Adani Power

₹277 -2.2 | 0.8%

WEBSITE BSE:533096 NSE : ADANI POWER 09 Jun, 13:48

Market Cap ₹106818 Cr.

Stock P/E 10.0

P/B 6.4

Current Price ₹277

Book Value ₹ 43.2

Face Value 10

52W High ₹432.8

Dividend Yield 0%

52W Low ₹ 132.6

Edit Ratio

Adani Power Research see more...

Overview Inc. Year: 1996Industry: Power Generation/Distribution

Adani Power Ltd is a holding company. The Company is engaged in offering electric power generation via coal-based thermal energy plants and coal buying and selling. Its enterprise activity is undertaken at Mundra Thermal Power Plant of the Company in Gujarat and Thermal Power Plant of its subsidiaries at Tiroda (Maharashtra), at Kawai (Rajasthan) and at Udupi (Karnataka). It has approximately 5 power projects. It focuses to promote the power generated from those projects under a mixture of long term Power Purchase Agreements and on service provider basis. Its subsidiaries are Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Udupi Power Corporation Ltd and Adani Power Resources Ltd.

Adani Power Share Price

Volume

Price

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Quarterly Price

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Peer Comparison

Adani Power Quarterly Results

#(Fig in Cr.)	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Net Sales	6895	6374	6569	5184	5361	10598	13723	7044	7764	10242
Other Income	204	528	644	388	233	2710	1786	1402	526	553
Total Income	7099	6902	7213	5572	5594	13308	15509	8446	8290	10795
Total Expenditure	5272	4759	4921	4020	3590	5366	8003	6096	6295	8335
Operating Profit	1827	2143	2292	1551	2003	7942	7506	2350	1996	2461
Interest	1223	1127	1068	976	1015	1035	823	818	946	746
Depreciation	810	782	774	785	784	774	816	833	838	817
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	-206	234	450	-210	204	6133	5866	699	212	898
Provision for Tax	83	221	171	21	-14	1488	1086	3	203	-4345
Profit After Tax	-289	13	278	-231	218	4645	4780	696	9	5242
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	-289	13	278	-231	218	4645	4780	696	9	5242
Adjusted Earnings Per Share	-0.7	0	0.7	-0.6	0.6	12	12.4	1.8	0	13.6

Adani Power Profit & Loss

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Net Sales	4092	6779	15464	19545	25532	22616	20304	23884	26468	26221	27711	38773
Other Income	150	191	231	246	202	419	789	2477	1374	1928	3975	4267
Total Income	4242	6970	15695	19791	25734	23034	21093	26362	27842	28150	31686	43040
Total Expenditure	2767	5820	10871	13708	16730	16644	14903	18930	20782	17553	17897	28729
Operating Profit	1475	1150	4825	6083	9004	6391	6190	7431	7059	10597	13789	14313
Interest	884	1703	4162	5369	5963	5902	5570	5657	5315	5106	4095	3333
Depreciation	590	1290	1937	2061	2666	2672	2699	2751	3007	3202	3118	3304
Exceptional Income / Expenses	0	24	0	-17	0	-4077	0	0	-1003	0	0	0
Profit Before Tax	0	-1818	-1275	-1364	375	-6260	-2079	-976	-2265	2289	6577	7675
Provision for Tax	295	477	-1079	0	-176	-86	-5	9	10	1019	1666	-3053
Profit After Tax	-295	-2295	-196	-1364	551	-6174	-2074	-984	-2275	1270	4912	10727
Adjustments	7	0	-95	548	0	0	-29	0	0	0	0	0
Profit After Adjustments	-287	-2295	-291	-816	551	-6174	-2103	-984	-2275	1270	4912	10727
Adjusted Earnings Per Share	-1.3	-9.6	-1	-2.8	1.7	-16	-5.5	-2.6	-5.9	3.3	12.7	27.8

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	6%	5%	4%	21%
Operating Profit CAGR	30%	23%	17%	25%
PAT CAGR	287%	0%	0%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-4%	93%	70%	18%
ROE Average	31%	18%	-76%	-51%
ROCE Average	16%	11%	10%	7%

Adani Power Balance Sheet

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	6041	4293	6543	5725	7468	3000	889	-288	-2135	13113	18703
Minority's Interest	559	0	0	0	0	0	0	0	0	0	0
Borrowings	29585	33192	33131	35090	35418	36651	34560	44410	53181	39957	37871
Other Non-Current Liabilities	1860	1598	780	224	6868	6204	6055	5702	5789	7009	8263
Total Current Liabilities	13339	15614	18289	17441	26046	25666	28045	18163	18201	18727	17144
Total Liabilities	51384	54698	58744	58479	75799	71520	69549	67988	75037	78806	81981
Fixed Assets	15804	29089	46365	45080	56941	54391	52137	50419	55846	52851	53274
Other Non-Current Assets	29454	20437	5095	2848	2633	3594	3448	4363	4586	8312	12479
Total Current Assets	5989	5052	7104	10392	16225	13535	13963	13202	14605	16849	16228
Total Assets	51384	54698	58744	58479	75799	71520	69549	67988	75037	78806	81981

Adani Power Cash Flow

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Opening Cash & Cash Equivalents	632	346	143	312	255	107	81	62	25	941	113
Cash Flow from Operating Activities	964	3001	3238	5824	5257	4725	5101	5610	5598	7014	10233
Cash Flow from Investing Activities	-13474	-4065	-4700	-4737	-3688	-1212	-520	-984	-2328	-2188	572
Cash Flow from Financing Activities	12356	861	1631	-1144	-2713	-3539	-4600	-4663	-2377	-5655	-10338
Net Cash Inflow / Outflow	-154	-203	169	-57	-1144	-26	-19	-37	892	-828	467
Closing Cash & Cash Equivalent	477	143	312	255	107	81	62	25	941	113	782

Adani Power Ratios

#	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	-1.32	-9.59	-1.01	-2.84	1.65	-16.01	-5.45	-2.55	-5.9	3.29	12.73
CEPS(Rs)	1.36	-4.2	6.06	2.43	9.65	-9.08	1.62	4.58	1.9	11.59	20.82
DPS(Rs)	0	0	0	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	27.08	17.44	22.16	19.38	22.4	7.78	2.31	-0.75	-5.53	34	48.49
Core EBITDA Margin(%)	32.38	14.15	29.7	29.87	34.47	26.41	26.6	20.74	21.48	33.06	35.42
EBIT Margin(%)	21.62	-1.7	18.67	20.49	24.82	-1.58	17.19	19.6	11.52	28.2	38.51
Pre Tax Margin(%)	0.01	-26.82	-8.24	-6.98	1.47	-27.68	-10.24	-4.09	-8.56	8.73	23.73
PAT Margin (%)	-7.2	-33.85	-1.27	-6.98	2.16	-27.3	-10.21	-4.12	-8.59	4.84	17.72
Cash Profit Margin (%)	7.23	-14.83	11.26	3.57	12.6	-15.48	3.08	7.39	2.76	17.05	28.97
ROA(%)	-0.68	-4.33	-0.35	-2.33	0.82	-8.38	-2.94	-1.43	-3.18	1.65	6.11
ROE(%)	-4.83	-45.54	-3.72	-22.86	8.45	-117.97	-106.65	-327.25	0	23.14	30.87
ROCE(%)	2.35	-0.26	5.99	7.95	11.47	-0.62	6.39	8.63	5.24	11.63	16.05
Receivable days	22.08	32.51	27.16	46.99	114.12	162.85	123.81	111.72	116.65	140.63	140.94
Inventory Days	49.52	64.13	33.48	27.17	23.22	27.27	23.68	16.03	25.84	31.65	28.21
Payable days	0	0	0	0	0	0	0	0	0	0	0
PER(x)	0	0	0	0	20.97	0	0	0	0	25.83	14.53
Price/Book(x)	2.52	2.33	2.2	2.44	1.55	5.14	10.3	-64.62	-5.01	2.5	3.82
Dividend Yield(%)	0	0	0	0	0	0	0	0	0	0	0
EV/Net Sales(x)	12.28	7.35	3.7	2.94	2.48	2.98	3.01	3.04	2.74	3.19	4.25
EV/Core EBITDA(x)	34.06	43.3	11.87	9.45	7.04	10.53	9.88	9.78	10.28	7.89	8.54
Net Sales Growth(%)	91.65	65.67	128.1	26.39	30.63	-11.42	-10.22	17.63	10.82	-0.93	5.68
EBIT Growth(%)	-17.17	-113.04	2602.83	38.73	58.23	-105.66	1074.03	34.07	-34.84	142.47	44.31
PAT Growth(%)	-157.39	-679.29	91.46	-596.06	140.39	-1220.93	66.41	52.53	-131.08	155.83	286.74
EPS Growth(%)	-155.93	-627.74	89.45	-180.72	158.17	-1068.93	65.94	53.19	-131.08	155.83	286.75
Debt/Equity(x)	6.54	10.01	6.94	8.04	7.06	17.5	59.41	-191.09	-29.9	4	2.61
Current Ratio(x)	0.45	0.32	0.39	0.6	0.62	0.53	0.5	0.73	0.8	0.9	0.95
Quick Ratio(x)	0.39	0.22	0.32	0.51	0.56	0.46	0.47	0.66	0.66	0.79	0.81
Interest Cover(x)	1	-0.07	0.69	0.75	1.06	-0.06	0.63	0.83	0.57	1.45	2.61
Total Debt/Mcap(x)	2.59	4.3	3.16	3.29	4.56	3.41	5.77	2.96	5.96	1.6	0.68

Adani Power Shareholding Pattern

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	74.97	74.97	74.97	74.97	74.97	74.97	74.97	74.97	74.97	74.97
FII	11.54	11.49	11.51	11.14	11	11.31	12.53	13.23	12.88	11.7
DII	7.34	7.12	5.56	5.56	5.56	5.56	5.03	0	0	0.01
Public	6.14	6.43	7.96	8.33	8.46	8.15	7.47	11.8	12.15	13.32
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	289.16	289.16	289.16	289.16	289.16	289.16	289.16	289.16	289.16	289.16
FII	44.53	44.3	44.39	42.96	42.43	43.64	48.34	51.01	49.68	45.11
DII	28.32	27.44	21.44	21.44	21.45	21.45	19.4	0.01	0.01	0.05
Public	23.69	24.79	30.71	32.13	32.65	31.45	28.8	45.51	46.85	51.37
Others	0	0	0	0	0	0	0	0	0	0
Total	385.69	385.69	385.69	385.69	385.69	385.69	385.69	385.69	385.69	385.69

Pros

Company has reduced debt.

Cons

Stock is trading at 6.4 times its book value.
The company has delivered a poor profit growth of 0% over past five years.

* 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.