Adani Power

₹603.1 -9.9 | 1.6%

WEBSITE BSE:533096 NSE : ADANI POWER 10 May, 16:01

Market Cap ₹232612 Cr.

Stock P/E 11.2

P/B 6.5

Current Price ₹603.1

Book Value ₹ 92.9

Face Value 10

52W High ₹647

Dividend Yield 0%

52W Low ₹ 214

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

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Peer Comparison

Adani Power Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	5361	10598	13723	7044	7764	10242	11006	12991	12991	13364
Other Income	233	2710	1786	1402	526	553	7103	1945	364	518
Total Income	5594	13308	15509	8446	8290	10795	18109	14936	13355	13882
Total Expenditure	3590	5366	8003	6096	6295	8335	7491	7819	8346	8514
Operating Profit	2003	7942	7506	2350	1996	2461	10618	7116	5009	5368
Interest	1015	1035	823	818	946	746	883	888	797	820
Depreciation	784	774	816	833	838	817	935	1004	1002	990
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	204	6133	5866	699	212	898	8800	5224	3210	3558
Provision for Tax	-14	1488	1086	3	203	-4345	40	-1371	472	821
Profit After Tax	218	4645	4780	696	9	5242	8759	6594	2738	2737
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	218	4645	4780	696	9	5242	8759	6594	2738	2737
Adjusted Earnings Per Share	0.6	12	12.4	1.8	0	13.6	22.7	17.1	7.1	7.1

Adani Power Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	6779	15464	19545	25532	22616	20304	23884	26468	26221	27711	38773	50352
Other Income	191	231	246	202	419	789	2477	1374	1928	3975	4267	9930
Total Income	6970	15695	19791	25734	23034	21093	26362	27842	28150	31686	43041	60282
Total Expenditure	5820	10871	13708	16730	16644	14903	18930	20782	17553	17897	28729	32170
Operating Profit	1150	4825	6083	9004	6391	6190	7431	7059	10597	13789	14312	28111
Interest	1703	4162	5369	5963	5902	5570	5657	5315	5106	4095	3334	3388
Depreciation	1290	1937	2061	2666	2672	2699	2751	3007	3202	3118	3304	3931
Exceptional Income / Expenses	24	0	-17	0	-4077	0	0	-1003	0	0	0	0
Profit Before Tax	-1818	-1275	-1364	375	-6260	-2079	-976	-2265	2289	6577	7675	20792
Provision for Tax	477	-1079	0	-176	-86	-5	9	10	1019	1666	-3052	-38
Profit After Tax	-2295	-196	-1364	551	-6174	-2074	-984	-2275	1270	4912	10727	20828
Adjustments	0	-95	548	0	0	-29	0	0	0	0	0	0
Profit After Adjustments	-2295	-291	-816	551	-6174	-2103	-984	-2275	1270	4912	10727	20828
Adjusted Earnings Per Share	-9.6	-1	-2.8	1.7	-16	-5.5	-2.6	-5.9	3.3	12.7	27.8	54

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	40%	14%	14%	19%
Operating Profit CAGR	4%	27%	18%	29%
PAT CAGR	118%	0%	0%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	153%	83%	71%	28%
ROE Average	44%	33%	-46%	-47%
ROCE Average	16%	14%	11%	8%

Adani Power Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	4293	6543	5725	7468	3000	889	-288	-2135	13113	18703	29876
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	33192	33131	35090	35418	36651	34560	44410	53181	39957	37871	33703
Other Non-Current Liabilities	1598	780	224	6868	6204	6055	5702	5789	7009	8263	4498
Total Current Liabilities	15614	18289	17441	26046	25666	28045	18163	18201	18727	17144	17745
Total Liabilities	54698	58744	58479	75799	71520	69549	67988	75037	78806	81981	85821
Fixed Assets	29089	46365	45080	56941	54391	52137	50419	55846	52851	53274	50746
Other Non-Current Assets	20437	5095	2848	2633	3594	3448	4363	4586	8312	12479	15522
Total Current Assets	5052	7104	10392	16225	13535	13963	13202	14605	16849	16228	19553
Total Assets	54698	58744	58479	75799	71520	69549	67988	75037	78806	81981	85821

Adani Power Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	346	143	312	255	107	81	62	25	941	113	782
Cash Flow from Operating Activities	3001	3238	5824	5257	4725	5101	5610	5598	7014	10233	8431
Cash Flow from Investing Activities	-4065	-4700	-4737	-3688	-1212	-520	-984	-2328	-2188	572	1544
Cash Flow from Financing Activities	861	1631	-1144	-2713	-3539	-4600	-4663	-2377	-5655	-10338	-10408
Net Cash Inflow / Outflow	-203	169	-57	-1144	-26	-19	-37	892	-828	467	-434
Closing Cash & Cash Equivalent	143	312	255	107	81	62	25	941	113	782	349

Adani Power Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	-9.59	-1.01	-2.84	1.65	-16.01	-5.45	-2.55	-5.9	3.29	12.73	27.81
CEPS(Rs)	-4.2	6.06	2.43	9.65	-9.08	1.62	4.58	1.9	11.59	20.82	36.38
DPS(Rs)	0	0	0	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	17.44	22.16	19.38	22.4	7.78	2.31	-0.75	-5.53	34	48.49	77.46
Core EBITDA Margin(%)	14.15	29.7	29.87	34.47	26.41	26.6	20.74	21.48	33.06	35.42	25.91
EBIT Margin(%)	-1.7	18.67	20.49	24.82	-1.58	17.19	19.6	11.52	28.2	38.51	28.39
Pre Tax Margin(%)	-26.82	-8.24	-6.98	1.47	-27.68	-10.24	-4.09	-8.56	8.73	23.73	19.79
PAT Margin (%)	-33.85	-1.27	-6.98	2.16	-27.3	-10.21	-4.12	-8.59	4.84	17.72	27.67
Cash Profit Margin (%)	-14.83	11.26	3.57	12.6	-15.48	3.08	7.39	2.76	17.05	28.97	36.19
ROA(%)	-4.33	-0.35	-2.33	0.82	-8.38	-2.94	-1.43	-3.18	1.65	6.11	12.78
ROE(%)	-45.54	-3.72	-22.86	8.45	-117.97	-106.65	-327.25	0	23.14	30.87	44.16
ROCE(%)	-0.26	5.99	7.95	11.47	-0.62	6.39	8.63	5.24	11.63	16.05	15.77
Receivable days	32.51	27.16	46.99	114.12	162.85	123.81	111.72	116.65	140.63	140.94	99.27
Inventory Days	64.13	33.48	27.17	23.22	27.27	23.68	16.03	25.84	31.65	28.21	25.1
Payable days	0	0	0	0	0	0	0	0	0	0	0
PER(x)	0	0	0	20.97	0	0	0	0	25.83	14.53	6.89
Price/Book(x)	2.33	2.2	2.44	1.55	5.14	10.3	-64.62	-5.01	2.5	3.82	2.47
Dividend Yield(%)	0	0	0	0	0	0	0	0	0	0	0
EV/Net Sales(x)	7.35	3.7	2.94	2.48	2.98	3.01	3.04	2.74	3.19	4.25	2.95
EV/Core EBITDA(x)	43.3	11.87	9.45	7.04	10.53	9.88	9.78	10.28	7.89	8.54	7.98
Net Sales Growth(%)	65.67	128.1	26.39	30.63	-11.42	-10.22	17.63	10.82	-0.93	5.68	39.92
EBIT Growth(%)	-113.04	2602.83	38.73	58.23	-105.66	1074.03	34.07	-34.84	142.47	44.31	3.15
PAT Growth(%)	-679.29	91.46	-596.06	140.39	-1220.93	66.41	52.53	-131.08	155.83	286.74	118.39
EPS Growth(%)	-627.74	89.45	-180.72	158.17	-1068.93	65.94	53.19	-131.08	155.83	286.75	118.4
Debt/Equity(x)	10.01	6.94	8.04	7.06	17.5	59.41	-191.09	-29.9	4	2.61	1.41
Current Ratio(x)	0.32	0.39	0.6	0.62	0.53	0.5	0.73	0.8	0.9	0.95	1.1
Quick Ratio(x)	0.22	0.32	0.51	0.56	0.46	0.47	0.66	0.66	0.79	0.81	0.93
Interest Cover(x)	-0.07	0.69	0.75	1.06	-0.06	0.63	0.83	0.57	1.45	2.61	3.3
Total Debt/Mcap(x)	4.3	3.16	3.29	4.56	3.41	5.77	2.96	5.96	1.6	0.68	0.57

Adani Power Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	74.97	74.97	74.97	74.97	74.97	74.97	74.97	70.02	71.75	71.75
FII	11	11.31	12.53	13.23	12.88	11.7	11.95	17.51	15.86	15.91
DII	5.56	5.56	5.03	0	0	0.01	0.04	0.76	1.18	1.41
Public	8.46	8.15	7.47	11.8	12.15	13.32	13.04	11.72	11.2	10.93
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	289.16	289.16	289.16	289.16	289.16	289.16	289.16	270.06	276.74	276.74
FII	42.43	43.64	48.34	51.01	49.68	45.11	46.08	67.53	61.18	61.35
DII	21.45	21.45	19.4	0.01	0.01	0.05	0.16	2.91	4.56	5.45
Public	32.65	31.45	28.8	45.51	46.85	51.37	50.29	45.19	43.21	42.15
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 a good return on equity (ROE) track record: 3 Years ROE 33%
Company has reduced debt.

Cons

Stock is trading at 6.5 times its book value.

* 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.