Industry Analysis Project

on
TATA POWER





Submitted by

Kushal Kislay (151093)








TATA POWER ANALYSIS
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Table of Contents
Analysis of Macros and Micros ......................................................................................................................................... 3
Give a brief description of your given Industry. Who are the served customers, and what value do the firm
deliver ........................................................................................................................................................................... 3
Key Players in generation segment ............................................................................................................................... 4
Customers of Power Sector .......................................................................................................................................... 4
Power Generation ......................................................................................................................................................... 5
Industry characteristics ..................................................................................................................................................... 6
Size ................................................................................................................................................................................ 6
Year on Year growth (last 5 years) ................................................................................................................................ 7
How many competitors? ............................................................................................................................................... 8
Market shares of the competitors ................................................................................................................................ 9
Who is most profitable? .............................................................................................................................................. 11
Who has ( impression will do) the lowest cost structure ........................................................................................... 11
Supplier industry characteristics and power .............................................................................................................. 11
Buyer power ................................................................................................................................................................ 11
What can substitute your product .............................................................................................................................. 11
What are the macros that affect your industry? ............................................................................................................ 12
Political?-How? ........................................................................................................................................................... 12
Economic?-Please describe how and how dramatically ............................................................................................. 12
Social factors ............................................................................................................................................................... 13
Legal framework ......................................................................................................................................................... 13
Environments ( green issues) ...................................................................................................................................... 14
Peer evaluation compare with peer group across ........................................................................................................ 14
Products ...................................................................................................................................................................... 14
Markets ....................................................................................................................................................................... 14
Growth ........................................................................................................................................................................ 15
Financials .................................................................................................................................................................. 15
........................................................................................................................................................................................ 19
How sustainable is the competitive advantage of the company and why? ................................................................... 24


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Analysis of Macros and Micros


Give a brief description of your given Industry. Who are the served customers, and
what value do the firm deliver

With installed capacity of 253.389GW India is the 3
rd
largest producer of electricity with 4.8% of share of electricity
produced worldwide. With its growing economy Power sector is one of the most critical sectors for Indian growth
story. Despite being 3
rd
largest electricity producer or world there is still a shortfall of 2%.
Presently Indian Market is divided in 3 major sector and one Minor. These sectors are.

Generation/Production: Presently in India electricity is generated by various ways like using coal, oil,
wind, hydro, nuclear power etc.
Transmission: After the generation of power it is transmitted throughout the India using transmission
lines.
Distribution: This involves distribution of power to the end user from the substation.
Trading: This sector is one which involves trading of power from one energy surplus party to energy
deficient.





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Key Players in generation segment

Presently in India there are three types of key players in generation segment.
Central or Public sector Undertaking (PSUs)
State-Level Corporation
Private Sector enterprise
The relative share of these 3 sectors in installed capacity is given below.


Customers of Power Sector

All industries and households are customers of power/electricity in India. To get a clear picture generally the states
and UTs are considered as the customers of electricity in India. Every state requires certain amount of energy to fulfil
its demand. The table below shows the energy demand of various states. Even the Regions of india can be taken as
customers to have chopper view of the scenario.

Above table shows the shows the customers demand: In this case Regions are taken as customers.
29%
31%
40%
Sector Wise Installed Capacity
Central Sector Private Sector State Sector
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Above table shows the shows the customers demand: In this case States are taken as customers

Power Generation

In India Power is mainly generated by thermal sources and other sources constitute Diesel, Hydro, Renewable
Sources and Nuclear power. Even in Thermal power, power generated using coal constitutes the major portion of
power generation in India.
Below diagrams present the breakup of sources used to generated power in India.

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Industry characteristics
Size

Presently India is the 3
rd
largest generator of electricity with 253.389GW capacity.
In term of size in the requirement of electricity in Million units the demand can be divided in to 2 parts these are
energy demands and peak demands.


Energy Requirement
Requirement Availibilty Surplus/Deficit
(MU) (MU) (MU) %
10,48,672 995157 -53515 -5.1

Peak Requirement

Requirement Availibilty Surplus/Deficit
(MU) (MU) (MU) %
1,47,815 144788 -3027 -2
69%
2%
17%
12%
Total Power
Thermal Nuclear Hydro RES
86%
13%
1%
Thermal Power
Coal Gas Diesel
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Year on Year growth (last 5 years)
Year on year growth in energy sector can be broken down in 2 as below.

Per Capital Energy Production: In this we have seen a CAGR of 5.5% during last 5 years. Below chart
explains the growth pattern.






Per-capita electricity consumption
In this we have seen a CAGR of 5.5% during last 5 years. Below chart explains the growth pattern.








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How many competitors?

There are total of 30 companies that are listed in Indian Stock Market they are given below.
Company Name (In Alphabetical Order)
Adani Power
Advance Meter
BF Utilities
Bil Energy
CESC
DPSC
Energy Dev
Entegra
Guj Ind Power
GVK Power
Indiabull Infra
IndiaBPower
Indowind Energy
Jaiprakash Pow
JSW Energy
KSK Energy Vent
Neyveli Lignite
NHPC
NTPC
Orient Green
Power Grid Corp
Reliance Infra
Reliance Power
S E Power
Schneider Elect
SJVN
Suryachakra Pow
Suzlon Energy
TATA Power
Torrent Power




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Market shares of the competitors

Market share of all the of all the competitors are given below in the table as well as represented by the pie chart
Name Last Price Market Cap.
(Rs. cr.)
Sales
Turnover
Net Profit Total Assets
NTPC 139.35 114,900.55 72,018.93 10,974.74 148,221.07
Power Grid Corp 137.00 71,672.78 15,230.28 4,497.42 95,033.34
TATA Power 84.30 22,799.99 8,627.04 954.08 23,382.88
NHPC 19.55 21,643.16 5,537.04 978.79 44,648.17
Reliance Power 71.50 20,056.65 91.69 56.48 18,702.97
Reliance Infra 593.70 15,613.72 11,356.93 1,587.94 35,350.85
Neyveli Lignite 83.50 14,008.88 5,967.23 1,501.88 16,677.15
Adani Power 45.10 12,952.37 11,010.04 595.26 30,104.36
JSW Energy 72.30 11,857.60 5,802.61 602.48 11,610.54
CESC 752.20 9,477.72 5,510.00 652.00 9,610.82
SJVN 22.85 9,452.19 1,873.58 1,114.63 11,263.86
Torrent Power 138.25 6,531.60 8,575.62 94.84 10,582.87
Suzlon Energy 14.25 4,353.49 3,064.72 -924.47 11,161.21
Schneider Elect 161.95 3,872.29 1,215.65 -124.93 373.24
Jaiprakash Pow 12.80 3,760.64 2,677.50 19.73 23,890.30
IndiaBPower 13.20 3,488.67 379.00 -75.27 10,855.53
KSK Energy Vent 73.55 3,037.87 47.98 9.75 2,831.37
BF Utilities 569.00 2,143.29 27.93 4.89 139.33
DPSC 20.65 2,010.88 694.53 29.24 1,213.68
GVK Power 9.95 1,571.31 26.76 -23.43 2,942.14
Guj Ind Power 82.80 1,252.36 1,376.68 185.88 2,366.16
Orient Green 12.00 681.69 33.99 -136.66 1,585.96
Indiabull Infra 4.65 616.80 -- 0.38 619.73
Entegra 3.65 115.76 -- -51.27 690.83
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Mitcon Cons 60.70 71.88 - - -
Energy Dev 18.55 51.01 38.75 2.21 200.74
Indowind Energy 4.15 37.24 23.40 0.07 249.71
S E Power 5.80 23.55 3.63 -2.43 51.14
Advance Meter 14.30 22.96 14.44 -13.67 184.77
Bil Energy 1.65 17.44 58.61 -18.06 103.96




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Who is most profitable?
Among the major competitors NTPC is the most profitable. This we can see from the financial data of various
companies compared NTPC

Who has ( impression will do) the lowest cost structure
Among Major competitors the impression which we get by looking into financial data NHPC has the lowest cost
structre.

Supplier industry characteristics and power

The supplier power is very high in Indian Energy sector the major raw material required is coal and other raw
material. Though the main supplier is Indian government itself for coal but recent scandals which has hit Indian coal
sector has made it very difficult for these companies as the supplier power is at all-time high in this industry.

Buyer power

The main buyers for power generation companies are government itself, and price are highly regulated ion Indian
scenario with subsidies in picture, we can say that even the buyer power is very high. Though recent initiatives taken
by Indian government seems to indicate that Indian government is willing to deregulate this sector.

What can substitute your product

TATA Power mainly generates the thermal energy and Hydro energy. Various other Renewable source of energy like
Wind, Solar, Tidal etc as well as Nuclear energy has capacity to substitute the thermal energy. In order to diversify
TATA power also operated in Solar power sector. With the advancement in Solar energy sector and rate of adoption
which India has seen in Gujarat and proposed Solar park Solar energy could be one of the substitute for Thermal
power. Another substitute to power is the mega source of power i.e. nuclear power. Recent diplomatic
breakthroughs with Australia and other Nuclear fuel supplier countries even this could replace thermal power.
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What are the macros that affect your industry?
Political?-How?
The power industry in India continues to be dominated by the PSUs, giving further reasons to the Indian
Government, to identify this sector as a key to promote industrial growth, sustainably.
Major initiatives which taken so far are:
1. The plan to acquire the equity of Power System Operation Corporation Ltd, owned by the PowerGrid
Corporation of India at US $ 5.82 Million.
2. The introduction of new online forms for the submission of applications byMr Prakash Javadekar, Minister
for Information and Broadcasting and Minister of State (Independent Charge) of Environment, Forest and
Climate Change, Government of India, to ensure transparency
3. Collaboration with IIT Bombay to help save around 36 million litres of kerosene, by the implementation of
cost-effective solar powered lighting for rural India.
4. The Andhra Pradesh Power Generation Corporation (APGENCO) and the Karnataka based Electricity Supply
Companies (ESCOM have signed a power purchase agreement to share the 230 MW power generated from
the Priyadarshini Jurala hydro power project.

Though, recent steps are definitely in right direction. As an industry Political forces plays a major role in in energy
industry. This can be intuitively understood by the fact that both supplier and consumer both is government of India.
With the political system which we have in India. Political environment is the major shaping factor for this Industry.

But the recent coal scam in India has hit the power sector severly. All companies are reeling under severe crippling
acute power shortage.

Economic?-Please describe how and how dramatically

Power sector is a major backbone for any economy. As India is growing at a fast pace it is even more important that
that power sector grow at healthy pace to fulfil the ever growing needs of Indian economy.
Power supply has a direct impact on the growth of the country.
A power supply gap of 8-9% has the potential to lower the GDP by 0.6-0.7%. This is a drop that cannot be
afforded by a developing economy.
o Eg: Chinas strategy for growth was to overcome energy shortage.
o transmission and distribution losses must be counted to reduce energy shortage.
An improvement in T&D losses by 10% sufficient to make India a power surplus state.
o -Direct savings of 35000-40000 crores per year, and indirect benefits of 0.7 % growth in GDP
benefits the power industry and the nation.

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Social factors
Social governance for all infrastructure projects has been well developed in the country. There are tighter and
specific instructions and guidelines so that any project that requires something like afforestation have been
taken care of. This could be the main reason behind delays or even scrapping of many Hydroelectric projects in
India. Social governance deals with protection of conditions that are important for human prosperity in an
accountable, credible manner. Any project, for precisely same reason has to go through many clearances by
the state and Central government agencies.

Legal framework

Until 1991, prior to economic liberization of Indian economy energy sector was under severe regulation and had
absolute monopoly of the sector. This attitude came from the thought that energy is a sector which was exclusive for
catering to various agriculture needs which provided livelihood for majority of Indian population. This objective was
met by providing subsides to various needy stakeholders. Though with all govt control, India was gripped in chronic
power shortage. After the linearization and mass Industrialization Electricity act 2003 allowed private players to
come into this sector and post 91 we have seen the shortage is being reducing.
Below picture explains various Law regarding power which was enacted in India with their objective.

But the recent coal scam in India has hit the power sector severely. All companies are reeling under severe crippling
acute power shortage. The court decision to scrap the coal block allocation has been detrimental to power sector

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Environments ( green issues)

With Coal being the main source for electricity generation. There are big environmental concerns that Grips the
nation is how to balance the ever growing energy needs and concern for environment. Indian government has taken
major step in this direction are being taken major one of them is being efforts taken to increase those Renewable
source of energy which do not cause damage to environment.
There have been lot of activism against power projects in which Kundakumam Nuclear Plant, Naramada hydro
project comes to our mind.
Indian government also places lot of emphasis on environment thats the reason environmental clearance is
mandatory for any power project. This clearance is given on 2 level one being in respecte to environment and other
being pollution.

Peer evaluation compare with peer group across
Products

Below table depicts various products of TATA power with comparison with peers with green legend showing
presence in that product market and red one showing absence

Markets

All peers in the preview of these projects have market solely in the India. Though, TATA power has presence in
following countries.
CYPRUS
SOUTH AFRICA
MAURITIUS
JAKARTA
SINGAPORE
VIETENAM

TRANSMISSION DISTRIBUTION TRADING
Thermal HydroWind Solar Nuclear Others
TATA POWER
NTPC
NHPC
GVK Power
Reliance Power
Adani Power Ltd.
GENERATION
Company
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In respect of share market, below is the snapshot of the market performance of these companies
Company TATA
POWER
NTPC NHPC GVK
Power
Reliance
Power
Adani Power
Ltd.
Year Mar'14 Mar'14 Mar'14 Mar'14 Mar'13 Mar'14
Equity 237.33 8245.5 11070.7 157.92 2805.13 2871.92
BV 55.32 104.08 23.55 15.69 59.98 27.11
Face 1 10 10 1 10 10
Dividend 125% 58% 3% - - -
Promoters Holding 33.04% 74.96% 85.96% 54.25% 74.98% 75.00%
RONW 7.26% 12.78% 3.75% -0.94% 3.05% 7.64%
ROCE 10.09% 11.01% 6.96% 1.77% 0.68% 8.95%
Debt to Equity 0.78 0.73 0.71 0.19 0.11 2.87
Market Cap/Sales 2.64 1.6 3.91 58.78 219.05 1.18


Growth

Below Table shows the growth of sales of TATA Power in comparison to its peers.
YEAR 2014 2013 2012 2011 2010
GVK Power and
Infrastructure
11.45 18.20 -26.76 -23.43 23.20
NTPC 12.30 -10.20 -9.20 10.80 11.30
TATA Power 11.30 6.30 5.30 5.20 4.20
NHPC 14.30 14.30 20.00 21.30 -2.30
Reliance Power 41.00 22.00 20.30 21.20 12.30
Adani Power 25.52 1989.05 -93.17 8.32 42.58
Industry Ratio 9.60 10.30 5.30 11.30 8.60

Financials

Below Table shows the Financial data.
TATA
Power
NTPC Power
Grid Corp
NHPC Reliance
Power
Mar '14 Mar '14 Mar '13 Mar '14 Mar '13
Total Share Capital 237.33 8,245.46 4,629.73 11,070.67 2,805.13
Equity Share Capital 237.33 8,245.46 4,629.73 11,070.67 2,805.13
Share Application Money 0 0 0 0 0
Preference Share Capital 0 0 0 0 0
Reserves 12,890.03 77,569.86 21,609.74 14,996.98 14,020.06
Revaluation Reserves 0 0 0 0 0
Networth 13,127.36 85,815.32 26,239.47 26,067.65 16,825.19
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Secured Loans 6,689.61 12,311.00 66,107.98 14,374.16 0
Unsecured Loans 3,565.91 50,094.75 2,685.89 4,206.36 1,877.78
Total Debt 10,255.52 62,405.75 68,793.87 18,580.52 1,877.78
Total Liabilities 23,382.88 1,48,221.07 95,033.34 44,648.17 18,702.97
Capital Work in Progress 775.09 44,888.67 19,114.92 14,657.13 0.41
Investments 12,362.45 9,757.86 1,147.50 2,478.89 14,662.18
Inventories 710.67 5,373.35 551.53 72.29 0
Sundry Debtors 1,320.10 5,220.08 1,434.09 1,863.77 1.92
Cash and Bank Balance 67.86 15,311.37 1,661.97 5,303.83 556.82
Total Current Assets 2,098.63 25,904.80 3,647.59 7,239.89 558.74
Loans and Advances 6,704.23 26,892.02 25,822.91 5,520.82 3,442.19
Fixed Deposits 0 0 0 0 0
Total CA, Loans & Advances 8,802.86 52,796.82 29,470.50 12,760.71 4,000.93
Deffered Credit 0 0 0 0 0
Current Liabilities 6,330.91 23,151.15 14,889.28 5,511.40 40.89
Provisions 825.24 8,181.96 1,210.94 3,816.70 3.74
Total CL & Provisions 7,156.15 31,333.11 16,100.22 9,328.10 44.63
Net Current Assets 1,646.71 21,463.71 13,370.28 3,432.61 3,956.30
Miscellaneous Expenses 0 0 0 0 0
Total Assets 23,382.88 1,48,221.07 95,033.34 44,648.17 18,702.97
Contingent Liabilities 21,759.26 81,582.53 47,462.01 13,078.79 2,404.91
Book Value (Rs) 55.32 104.08 56.68 23.55 59.98
Sources Of Funds
Total Share Capital 237.33 8,245.46 4,629.73 11,070.67 2,805.13
Equity Share Capital 237.33 8,245.46 4,629.73 11,070.67 2,805.13
Share Application Money 0 0 0 0 0
Preference Share Capital 0 0 0 0 0
Reserves 12,890.03 77,569.86 21,609.74 14,996.98 14,020.06
Revaluation Reserves 0 0 0 0 0
Networth 13,127.36 85,815.32 26,239.47 26,067.65 16,825.19
Secured Loans 6,689.61 12,311.00 66,107.98 14,374.16 0
Unsecured Loans 3,565.91 50,094.75 2,685.89 4,206.36 1,877.78
Total Debt 10,255.52 62,405.75 68,793.87 18,580.52 1,877.78
Total Liabilities 23,382.88 1,48,221.07 95,033.34 44,648.17 18,702.97
Gross Block 14,813.64 1,16,855.56 80,525.70 32,867.94 92.55
Less: Accum. Depreciation 6,215.01 44,744.73 19,125.06 8,788.40 8.47
Net Block 8,598.63 72,110.83 61,400.64 24,079.54 84.08
Capital Work in Progress 775.09 44,888.67 19,114.92 14,657.13 0.41
Investments 12,362.45 9,757.86 1,147.50 2,478.89 14,662.18
Inventories 710.67 5,373.35 551.53 72.29 0
Sundry Debtors 1,320.10 5,220.08 1,434.09 1,863.77 1.92
Cash and Bank Balance 67.86 15,311.37 1,661.97 5,303.83 556.82
Total Current Assets 2,098.63 25,904.80 3,647.59 7,239.89 558.74
Loans and Advances 6,704.23 26,892.02 25,822.91 5,520.82 3,442.19
Fixed Deposits 0 0 0 0 0
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Total CA, Loans & Advances 8,802.86 52,796.82 29,470.50 12,760.71 4,000.93
Deffered Credit 0 0 0 0 0
Current Liabilities 6,330.91 23,151.15 14,889.28 5,511.40 40.89
Provisions 825.24 8,181.96 1,210.94 3,816.70 3.74
Total CL & Provisions 7,156.15 31,333.11 16,100.22 9,328.10 44.63
Net Current Assets 1,646.71 21,463.71 13,370.28 3,432.61 3,956.30
Miscellaneous Expenses 0 0 0 0 0
Total Assets 23,382.88 1,48,221.07 95,033.34 44,648.17 18,702.97
Contingent Liabilities 21,759.26 81,582.53 47,462.01 13,078.79 2,404.91
Book Value (Rs) 55.32 104.08 56.68 23.55 59.98
Net Profit Before Tax 1583.06 6263.75 61.14 1491.16 13904.65
Net Cash From Operating Activities 3646.03 15259.33 -17.69 2699.5 15732.18
Net Cash (used in)/from -479.8 -26377.63 -1594.32 -2342.57 -
13979.71
Investing Activities
Net Cash (used in)/from Financing
Activities
-3478.41 13873.85 1555.79 -702.83 -3308.99
Net (decrease)/increase In Cash and
Cash Equivalents
-312.18 2755.55 -56.22 -345.9 -1556.33
Opening Cash & Cash Equivalents 5616.01 1661.97 592.05 401.2 16867.7
Closing Cash & Cash Equivalents 5303.83 4417.52 535.83 55.3 15311.37

Above table succinctly shows all the financial data of various power sector companies. And below chart shows some
important graphs.





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0
2000
4000
6000
8000
10000
12000
14000
16000
18000
TATA
Power
NTPC Power
Grid
Corp
NHPC Reliance
Power
Closing Cash & Cash Equivalents
Closing Cash & Cash
Equivalents
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How sustainable is the competitive advantage of the company and why?

TATA Power, past known as TATA Electric, spearheaded the era of power in India nine decades prior. Today,
it is the nation's biggest private force utility, built as a licensee in Mumbai and with yearning development
plans from being basically Mumbai-driven to a significant national player in the fields of Power as well as in
Energy and Broadband Communication.
TATA Power is the one organization with vicinity in all parts of Power, fuel & logistics, era (non-renewable and
renewable), transmission, appropriation and exchanging.
TATA Electric's New Entity

Prior to 1st April 2000 the TATA Electric Companies comprised of the following three Companies:

The TATA Hydro-Electric Power Supply Company Limited, established in 1910.
The Andhra Valley Power Supply Company Limited, established in 1916.
The TATA Power Company Limited, established in 1919.



Mumbai Power is TATA Power

Amid the ninety long years, the vitality delivered by TATA Power has coursed through Mumbai's vitals, dependably
and financially, helping the city attain and hold its premium status - the business capital of India. The testing
undertaking of gathering the perpetually developing power needs of the mechanical city of the nation has been
conceivable in light of effective transmission and dissemination of vitality, and steady redesigning of innovation by
the Company..

Network of Reliability
In Power supply, networks guarantee strength. TATA 's energy frameworks in Western India are interconnected with
the Western Region Grid, including the State Electricity Boards of Maharashtra, Gujarat, MP, Goa and Tarapur
Nuclear Power Station.
Competitive Tariffs
TATA Power appreciates an unrivaled expense advantage in power creation which it has attained by customarily
overhauling engineering to the state-of-the-craftsmanship and an interesting blend of hydro and warm creating
limit. The Company joyfully imparts this focal point to its clients, regarding focused taxes, significant beneficiaries
being immediate customers as they pay the least duties in Mumbai
Among above mentioned points TATA power is pioneer in Technology sector with many upcoming project and its
first mover advantage.

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Appointed India's initial 4000 MW Ultra Mega Power Project in Mundra focused around super-Critical
engineering

Appointing the initial 500 MW Thermal Unit in India

Appointing the initial 150 MW Thermal Unit in the nation

Touch-screen based Distributed Digital Control and Energy Management Systems

Modernized Grid Control and Energy Management Systems

220 KV Transmission Lines on Four-Circuit Towers

220 KV Underground Cable Transmission Network

Pipe Gas Desulpharisation plant utilizing ocean water

Administrators Training Simulators for 150 MW, 500mw

Warm Power Plants and Switchyard Operations

Fly-cinder Aggregate plant of 200,000 ton for every year to change over fly-fiery remains into helpful building
material

150 MW Reversible Hydro Pumped Storage Unit

The reasons that support the maintainable quality of TATA POWER incorporate

The risk profile of TATA POWER is agreeable, owning to the knowledge of the organization. The plant accessibility of
the company=90%, in the course of recent years.

TATA POWER has for all intents and purpose zero edge costs.

TATA POWER's stand-alone credit profile is 'bbb-'.

EBDITA edges of 70-80% in the course of recent years.

TATA POWER guarantees a spontaneous rating: BBB-/Negative/A-3 by the Government of India.

It is one of the most minimal expense power makers in India.

TATA POWER has a low obligation to capital degree.

TATA POWER's liquidity is Strong.

Liquidity sources through the following 12 months = Inr102 billion.

It is anticipated that TATA POWER's organization's liquidity sources (counting money, FFO, and credit office
accessible) through the following 12-year and a half will surpass utilization by 1.5 times.

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TATA POWER has been evaluated to have consistent repeating money streams, with a FFO of INR 30 Billion.

TATA POWER is ensured subordinated obligation from the administration at lower investment rates and
less demanding access to credit offices, as it is a Government related element.

The Government is and is relied upon to be TATA Powers most noteworthy shareholder. The Indian
government possesses 86.4% of TATA POWER.

TATA POWER is relied upon to develop in a stable way and its money stream assurance measures are prone to be
kept up therefore giving the organization a score of 7.59 for manageable development, on a scale of 10