Tatapower Consolidated Mod

7/29/2019 Tatapower Consolidated Mod

1/24

Consolidated Profit & Loss account of Tata Power Company

Mar '14[E] Mar '13 [E] Mar '12

12 mths 12 mths 12 mths

Income

1.37 1.37 1.34

Sales Turnover 48,928.02 35,784.21 26,171.30Excise Duty 34.42 25.17 18.41

Net Sales 48,893.60 35,759.04 26,152.89

Other Income -3,708.21 -2,712.05 -1,983.50

Stock Adjustments 0 0 177.01

Total Income 45,185.39 33,046.99 24,346.40

Expenditure

Raw Materials 1401.83 1025.25 749.83

Power & Fuel Cost 23384.95 17102.92 12,508.47

Employee Cost 2142.97 1567.29 1,146.26

Other Manufacturing Expenses 9515.19 6959.07 5,089.62

Selling and Admin Expenses 156.24 114.27 83.57

Miscellaneous Expenses 2489.75 1820.91 1,331.75

Preoperative Exp Capitalised 126.98 92.87 67.92

Total Expenses 39217.90 28682.58 20,977.42

Operating Profit 9,675.69 7,076.46 5,352.48

PBDIT 5,967.48 4,364.40 3,368.98

Interest 2704.94 1978.30 1,527.09

PBDT 3,262.54 2,386.11 1,841.89

Depreciation 2106.90 1664.68 1,334.64

Other Written Off 0 0 0Profit Before Tax 1,155.64 721.43 507.25

Extra-ordinary items 0 0 -0.89

PBT (Post Extra-ord Items) 1,155.64 721.43 506.36

Tax 3365.53 2101.00 1,474.65

Reported Net Profit -2,209.88 -1,379.56 -968.29

Minority Interest 190.16 190.16 190.16

Share Of P/L Of Associates -70.77 -70.77 -70.77

Net P/L After Minority Interest & Share Of Associates 1333.37 975.18 713.21

Total Value Addition 37816.08 27657.33 20,227.59

Preference Dividend 0 0 0

Equity Dividend 0 0 0

Corporate Dividend Tax 0 0 0

Per share data (annualised)

Shares in issue (lakhs) 23,730.72 23,730.72 23,730.72

Earning Per Share (Rs) -9.31 -5.81 -4.08

Equity Dividend (%) 0 0 0

Book Value (Rs) 111.67 81.67 59.73

PBIT 3,860.58 2,699.73 2,034.34

------------------- in


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NOPAT


3/24

Mar '11 Mar '10 Mar '09 Mar '08

12 mths 12 mths 12 mths 12 mths

1.50 1.06 1.57

19,462.85 12,960.95 12,254.75 7,829.1612.09 10.95 6.52 13.33 0.07%

19,450.76 12,950.00 12,248.23 7,815.83

410.5 6,520.39 5,628.32 3,523.27 -7.6%

-3.34 -9.61 79.76 -11.64

19,857.92 19,460.78 17,956.31 11,327.46

516.01 204.73 213.15 124.33 2.87%

10,953.36 9,261.66 9,906.80 5,265.70 47.83%

825.93 707.41 525.23 336.72 4.38%

1,026.18 3,043.11 1,662.01 1,048.85 19.46%

0 1,852.50 1,280.42 1,926.91 0.32%

1,530.36 306.1 185.64 104.32 5.09%

0 -1,083.69 -166.2 -123.3 0.26%

14,851.84 14,291.82 13,607.05 8,683.53

4,595.58 -1,351.43 -1,279.06 -879.34

5,006.08 5,168.96 4,349.26 2,643.93

868.37 1,481.03 948.57 509.89 45%

4,137.71 3,687.93 3,400.69 2,134.04

980.24 877.68 656.49 559.28

0 0.76 0 03,157.47 2,809.49 2,744.20 1,574.76

18.21 29.01 -173.7 31.79

3,175.68 2,838.50 2,570.50 1,606.55

993.77 657.67 991.4 408.25 291.2%

2,181.91 2,138.64 1,298.73 1,176.98

196.5 233.46 107.56 4.92

-74.19 -61.66 -27.57 116.99

2,041.39 1,937.83 1,392.44 1,023.28

14,335.83 14,087.09 13,393.90 8,559.20

0 0 0 0

296.92 285.36 255.98 241.38

42.53 49.05 44.86 41.03

2,373.07 2,373.07 2,214.24 2,207.00

91.94 90.12 58.65 53.33

0 0 0 0

595.29 430.39 364.45 362.80

4,025.84 4,291.28 3,692.77 2,084.65

Rs. Cr. -------------------


4/24

Consolidated Balance Sheet of Tata Power Company ------------------- in Rs. Cr. -------------------

Mar '14[E] Mar '13 [E] Mar '12 Mar '11


Total Share Capital 443.62 324.45 237.29 237.29

Equity Share Capital 443.62 324.45 237.29 237.29Share Application Money 0 0 0 0

Preference Share Capital 0 0 0 0

Init. Contribution Settler 0 0 0 0

Preference Share Application Money 0 0 0 0

Employee Stock Opiton 0 0 0 0

Reserves 26,055.80 19,056.29 13,937.09 13,889.28

Revaluation Reserves 0 0 0 0

Networth 26,499.42 19,380.73 14,174.38 14,126.57

Secured Loans 42587.89983 31147.28 22,780.01 19,550.69

Unsecured Loans 17087.20016 12496.97 9,139.84 5,211.71

Total Debt 59,675.10 43,644.25 31,919.85 24,762.40

Minority Interest 3049.707325 2230.447504 1,631.27 1,414.26

Policy Holders Funds 0 0 0 0

Group Share in Joint Venture 0 0 0 264.67

Total Liabilities 89,224.23 65,255.43 47,725.50 40,567.90

Gross Block 71456.24 52260.55 38,221.51 24,366.89

Less: Accum. Depreciation 19710.73 14415.73 10,543.15 8,329.51

Net Block 51,745.51 37,844.83 27,678.36 16,037.38Capital Work in Progress 23620.21 17274.99 12,634.31 19,575.06

Investments 6399.21 4680.16 3,422.90 2,841.00

Inventories 3149.58 2303.49 1,684.69 1,133.29

Sundry Debtors 4610.41 3371.89 2,466.08 5,068.89

Cash and Bank Balance 6999.74 5119.36 3,744.12 2,206.59

Total Current Assets 14,759.73 10,794.74 7,894.89 8,408.77

Loans and Advances 18660.95 13647.96 9,981.63 2,690.85

Fixed Deposits 0 0 0 0

Total CA, Loans & Advances 33,420.68 24,442.70 17,876.52 11,099.62

Deffered Credit 0 0 0 0

Current Liabilities 22350.37 16346.27 11,955.08 7,945.00

Provisions 3611.01 2640.97 1,931.51 1,781.04

Total CL & Provisions 25,961.39 18,987.24 13,886.59 9,726.04

Net Current Assets (NWC) 7,459.29 5,455.46 3,989.93 1,373.58

2,003.83 1,465.53 2,616.35 -677.20

Minority Interest 0 0 0 0


Miscellaneous Expenses 0 0 0 0

Total Assets 89,224.23 65,255.43 47,725.50 40,567.90

Sources Of Funds

Application Of Funds


5/24

Contingent Liabilities 8506.32 6221.22 4,549.98 6,515.07

Book Value (Rs) 111.67 81.67 59.73 595.29

CE 63,262.84 46,268.19 33,838.91 30,841.86


6/24

Mar '10 Mar '09 Mar '08


237.43 221.4 220.68

237.43 221.4 220.680 0 60.99

0 0 0

0 0 0

0 0 0

0 0 0

9,976.03 7,848.40 7,725.27 0.34%

0 0 0

10,213.46 8,069.80 8,006.94

14,297.28 10,707.37 8,100.63

4,056.13 3,242.25 1,102.65

18,353.41 13,949.62 9,203.28

1,209.71 944.37 806.17 11.5% 10.0% 11.8% 11.7% 10.1% 11.0%

0 0 0

4,792.39 4,453.49 1,426.02

34,568.97 27,417.28 19,442.41

19,617.11 18,178.63 14,660.52

7,454.93 6,807.89 5,837.81

12,162.18 11,370.74 8,822.7111,692.67 6,144.77 3,319.74

3,082.31 3,251.23 3,125.27

654.72 720.38 536.11

3,514.25 2,561.69 2,269.74

475.01 480.08 319.52

4,643.98 3,762.15 3,125.37

1,185.23 1,111.67 750.47

1,557.65 223.46 57.92

7,386.86 5,097.28 3,933.76

0 0 0

4,585.56 3,700.50 2,381.18

750.52 728.64 623.47

5,336.08 4,429.14 3,004.65

2,050.78 668.14 929.11

1,382.64 -260.97

0 0 0

5,581.00 5,981.61 3,243.09

0.03 0.79 2.49

34,568.97 27,417.28 19,442.41


7/24

10,923.71 14,378.59 12,258.84

430.39 364.45 362.80

29,232.89 22,988.14


8/24

Consolidated Balance Sheet of Tata Power Company ------------------- in Rs. Cr. -------------------

Mar '14[E] Mar '13 [E] Mar '12 Mar '11


Total Share Capital 443.62 324.45 237.29 237.29

Equity Share Capital 443.62 324.45 237.29 237.29Share Application Money 0 0 0 0

Preference Share Capital 0 0 0 0

Init. Contribution Settler 0 0 0 0

Preference Share Application Money 0 0 0 0

Employee Stock Opiton 0 0 0 0

Reserves 26,055.80 19,056.29 13,937.09 13,889.28

Revaluation Reserves 0 0 0 0

Networth 26,499.42 19,380.73 14,174.38 14,126.57

Secured Loans 42587.9 31147.28 22,780.01 19,550.69

Unsecured Loans 17087.2 12496.97 9,139.84 5,211.71

Total Debt 59,675.10 43,644.25 31,919.85 24,762.40

Minority Interest 3049.7073 2230.447504 1,631.27 1,414.26

Policy Holders Funds 0 0 0 0


Total Liabilities 89,224.23 65,255.43 47,725.50 40,567.90

Gross Block 71456.24 52260.55 38,221.51 24,366.89

Less: Accum. Depreciation 19710.73 14415.73 10,543.15 8,329.51

Net Block 51,745.51 37,844.83 27,678.36 16,037.38Capital Work in Progress 23620.21 17274.99 12,634.31 19,575.06

Investments 6399.21 4680.16 3,422.90 2,841.00

Inventories 3149.58 2303.49 1,684.69 1,133.29

Sundry Debtors 4610.41 3371.89 2,466.08 5,068.89

Cash and Bank Balance 6999.74 5119.36 3,744.12 2,206.59

Total Current Assets 14,759.73 10,794.74 7,894.89 8,408.77

Loans and Advances 18660.95 13647.96 9,981.63 2,690.85

Fixed Deposits 0 0 0 0

Total CA, Loans & Advances 33,420.68 24,442.70 17,876.52 11,099.62

Deffered Credit 0 0 0 0

Current Liabilities 22350.37 16346.27 11,955.08 7,945.00

Provisions 3611.01 2640.97 1,931.51 1,781.04

Total CL & Provisions 25,961.39 18,987.24 13,886.59 9,726.04

Net Current Assets (NWC) 7,459.29 5,455.46 3,989.93 1,373.58

Minority Interest 0 0 0 0


Miscellaneous Expenses 0 0 0 0

Total Assets 89,224.23 65,255.43 47,725.50 40,567.90

Sources Of Funds

Application Of Funds


9/24

Contingent Liabilities 8506.32 6221.22 4,549.98 6,515.07

Book Value (Rs) 111.67 81.67 59.73 595.29

PBT 1,155.64 721.43 507.25 3,157.47

Add: tax 3,365.53 2,101.00 1,474.65 993.77

Add: DEP 2,106.90 1,664.68 1,334.64 980.246,628.07 4,487.11 3,316.54 5,131.48

NWC -3884 -2841 -1079 -2409

2,743.86 1,646.33 2,237.72

Investing -13901 -10166 -11641 -3875

-6345 -4641 6941 -7882

-1719 -1257 -582 241

-21965 -16064 -5282 -11516

Financing


10/24

Mar '10 Mar '09 Mar '08 Mar '14[E] Mar '13 [E] Mar '12 Mar '11 Mar '10 Mar '09


237.43 221.4 220.68 119 87 0 0 16 1

237.43 221.4 220.68 119 87 0 0 16 10 0 60.99 0 0 0 0 0 -61

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

9,976.03 7,848.40 7,725.27 7000 5119 48 3913 2128 123

0 0 0 0 0 0 0 0 0

10,213.46 8,069.80 8,006.94 7119 5206 48 3913 2144 63

14,297.28 10,707.37 8,100.63 11441 8367 3229 5253 3590 2607

4,056.13 3,242.25 1,102.65 4590 3357 3928 1156 814 2140

18,353.41 13,949.62 9,203.28 16031 11724 7157 6409 4404 4746

1,209.71 944.37 806.17 819 599 217 205 265 138

0 0 0 0 0 0 0 0 0

4,792.39 4,453.49 1,426.02 0 0 -265 -4528 339 3027

34,568.97 27,417.28 19,442.41 23969 17530 7158 5999 7152 7975

19,617.11 18,178.63 14,660.52 19196 14039 13855 4750 1438 3518

7,454.93 6,807.89 5,837.81 5295 3873 2214 875 647 970

12,162.18 11,370.74 8,822.71 13901 10166 11641 3875 791 254811,692.67 6,144.77 3,319.74 6345 4641 -6941 7882 5548 2825

3,082.31 3,251.23 3,125.27 1719 1257 582 -241 -169 126

654.72 720.38 536.11 846 619 551 479 -66 184

3,514.25 2,561.69 2,269.74 1239 906 -2603 1555 953 292

475.01 480.08 319.52 1880 1375 1538 1732 -5 161

4,643.98 3,762.15 3,125.37 3965 2900 -514 3765 882 637

1,185.23 1,111.67 750.47 5013 3666 7291 1506 74 361

1,557.65 223.46 57.92 0 0 0 -1558 1334 166

7,386.86 5,097.28 3,933.76 8978 6566 6777 3713 2290 1164

0 0 0 0 0 0 0 0 0

4,585.56 3,700.50 2,381.18 6004 4391 4010 3359 885 1319

750.52 728.64 623.47 970 709 150 1031 22 105

5,336.08 4,429.14 3,004.65 6974 5101 4161 4390 907 1424

2,050.78 668.14 929.11 2004 1466 2616 -677 1383 -261

0 0 0 0 0 0 0 0 0

5,581.00 5,981.61 3,243.09 0 0 -741 -4840 -401 2739

0.03 0.79 2.49 0 0 0 0 -1 -2

34,568.97 27,417.28 19,442.41 23969 17530 7158 5999 7152 7975


11/24

10,923.71 14,378.59 12,258.84

430.39 364.45 362.80

2,809.49 2,744.20

657.67 991.40

877.68 656.494,344.84 4,392.09

-1388 -422

2,722.70 2,957.13 3,970.56

-791 -2548

-5548 -2825

169 -126

-6170 -5499


12/24

Mar '08

14661

5838

88233320

3125

536

2270

320

3125

750

58

3934

0

2381

623

3005

929

0

3243

2

19442


13/24

Consolidated Cash Flow of Tata Power Company ------------------- in Rs. Cr. ------------------

Mar '14[E] Mar '13 [E] Mar '12 Mar '11


Net Profit Before Tax 1,155.64 721.43 507.25 3,157.47

Net Cash From Operating Activities 2087.7596 1526.91317 1116.73 3486.4

Net Cash (used in)/from Investing Activities -12718 -9301.4913 -6802.78 -9030.87Net Cash (used in)/from Financing Activities 13109.795 9588.03788 7012.35 5414.24

Net (decrease)/increase In Cash and Cash Equivalents 2479.5569 1813.45977 1326.3 -130.23

Opening Cash & Cash Equivalents 5280.7798 3467.32 2141.02 2343.01

Closing Cash & Cash Equivalents 7760.3367 5280.77977 3467.32 2212.78


14/24

-

Mar '10 Mar '09 Mar '08


2,809.49 2,744.20 1,574.76

2442.95 2821.26 1691.16

-6773.71 -5305.76 -6551.785595.29 2888.44 4139.84

1264.53 403.94 -720.78

1092.69 775.47 1289.45

2357.22 1179.41 568.67


15/24

Consolidated Key Financial Ratios of Tata Power Company ------------------- in Rs. Cr. ------------------

Mar '14[E] Mar '13 [E] Mar '12 Mar '11

Growth Ratio

Sales growth (%) 36.7% 36.7% 34.5% 50.2%

EBITDA growth (%) 36.7% 29.5% -32.7% -3.2%

EPS growth (%) 60.2% 42.5% -104.4% 2.0%

Profitability RatiosEBITDA Margin (%) 12.2% 12.2% 12.9% 25.7%

PAT Marin (%) -4.5% -3.9% -3.7% 11.2%

RoCE (%) 15.3% 15.3% 15.8% 14.9%

RoE (%) -8.3% -7.1% -6.8% 15.4%

Dividend and Earnings

Dividend / share (Rs) 0.00 0.00 0.00 0.13

Dividend payout ratio (%) 0.0% 0.0% 0.0% 13.6%

Dividend yield (%) 0.0% 0.0% 0.0% 11.3%

EPS (Rs) -9.31 -5.81 -4.08 91.94

Efficiency ratio

Asset Turnover (Sales/GFA) 0.68 0.68 0.68 0.80

Asset Turnover (Sales/NFA) 0.94 0.94 0.94 1.21

Sales/WC 2.07 2.07 2.07 0.99

Financial Stability

Net Debt - Equity 3.37 3.37 3.37 2.87

Interest Coverage 1.43 1.36 1.33 4.64

Current ratio 1.29 1.29 1.29 1.14


16/24

-

Mar '10 Mar '09

5.7% 56.7%

18.8% 64.5%

53.7% 10.0%

39.9% 35.5%

16.5% 10.6%

-4.6% -5.6%

20.9% 16.1%

0.12 0.12

13.3% 19.7%

8.9%

90.12 58.65

0.66 0.67

1.06 1.08

1.11 1.99

3.38 3.40

2.90 3.89

1.38 1.15


17/24

Peer Comparison Valuation

2013E 2014E 2013E

Adani Power 42 91125 1.6 1.3 18.5

CESC 303 37868 0.7 0.7 5.2

JSW Energy 52 85775 1.4 1.2 6.5

NTPC 170 1401317 1.8 1.7 10.9Power Grid Corp of India 119 551169 2.1 1.9 10.7

AVG 1.5 1.4 10.4

Tata Power Co

Valuation Parameters

Yr to march FY10 FY11 FY12 FY13E FY14E

Diluted EPS (INR)

Y-o-Y growth (%)

CEPS (INR)

Diluted PE (x)

Price/BV (x) 0.32 0.19 1.71EV/Sales (x) 1.48 1.29 2.02

EV/EBITDA(x) 3.72 5.03 15.65

Dividend Yield (%)

PriceMkt Cap

(INR MN)

P/BV (x) EV/EBI


18/24

2014E 2013E 2014E

6.7 -5.6 22.2

5 8.9 8.5

5.1 11.2 13.6

9.6 11.9 12.59.4 14.8 16.6

7.2 8.2 14.7

RoE (%)DA (x)


19/24

2010 2011 2012 2013 2014

High 151.86 141.3 121.5 112.5

Low 119.31 80.65 83 96

Avg Mkt Price 135.585 110.975 102.25 104.25

Out Shares 23.73 23.73 237.31 237.31

Mkt Cap 3217.527 2633.514 24264.66 24739.28

Total Debt 18,353.41 24,762.40 31,919.85 43,644.25 59,675.10

Cash * Equi 2357.22 2212.78 3467.32 5,280.78 7,760.34

EV 19,213.72 25,183.13 52,717.19 63,102.74 51,914.76

EBITDA 5,168.96 5,006.08 3,368.98 4,364.40 5,967.48EV/EBITDA 3.7 5.0 15.6 14.46 8.70

P/BV 0.32 0.19 1.71 1.28 0.00

EV/Sales 1.48 1.29 2.02 1.76 1.06

Avg P 116.27

P/E -28.49529 -28.4953 -28.4953

EPS -4.08 -5.81 -9.31

P (E) 165.6548 265.3577


20/24

MSP 97.1

OS 23,730.72 lakhs

Mkt Cap 2304253 lakhs 23042.53 Cr

Total Debt (2012) 31,919.85 Cr

Cash * Equi 3467.32 CrEV 51,495.06

EBITDA 3,368.98

EV/EBITDA 15.29

P/BV 1.63


21/24

Consolidated Key Financial Ratios of Tata Power Company ------------------- in Rs. Cr. ------------------

Mar '14[E] Mar '13 [E] Mar '12 Mar '11

Face Value 1 1 1 10

Dividend Per Share -- -- -- --

Operating Profit Per Share (Rs) 40.77 29.82 22.56 -89.04

Operating Profit Margin(%) 19.8% 19.8% 20.5% 23.6%

Profit Before Interest And Tax Margin(%) 15.2 18.2

Gross Profit Margin(%) 15.36 18.58

Cash Profit Margin(%) 9.91 15.82

Adjusted Cash Margin(%) 9.91 13.26

Net Profit Margin(%) -4.11 10.6

Adjusted Net Profit Margin(%) -4.11 10.36

Return On Capital Employed(%) 9.29 10.35

Return On Net Worth(%) -7.67 14.57

Adjusted Return on Net Worth(%) 9.06 16.59

Return on Assets Excluding Revaluations 59.73 459.08

Return on Assets Including Revaluations 59.73 459.08

Return on Long Term Funds(%) 9.76 11.4

Current Ratio 1.1 0.94

Quick Ratio 1.17 1.1

Debt Equity Ratio 2.25 1.75

Long Term Debt Equity Ratio 2.1 1.75

Debt Coverage Ratios

Interest Cover 2.81 4.64

Total Debt to Owners Fund 2.25 2.26

Financial Charges Coverage Ratio 3.68 2.75

Financial Charges Coverage Ratio Post Tax 1.16 2.68

Management Efficiency Ratios

Inventory Turnover Ratio 15.52 15.52 15.53 17.17

Debtors Turnover Ratio 7.73 4.53

Investments Turnover Ratio 15.53 2,091.87

Fixed Assets Turnover Ratio 0.79 0.97

Total Assets Turnover Ratio 0.61 0.54

Asset Turnover Ratio 0.62 0.39

Average Raw Material Holding -- 25.2

Average Finished Goods Held -- --

Number of Days In Working Capital 54.92 40.25

Profit & Loss Account Ratios

Material Cost Composition 2.87% 2.87% 2.86 1.37

Imported Composition of Raw Materials Consumed -- -- -- --

Selling Distribution Cost Composition 0.32% 0.32% 0.31 4.12

Expenses as Composition of Total Sales -- -- -- --

Profitability Ratios

Investment Valuation Ratios

Liquidity And Solvency Ratios


22/24

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit -- 16.48

Dividend Payout Ratio Cash Profit -- 12

Earning Retention Ratio -- 81.23

Cash Earning Retention Ratio 100 86.83

AdjustedCash Flow Times 12.19 9.56


23/24

-

Mar '10 Mar '09 Mar '08

10 10 10

-- -- --

-58.63 -70.43 -40.81

-10.4% -10.4% -11.3%

-11.9 -12.5 -13.24

-17.53 -18.09 -18.67

13.6 11.13 12.58

13.6 11.13 12.58

10.3 6.87 9.57

10.3 6.87 9.57

13.49 14.79 10.14

19.25 15.1 13.28

16.8 16.32 10.41

430.39 364.41 359.92

430.39 364.41 359.92

13.83 15.52 10.32

1.2 0.93 1.21

1.26 0.99 1.13

1.8 1.73 1.16

1.74 1.57 1.11

3.23 3.96 3.58

1.8 1.73 1.16

3.19 4.13 4.52

2.92 2.98 4.17

580.95 442.41 628.85

4.26 5.07 4.04

580.95 442.41 628.85

0.84 0.92 0.75

0.52 0.74 0.65

0.84 0.92 0.75

66.31 73.6 37.44

-- -- --

57.01 19.64 42.8

1.58 1.74 1.59

-- -- --

3.73 4.01 3.04

-- -- --


24/24

17 24.68 26.76

11.75 16.04 17.49

80.52 77.17 65.89

87.12 84.77 79.64

7.07 7.07 6.64

Documents

Tatapower Consolidated Mod