SJVN

₹123.5 -1.7 | 1.3%

WEBSITE BSE:533206 NSE : SJVN 13 May, 16:12

Market Cap ₹48533 Cr.

Stock P/E 55.9

P/B 3.4

Current Price ₹123.5

Book Value ₹ 36.8

Face Value 10

52W High ₹170.5

Dividend Yield 1.43%

52W Low ₹ 35.2

Edit Ratio

SJVN Research see more...

Equity Research: SJVN

Overview Inc. Year: 1988Industry: Power Generation/Distribution

SJVN Ltd, together with its subsidiaries, engages inside the generation and sale of power in India, Nepal, and Bhutan. It operates the Nathpa Jhakri Hydro Power Station with a potential of 1500 MW situated in Shimla district, Himachal Pradesh, India; and the Rampur Hydro Power Station with an set up ability of 412 MW in Kullu District, Himachal Pradesh. The agency additionally operates the Khirvire Wind Power Project with a ability of 47.6 MW in Ahmednagar district, Maharashtra; the Sadla Wind Power Project with an installed ability of 50 MW in Surendranagar district, Gujrat; the Charanka Solar Power Plant with a capability of 5.6 MW in Patan district, Gujarat; and an 86 km cross border transmission line with a ability of 400 kV from Muzaffarpur to Sursand. In addition, it offers consultancy offerings within the area of hydro electric initiatives, motorway tunnels, railway tunnels, etc. The agency was previously referred to as Satluj Jal Vidyut Nigam Ltd and changed its name to SJVN Limited in September 2009. SJVN Ltd was incorporated in 1988 and is primarily based in Shimla, India.

SJVN Share Price

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Peer Comparison

SJVN 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	882	549	323	1004	878	552	504	675	878	543
Other Income	43	61	71	68	38	159	79	70	73	64
Total Income	926	610	394	1072	916	711	583	744	952	608
Total Expenditure	190	166	181	176	166	171	195	172	172	175
Operating Profit	735	445	213	896	750	540	388	572	779	433
Interest	15	38	82	144	117	105	49	90	124	122
Depreciation	102	102	103	100	105	105	86	101	102	112
Exceptional Income / Expenses	0	0	-23	0	0	-18	-12	0	0	-25
Profit Before Tax	618	305	4	651	529	312	242	382	553	173
Provision for Tax	133	66	25	82	131	60	95	91	129	44
Profit After Tax	485	239	-20	569	397	252	147	290	424	129
Adjustments	-81	-3	28	40	48	35	-130	-19	15	10
Profit After Adjustments	405	235	7	609	445	287	17	272	440	139
Adjusted Earnings Per Share	1	0.6	0	1.6	1.1	0.7	0	0.7	1.1	0.4

SJVN 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	1757	1874	2817	2494	2679	2229	2645	2703	2485	2417	2938	2600
Other Income	246	238	446	538	439	407	478	594	1064	218	344	286
Total Income	2003	2112	3264	3032	3118	2635	3122	3296	3550	2635	3283	2887
Total Expenditure	318	270	379	432	512	525	634	596	641	626	674	714
Operating Profit	1685	1841	2885	2600	2606	2110	2489	2700	2908	2008	2609	2172
Interest	54	29	65	218	55	101	251	344	98	226	449	385
Depreciation	447	475	641	677	680	365	390	384	393	404	396	401
Exceptional Income / Expenses	0	0	-132	0	0	0	-57	-6	-293	-67	-40	-37
Profit Before Tax	1185	1338	2047	1709	1875	1648	1795	1972	2128	1316	1727	1350
Provision for Tax	132	224	371	298	330	423	428	405	482	326	368	359
Profit After Tax	1052	1114	1677	1411	1545	1225	1367	1567	1646	990	1359	990
Adjustments	0	0	0	0	0	0	0	0	0	0	0	-124
Profit After Adjustments	1052	1114	1677	1411	1545	1225	1367	1567	1646	990	1359	868
Adjusted Earnings Per Share	2.5	2.7	4.1	3.4	3.7	3.1	3.5	4	4.2	2.5	3.5	2.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	22%	3%	6%	5%
Operating Profit CAGR	30%	-1%	4%	4%
PAT CAGR	37%	-5%	2%	3%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	240%	66%	39%	18%
ROE Average	10%	10%	11%	12%
ROCE Average	9%	11%	13%	13%

SJVN 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	8410	9050	10203	11302	11490	10700	11246	12051	12791	13170	13860
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	1876	2214	2481	2464	2229	2035	1940	1972	1856	6170	13248
Other Non-Current Liabilities	835	709	661	601	451	486	2488	1213	1829	2400	975
Total Current Liabilities	1937	2151	1949	1979	2509	2876	900	987	1804	2625	4269
Total Liabilities	13059	14123	15294	16347	16679	16098	16575	16224	18280	24365	32352
Fixed Assets	5820	5670	9054	8775	8425	8087	8142	8051	8007	7866	8489
Other Non-Current Assets	3135	4228	631	886	1133	1501	3787	4036	7475	12381	19028
Total Current Assets	4104	4226	5609	6686	7121	6509	4645	4136	2799	4103	4818
Total Assets	13059	14123	15294	16347	16679	16098	16575	16224	18280	24365	32352

SJVN 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	1889	2424	2416	486	1222	778	162	39	313	46	-279
Cash Flow from Operating Activities	1406	1279	1492	2209	2376	1641	1018	1714	1983	2138	1632
Cash Flow from Investing Activities	-665	-879	-304	-768	-1199	15	-34	-95	-1145	-6132	-6877
Cash Flow from Financing Activities	-207	-409	-746	-705	-1621	-2272	-1107	-1345	-1105	3669	5559
Net Cash Inflow / Outflow	534	-8	442	736	-444	-616	-123	273	-267	-325	314
Closing Cash & Cash Equivalent	2422	2416	2858	1222	778	162	39	313	46	-279	36

SJVN 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)	2.54	2.69	4.05	3.41	3.74	3.12	3.48	3.99	4.19	2.52	3.46
CEPS(Rs)	3.62	3.84	5.6	5.05	5.38	4.04	4.47	4.96	5.19	3.55	4.47
DPS(Rs)	0.96	0.98	1.05	1.1	2.75	2.1	2.15	2.2	2.2	1.7	1.77
Book NAV/Share(Rs)	20.33	21.88	24.66	27.32	27.78	27.23	28.62	30.67	32.55	33.51	35.27
Core EBITDA Margin(%)	81.92	85.57	86.56	82.68	80.9	76.46	76.04	77.94	74.19	74.08	77.06
EBIT Margin(%)	70.49	72.96	74.95	77.27	72.05	78.48	77.34	85.68	89.54	63.78	74.07
Pre Tax Margin(%)	67.42	71.42	72.66	68.51	69.99	73.96	67.86	72.94	85.61	54.45	58.79
PAT Margin (%)	59.89	59.49	59.51	56.57	57.68	54.95	51.67	57.97	66.22	40.95	46.26
Cash Profit Margin (%)	85.31	84.81	82.26	83.72	83.06	71.31	66.43	72.18	82.04	57.68	59.75
ROA(%)	8.06	8.2	11.4	8.92	9.36	7.47	8.37	9.55	9.54	4.64	4.79
ROE(%)	12.51	12.77	17.42	13.12	13.56	11.04	12.45	13.45	13.25	7.63	10.06
ROCE(%)	11.71	12.38	17.34	14.38	13.86	13.03	15.53	16.74	15.24	8.81	9.08
Receivable days	74.5	71.41	121.88	183.55	109.95	73.85	39.03	68.94	92.99	82.83	52.91
Inventory Days	6.34	6.27	4.57	5.56	5.37	7.38	6.58	6.37	7.76	8.97	8.41
Payable days	0	0	0	0	0	0	0	0	0	0	0
PER(x)	7.47	7.79	6.08	8.4	9.06	10.7	6.96	5.19	6.22	10.9	9.61
Price/Book(x)	0.93	0.96	1	1.05	1.22	1.22	0.85	0.68	0.8	0.82	0.94
Dividend Yield(%)	5.05	4.67	4.26	3.84	8.12	6.3	8.88	10.63	8.45	6.19	5.32
EV/Net Sales(x)	4.33	4.66	3.54	4.25	4.52	5.26	3.29	2.96	4.46	6.11	7.94
EV/Core EBITDA(x)	4.51	4.74	3.46	4.08	4.64	5.55	3.5	2.97	3.81	7.36	8.94
Net Sales Growth(%)	0	6.63	50.38	-11.48	7.43	-16.82	18.67	2.2	-8.04	-2.75	21.57
EBIT Growth(%)	0	10.36	54.49	-8.74	0.17	-9.39	16.95	13.22	-3.9	-30.73	41.19
PAT Growth(%)	0	5.91	50.44	-15.86	9.53	-20.75	11.59	14.65	5.04	-39.86	37.33
EPS Growth(%)	0	5.9	50.44	-15.86	9.53	-16.58	11.59	14.65	5.04	-39.86	37.33
Debt/Equity(x)	0.26	0.27	0.26	0.23	0.21	0.21	0.19	0.18	0.17	0.52	1.01
Current Ratio(x)	2.12	1.96	2.88	3.38	2.84	2.26	5.16	4.19	1.55	1.56	1.13
Quick Ratio(x)	2.1	1.95	2.86	3.36	2.82	2.25	5.11	4.14	1.52	1.54	1.11
Interest Cover(x)	22.91	47.33	32.71	8.82	34.98	17.34	8.16	6.73	22.79	6.84	4.85
Total Debt/Mcap(x)	0.28	0.28	0.26	0.22	0.17	0.17	0.23	0.27	0.21	0.64	1.07

SJVN Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	86.77	86.77	86.77	86.77	86.77	86.77	86.77	81.85	81.85	81.85
FII	2.51	2.65	2.93	2.96	2.31	1.76	1.39	0.91	1.68	2.36
DII	4.63	4	3.42	3.84	3.81	4.06	4.33	5.73	5.97	3.35
Public	6.09	6.59	6.88	6.43	7.11	7.41	7.51	11.51	10.51	12.44
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	340.98	340.98	340.98	340.98	340.98	340.98	340.98	321.65	321.64	321.64
FII	9.86	10.4	11.5	11.64	9.07	6.9	5.47	3.59	6.6	9.28
DII	18.21	15.71	13.45	15.07	14.97	15.97	17	22.52	23.46	13.18
Public	23.93	25.88	27.05	25.28	27.95	29.13	29.52	45.22	41.28	48.88
Others	0	0	0	0	0	0	0	0	0	0
Total	392.98	392.98	392.98	392.98	392.98	392.98	392.98	392.98	392.98	392.98

Pros

Cons

Company has a low return on equity of 10% over the last 3 years.
Stock is trading at 3.4 times its book value.
The company has delivered a poor profit growth of 2% 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.