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SJVN Ltd Stock Analysis

Mid Cap
Evaluated by 2922 users | BSE: 533206 | NSE: SJVN |
Power Generation/Distribution
SJVN incorporated on May 24, 1988 under the Indian Companies Act, 1956, as amended (the Companies Act) as a private limited company under the name of Nathpa Jhakri Power Corporation Private Limited with the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh.The company is into...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
SJVN Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed 11.1%12.18%10.73%10.28%14.85%11.64%11.57%9.66%12%13.86%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 1,8301,9281,7571,8742,8182,4942,6792,2302,6462,702
Y-o-Y Gr. Rt.-5.3%-8.8%6.6%50.4%-11.5%7.4%-16.8%18.7%2.1%
Adjusted EPS (Rs.) 2.212.592.522.694.263.43.723.123.574.21
Y-o-Y Gr. Rt.-17.2%-2.7%6.8%58.4%-20.2%9.4%-16.1%14.4%17.9%
Book Value per Share (Rs.) 17.4218.9120.3321.8824.6727.3127.7627.2128.629.92
Adjusted Net Profit 9141,0711,0431,1141,7611,4051,5401,2251,4041,655
Net Op. Cash Flow (Rs. Cr.) 1,3981,0941,4061,1541,4822,2082,2931,5641,0401,678
Debt to Cash Flow from Ops 1.251.611.542.121.771.21.051.432.071.32
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
SJVN Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 4.4%-0.8%0.3%2.1%
Adjusted EPS 7.4%-0.2%4.2%17.9%
Book Value per Share 6.23.92.54.6
Share Price 3% -2.7% -10.2% -3.3%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) 13.1914.2512.8512.7618.2913.0713.5211.0512.814.4
Operating Profit Margin (%) 87.2687.581.9885.7786.5682.8180.9276.5576.1178.23
Net Profit Margin (%) 49.9555.5759.3759.4762.556.3657.4854.9453.0461.27
Debt to Equity 0.240.230.260.270.260.230.210.210.190.19
Working Capital Days 208283383383336462447544496471
Cash Conversion Cycle -56559166120183108693563
Entity Percentage Holding
Promoters 86.77%
Institutions 8.23%
Non-Institutions 5.00%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

MoneyWorks4Me analysed the past 10-year performance of SJVN Ltd and arrived at the following conclusion:

Past 10 year's financial track record indicates that SJVN Ltd is a average quality company. However, for specific investment actions please connect with your investment advisor.

The 5-year analysis of SJVN Ltd's performance infers:

SJVN Ltd earnings have declined by -0.2%, whereas share price has depreciated -2.7% CAGR over the past five years, indicating the company's share price is likely undervalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of SJVN Ltd share prices over the last 10 years. Here is what we found out:

SJVN Ltd share price has depreciated 1.3% annually over the past ten years.

SJVN incorporated on May 24, 1988 under the Indian Companies Act, 1956, as amended (the Companies Act) as a private limited company under the name of Nathpa Jhakri Power Corporation Private Limited with the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh.

The company is into hydroelectric power generation originally established as a joint venture between the government and the state government of Himachal Pradesh to develop and operate the Nathpa Jhakri Hydro Power

SJVN incorporated on May 24, 1988 under the Indian Companies Act, 1956, as amended (the Companies Act) as a private limited company under the name of Nathpa Jhakri Power Corporation Private Limited with the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh.

The company is into hydroelectric power generation originally established as a joint venture between the government and the state government of Himachal Pradesh to develop and operate the Nathpa Jhakri Hydro Power Station (NJHPS). Based on the information published by the CEA, the NJHPS is currently the largest operation providing hydroelectric power generation facility in India based on installed capacity, with an aggregate generation capacity of 1,500 MW and is located on the Sutlej River in the state of Himachal Pradesh.

The NJHPS is currently the only hydroelectric power project in operation. Through the construction and operation of the NJHPS, the company has gained experience in the design, development, construction and operation of hydroelectric projects, and the execution and management of all aspects of such projects from the initial stages of concept to commissioning, operation and maintenance of such projects.

The company is currently constructing the Rampur Project, which is expected to be a 412 MW hydroelectric power generation facility located downstream from the NJHPS. The Rampur Project is currently projected to be completed and commissioned in 2013. Also, it has been awarded the rights to develop and operate two hydroelectric projects with an expected aggregate generation capacity of 825 MW by the state government of Himachal Pradesh (in each of which the company is expected to have a 51% participation interest).

SJVN has also entered into memoranda of understanding with the state government of Uttarakhand for three hydroelectric projects with an expected aggregate generation capacity of 363 MW. It has further agreed to participate in a joint venture with NHPC Limited and the state government of Manipur for the development and operation of a 1,500 MW hydroelectric power project to be located in Manipur.

It has also diversified the operations to target hydroelectric power projects available outside India, and has been awarded the rights to construct and operate on a build, own, operate and transfer (BOOT) basis, a 900 MW hydroelectric power project to be located in the Sankhuwasabha district of Nepal, through participating in a competitive tender held by the Nepalese government. Through these projects, it expects to increase its total installed power generation capacity by approximately 3,588 MW.

Awards/ Recognitions

  • Safety Award (Silver Award in power sector) from Greentech Foundation in the year 2006, 2007, 2008 and 2009
  • Greentech Environment Excellence Award (Silver Award) from Greentech Foundation in the year 2009
  • Greentech Environment Excellence Award (Bronze Award) from Greentech Foundation in the year 2006 and 2007

Milestones

  • 1988: Company incorporation
  • 1992: The company took over the execution of NJHEP from HPSEB
  • 1997: Enhancement of authorized share capital of the company from Rs 10,000 million to Rs 22,000 million.
  • 1999: Enhancement of authorized share capital of the company from Rs 22,000 million to Rs 45,000 million.
  • 2002: Change of company name from Nathpa Jhakri Power Corporation Limited to Satluj Jal Vidyut Nigam Limited
  • 2003: Commercial generation of units for NJHEP
  • 2004: GoHP allocated Luhri Hydro Electric Project to the company for preparation of detailed project report
  • 2004: Implementation agreement signed with GoHP for RHEP.
  • 2005: DPR cleared by CEA for RHEP
  • 2005: Agreement signed with government of Uttarakhand for execution of Devsari HEP (300 MW), Naitwar Mori HEP (33 MW) and Jakhol Sankri HEP (33 MW) on BOOT basis.
  • 2006: Public Investment Board clearance for RHEP.
  • 2007: CCEA clearance for RHEP
  • 2008: Grant of Mini Ratna Category-I status to the company
  • 2008: Upgradation of the company from Schedule B to Schedule A, Central Public Sector Enterprise
  • 2008: MoU signed for Arun-III HEP with Government of Nepal;
  • 2008: MoU signed between GoHP and the company for the implementation of Luhri HEP
  • 2008: MoU signed for the execution of Dhaulasidh HEP with GoHP.
  • 2009: Change of company name from Satluj Jal Vidyut Nigam Limited to SJVN Limited
  • 2009: Change of company status from private limited company to public limited company
  • 2009: Enhancement of authorized share capital of the company from Rs 45,000 million to Rs 70,000 million
  • 2009: Sub division of face value of equity shares from Rs.1,000 per equity share to Rs. 10 per equity share

Certification

  • 2009: Bureau of Indian Standards granted to the company a license for occupational health and safety management systems certification to carry out activities at RHEP in accordance with the IS 18001:2007. The license is valid from March 31, 2009 until March 30, 2012.
  • 2009: Bureau of Indian Standards granted the company a license for occupational health and safety management systems certification to carry out activities at RHEP in accordance with the IS 14001:2004. The license is valid from March 31, 2009 until March 30, 2012.
  • 2008: Certificate granted by the certification body of the TUV SUD Management Service GmbH Trading as TUV SUD South Asia Private Limited to the company certifying that the construction of the tunnel and power house from Jhakri to Bayal for generation of 412 MW of electricity complied with the requirements of ISO 9001:2000.
  • 2008: Det Norkse Veritas Management System Certificate granted to the company certifying that the quality management system of the company with regard to the services of design, contracting, quality assurance and related support to hydro power projects/hydro power stations conforms to the Quality Management System Standard ISO 9001: 2000. The certificate is valid until February 11, 2011.
  • 2007: Det Norkse Veritas Management Service Certificate granted to the company certifying that the quality management system of the company with respect to all activities relating to generation of electricity at NJHEP conformed to the Quality Management System Standard ISO 9001: 2000. The certificate is valid until February 27, 2010.
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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