GVK Power (GVKPOW) - ICICI Direct

Financial summary
Profit and loss statement
(| Crore) FY11 FY12 FY13E FY14E
Net Sales 1,914.7 2,491.8 3,769.0 5,650.2
Growth (%) 7.2 30.1 51.3 49.9
Total Operating Expenditure 1,400.7 1,807.8 2,331.3 3,307.5
EBITDA 514.0 684.0 1,437.8 2,342.8
Growth (%) 9.8 33.1 110.2 62.9
Interest 263.1 457.2 850.0 1,309.7
Depreciation 183.6 248.9 494.0 785.8
Other Income 28.5 88.9 64.3 129.2
PBT 95.7 66.7 158.0 376.5
Total Tax 21.3 67.8 41.4 116.9
PAT before MI 74.4 -1.1 116.6 259.6
Minority Interest 30.4 43.9 111.3 166.5
Profit from Associates 110.9 106.4 70.9 58.8
Less: Prior Period Items 0.0 0.0 0.0 0.0
PAT 154.9 61.5 76.2 151.9
Growth (%) -0.6 -60.3 24.0 99.4
EPS 1.0 0.4 0.5 1.0
Source: Company, ICICIdirect.com Research
Balance Sheet
(| Crore) FY11 FY12P FY13E FY14E
Liabilities
Equity Capital 157.9 157.9 157.9 157.9
Reserve and Surplus 3,228.9 3,323.5 3,366.5 3,518.4
Total Debt 5,548.4 13,884.5 15,125.9 14,704.9
Deferred Tax Liability 57.0 300.8 300.8 300.8
Minority Interest 1,153.4 3,116.8 3,228.1 3,394.6
Deferred Income 170.3 164.3 164.3 164.3
Sources of Funds 10,315.8 20,947.8 22,343.5 22,240.9
Assets
Total Gross Block 3,846.6 8,745.8 16,979.9 19,828.6
Less Accumulated Depreciatio 954.9 1,727.9 2,221.9 3,007.8
Net Block 2,891.7 7,017.9 14,757.9 16,820.8
Capital WIP 3,745.0 7,747.4 2,734.2 2,157.8
Net Intangible Assets 780.2 780.2 780.2 780.2
Goodwill on Consolidation 0.0 1,161.6 1,161.6 1,161.6
Investments 2,501.7 2,132.0 2,132.0 732.0
Inventory 43.1 75.4 103.8 164.9
Debtors 69.3 456.2 690.0 1,034.4
Loans and Advances 171.6 1,569.3 1,063.8 2,883.5
Other Current Assets 178.7 228.3 374.8 190.2
Cash 332.6 1,726.3 440.7 186.5
Total Current Assets 795.3 4,055.4 2,673.2 4,459.6
Total Current Liabilities 398.1 1,946.7 1,895.6 3,871.0
Net Current Assets 397.2 2,108.7 777.6 588.5
Application of funds 10,315.8 20,947.7 22,343.5 22,240.9
Source: Company, ICICIdirect.com Research
Cash flow statement
(| Crore) FY11 FY12P FY13E FY14E
Profit after Tax 154.9 61.5 76.2 151.9
Depreciation 183.6 248.9 494.0 785.8
Cash Flow before WC changes 338.6 310.4 570.2 937.8
Net Increase in Current Assets -67.1 -1,866.5 96.7 -2,040.6
Net Increase in Current Liabilities 193.8 1,548.7 -51.1 1,975.4
Net cash flow from op. activities 465.2 -7.5 615.8 872.6
(Purchase)/Sale of Investment -563.5 369.7 0.0 1,400.0
(Purchase)/Sale of Fixed Assets -1,662.1 -8,377.5 -3,220.9 -2,272.3
Net Cash flow from Investing Activities -1,362.2 -6,968.2 -3,109.6 -705.9
Inc / (Dec) in Equity Capital 0.0 0.0 0.0 0.0
Inc / (Dec) in Secured loan 902.9 8,336.2 1,241.4 -421.0
Inc / (Dec) in Unsecured loans 200.0 0.0 0.0 0.0
Net Cash flow from Financing Activities 1,178.8 8,369.3 1,208.2 -421.0
Net Cash flow 281.9 1,393.6 -1,285.5 -254.2
Opening Cash/Cash Equivalent 50.8 332.6 1,726.3 440.7
Closing Cash/ Cash Equivalent
Source: Company, ICICIdirect.com Research
332.6 1,726.3 440.7 186.5
Key ratios
FY11 FY12P FY13E FY14E
Per share data (|)
EPS 1.0 0.4 0.5 1.0
Cash EPS 2.1 2.0 3.6 5.9
BV 21.4 22.0 22.3 23.3
Operating profit per share 3.3 4.3 9.1 14.8
Operating Ratios (%)
EBITDA Margin 26.8 27.5 38.1 41.5
PBT / Net Sales 5.0 2.7 4.2 6.7
PAT Margin 8.1 2.5 2.0 2.7
Inventory days 7.5 8.7 8.7 8.7
Debtor days 13.2 66.8 66.8 66.8
Creditor days
Return Ratios (%)
19.4 62.8 62.8 62.8
RoE 4.6 1.8 2.2 4.1
RoCE 3.3 2.1 4.3 7.1
RoIC
Valuation Ratios (x)
4.2 3.4 5.5 9.3
P/E 12.1 30.6 24.7 12.4
EV / EBITDA 13.8 20.5 11.5 7.0
EV / Net Sales 3.7 5.6 4.4 2.9
Market Cap / Sales 1.0 0.8 0.5 0.3
Price to Book Value
Solvency Ratios (x)
0.6 0.5 0.5 0.5
Debt / EBITDA 10.8 20.3 10.5 6.3
Debt / Equity 1.6 4.0 4.3 4.0
Current Ratio 2.0 2.1 1.4 1.2
Quick Ratio
Source: Company, ICICIdirect.com Research
1.2 1.2 1.2 1.1
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