Gujarat Industries Power Company Ltd - Stock Valuation and Financial Performance

BSE: 517300 | NSE: GIPCL | Power Generation/Distribution | Small Cap

Guj. Inds. Power Share Price

213.15 -0.90 -0.42%
as on 04-Dec'24 16:59

DeciZen - make an informed investing decision on Guj. Inds. Power

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

Gujarat Industries Power Company stock performance -

mw4me loader
P/E Ratio (SA):
15.04
Market Cap:
3,237.5 Cr.
52-wk low:
151.8
52-wk high:
270

Is Gujarat Industries Power Company Ltd an attractive stock to invest in?

1. Is Gujarat Industries Power Company Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Gujarat Industries Power Company Ltd is a average quality company.

2. Is Gujarat Industries Power Company Ltd undervalued or overvalued?

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

3. Is Gujarat Industries Power Company Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Gujarat Industries Power Company Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Guj. Inds. Power:

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.
Gujarat Industries Power Company Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 13.3%13.1%14.5%13.1%9%11.2%9.2%8%8.1%7.9%-
Value Creation
Index
-0.1-0.10.0-0.1-0.4-0.2-0.3-0.4-0.4-0.4-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,2151,3521,3111,3541,4071,3791,3351,1721,3561,3491,322
Sales YoY Gr.-11.3%-3.1%3.3%4%-2%-3.2%-12.2%15.6%-0.5%-
Adj EPS 8.91214.316.221.816.111.811.312.413.114.2
YoY Gr.-35.5%18.6%13.4%34.4%-26%-27%-3.7%9.9%5.1%-
BVPS (₹) 121.4134.4147.8162.6170181.7188.8201.3208.6218.5222.5
Adj Net
Profit
134182216245329244178171188198215
Cash Flow from Ops. 405232433337611445193362410562-
Debt/CF from Ops. 1.52.111.80.912.51.41.20.7-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 1.2%-0.9%0.3%-0.5%
Adj EPS 4.4%-9.7%3.6%5.1%
BVPS6.8%5.2%5%4.8%
Share Price 8.8% 25.8% 37.6% 25.4%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
7.59.410.110.413.19.26.45.86.16.16.5
Op. Profit
Mgn %
34.829.732.935.53936.631.834.630.128.331.1
Net Profit
Mgn %
11.113.516.518.123.417.713.314.613.914.716.3
Debt to
Equity
0.30.20.20.30.20.20.20.20.20.10.1
Working Cap
Days
132153177174181171197266239266156
Cash Conv.
Cycle
58637973585286131120115115

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 6.50%

Sales growth has been subdued in last 3 years 0.33%

Net Profit has been subdued in last 3 years 3.58%

Sales growth is not so good in last 4 quarters at -6.55%

Latest Financials - Gujarat Industries Power Company Ltd.

Standalone Consolidated
TTM EPS (₹) 14.2 16.8
TTM Sales (₹ Cr.) 1,322 1,407
BVPS (₹.) 222.5 0
Reserves (₹ Cr.) 3,215 2,419
P/BV 0.96 0.00
PE 15.04 12.71
From the Market
52 Week Low / High (₹) 151.75 / 270.00
All Time Low / High (₹) 9.50 / 270.00
Market Cap (₹ Cr.) 3,238
Equity (₹ Cr.) 151.3
Face Value (₹) 10
Industry PE 29.2

Management X-Ray of Guj. Inds. Power:

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 Guj. Inds. Power

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales1,2151,3521,3111,3541,4071,3791,3351,1721,3561,349
Operating Expenses 792951882873859874911767948967
Manufacturing Costs692837761729726714762615793771
Material Costs0000000000
Employee Cost 676873918810810698103141
Other Costs 33464753455243535156
Operating Profit 423401429481548505424406408381
Operating Profit Margin (%) 34.8%29.7%32.7%35.5%39.0%36.6%31.8%34.6%30.1%28.3%
Other Income 433671511174230214876
Interest 78767357505131293837
Depreciation 120112126158168191155151165168
Exceptional Items -19000-21800000
Profit Before Tax 249250301317228305269247253253
Tax 123617273525789766554
Profit After Tax 126188229245176248180171189199
PAT Margin (%) 10.4%13.9%17.5%18.1%12.5%18.0%13.5%14.6%13.9%14.7%
Adjusted EPS (₹)8.412.515.216.211.716.411.911.312.513.1
Dividend Payout Ratio (%)30%22%18%17%25%18%23%22%30%30%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 1,8372,0332,2362,4592,5712,7482,8553,0443,1543,306
Share Capital 151151151151151151151151151151
Reserves 1,6851,8822,0852,3082,4192,5972,7042,8933,0033,154
Minority Interest0000000000
Debt501370312468425387426435415334
Long Term Debt432327271361367384395400391316
Short Term Debt70434110759331352418
Trade Payables888510410114411079869087
Others Liabilities 5766607627576916857698388281,492
Total Liabilities 3,0023,1483,4143,7863,8313,9304,1294,4034,4875,218

Fixed Assets

Gross Block3,8262,0892,7623,0763,2363,6803,5664,1394,1974,414
Accumulated Depreciation1,9301122383956027959361,0821,2441,432
Net Fixed Assets1,8951,9772,5242,6812,6342,8852,6303,0572,9532,982
CWIP 993524616752924175437
Investments 207250281328906087148106124
Inventories148151160152166160222223259223
Trade Receivables128266248260214193295325307281
Cash Equivalents 366193759262372286284456610
Others Assets158276171300298256316325331560
Total Assets 3,0023,1483,4143,7863,8313,9304,1294,4034,4875,218

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 405232433337611445193362410562
PBT 249250301317228305269247253253
Adjustment 175181190219427218163164177148
Changes in Working Capital 21-147-7-1255-19-189-621210
Tax Paid -40-52-51-74-50-59-49-43-41-49
Cash Flow From Investing Activity -124-178-459-389-265-113-231-340-128-217
Capex -103-186-477-378-253-114-240-333-126-462
Net Investments -47-251-120-23-18-19-24-54
Others 2633171-1324261222299
Cash Flow From Financing Activity -230-228-161103-137-222-47-25-110-190
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -105-105-55133-19-70040-24-69
Interest Paid -78-62-65-48-44-43-31-28-36-35
Dividend Paid -37-37-40-40-41-44-44-41-38-57
Others -10-24-157-33-65274-12-29
Net Cash Flow 50-174-18751209109-85-2172155
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)7.039.7310.7410.427.019.326.425.816.096.15
ROCE (%)13.3313.1414.513.078.9611.249.188.018.087.88
Asset Turnover Ratio0.410.440.40.380.370.360.330.270.30.28
PAT to CFO Conversion(x)3.211.231.891.383.471.791.072.122.172.82
Working Capital Days
Receivable Days53537268625467978580
Inventory Days40404342414352696565
Payable Days0000000000

Gujarat Industries Power Company Ltd Stock News

Gujarat Industries Power Company Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Guj. Inds. Power on 04-Dec-2024 16:59 is ₹213.2.
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 04-Dec-2024 16:59 the market cap of Guj. Inds. Power stood at ₹3,237.5.
The latest P/E ratio of Guj. Inds. Power as of 04-Dec-2024 16:59 is 15.04.
The latest P/B ratio of Guj. Inds. Power as of 04-Dec-2024 16:59 is 0.96.
The 52-week high of Guj. Inds. Power is ₹270.0 and the 52-week low is ₹151.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Guj. Inds. Power is ₹1,322 ( Cr.) .

About Gujarat Industries Power Company Ltd

Gujarat Industries Power Company Limited (GIPCL) was incorporated in 1985 as a Public Limited company under the auspices of Government of Gujarat (GoG). The company was incorporated as a Public Limited Company with the Registrar of Companies, Gujarat under the Companies Act, 1956 and having its registered office at P.O. Ranoli, Vadodara, Gujarat, India and has listed its shares on BSE Limited and The National Stock Exchange (India) Limited.

The company has been promoted by leading Gujarat PSUs, namely GSFC, GACL and GUVNL. The company is engaged in the business of Electrical Power Generation. The company has a diversified portfolio of Thermal (Gas and Lignite), Wind and Solar Power Plant Assets in the state of Gujarat. GIPCL aims to transform itself into a formidable national level power sector enterprise.

The company commissioned its first power project, a 145 MW gas based Combined Cycle Power Plant at Vadodara in the year 1992. It was set up as an innovative concept of Group Captive Power Plant with the participation of industries and the state power utility as promoters. Power from this plant is distributed to its promoters in proportion to their original equity holding.

Thereafter the company commissioned a 165 MW dual fuel based Combined Cycle Power Plant at Baroda in 1997 which successfully operated as an IPP having a long term PPA with GUVNL for 20 years. Subsequently this plant has entered into a 5 year Power Purchase Agreement (PPA) with GUVNL for supply of power through Short Term Open Access in March 2019. 

It also commissioned a greenfield project of 2x125 MW Surat Lignite Power Plant (SLPP-I ) based on environment friendly CFBC technology at Nani Naroli, District Surat, Gujarat in November, 1999 having long Term PPA with GUVNL for 30 years. The capacity was further enhanced with the commissioning of another 2 x 125 MW (SLPP- II) with similar technology in April, 2010 having a long term PPA with GUVNL for 30 years. The lignite for these plants is sourced from the captive mines of Vastan, Mangrol and Valia.

In the recent years, the company aligned its growth strategy with the vision of GOI to have 175 GW Renewable Capacity by 2022. The company has successfully commissioned 112.4 MW Wind Generation capacity at various locations in Gujarat in the period 2015-17 having long Term PPA with GUVNL for 25 years with Feed-in Tariff.

The company has also established a number of Utility Scale Ground Mounted Solar PV Projects in Gujarat since the year 2012 onwards. The projects have long term PPAs of 25 years with SECI and GUVNL. The company has also commissioned a unique Distributed Agri Solar pilot project of 2 x 1 MW in April & May, 2016 for Govt. of Gujarat feeding solar energy directly into the distribution grid thereby eliminating T & D losses. The Company has successfully commissioned a 2 x 40 MW Solar Project in September, 2017 as well as a 75 MW Solar Power Project in June, 2019 at Gujarat Solar Park, Village Charanka, Dist.: Patan. The Company has commissioned the 100 MW Solar Project at the Raghanesda Solar Park, Banaskantha, Gujarat on August 10, 2021.

Business area of the company

The company is engaged in generation of power from gas, lignite, wind and solar. The Principal places of business are located in Gujarat, India.

Power Generation

  • Gas Based Power Plants
  • Lignite Power Plants
  • Solar & Wind Assets
  • Plant Performance

Mines

  • Vastan Lignite and Limestone Mine
  • Mangrol Valia Lignite Mine

Awards and Accolades

Financial Year 2019

  • Vastan Lignite Mine has won Overall First Prize for the Overall Performance among the lignite mines of Gujarat State, from Director General of Mining Safety during Gujarat Lignite Mines Safety & Swachhata Week 2018-19. Vastan Lignite Mine has also won prizes for ‘Mine Workings and General Safety’, ‘Health, First Aid & Vocational Training’, ‘Publicity, Propaganda & Housekeeping’ and ‘Record Maintenance’ and Valia Lignite Mine has won prizes for ‘Swachhata Hi Seva Prize’, ‘Health, First Aid & Vocational Training’ and ‘Record Maintenance’.
  • Vastan Limestone Mine has won prizes for the ‘Mine Working, Haul road, Maintenance & Transportation’ and ‘Health, Safety, Welfare & Occupational Health Check up facilities, Fire Fighting & Vocational Training’ among the 24 Limestone Mines (Chemical and Soda Ash Group) of Gujarat State during 9th Gujarat Metalliferous Mines Safety, Swachhata & Silicosis Awareness Week-2018.
  • SLPP received Winner Award in “Power Plant Performance - 2018 - Lignite” in Thermal O&M “Conference - Expo - Award” on June 8, 2018 at New Delhi organized by Mission Energy Foundation jointly supported by Central Electricity Authority (CEA), Ministry of Environment & Forest and Climate Change (MoEF and CC), Ministry of Power, Coal, Renewable Energy and Ministry of Science & Technology.
  • SLPP received National Energy Management Award - 2018 for Outstanding Performance in Energy Conservation conferred by Confederation of Indian Industry (CII), Hyderabad and recognized as ‘Energy Efficient Unit’. The award was received on 31st August, 2018 in a function organized by CII at HICC, Hyderabad.
  • SLPP received Environment Excellence Award - 2018 under “Clean Generator of the Year - Lignite” category, conferred by Mission Energy Foundation jointly supported by Ministry of Environment & Forest and Climate Change (MoEF and CC), Ministry of Power (MoP), Coal, Renewable Energy and Ministry of Science & Technology. The Award was received on 21st September, 2018 in a Conference organized at New Delhi.
  • National Award conferred to SLPP, as the “Winner” of “National Fly Ash Utilization Award-2019” for Fly Ash Utilization in Thermal Power Stations Category <= 500 MW by Mission Energy Foundation, supported by Ministry of Environment & Forest and Climate Change, Ministry of Power, Coal, Renewable Energy, Ministry of Road Transport and Highways, Ministry of Science & Technology and Ministry of Urban Development on 28th February, 2019 at Goa.

Financial Year 2020

  • The company’s Valia Lignite Mine won the Overall Second Prize for its Overall Performance among the lignite mines of Gujarat State, from the Director General of Mining Safety during Gujarat Lignite Mines Safety & Swachhata Week 2019-20. Sh. P. C. Goyal (GM-Mines) was awarded the Best Manager of the Year, Lignite Open Cast Mines. Valia Lignite Mine also won prizes for ‘Health, First Aid & Vocational Training’, ‘Gazette Notifications under CMR, 2017’, ‘Mine Workings and General Safety’ and ‘Record Maintenance’. Vastan Lignite Mine won prizes for ‘Thrust Area (Welfare and Occupational Health Surveillance of Contractual Employees)’, ‘Health, First Aid & Vocational Training’ and ‘Publicity, Propaganda & Housekeeping’.
  • Vastan Limestone Mine won prizes for the ‘Overall Performance’, ‘Mine Working, Haul road, Maintenance & Transportation’ and ‘Safety, Welfare & Occupational Health Checkup facilities, Fire Fighting & Vocational Training’ among the 22 Limestone Mines (Chemical and Soda Ash Group) of Gujarat State during 9th Gujarat Metalliferous Mines Safety, Swachhata & Silicosis Awareness Week-2019.
  • The Surat Lignite Power Plant (SLPP) of the company was conferred National Award, as the “Winner” (third consecutive year) of “Fly Ash Utilization Award - 2020” for Efficient Management of Fly Ash (100% Ash utilization) in the category of Thermal Power Stations <= 500 MW at 9th Fly Ash Utilization, Conference-Expo-Awards-2020, Organized by Mission Energy Foundation, supported by Ministry of Environment & Forest, Ministry of Power, Ministry of Coal, Ministry of Road Transport and Highways, Ministry of Steel and Ministry of Urban Development, on February 28, 2020 at Goa.
  • SLPP received National Energy Management Award - 2019 for Outstanding Performance in Energy Conservation (for third consecutive year) conferred by Confederation of Indian Industry (CII), Hyderabad and recognized as ‘Energy Efficient Unit’. The award was received on 18th September, 2019 in a function organized by CII at Hyderabad.
  • GIPCL-SLPP received “Power Plant Performance Award - 2019” in “Power Plant Performer - 2019 < 500 MW Lignite” category consecutively for second year in “Thermal Power O&M Conference - Award” function organized by Mission Energy Foundation at New Delhi on 28th June, 2019.

Financial Year 2021

  • The Surat Lignite Power Plant (SLPP) of the company has received National Award for Excellence in Energy Management-2020 for Outstanding Performance in Energy Conservation (for fourth consecutive year) conferred by Confederation of Indian Industry (CII), Hyderabad and recognized as 'Energy Efficient Unit'. The award was received on 28 August, 2020.
  • SLPP has received Environment Excellence Award-2020 under 'Clean Generator of the Year - Lignite' category, conferred by Mission Energy Foundation. The Award was received on 28 September, 2020.
  • SLPP has received National Efficiency Award-2021 under 'Best Energy Efficient Plant - Lignite' category, conferred by Mission Energy Foundation. The Award was received on 19 February, 2021.
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