Reliance Power

₹25 0.2 | 0.8%

WEBSITE BSE:532939 NSE : RPOWER 10 May, 16:01

Market Cap ₹10034 Cr.

Stock P/E -7.1

P/B 0.8

Current Price ₹25

Book Value ₹ 29.6

Face Value 10

52W High ₹34.4

Dividend Yield 0%

52W Low ₹ 11.1

Edit Ratio

Reliance Power Research see more...

Equity Research: Reliance Power

Overview Inc. Year: 1995Industry: Power Generation/Distribution

Reliance Power Ltd is an totally India-based business enterprise, which develops, constructs and operates power projects both in India, as well as internationally. The Company on its very own and through its subsidiaries has a number of portfolio of power generation capacity, each in operation as well as ability under development. The Company is concerned in coal, gas, hydro, wind and solar based energy projects. The portfolio of the Company additionally consists of Ultra Mega Power Projects (UMPPs). The organisation has about 6000 megawatt (MW) operational power generation assets. The tasks underneath improvement comprises 3 coal-fired tasks; one gas-fired projects and 12 hydroelectric projects, six of them in Arunachal Pradesh, 5 in Himachal Pradesh and one in Uttarakhand. Its project portfolio additionally includes 3,960 MW Sasan Ultra Mega Power Project, positioned in Madhya Pradesh. UMPPs are a part of the Indian government's initiative to collaborate with power generation groups.

Reliance Power Share Price

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Peer Comparison

Reliance Power Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	1847	1796	1846	2063	1864	1886	1730	1922	2052	1947
Other Income	40	63	32	82	81	50	126	37	79	55
Total Income	1887	1859	1878	2145	1945	1936	1856	1959	2131	2002
Total Expenditure	1051	967	1661	1249	1296	1223	1889	1301	1320	2310
Operating Profit	835	892	217	896	649	713	-33	657	811	-308
Interest	652	663	709	638	665	650	574	620	725	607
Depreciation	276	270	257	259	255	253	266	261	263	262
Exceptional Income / Expenses	0	0	0	0	0	0	1037	0	0	0
Profit Before Tax	-92	-41	-749	-1	-271	-190	164	-224	-177	-1178
Provision for Tax	-5	14	5	63	33	53	-85	72	100	88
Profit After Tax	-87	-55	-754	-64	-304	-243	250	-296	-277	-1266
Adjustments	-46	-42	96	-97	-36	-48	72	0	39	129
Profit After Adjustments	-133	-97	-658	-161	-340	-292	322	-296	-238	-1137
Adjusted Earnings Per Share	-0.4	-0.3	-1.9	-0.5	-1	-0.8	0.9	-0.8	-0.6	-3

Reliance 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	4927	5175	6903	10299	10396	9593	8201	7562	7934	7503	7543	7651
Other Income	357	371	299	323	496	278	333	700	455	184	340	297
Total Income	5284	5546	7202	10622	10892	9871	8534	8262	8389	7687	7883	7948
Total Expenditure	3214	3259	4318	5884	5889	5207	4232	4599	4359	4768	5658	6820
Operating Profit	2070	2287	2884	4737	5003	4664	4302	3663	4030	2919	2225	1127
Interest	585	684	1074	2683	2843	2926	3206	3054	2539	2721	2527	2526
Depreciation	285	364	524	701	734	759	838	836	1083	1077	1033	1052
Exceptional Income / Expenses	0	0	0	0	0	0	-3153	-4004	4	0	1037	1037
Profit Before Tax	1200	1239	1286	1353	1425	979	-2896	-4232	412	-879	-297	-1415
Provision for Tax	188	212	258	458	321	144	18	24	-15	44	64	175
Profit After Tax	1011	1027	1028	895	1104	836	-2913	-4255	427	-923	-361	-1589
Adjustments	0	0	0	0	0	5	-38	179	-246	-41	-109	240
Profit After Adjustments	1011	1027	1028	895	1104	840	-2952	-4077	181	-964	-471	-1349
Adjusted Earnings Per Share	3.6	3.7	3.7	3.2	3.9	3	-10.5	-14.5	0.6	-2.8	-1.3	-3.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	1%	-0%	-5%	4%
Operating Profit CAGR	-24%	-15%	-14%	1%
PAT CAGR	0%	0%	NAN%	NAN%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	110%	55%	32%	-10%
ROE Average	-3%	-2%	-10%	-2%
ROCE Average	7%	6%	3%	5%

Reliance 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	18581	19468	20632	20227	21368	21235	17377	11869	12246	11764	11595
Minority's Interest	2	2	2	0	0	0	0	1353	1568	1622	1692
Borrowings	24186	26254	28221	28739	26290	24201	18091	19861	16831	14214	12240
Other Non-Current Liabilities	2958	2868	3115	4481	4594	4470	4417	4326	4326	4404	4714
Total Current Liabilities	6207	7430	10698	11411	12836	12284	18209	16008	15930	17926	18375
Total Liabilities	51934	56022	62667	64858	65087	62190	58095	53416	50901	49930	48617
Fixed Assets	8976	13839	33634	34515	34851	34881	35903	38574	37190	36308	35776
Other Non-Current Assets	34118	35444	20261	20953	20033	19184	16100	9934	7987	7810	7816
Total Current Assets	8839	6739	8772	9342	10081	7997	5960	4908	4869	5739	4953
Total Assets	51934	56022	62667	64858	65087	62190	58095	53416	50901	49930	48617

Reliance 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	1276	3089	2503	1042	1002	176	585	29	125	144	192
Cash Flow from Operating Activities	705	2310	1399	4574	4705	4365	4223	4543	4149	3613	4024
Cash Flow from Investing Activities	-8967	-2473	-3630	-1348	-2142	354	60	-247	486	284	-354
Cash Flow from Financing Activities	10076	-586	695	-3194	-3389	-4311	-4839	-4200	-4615	-3849	-3623
Net Cash Inflow / Outflow	1814	-749	-1535	32	-826	408	-556	96	19	48	46
Closing Cash & Cash Equivalent	3089	2503	1038	1002	176	585	29	125	144	192	239

Reliance 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)	3.61	3.67	3.67	3.19	3.94	3	-10.52	-14.53	0.65	-2.84	-1.26
CEPS(Rs)	4.62	4.97	5.53	5.69	6.55	5.68	-7.4	-12.19	5.38	0.45	1.8
DPS(Rs)	0	0	0	1	0	0	0	0	0	0	0
Book NAV/Share(Rs)	66.24	69.61	73.55	72.11	76.17	75.7	61.95	42.31	43.66	34.06	30.83
Core EBITDA Margin(%)	34.77	37.02	37.46	42.86	43.35	45.72	48.4	39.18	45.06	36.45	24.99
EBIT Margin(%)	36.23	37.17	34.19	39.19	41.06	40.71	3.79	-15.57	37.19	24.54	29.55
Pre Tax Margin(%)	24.35	23.94	18.63	13.14	13.71	10.21	-35.31	-55.96	5.19	-11.72	-3.94
PAT Margin (%)	20.53	19.84	14.9	8.69	10.62	8.71	-35.52	-56.27	5.38	-12.3	-4.79
Cash Profit Margin (%)	26.32	26.87	22.48	15.51	17.68	16.62	-25.3	-45.21	19.04	2.05	8.9
ROA(%)	2.22	1.9	1.73	1.4	1.7	1.31	-4.84	-7.63	0.82	-1.83	-0.73
ROE(%)	5.6	5.4	5.13	4.38	5.31	3.92	-15.09	-29.09	3.54	-7.75	-3.13
ROCE(%)	4.54	4.02	4.57	7.48	7.88	7.28	0.62	-2.66	7.52	5.06	6.58
Receivable days	73.53	87.02	107.02	114.04	114.34	103.99	116.07	123.06	109.74	136.78	142.59
Inventory Days	25.79	40.85	44.15	38.47	37.79	33.44	38.74	48.89	43.44	41.4	42.42
Payable days	0	0	0	0	0	0	0	0	0	0	0
PER(x)	17.07	19.16	15.43	15.46	12.19	12.07	0	0	6.75	0	0
Price/Book(x)	0.93	1.01	0.77	0.68	0.63	0.48	0.18	0.03	0.1	0.4	0.32
Dividend Yield(%)	0	0	0	2.03	0	0	0	0	0	0	0
EV/Net Sales(x)	8.1	9.1	6.94	4.46	4.37	4.27	4.07	3.81	3.35	3.61	3.22
EV/Core EBITDA(x)	19.28	20.58	16.61	9.7	9.08	8.77	7.76	7.87	6.59	9.28	10.92
Net Sales Growth(%)	143.99	5.04	33.41	49.18	0.94	-7.72	-14.5	-7.79	4.92	-5.43	0.53
EBIT Growth(%)	42.79	7.75	22.74	70.97	5.76	-8.51	-92.04	-529.05	350.58	-37.6	21.06
PAT Growth(%)	16.69	1.5	0.16	-12.92	23.31	-24.31	-448.61	-44.16	110.04	-316.17	60.86
EPS Growth(%)	16.69	1.81	-0.14	-12.92	23.31	-23.88	-451.22	-38.1	104.45	-538.89	55.54
Debt/Equity(x)	1.48	1.54	1.61	1.67	1.54	1.49	1.75	2.42	2.09	2	1.84
Current Ratio(x)	1.42	0.91	0.82	0.82	0.79	0.65	0.33	0.31	0.31	0.32	0.27
Quick Ratio(x)	1.34	0.82	0.72	0.72	0.71	0.59	0.27	0.24	0.25	0.27	0.22
Interest Cover(x)	3.05	2.81	2.2	1.5	1.5	1.33	0.1	-0.39	1.16	0.68	0.88
Total Debt/Mcap(x)	1.59	1.52	2.09	2.44	2.45	3.13	9.56	84.04	20.96	5.04	5.72

Reliance Power Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	24.98	24.98	24.97	24.97	24.99	24.99	24.99	24.49	24.49	23.24
FII	4.92	5.95	7.79	7.97	7.83	7.35	7.34	7.66	8.37	13.01
DII	3.5	3.5	3.5	3.5	3.28	3.18	3.18	5.17	5.2	4.95
Public	66.59	65.56	63.72	63.54	63.87	64.47	64.49	62.68	61.94	58.8
Others	0.02	0.02	0.02	0.02	0.02	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	84.92	84.92	84.91	84.91	90.7	93.35	93.35	93.35	93.35	93.35
FII	16.71	20.21	26.48	27.08	28.42	27.46	27.42	29.19	31.89	52.27
DII	11.92	11.92	11.92	11.92	11.92	11.89	11.87	19.7	19.8	19.88
Public	226.4	222.9	216.65	216.05	231.78	240.82	240.89	238.88	236.08	236.21
Others	0.06	0.06	0.06	0.06	0.06	0	0	0	0	0
Total	340.01	340.01	340.01	340.01	362.87	373.52	373.52	381.12	381.12	401.7

Pros

Stock is trading at 0.8 times its book value
Company has reduced debt.

Cons

Promoter holding is low: 23.24%.
Company has a low return on equity of -2% over the last 3 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.