India Power Corporation Ltd

₹ 16.9 2.67%

21 Nov - close price

About

Incorporated in 1919, India Power Corporation Ltd is engaged in business of Power Distribution, Renewable Power Generation and Smart Grid.

Key Points

Business Overview 9M FY24
The company is among the strongest players in West Bengal and the best-performing discoms in the country. ^[1]

The company's business activities consist of two segments viz.,
a) Regulated Business (93%), which consists of a power distribution business (including thermal power generation which exclusively supplies power for distribution business) in Asansol, West Bengal (licensed area) regulated by West Bengal Electricity Regulatory Commission.

b) Non-Regulated business (7%), consists of all business that is independent and has no bearing with the Regulated business. ^[2]

Website NSE

Market Cap ₹ 1,649 Cr.
Current Price ₹ 16.9
High / Low ₹ 28.0 / 14.6
Stock P/E 103
Book Value ₹ 11.5
Dividend Yield 0.30 %
ROCE 4.15 %
ROE 1.48 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.
Company has been maintaining a healthy dividend payout of 32.7%
Company's working capital requirements have reduced from 31.3 days to 16.0 days

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 3.68% over past five years.
Company has a low return on equity of 1.04% over last 3 years.
Promoters have pledged 67.3% of their holding.
Earnings include an other income of Rs.55.2 Cr.
Company's cost of borrowing seems high

* 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.

Peer comparison

Sector: Power Generation & Distribution Industry: Power Generation And Supply

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	138.47	147.23	156.54	143.71	158.27	144.92	152.32	172.18	161.22	135.90	157.71	168.37	149.47
	125.03	155.00	165.05	156.53	160.63	142.06	151.10	157.60	154.78	123.77	151.89	160.59	145.47
Operating Profit	13.44	-7.77	-8.51	-12.82	-2.36	2.86	1.22	14.58	6.44	12.13	5.82	7.78	4.00
OPM %	9.71%	-5.28%	-5.44%	-8.92%	-1.49%	1.97%	0.80%	8.47%	3.99%	8.93%	3.69%	4.62%	2.68%
	4.70	25.68	36.15	34.58	23.70	17.84	20.54	7.55	15.02	9.67	14.77	13.93	16.85
Interest	8.86	9.01	6.43	10.23	9.16	8.73	9.75	9.31	8.32	7.76	7.14	7.76	6.61
Depreciation	7.20	7.21	7.13	7.22	7.24	7.22	7.36	8.33	8.12	8.48	8.51	8.76	8.87
Profit before tax	2.08	1.69	14.08	4.31	4.94	4.75	4.65	4.49	5.02	5.56	4.94	5.19	5.37
Tax %	25.00%	23.67%	27.63%	26.22%	26.32%	26.32%	29.25%	25.61%	24.90%	25.36%	22.27%	24.86%	24.77%
	1.56	1.28	10.19	3.18	3.64	3.51	3.28	3.34	3.76	4.15	3.84	3.90	4.05
EPS in Rs	0.02	0.01	0.10	0.03	0.04	0.04	0.03	0.03	0.04	0.04	0.04	0.04	0.04
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	650	695	627	562	450	481	523	481	500	560	599	627	611
	587	603	533	477	355	392	450	429	430	551	542	571	582
Operating Profit	63	91	95	85	95	89	74	52	69	9	58	56	30
OPM %	10%	13%	15%	15%	21%	19%	14%	11%	14%	2%	10%	9%	5%
	9	3	2	18	42	40	45	51	19	74	28	30	55
Interest	19	35	45	41	58	78	74	46	38	33	38	33	29
Depreciation	11	15	15	18	18	17	16	29	30	29	29	33	35
Profit before tax	42	45	37	44	61	35	28	28	21	22	19	20	21
Tax %	35%	35%	34%	27%	36%	38%	33%	41%	-29%	27%	27%	25%
	28	29	24	32	39	21	19	17	27	16	14	15	16
EPS in Rs	0.28	0.30	0.25	0.33	0.40	0.22	0.19	0.17	0.27	0.17	0.14	0.15	0.16
Dividend Payout %	18%	17%	20%	15%	12%	23%	26%	29%	18%	30%	36%	32%

Compounded Sales Growth
10 Years:	-1%
5 Years:	4%
3 Years:	8%
TTM:	-3%

Compounded Profit Growth
10 Years:	-6%
5 Years:	-1%
3 Years:	-17%
TTM:	15%

Stock Price CAGR
10 Years:	-1%
5 Years:	13%
3 Years:	4%
1 Year:	-25%

Return on Equity
10 Years:	2%
5 Years:	1%
3 Years:	1%
Last Year:	1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	97	97	97	97	97	97	97	97	97	97	97	97	97
Reserves	879	847	933	983	1,022	1,044	1,066	1,527	1,551	1,280	916	924	1,020
	238	392	538	853	589	645	338	342	299	328	282	209	169
	292	377	308	308	366	372	412	606	561	602	729	824	895
Total Liabilities	1,506	1,713	1,877	2,241	2,075	2,158	1,913	2,573	2,508	2,307	2,024	2,055	2,182
	305	308	385	367	343	341	348	902	950	907	897	882	973
CWIP	16	51	18	9	15	38	68	84	22	21	15	14	14
Investments	7	208	318	605	322	116	107	101	102	101	3	4	2
	1,179	1,146	1,157	1,260	1,394	1,663	1,390	1,486	1,435	1,277	1,109	1,155	1,192
Total Assets	1,506	1,713	1,877	2,241	2,075	2,158	1,913	2,573	2,508	2,307	2,024	2,055	2,182

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-4	152	36	25	136	63	139	94	33	-2	70	100
	-63	-257	-126	-245	307	-7	254	-19	9	-15	-1	-30
	54	110	92	222	-448	-54	-397	-36	-84	15	-64	-75
Net Cash Flow	-13	5	2	3	-5	2	-4	39	-42	-2	5	-5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	40	48	45	60	48	42	36	49	45	54	62	65
Inventory Days
Days Payable
Cash Conversion Cycle	40	48	45	60	48	42	36	49	45	54	62	65
Working Capital Days	31	33	43	108	131	331	132	100	132	74	4	16
ROCE %	8%	6%	6%	5%	5%	6%	6%	4%	3%	3%	4%	4%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	59.49%	59.49%	59.49%	59.49%	59.49%	59.49%	59.49%	59.49%	59.49%	59.47%	59.47%	59.47%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.25%	0.14%	0.12%
	0.14%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%
	40.37%	40.38%	40.38%	40.38%	40.38%	40.38%	40.38%	40.37%	40.38%	40.16%	40.27%	40.28%
No. of Shareholders	25,546	31,841	33,524	34,117	34,447	34,523	34,661	41,049	59,233	92,956	98,434	1,13,133

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	59.49%	59.49%	59.49%	59.49%	59.49%	59.49%	59.49%	59.47%	59.47%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	0.12%
	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%
	39.46%	40.38%	40.38%	40.38%	40.38%	40.38%	40.38%	40.16%	40.28%
No. of Shareholders	2,427	3,930	3,801	4,106	6,032	31,841	34,523	92,956	1,13,133

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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India Power Corporation Ltd

India Power Corporation Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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