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POWER SECTOR:MARKET RETURN
GROUP 03:
SAURABH GULHATI
SWAPNIL PADOLE
GOVINDA SINGHNIHAR KUMAR
SURAJ DONGARE
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COMPANIES ANALYZED
TATA POWER.
JSW ENERGY LTD.
NTPC LTD. NEYVELI LIGNITE.
ADANI POWER.
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Power Sector At a Glance
68.14
12.12
17.55
2.2
Distribution
Thermal
RES
Hydro
Nuclear
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Conceptual Overview
TATA Power
Company Ltd
Generation Transmission Distribution
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Company Background
India's largest integrated private power
company
Generation from Thermal, Hydro and
Renewable sources of energy
Installed capacity of 8521 MW
First Company to complete Nations 1
st
UMPP TATA POWER Financials
http://localhost/var/www/apps/conversion/tmp/scratch_4/Financial%20Analysis%20TATAPOWER.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_4/Financial%20Analysis%20TATAPOWER.xlsx -
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ROE/RONW (%)
8.00
8.50
9.00
9.50
10.00
10.50
11.00
11.50
March,13 March,12 March,11
ROE (%)
ROE (%)
-
2,000.00
4,000.00
6,000.00
8,000.00
10,000.00
12,000.00
March,13 March,12 March,11
PAT
N.W.
AVERAGE 9.07%
ROE (%) 9.28 11.01 9.38
(PAT / N.W.)
PAT 1,024.69 1,169.73 941.49
N.W. 11,040.79 10,626.15 10,038.74
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P/E Ratio
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
March,13 March,12 March,11
P/E Ratio
P/E Ratio
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
March,13 March,12 March,11
MPS (closing price
of March)
EPS
AVERAGE 18.30
P/E Ratio 25.56 17.70 34.34
(MPS / EPS)
MPS (closing price of March) 110.35 87.25 136.25
EPS 4.32 4.93 3.97
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Book Value per share (in Rs)
40.00
41.00
42.00
43.00
44.00
45.00
46.00
47.00
March,13 March,12 March,11
Book Value per share
Book Value per share
Book Value per share 46.52 44.78 42.30
(NW / N)
Net Worth 11,040.79 10,626.15 10,038.74
No. of shares (in cr.) 237.31 237.31 237.31
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Market Capitalization(Rs. in Cr.)
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
March,13 March,12 March,11
Market capitalisation (Rs. in cr.)
Market capitalisation (Rs. in cr.)
Market capitalisation (Rs. in cr.) 26,187 20,705 32,333
MPS 110.35 87.25 136.25
No. of shares (in cr.) 237.31 237.31 237.31
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JSW ENERGY LTD.
Incorporated in 1994 as a JV between JSW SteelLtd. & Tractebel.
Tractebel sold its holding to JSW Group on 17 Jan,
2002 renamed to Jindal Thermal Power Co. Ltd. Renamed to JSW Energy Ltd. on 7th Dec, 2005.
Stands 6th in the Power Generation/Distributionsector in terms of sales turnover.
Has a presence in both the International andDomestic market through 24 subsidiaries.
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RETURN ON EQUITY
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
2010-112011-12
2012-13
2010-11 2011-12 2012-13
ROE 14.70% 3.81% 14.66%
2010-11 2011-12 2012-13
PAT 885.61 234.64 993.03
Net Worth 6025.39 6158.72 6773.24
-
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
7,000.00
8,000.00
AVERAGE 9.07%
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PRICE-EARNING RATIO
-
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
2010-112011-12
2012-13
2010-11 2011-12 2012-13
P/E Ratio 13.28 42.81 9.03
2010-11 2011-12 2012-13
EPS 5.40 1.43 6.05
MPS 71.70 61.25 54.65
-
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
AVERAGE 18.30
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BOOK VALUE PER SHARE
34.00
35.00
36.00
37.00
38.00
39.00
40.00
41.00
42.00
2010-112011-12
2012-13
2010-11 2011-12 2012-13
Book Value Per Share 36.74 37.55 41.302010-11 2011-12 2012-13
Net Worth 6025.39 6158.72 6773.24
5600
5800
6000
6200
6400
6600
6800
7000
Rs.
Crore
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MARKET CAPITALIZATION
-
2,000.00
4,000.00
6,000.00
8,000.00
10,000.00
12,000.00
14,000.00
2010-11 2011-12 2012-13
Market Cap
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NTPC Ltd
A Maharatna company, Listed in BSE.
The largest state-owned power generation
company in India with a power generating
capacity of 41,184 MW.
It was listed in Forbes Global 2000 for 2012,
ranked at 337th in the world.
Government of India holds 84.5% of its equity.
Although it has 19% of total national capacity, it
contributes 29% of total power generation.
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Profit After Tax (Rs. ,in crore)
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
2013 2012 2011 2010 2009
Total income
PAT
Significant increase in PAT, due
to significant increase in the
Total income.
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0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
2013 2012 2011 2010 2009
RONW
RONW
0
2
4
6
8
10
12
14
16
2013 2012 2011 2010 2009
EPS
EPS
Which is why the ROE(percentage) value
shows a steep rise as
compared to previous
years. The Earning per share
(EPS) (in Rs.) has also
grown more than it did
in the past years.
AVERAGE 9.07%
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Book value per share (in Rs.)
0
10
20
30
40
50
60
70
80
90
100
2013 2012 2011 2010 2009
Book value per share
Book value per share
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
2013 2012 2011 2010 2009
Net worth(Rs., in crore)
Net worth
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Market Capitalization (Rs., in crores)
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
2013 2012 2011 2010 2009
Mkt. Cap.
Mkt. Cap.
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0
2
4
6
8
10
12
14
16
18
20
2013 2012 2011
Price-earning ratio
Price-earning ratio
0
50
100
150
200
250
2013 2012 2011
Market price per share (Rs.)
Market price per share
0
2
4
6
8
10
12
14
16
2013 2012 2011 2010 2009
EPS(Rs.)
EPS
AVERAGE 18.30
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Neyveli Lignite Corporation
Neyveli Lignite Corporation Limited was founded in 1956 and is basedin Neyveli, India.
Engages in the mining and production of lignite in India.
Sells its lignite to small scale industries for using as fuel in their
production activities.
Involved in the generation of thermal power through its thermal
power stations
3 thermal power stations with a total installed capacity of 2490 mega
watts at Neyveli
1 thermal power station with an installed capacity of 250 mega watts
at Barsingsar, Rajasthan.
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Book Value
Mar-13 Mar-12 Mar-11 Mar-10 Mar-09
77.2 71.76 66.61 61.54 56.44
0
10
20
30
40
50
60
70
80
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13
Book Value (Rs)
Book Value (Rs)
0
2000
4000
6000
8000
10000
12000
14000
Networth
Networth
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Price Earning Ratio
Mar-13 Mar-12 Mar-11 Mar-10 Mar-09
8.01 10.77 14.10 20.40 18.41
0.00
5.00
10.00
15.00
20.00
25.00
PE ratio
PE ratio
0
5000
10000
15000
20000
25000
30000
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13
PAT
Market Capitalisation
AVERAGE 18.30
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Market Capitalization
Mar-13 Mar-12 Mar-11 Mar-10 Mar-09
11056.11 Cr 14386.36 Cr 17439.8 Cr 24301.63 Cr 14050.82 Cr
0
5000
10000
15000
20000
25000
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13
M-Cap
M-Cap
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ROE
Mar-13 Mar-12 Mar-11 Mar-10 Mar-09
11.27 % 11.72 % 11.62 % 12.08 % 8.67 %
0
2
4
6
8
10
12
14
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13
ROE
ROE
0
2000
4000
6000
8000
10000
12000
14000
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13
PAT
Networth
AVERAGE 9.07%
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Business arm of Indian business Conglomerate Adani Group
Initially a Pvt Ltd. Company but converted into a public limited
company on 12 April 2007
India's largest thermal private power producer with capacity of
5280 MW
Largest solar power producer of India with capacity 40MW
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-53.45
-4.88
8.162.94
-60.00
-50.00
-40.00
-30.00
-20.00
-10.00
0.00
10.00
20.00
March,13 March,12 March,11 March,10
ROE (%)
ROE (%) -53.45 -4.88 8.16 2.94(PAT / N.W.)PAT -2,295 -295 513 170
N.W. 4,293
6,041
6,287
5,778
AVERAGE 9.07%
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-4.24
-50.50
47.92
141.22
-100.00
-50.00
0.00
50.00
100.00
150.00
200.00
March,13 March,12 March,11 March,10
P/E Ratio
P/E Ratio -4.24 -50.50 47.92 141.22
(MPS / EPS)
MPS (closing price of March) 41 68 113 116
EPS -9.59 -1.35 2.35 0.82
AVERAGE 18.30
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17.94
27.7128.84 27.91
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
March,13 March,12 March,11 March,10
Book Value per share
Book Value per share 17.94 27.71 28.84 27.91(NW / N)Net Worth 4,293 6,041 6,287 5,778N 239 218 218 207
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9,728
14,890
24,591 24,007
0
5,000
10,000
15,000
20,000
25,000
30,000
March,13 March,12 March,11 March,10
Market Capitalisation (Rs. in cr.)
Market Capitalisation (Rs. in cr.) 9,728 14,890 24,591 24,007
MPS 41 68 113 116
No. of shares (in cr.)
239
218
218
207
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-0.94
1.47
4.11
1.28
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
March,13 March,12 March,11 March,10
ROI / ROCE (%)
ROI / ROCE (%) -0.94 1.47 4.11 1.28(EBIT / C.E.)EBIT -354 540 1,049 208C.E. 37,827 36,665 25,548 16,349
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