.94 21.33 21.10 21.05 21.21 20.29 18.47 18.43 18.11 18.01 17.92 17.90

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