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SJVN Ltd Stock Analysis

Mid Cap
Evaluated by 3027 users | BSE: 533206 | NSE: SJVN |
Power Generation/Distribution

SJVN, a Mini Ratna, Category-I and Schedule -‘A’ CPSE under administrative control of Ministry of Power, Govt. of India, was incorporated on May 24, 1988 as a joint venture of the Government of India (GOI) and the Government of Himachal Pradesh...

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 3.3% -1.5% -7.5% 25.5%
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 7.74%
Non-Institutions 5.50%
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 -1.5% 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 1.9% annually over the past ten years.

SJVN, a Mini Ratna, Category-I and Schedule -‘A’ CPSE under administrative control of Ministry of Power, Govt. of India, was incorporated on May 24, 1988 as a joint venture of the Government of India (GOI) and the Government of Himachal Pradesh (GOHP).

SJVN is now a listed Company having shareholders pattern of 59.92% with Govt. of India, 26.85% with Govt. of Himachal Pradesh and rest of 13.23% with

SJVN, a Mini Ratna, Category-I and Schedule -‘A’ CPSE under administrative control of Ministry of Power, Govt. of India, was incorporated on May 24, 1988 as a joint venture of the Government of India (GOI) and the Government of Himachal Pradesh (GOHP).

SJVN is now a listed Company having shareholders pattern of 59.92% with Govt. of India, 26.85% with Govt. of Himachal Pradesh and rest of 13.23% with Public. Beginning with a single project and single State operation (i.e. India’s largest 1500 MW Nathpa Jhakri Hydro Power Station in Himachal Pradesh), the Company has commissioned seven projects totaling 2016.51 MW of installed capacity and 86 km 400 KV Transmission Line.

Business area of the company

SJVN is presently implementing or operating power projects in Himachal Pradesh, Uttarakhand, Bihar, Maharashtra and Gujarat in India besides neighbouring countries of Nepal and Bhutan.

Businesses Segments

  • Thermal Power
  • Hydro Power
  • Wind Power
  • Solar Power
  • Power Transmission
  • Consultancy

Awards

2012-13

  • The Company won the Commendation Certificate of ‘SCOPE Award for Excellence and Outstanding Contribution to the Public Sector Management-Institutional Category-II (Miniratna-I & II PSEs)’ 2010-11.
  • For its Meritorious CSR activities, company was awarded the prestigious 'Vishwakarma Awards' by Construction Industry Development Council (CIDC), a body established by the Planning Commission (Govt. of India) and Construction Industry.
  • The Company also bagged the award for Social Development & Impact while its Rampur Hydro Electric Project bagged achievement award for Construction Health, Safety and Environment.

2013-14

  • The Nathpa Jhakri Hydro Power Station (6 x 250 MW) was evaluated for the 'Silver Shield' for the year 2012-13 and the 'Bronze Shield' for the year 2011-12 by the Central Electricity Authority in the category of 'Performance of Hydro Power Stations'.
  • The Company was also awarded the prestigious 'PSE Excellence Award – 2013' in the category of CSR and Sustainability 16th December, 2013. Contribution of SJVN in the field of CSR has been distinguished and recognized for the major activities in the areas of health, education, skill development, community infrastructure and organizing cultural programme and sports.
  • The Company bagged the Construction Industry Development Council (CIDC) - Vishwakarma Achievement Award for “Social Development and Impact”
  • Rampur Hydro Electric Project bagged Construction Industry Development Council (CIDC) - Vishwakarma Achievement Awards for Construction, Health, Safety and Environment.
  • The Company was awarded ISO 9001:2008 certification further for next three years. SJVN has been awarded this certification initially in the year 2005 for maintaining stringent Quality Requirements of Det Norkes Veritas.

2014-15

  • The Unit-5 & Unit-2 of Company’s Rampur Hydro Electric Project of SJVN Limited were selected for the 'Gold Shield' and 'Silver Shield' respectively for the year 2013-14 by the Ministry of Power, Govt. of India in the category of 'Early Completion of Hydro Power Projects'.
  • SJVN Limited has been honored with the “CBIP award of Best Performing Hydro Power Utility”.
  • SJVN has received this award for outstanding contribution to the Nation by setting New Bench Mark in Generation and Maintenance, excellence in engineering and use of latest State of Art Technologies and smart solutions for tackling major silt erosion problems.
  • HelpAge India has awarded “Gold Plate Award” to SJVN for its contribution in providing free medical care to the unprivileged sections of the society.
    2015-16
  • SJVN was honored with 9th ENERTIA Award 2015 - India and South Asia for sustainable Energy & Power in recognition of company's achievements in the Hydro Sector during 2014-15.
  • SJVN was conferred with 'Excellence Award' by Institute of Economic Studies in recognition of outstanding performance of SJVN and its management in the field of industrial development in the country.
  • SJVN was awarded with ABP-News CSR Leadership Award in category of Best Corporate Social Responsibility Practices.
  • SJVN was awarded 'PSU Award 2015' by Governance Now.
  • SJVN was selected for Best Employee Productivity award under Mini Ratna Category-1 Public Sector Undertaking.
  • SJVN was also conferred with SCOPE Excellence Awards in Institutional Category (Miniratna I & II PSEs) for the year 2013-14 with Gold Trophy and Citation and for year 2010-11 with Commendation Certificate.
  • SJVN was also conferred with Global CSR Excellence Leadership Award by Blue Dart.
  • SJVN bagged CIDC Vishwakarma Award - 'Achievement Award for Social Development & Impact' and 'Partners in Progress'.
  • SJVN was awarded 'Silver Plate Awards' by Help Age India for CSR.

2016-17

  • SJVN was felicitated with “Gold Trophy and Citation of SCOPE Excellence Awards” under Institutional category (Mini Ratna) by President of India, Pranab Mukherjee. The awards were presented in a function held at Vigyan Bhawan, New Delhi to mark the Public Sector Day.
  • SJVN was conferred with “CSR Leadership Award” in the category of Best Corporate Social Responsibility Practices while Nand Lal Sharma, Director (Personnel), SJVN was honoured with “Most Impactful CSR Leader”&“Life Time Achievement Award” in individual category during World CSR Congress.
  • SJVN was awarded the “10 ENERTIA Award- India & South Asia” for its Flagship 1500 MW Nathpa Jhakri Hydro Power Station.
  • SJVN was conferred with the prestigious 'P.L. Roy Award' instituted by Help Age India for its outstanding contribution in providing free & quality medical care to the communities as one of its many CSR initiatives.
  • SJVN was awarded 17 Annual “Greentech Environment Excellence PLATINUM Award 2017” in Hydro Power Sector for outstanding achievement in Environment Management.

2017-18

  • SJVN was awarded with ‘Achievement Award 2018’ and ‘Partners in Progress Trophy’ for Social Development & Impact during 10th CIDC Viswakarma Award 2018. The award was presented by Construction Industry Development Council.
  • SJVN was conferred with Global CSR Excellence & Leadership Award in the category of Concern for Health by World CSR Congress, Mumbai.
  • SJVN was felicitated with ‘Eminent Award’ for Best Corporate Social Responsibility practices in health sector by the EK Nam Desh Ke Nam, New Delhi.
  • SJVN was honoured with ‘Silver Plate Award’ by HelpAge India, New Delhi for its outstanding contribution in the field of healthcare as one of its many CSR initiatives.
  • SJVN was awarded with Winner Trophy for ‘Best Hydro Power Generator’ by Independent Power Producers Association of India (IPPAI).
  • The prestigious award was conferred to SJVN for its outstanding performance in the area of Operation & Maintenance of Hydro Power Stations.

2018-19

  • SJVN was felicitated with the prestigious IPPAI Power Awards-2018 under the Category of Best Hydro Power Generator during 19 Independent Power Producers Association of India (IPPAI) Retreat 2018.
  • SJVN was awarded with Aqua Foundation Excellence Award 2018 in the category of Sustainable Development in Hydro Power Sector (Public Sector) during XII World Aqua Congress International Conference 2018.
  • SJVN was conferred with 4th EKDKN Exceed Award 2018 by Ek Kaam Desh Ke Naam, Delhi.
  • SJVN Foundation was awarded with Achievement Award 2019 & Partner in Progress Trophy for Social Development & Impact during 11th CIDC Vishwakarma Award 2019 by Construction Industry Development Council, Delhi.
  • SJVN was felicitated with 6 Annual Greentech Award for its CSR initiatives by Greentech Foundation, Delhi.
  • SJVN was awarded with ET Now CSR Leadership Award 2019 for effectively implementing its CSR initiatives during World CSR Day.
  • Marjit Singh Bindra, Director (Finance), SJVN was conferred with the prestigious BHARAT JYOTI Award by India International Friendship Society.

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
  • 2013: SJVN inks MoU with Power Ministry to generate 6930 mn units of energy
  • 2013: SJVN acquires Buxar Bijlee for thermal power project
  • 2014: Commencement of commercial operations of 3 units of 412 MW Rampur Hydro Electric Project of SJVN Limited
  • 2014: SJVN Signs MoU for carrying out pre-construction activities for development of Kholongchhu Hydroelectric Power Project (600MW) till formation of Joint Venture Company in Bhutan.
  • 2014: SJVN Signs MoU to form a Joint Venture Company for implementation of First Phase (1000 MW) of Worlds largest 4000 MW Ultra Mega Solar Power Project.
  • 2014: SJVN inks MoA for 80 MW Doimukh Hydel Project in Arunachal Pradesh.
  • 2014: SJVN inks MoU with five other PSUs for 4000 MW solar power project
  • 2015: SJVN inks MoU with Hindustan Salts Limited and Rajasthan Electronics and Instruments Limited
  • 2015: SJVN inks pact with 6 state power generating companies
  • 2015: SJVN signs JV Agreement for formation of Joint Venture for Mining of Coal Block in West Bengal
    2015: SJVN Signs MoU with Ministry of Power
  • 2015: SJVN inks MoU with Saurya Urja Company of Rajasthan Ltd'
  • 2019: Prime Minister of India unveiled the Foundation Stone of SJVN's 1320 MW Buxar Thermal Power Project.
  • 2019: A historic feat was achieved when SJVN's flagship 1500 MW Nathpa Jhakri Hydro Power Station in Himachal Pradesh crossed a cumulative 100 billion units electricity generation.
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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