POWER SECTOR:

MARKET RETURN
GROUP 03:
SAURABH GULHATI
SWAPNIL PADOLE
GOVINDA SINGH
NIHAR KUMAR
SURAJ DONGARE

COMPANIES ANALYZED

TATA POWER.
JSW ENERGY LTD.
NTPC LTD.
NEYVELI LIGNITE.
ADANI POWER.

Power Sector At a Glance

Distribution
2.2

17.55
Thermal

RES
12.12

Hydro
68.14

Nuclear

Conceptual Overview
TATA Power
Company Ltd
Generation

Transmission

Distribution

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 1st UMPP
TATA POWER Financials

ROE/RONW (%)
AVERAGE 9.07%
12,000.00

ROE (%)

10,000.00
11.50
11.00

8,000.00

10.50
PAT

6,000.00

10.00

N.W.

ROE (%)

9.50

4,000.00

9.00
2,000.00

8.50
8.00
March,13

March,12

March,11

March,13

ROE (%)

March,12

March,11

9.28

11.01

9.38

PAT

1,024.69

1,169.73

941.49

N.W.

11,040.79

10,626.15

10,038.74

(PAT / N.W.)

P/E Ratio

AVERAGE 18.30

160.00

P/E Ratio

140.00

35.00

120.00

30.00

100.00

25.00

80.00

20.00

60.00

P/E Ratio

15.00

MPS (closing price

of March)
EPS

40.00

10.00

20.00

5.00

0.00
March,13

0.00

March,13

P/E Ratio

March,12

March,12

March,11

March,11

25.56

17.70

34.34

110.35

87.25

136.25

4.32

4.93

3.97

(MPS / EPS)
MPS (closing price of March)
EPS

Book Value per share (in Rs)

Book Value per share

47.00
46.00

45.00
Book Value per share

44.00
43.00
42.00
41.00
40.00
March,13

Book Value per share

March,12

March,11

46.52

44.78

42.30

11,040.79

10,626.15

10,038.74

237.31

237.31

237.31

(NW / N)

Net Worth
No. of shares (in cr.)

Market Capitalization(Rs. in Cr.)

Market capitalisation (Rs. in cr.)
35,000
30,000
25,000
20,000

Market capitalisation (Rs. in cr.)

15,000
10,000
5,000
0
March,13

March,12

March,11

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

JSW ENERGY LTD.

Incorporated in 1994 as a JV between JSW Steel
Ltd. & 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/Distribution
sector in terms of sales turnover.
Has a presence in both the International and
Domestic market through 24 subsidiaries.

RETURN ON EQUITY
8,000.00
16.00%
7,000.00

14.00%

6,000.00

12.00%
10.00%

5,000.00

8.00%
4,000.00

6.00%
3,000.00

4.00%

2,000.00

2.00%
0.00%

1,000.00
2010-11

ROE

2010-11
14.70%

2011-12

2011-12
3.81%

2012-13
2012-13
14.66%

AVERAGE 9.07%

2010-11

2011-12

2012-13

PAT

885.61

234.64

993.03

Net Worth

6025.39

6158.72

6773.24

PRICE-EARNING RATIO
80.00
45.00
40.00

70.00

35.00

60.00

30.00
50.00
25.00
40.00

20.00
15.00

30.00
10.00
20.00

5.00
-

10.00
2010-11

P/E Ratio

2010-11
13.28

2011-12

2011-12
42.81

2012-13
2012-13
9.03

AVERAGE 18.30

2010-11

2011-12

2012-13

EPS

5.40

1.43

6.05

MPS

71.70

61.25

54.65

BOOK VALUE PER SHARE

7000
42.00
6800

41.00
40.00

6600
39.00

Rs. Crore

38.00
37.00

6400

6200

36.00

35.00

6000

34.00
2010-11

Book Value Per Share

5800
2011-12

2010-11
36.74

2012-13
2011-12
37.55

2012-13
41.30

5600
Net Worth

2010-11

2011-12

2012-13

6025.39

6158.72

6773.24

MARKET CAPITALIZATION
14,000.00

12,000.00

10,000.00

8,000.00
Market Cap

6,000.00

4,000.00

2,000.00

2010-11

2011-12

2012-13

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.

Profit After Tax (Rs. ,in crore)

90000

Significant increase in PAT, due

to significant increase in the
Total income.

80000

70000

60000

50000
Total income
PAT

40000

30000

20000

10000

0
2013

2012

2011

2010

2009

RONW
16.00%
14.00%
12.00%

10.00%
8.00%

RONW

6.00%
4.00%
2.00%
0.00%
2013

2012

2011

2010

2009

EPS
16
14
12
10
8

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.

6
4
2

AVERAGE 9.07%

0
2013

2012

2011

2010

2009

Book value per share (in Rs.)

Book value per share

Net worth(Rs., in crore)

90000

100
80000

90
70000

80

60000

70
60

50000

50

Book value per share

Net worth

40000

40
30000

30
20

20000

10

10000

2013

2012

2011

2010

2009

0
2013

2012

2011

2010

2009

Market Capitalization (Rs., in crores)

Mkt. Cap.
180000
160000
140000
120000
100000

Mkt. Cap.

80000
60000
40000
20000
0
2013

2012

2011

2010

2009

Market price per share (Rs.)

250

Price-earning ratio

200

150
Market price per share

20

100

18
50

16
14

12

2013

2012

2011

Price-earning ratio

10

EPS(Rs.)

8
6

16

14
12

10
0
2013

2012

2011

EPS

8
6

AVERAGE 18.30

4
2
0
2013

2012

2011

2010

2009

Neyveli Lignite Corporation

Neyveli Lignite Corporation Limited was founded in 1956 and is based
in 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.

Book Value
Mar-13

Mar-12

Mar-11

Mar-10

Mar-09

77.2

71.76

66.61

61.54

56.44

Book Value (Rs)

Networth
14000

80
12000
70
10000

60

8000

50
40

Book Value (Rs)

30

6000
4000

20
2000
10
0
0
Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Networth

Price Earning Ratio

Mar-13

Mar-12

Mar-11

Mar-10

Mar-09

8.01

10.77

14.10

20.40

18.41
AVERAGE 18.30

PE ratio
30000
25.00
25000
20.00
20000

15.00
PE ratio

15000

PAT

10.00

Market Capitalisation
10000

5.00
5000
0.00
0
Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

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

M-Cap
25000

20000

15000
M-Cap
10000

5000

0
Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

ROE
Mar-13

Mar-12

Mar-11

Mar-10

Mar-09

11.27 %

11.72 %

11.62 %

12.08 %

8.67 %

AVERAGE 9.07%

ROE
14000
14
12000

12

10000

10

8000

PAT

ROE
6

6000

4000

Networth

2000

0
Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

0
Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

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

ROE (%)
20.00
8.16

10.00

2.94

0.00
-10.00

-4.88

-20.00
-30.00
-40.00
-50.00
-60.00

-53.45
March,13

March,12

March,11

March,10

AVERAGE 9.07%
ROE (%)

-53.45

-4.88

8.16

2.94

PAT

-2,295

-295

513

170

N.W.

4,293

6,041

6,287

5,778

(PAT / N.W.)

P/E Ratio
200.00

141.22

150.00
100.00
47.92

50.00
0.00
-4.24
-50.00
-50.50
-100.00
March,13

March,12

March,11

March,10

AVERAGE 18.30
P/E Ratio

-4.24

-50.50

47.92

141.22

41

68

113

116

-9.59

-1.35

2.35

0.82

(MPS / EPS)

MPS (closing price of March)

EPS

Book Value per share

35.00
30.00

27.71

28.84

27.91

March,11

March,10

25.00
17.94

20.00
15.00
10.00
5.00
0.00

March,13

Book Value per share

March,12

17.94

27.71

28.84

27.91

4,293

6,041

6,287

5,778

239

218

218

207

(NW / N)
Net Worth
N

Market Capitalisation (Rs. in cr.)

30,000
25,000

24,591

24,007

March,11

March,10

20,000
14,890

15,000
10,000

9,728

5,000
0

March,13

Market Capitalisation (Rs. in cr.)

MPS

No. of shares (in cr.)

March,12

9,728

14,890

24,591

24,007

41

68

113

116

239

218

218

207

ROI / ROCE (%)

5.00

4.11
4.00
3.00
2.00

1.47

1.28

1.00
0.00
-1.00

-0.94

-2.00
March,13

ROI / ROCE (%)

March,12

March,11

March,10

-0.94

1.47

4.11

1.28

EBIT

-354

540

1,049

208

C.E.

37,827

36,665

25,548

16,349

(EBIT / C.E.)

THANK YOU!!!