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India's Third Giant Leap
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- Dec 21, 2015 - GIPCL: Stranded Gas Based Power Projects Dents Revenues
GIPCL: Stranded Gas Based Power Projects Dents Revenues
Performance summary
- Revenues declined by 8.5% YoY. Vadodara Station-I (145 MW) and Vadodara Station-II (165 MW) which are gas based power plants reported a lower Plant Load Factor (PLF) of 53.53% and 2.65% respectively which led to lower revenues.
- Operating profits declined by 13.8% YoY on account of lower revenues.
- Net profits declined at a slower pace as compared to decline in operating profits due to significant reduction in interest and taxation expenses.
Standalone financial performance
| Rs (m) | 2QFY15 | 2QFY16 | Change | 1HFY15 | 1HFY16 | Change |
|---|---|---|---|---|---|---|
| Net revenue | 3,338 | 3,054 | -8.5% | 6,806 | 6,408 | -5.9% |
| Expenditure | 2,311 | 2,169 | -6.2% | 4,290 | 4,437 | 3.4% |
| Operating profit | 1,027 | 885 | -13.8% | 2,516 | 1,971 | -21.7% |
| EBIDTA margin (%) | 30.8% | 29.0% | 37.0% | 30.8% | ||
| Other Income | 174 | 77 | -55.7% | 263 | 150 | -43.1% |
| Depreciation | 283 | 285 | 0.8% | 871 | 566 | -35.1% |
| Interest | 236 | 154.4 | -34.6% | 443 | 328 | -25.9% |
| Profit before tax | 682 | 522 | -23.4% | 1,466 | 1,227 | -16.3% |
| Tax | 278 | 141 | -49.1% | 576 | 301 | -47.6% |
| Effective tax rate | 40.7% | 27.0% | 39.3% | 24.6% | ||
| Profit after tax/ (loss) | 404 | 381 | -5.7% | 890 | 925 | 4.0% |
| Net profit margin (%) | 12.1% | 12.5% | 13.1% | 14.4% | ||
| No. of shares (m) | 151.3 | |||||
| Diluted earnings per share (Rs)* | 9.8 | |||||
| Price to earnings ratio (x)* | 8.0 |
*On a trailing 12 months basis
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