TD Power Systems Ltd - Stock Valuation and Financial Performance

BSE: 533553 | NSE: TDPOWERSYS | Electric Equipment | Small Cap

TD Power Systems Share Price

266 -2.10 -0.78%
as on 19-Mar'24 16:59

DeciZen - make an informed investing decision on TD Power Systems

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

TD Power Systems stock performance -

mw4me loader
P/E Ratio (SA):
35.14
Market Cap:
4,186.9 Cr.
52-wk low:
143.2
52-wk high:
334.4

Is TD Power Systems Ltd an attractive stock to invest in?

1. Is TD Power Systems Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that TD Power Systems Ltd is a below average quality company.

2. Is TD Power Systems Ltd undervalued or overvalued?

The key valuation ratios of TD Power Systems Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is TD Power Systems Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of TD Power Systems Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of TD Power Systems:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

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.
TD Power Systems Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 7.3%3.8%3.6%1.7%-0.2%1.9%3.3%4%9.4%13.8%-
Value Creation
Index
-0.5-0.7-0.7-0.9-1.0-0.9-0.8-0.7-0.30.0-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 354405455369432445479499719821938
Sales YoY Gr.-14.3%12.5%-18.9%17.1%2.9%7.6%4.3%43.9%14.3%-
Adj EPS 2.110.90.3-0.40.40.713.15.17.6
YoY Gr.--50.2%-11.8%-68.9%-250%NA70%41.2%221.9%64.1%-
BVPS (₹) 29.329.629.72929.329.529.730.733.63843.2
Adj Net
Profit
34.116.914.94.7-6.96.310.514.848.179.2119
Cash Flow from Ops. -2.370.450.2-31.610.553.642-0.3-9.482-
Debt/CF from Ops. -26.20.80.6-1.46.61.21.6-173-7.60-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 9.8%13.7%19.7%14.3%
Adj EPS 10.6%NA95.4%64.1%
BVPS3%5.4%8.6%13.2%
Share Price 18% 59.5% 109.5% 76.2%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
7.23.531-1.41.32.33.29.614.218.8
Op. Profit
Mgn %
9.99.67.26.33.37.36.88.111.714.817
Net Profit
Mgn %
9.64.23.31.3-1.61.42.236.79.612.7
Debt to
Equity
0.10.10.10.10.10.10.20.10.10-
Working Cap
Days
261248200294321319293285237229132
Cash Conv.
Cycle
7972488711714013213712112077

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 18.80%

Sales growth is growing at healthy rate in last 3 years 19.70%

Net Profit is growing at healthy rate in last 3 years 95.36%

Sales growth is good in last 4 quarters at 15.43%

No data to display

Latest Financials - TD Power Systems Ltd.

Standalone Consolidated
TTM EPS (₹) 7.6 8
TTM Sales (₹ Cr.) 938 986
BVPS (₹.) 43.2 43.9
Reserves (₹ Cr.) 644 654
P/BV 6.20 6.11
PE 35.14 33.58
From the Market
52 Week Low / High (₹) 143.20 / 334.40
All Time Low / High (₹) 14.38 / 334.40
Market Cap (₹ Cr.) 4,187
Equity (₹ Cr.) 31.2
Face Value (₹) 2
Industry PE 77.1

Management X-Ray of TD Power Systems:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of TD Power Systems

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales354405455369432445479499719821
Operating Expenses 319366423352418413446459635700
Manufacturing Costs14171613141416151820
Material Costs236274310245308309335341514564
Employee Cost 41475758615765707077
Other Costs 28284037353230333338
Operating Profit 353933171432334184122
Operating Profit Margin (%) 9.9%9.6%7.2%4.6%3.3%7.2%6.8%8.1%11.7%14.8%
Other Income 30171918161115131822
Interest 5566969974
Depreciation 15282828272622212120
Exceptional Items 0000220200-1
Profit Before Tax 46231711711192474119
Tax 1262154262031
Profit After Tax 341715012716175488
PAT Margin (%) 9.6%4.2%3.3%0.1%2.9%1.6%3.4%3.5%7.5%10.8%
Adjusted EPS (₹)2.11.00.90.00.80.51.11.13.55.7
Dividend Payout Ratio (%)22%52%68%1,490%48%88%42%44%20%18%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 486491494481487457460475523593
Share Capital 33333333333131313131
Reserves 453458461448454426429445492562
Minority Interest0000000000
Debt6057284569616852710
Long Term Debt0000000000
Short Term Debt6057284569616852710
Trade Payables9411211010398127133102147125
Others Liabilities 106109124103648889130143152
Total Liabilities 746770756734717734749759883870

Fixed Assets

Gross Block275357372371382390390403414430
Accumulated Depreciation5987115138169193214234255272
Net Fixed Assets216269257233213197176170160158
CWIP 54011111110
Investments 26262815172838383836
Inventories867680808198126146192191
Trade Receivables132114134156188220187176245255
Cash Equivalents 1401921929185119140155144152
Others Assets91926415813370827510478
Total Assets 746770756734717734749759883870

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -27050-321054420-982
PBT 46231711711192474119
Adjustment 418311426192118617
Changes in Working Capital -4434-5-41-272410-35-73-20
Tax Paid -8-4-3-6-6-1-8-7-16-34
Cash Flow From Investing Activity -60-10-512-3-176-6-1-7
Capex -70-22-16-3-7-116-14-12-16
Net Investments -50-100-10-10000
Others 1512121543108109
Cash Flow From Financing Activity 22-9-4516-45-17-2011-89
Net Proceeds from Shares 0000000111
Net Proceeds from Borrowing 0000000000
Interest Paid -4-4-5-4-7-3-4-3-1-1
Dividend Paid -7-9-11-12-7-7-13-2-8-19
Others 334-301819-350-1619-71
Net Cash Flow -41520-1813-931-260-14
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)7.173.473.040.082.561.53.593.7410.8715.85
ROCE (%)9.765.144.361.394.763.165.356.1714.3520.83
Asset Turnover Ratio0.560.570.670.560.620.620.660.670.880.97
PAT to CFO Conversion(x)-0.064.123.33-INF0.837.712.630-0.170.93
Working Capital Days
Receivable Days11910389127139165153131106107
Inventory Days64685670657284988582
Payable Days1391371311591191331421258888

TD Power Systems Ltd Stock News

TD Power Systems Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of TD Power Systems on 19-Mar-2024 16:59 is ₹266.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 19-Mar-2024 16:59 the market cap of TD Power Systems stood at ₹4,186.9.
The latest P/E ratio of TD Power Systems as of 19-Mar-2024 16:59 is 35.14.
The latest P/B ratio of TD Power Systems as of 19-Mar-2024 16:59 is 6.20.
The 52-week high of TD Power Systems is ₹334.4 and the 52-week low is ₹143.2.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of TD Power Systems is ₹938.0 ( Cr.) .

About TD Power Systems Ltd

The company was originally incorporated as TD Power Systems on April 16, 1999 as a private limited company under the Companies Act, in Bangalore, Karnataka, India. The name of Company was subsequently changed to TD Power Systems by a special resolution of the members passed at an extraordinary general meeting of Company on January 17, 2011. The fresh certificate of incorporation consequent upon change of name was granted to the Company on February 4, 2011 by the Registrar of Companies, Karnataka.

Business of the Company:

TD Power Systems is one of the leading manufacturers of AC Generators with output capacity in the range of 1 MW to 52 MW for prime movers such as steam turbines, gas turbines, hydro turbines, wind turbines, diesel and gas engines. It focuses on manufacturing custom-designed generators for its customers who are based across the world. The company has been promoted by Nikhil Kumar, Hitoshi Matsuo, Mohib N. Khericha and Saphire Finman Services Private Limited.

In addition to manufacturing AC Generators Company also executes Turbine Generator island projects for steam turbine power plants with output capacity up to 52 MW using a Japanese turbine combined with its generator. The scope of work of the TG island projects consists of design services, procurement and supply of equipment, assembly, installation & commissioning. From the inception of its Company and as of December 31, 2010 the Company has completed a total of 87 TG island projects with an aggregate output capacity of 1,720 MW which includes projects executed in Uganda, Kenya, Zambia and Philippines.

Meanwhile, the company’s subsidiary, DF Power Systems, is in the business of Engineering, Procurement and Construction (“EPC”), executing Boiler-Turbine Generator (“BTG”) island projects and the balance of plant (“BOP”) portion for steam turbine power plants with output capacity from 52 MW up to 150 MW (“EPC Business”). The scope of work for the EPC Business comprises of design services, procurement and supply of equipments, assembly and installation & commissioning (excluding civil works). From the inception of its Subsidiary and as of December 31, 2010 Subsidiary has completed a total of 2 BTG island projects with an aggregate output capacity of 111.50 MW.

Its customer base primarily comprises companies operating in the industrial sector and includes cement, steel, paper, chemical, metals, sugar co-generation, bio-mass power plants, hydro-electric power plants and Independent Power Plants (“IPPs”) companies. Some of its customers include Shree Cements, Vasavadatta Cements, Nava Bharat Ventures, Chettinad Cement Corporation and Balrampur Chini Mills.

Further, the company commenced business providing TG project solutions and subsequently, in August 2001, forayed into manufacturing of generators up to 30 MW under a license from Toyo Denki Seizo K.K. (“Toyo Denki”), a leading manufacturer of power and electric equipments located in Japan. Company currently owns the technology, which was originally licensed from Toyo Denki, and has further developed in-house capability to manufacture generators up to 40 MW.

The Company has entered into a Product Development Cooperation and Manufacturing Agreement dated May 12, 2009 with Voith Hydro Holding GmbH & Co.KG for jointly developing electric generators. Under the agreement, the parties are to jointly develop and design electric generators the Company will manufacture such generators for Voith Hydro Group. It has granted a limited license to General Electric Company, USA to manufacture generators using its design for the Brazilian market, and if on a co-manufacturing basis, to other countries in Central and South America.

Company’s manufacturing facility consisting of two manufacturing units in Dabaspet, Industrial Area on the outskirts of Bangalore is spread over 219,290.72 sq. ft. These facilities house marketing, design and development, procurement, manufacturing, quality management and administrative functions, consisting of 735 employees including 536 permanent employees, 167 contract employees and 32 trainees, as of December 31, 2010 who are well trained and experienced to cater to the needs of customers. The manufacturing facilities are equipped with advanced machinery and equipment and are ISO 9001:2008 compliants.

The company also has one branch office in Japan. It’s Company's branch office in Japan sources turbines for TG island projects and sells generators we manufacture. It’s Subsidiary's branch office in Hong Kong was recently established for sourcing power plant equipment for its EPC Business and for sourcing and selling power plant equipment to third parties. The company is ISO 9001-2008 certified and ISO 14001/OHSAS 18001:2007 certified by TUV SUD Management Services GmBH, Munich.

Key Milestones:

  • February 6, 2001 -Technical Assistance, License and Transfer Agreement with Toyo Denki
  • July 26, 2002 -Dispatched the first 34MW AC Generator to Thailand
  • August 27, 2002 -Supplied the first 8MW AC Generator to Siemens Limited, Baroda
  • April 6, 2007 0As part of the Projects Business, successfully commissioned biggest project for 32MW
  • July 11, 2007- License of technology to General Electric Company under a Technology License and Technical Assistance Agreement
  • July 23, 2007- Production Technology Transfer Agreement with Sicme Motori SrL.
  • November 25, 2007 Executed the first overseas project in Uganda by commissioning a 16.5 MW steam turbine plant.
  • September 24, 2008 Company’s Subsidiary received multiple orders under its BTG Business for USD 100.00 millionSeptember 4, 2008 Purchase Framework Agreement and License Agreement with Siemens AG
  • March 31, 2010 Manufacturing Agreement with Toshiba Mitsubishi-Electrical Industrial Systems Corporation

Awards and Accreditations:

  • March 12, 2010- Certificate of ISO 9001-2008 issued by TUV SUD Management Services GmbH was issued as Company has established and applies a quality management system for design development, manufacturing, testing, supply and servicing of A.C. Generators.
  • Certificate of ISO 9001-2008 issued by TUV SUD Management Services GmbH that the Company has established and applies a quality management system for machining of AC Generator parts, lamination coating (varnishing) sub-assemblies and assembly of AC Generators
  • Certificate of ISO 9001-2008 issued by TUV SUD Management Services GmbH that the Company has established and applies a quality management system for design, supply, erection and commissioning of Thermal Power Plants
  • Audit Report ISO 14001/OHSAS 18001:2007 issued by TUV SUD Management Services to the Company in relation to the design, manufacture and supply of AC Generators-Certificate of Compliance issued by CSA International to the Company in relation to component open type synchronous generators being eligible to bear the CSA mark with indicator
  • June 23, 2010 -Certificate of BS OHSAS 18001: 2007 issued by TUV SUD Management Services GmbH that the Company has established and applies a safety management system for design, manufacture and supply of AC Generators
  • Certificate of ISO 14001: 2004 issued by TUV SUD Management Services GmbH that the Company has established and applies an environmental management system for design, manufacture and supply of AC Generators.
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