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Consolidated Profit & Loss account of Tata Power Company

------------------- in Rs. Cr. ------------------Mar '14[E]

Mar '13 [E]

Mar '12

12 mths

12 mths

12 mths

1.37

1.37

1.34

48,928.02

35,784.21

26,171.30

34.42

25.17

18.41

48,893.60

35,759.04

26,152.89

-3,708.21

-2,712.05

-1,983.50

177.01

45,185.39

33,046.99

24,346.40

1401.83

1025.25

749.83

Income

Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure

Raw Materials
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

2489.75

1820.91

1,331.75

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

Profit Before Tax

1,155.64

721.43

507.25

-0.89

1,155.64

721.43

506.36

Miscellaneous Expenses
Preoperative Exp Capitalised

Extra-ordinary items
PBT (Post Extra-ord Items)
Tax

3365.53

2101.00

1,474.65

-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

1333.37

975.18

713.21

Total Value Addition

37816.08

27657.33

20,227.59

Preference Dividend

Equity Dividend

Corporate Dividend Tax

23,730.72

23,730.72

23,730.72

-9.31

-5.81

-4.08

111.67

81.67

59.73

3,860.58

2,699.73

2,034.34

Reported Net Profit

Net P/L After Minority Interest & Share Of Associates

Per share data (annualised)


Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)
PBIT

NOPAT

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

7,829.16

12.09

10.95

6.52

13.33

19,450.76

12,950.00

12,248.23

7,815.83

410.5

6,520.39

5,628.32

3,523.27

-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

10,953.36

9,261.66

9,906.80

5,265.70

825.93

707.41

525.23

336.72

1,026.18

3,043.11

1,662.01

1,048.85

1,852.50

1,280.42

1,926.91

1,530.36

306.1

185.64

104.32

-1,083.69

-166.2

-123.3

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

4,137.71

3,687.93

3,400.69

2,134.04

980.24

877.68

656.49

559.28

0.76

3,157.47

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

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

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

595.29

430.39

364.45

362.80

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

0.07%
-7.6%

2.87%
47.83%
4.38%
19.46%
0.32%
5.09%
0.26%

45%

291.2%

Consolidated Balance Sheet of Tata Power Company

------------------- in Rs. Cr. ------------------Mar '14[E]

Mar '13 [E]

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

Total Share Capital

443.62

324.45

237.29

237.29

Equity Share Capital

Sources Of Funds
443.62

324.45

237.29

237.29

Share Application Money

Preference Share Capital

Init. Contribution Settler

Preference Share Application Money

Employee Stock Opiton


Reserves
Revaluation Reserves
Networth

26,055.80

19,056.29

13,937.09

13,889.28

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

3049.707325

2230.447504

1,631.27

1,414.26

Policy Holders Funds

Group Share in Joint Venture

264.67

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

16,037.38

Capital Work in Progress

Minority Interest

Total Liabilities

Application Of Funds

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

33,420.68

24,442.70

17,876.52

11,099.62

22350.37

16346.27

11,955.08

7,945.00

3611.01

2640.97

1,931.51

1,781.04

25,961.39

18,987.24

13,886.59

9,726.04

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

Group Share in Joint Venture

740.88

Miscellaneous Expenses

89,224.23

65,255.43

47,725.50

40,567.90

Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets (NWC)

Total Assets

Contingent Liabilities
Book Value (Rs)
CE

8506.32

6221.22

4,549.98

6,515.07

111.67

81.67

59.73

595.29

63,262.84

46,268.19 33,838.91 30,841.86

Mar '10

Mar '09

Mar '08

12 mths

12 mths

12 mths

237.43

221.4

220.68

237.43

221.4

220.68

60.99

9,976.03

7,848.40

7,725.27

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

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

8,822.71

11,692.67

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

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

5,581.00

5,981.61

3,243.09

0.03

0.79

2.49

34,568.97

27,417.28

19,442.41

0.34%

11.5%

10.0%

11.8%

11.7%

10.1%

11.0%

10,923.71

14,378.59

12,258.84

430.39

364.45

362.80

29,232.89 22,988.14

Consolidated Balance Sheet of Tata Power Company

------------------- in Rs. Cr. ------------------Mar '14[E]

Mar '13 [E]

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

Total Share Capital

443.62

324.45

237.29

237.29

Equity Share Capital

Sources Of Funds
443.62

324.45

237.29

237.29

Share Application Money

Preference Share Capital

Init. Contribution Settler

Preference Share Application Money

Employee Stock Opiton


Reserves
Revaluation Reserves
Networth

26,055.80

19,056.29

13,937.09

13,889.28

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

Group Share in Joint Venture

264.67

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

16,037.38

Capital Work in Progress

Total Liabilities

Application Of Funds

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

33,420.68

24,442.70

17,876.52

11,099.62

22350.37

16346.27

11,955.08

7,945.00

3611.01

2640.97

1,931.51

1,781.04

25,961.39

18,987.24

13,886.59

9,726.04

Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets (NWC)

7,459.29

5,455.46

3,989.93

1,373.58

Minority Interest

Group Share in Joint Venture

740.88

Miscellaneous Expenses
Total Assets

89,224.23

65,255.43

47,725.50

40,567.90

Contingent Liabilities
Book Value (Rs)

PBT
Add: tax
Add: DEP
NWC

Investing

Financing

8506.32

6221.22

4,549.98

6,515.07

111.67

81.67

59.73

595.29

1,155.64
3,365.53
2,106.90
6,628.07
-3884

721.43
2,101.00
1,664.68
4,487.11
-2841
2,743.86

507.25
1,474.65
1,334.64
3,316.54
-1079
1,646.33

3,157.47
993.77
980.24
5,131.48
-2409
2,237.72

-13901
-6345
-1719
-21965

-10166
-4641
-1257
-16064

-11641
6941
-582
-5282

-3875
-7882
241
-11516

----------------Mar '10

Mar '09

Mar '08

12 mths

12 mths

12 mths

237.43

221.4

220.68

237.43

221.4

220.68

60.99

9,976.03

7,848.40

7,725.27

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

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

8,822.71

11,692.67

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

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

5,581.00

5,981.61

3,243.09

0.03

0.79

2.49

34,568.97

27,417.28

19,442.41

Mar '14[E]

Mar '13 [E]

Mar '12

Mar '11

Mar '10

Mar '09

119
119
0
0
0
0
0
7000
0
7119
11441
4590
16031
819
0
0
23969

87
87
0
0
0
0
0
5119
0
5206
8367
3357
11724
599
0
0
17530

0
0
0
0
0
0
0
48
0
48
3229
3928
7157
217
0
-265
7158

0
0
0
0
0
0
0
3913
0
3913
5253
1156
6409
205
0
-4528
5999

16
16
0
0
0
0
0
2128
0
2144
3590
814
4404
265
0
339
7152

1
1
-61
0
0
0
0
123
0
63
2607
2140
4746
138
0
3027
7975

19196
5295
13901
6345
1719
846
1239
1880
3965
5013
0
8978
0
6004
970
6974
2004
0
0
0
23969

14039
3873
10166
4641
1257
619
906
1375
2900
3666
0
6566
0
4391
709
5101
1466
0
0
0
17530

13855
2214
11641
-6941
582
551
-2603
1538
-514
7291
0
6777
0
4010
150
4161
2616
0
-741
0
7158

4750
875
3875
7882
-241
479
1555
1732
3765
1506
-1558
3713
0
3359
1031
4390
-677
0
-4840
0
5999

1438
647
791
5548
-169
-66
953
-5
882
74
1334
2290
0
885
22
907
1383
0
-401
-1
7152

3518
970
2548
2825
126
184
292
161
637
361
166
1164
0
1319
105
1424
-261
0
2739
-2
7975

10,923.71

14,378.59

12,258.84

430.39

364.45

362.80

2,809.49
657.67
877.68
4,344.84
-1388
2,722.70

2,744.20
991.40
656.49
4,392.09
-422
2,957.13

3,970.56

-791
-5548
169
-6170

-2548
-2825
-126
-5499

Mar '08

14661
5838
8823
3320
3125
536
2270
320
3125
750
58
3934
0
2381
623
3005
929
0
3243
2
19442

Consolidated Cash Flow of Tata Power Company

------------------- in Rs. Cr. ------------------Mar '14[E] Mar '13 [E]

Net Profit Before Tax


Net Cash From Operating Activities
Net Cash (used in)/from Investing Activities

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

1,155.64

721.43

507.25

3,157.47

2087.7596 1526.91317

1116.73

3486.4

-12718 -9301.4913

-6802.78

-9030.87

Net 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

-----------------Mar '10

Mar '09

Mar '08

12 mths

12 mths

12 mths

2,809.49

2,744.20

1,574.76

2442.95

2821.26

1691.16

-6773.71

-5305.76

-6551.78

5595.29

2888.44

4139.84

1264.53

403.94

-720.78

1092.69

775.47

1289.45

2357.22

1179.41

568.67

Consolidated Key Financial Ratios of Tata Power Company

Growth Ratio
Sales growth (%)
EBITDA growth (%)
EPS growth (%)
Profitability Ratios
EBITDA Margin (%)
PAT Marin (%)
RoCE (%)
RoE (%)
Dividend and Earnings
Dividend / share (Rs)
Dividend payout ratio (%)
Dividend yield (%)
EPS (Rs)
Efficiency ratio
Asset Turnover (Sales/GFA)
Asset Turnover (Sales/NFA)
Sales/WC
Financial Stability
Net Debt - Equity
Interest Coverage
Current ratio

------------------- in Rs. Cr. ------------------Mar '14[E] Mar '13 [E]


Mar '12
Mar '11

36.7%
36.7%
60.2%

36.7%
29.5%
42.5%

34.5%
-32.7%
-104.4%

50.2%
-3.2%
2.0%

12.2%
-4.5%
15.3%
-8.3%

12.2%
-3.9%
15.3%
-7.1%

12.9%
-3.7%
15.8%
-6.8%

25.7%
11.2%
14.9%
15.4%

0.00
0.0%
0.0%
-9.31

0.00
0.0%
0.0%
-5.81

0.00
0.0%
0.0%
-4.08

0.13
13.6%
11.3%
91.94

0.68
0.94
2.07

0.68
0.94
2.07

0.68
0.94
2.07

0.80
1.21
0.99

3.37
1.43
1.29

3.37
1.36
1.29

3.37
1.33
1.29

2.87
4.64
1.14

-----------------Mar '10

Mar '09

5.7%
18.8%
53.7%

56.7%
64.5%
10.0%

39.9%
16.5%
-4.6%
20.9%

35.5%
10.6%
-5.6%
16.1%

0.12
13.3%
8.9%
90.12

0.12
19.7%

0.66
1.06
1.11

0.67
1.08
1.99

3.38
2.90
1.38

3.40
3.89
1.15

58.65

Peer Comparison Valuation


Price
Adani Power
CESC
JSW Energy
NTPC
Power Grid Corp of India
AVG
Tata Power Co
Valuation Parameters
Yr to march
Diluted EPS (INR)
Y-o-Y growth (%)
CEPS (INR)
Diluted PE (x)
Price/BV (x)
EV/Sales (x)
EV/EBITDA(x)
Dividend Yield (%)

42
303
52
170
119

FY10

0.32
1.48
3.72

Mkt Cap
(INR MN)
91125
37868
85775
1401317
551169

FY11

0.19
1.29
5.03

P/BV (x)
2013E
2014E
1.6
1.3
0.7
0.7
1.4
1.2
1.8
1.7
2.1
1.9
1.5
1.4

EV/EBITDA (x)
2013E
18.5
5.2
6.5
10.9
10.7
10.4

FY12

FY14E

1.71
2.02
15.65

FY13E

EV/EBITDA (x)
2014E
6.7
5
5.1
9.6
9.4
7.2

RoE (%)
2013E
2014E
-5.6
22.2
8.9
8.5
11.2
13.6
11.9
12.5
14.8
16.6
8.2
14.7

MSP
OS
Mkt Cap
Total Debt (20
Cash * Equi
EV
EBITDA
EV/EBITDA
P/BV

High
Low
Avg Mkt Price
Out Shares
Mkt Cap
Total Debt
Cash * Equi
EV
EBITDA
EV/EBITDA
P/BV
EV/Sales
Avg P
P/E
EPS
P (E)

2010
2011
2012
2013
2014
151.86
141.3
121.5
112.5
119.31
80.65
83
96
135.585
110.975
102.25
104.25
23.73
23.73
237.31
237.31
3217.527 2633.514 24264.66 24739.28
18,353.41 24,762.40 31,919.85 43,644.25 59,675.10
2357.22
2212.78
3467.32 5,280.78 7,760.34
19,213.72 25,183.13 52,717.19 63,102.74 51,914.76
5,168.96 5,006.08 3,368.98 4,364.40 5,967.48
3.7
5.0
15.6
14.46
8.70
0.32
0.19
1.71
1.28
0.00
1.48
1.29
2.02
1.76
1.06
116.27
-28.49529
-4.08

-28.4953 -28.4953
-5.81
-9.31
165.6548 265.3577

MSP
OS
Mkt Cap
Total Debt (2012)
Cash * Equi
EV
EBITDA
EV/EBITDA
P/BV

97.1
23,730.72
2304253
31,919.85
3467.32
51,495.06
3,368.98
15.29
1.63

lakhs
lakhs
Cr
Cr

23042.53 Cr

Consolidated Key Financial Ratios of Tata Power Company

------------------- in Rs. Cr. ------------------Mar '14[E] Mar '13 [E]

Mar '12

Mar '11

Investment Valuation Ratios


Face Value

10

Dividend Per Share

--

--

--

--

40.77

29.82

22.56

-89.04

19.8%

19.8%

20.5%

23.6%

Operating Profit Per Share (Rs)


Profitability Ratios
Operating Profit Margin(%)
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

9.29

10.35

-7.67

14.57

Return On Capital Employed(%)


Return On Net Worth(%)
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

9.76

11.4

1.1

0.94

Return on Long Term Funds(%)


Liquidity And Solvency Ratios
Current Ratio
Quick Ratio

1.17

1.1

Debt Equity Ratio

2.25

1.75

2.1

1.75

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

15.53

17.17

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

--

25.2

Long Term Debt Equity Ratio


Debt Coverage Ratios

Management Efficiency Ratios


Inventory Turnover Ratio

15.52

15.52

Debtors Turnover Ratio

Average Raw Material Holding


Average Finished Goods Held
Number of Days In Working Capital

--

--

54.92

40.25

2.86

1.37

--

--

0.31

4.12

--

--

Profit & Loss Account Ratios


Material Cost Composition
Imported Composition of Raw Materials Consumed

2.87%
--

Selling Distribution Cost Composition


Expenses as Composition of Total Sales

2.87%
--

0.32%
--

0.32%
--

Cash Flow Indicator Ratios


Dividend Payout Ratio Net Profit

--

16.48

Dividend Payout Ratio Cash Profit

--

12

Earning Retention Ratio


Cash Earning Retention Ratio
AdjustedCash Flow Times

--

81.23

100

86.83

12.19

9.56

-----------------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

--

--

--

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