JAIPRAKASH POWER 2023-24 Annual Report Analysis

Tue, 13 Aug

JAIPRAKASH POWER has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

JAIPRAKASH POWER Income Statement Analysis

• Operating income during the year rose 16.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 59.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 26.2% in FY24 as against 19.2% in FY23.
• Depreciation charges increased by 0.2% and finance costs decreased by 19.7% YoY, respectively.
• Other income grew by 186.8% YoY.
• Net profit for the year grew by 1744.0% YoY.
• Net profit margins during the year grew from 1.0% in FY23 to 15.1% in FY24.

JAIPRAKASH POWER Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	57,867	67,628	16.9%
Other income	Rs m	1,355	3,885	186.8%
Total Revenues	Rs m	59,222	71,513	20.8%
Gross profit	Rs m	11,139	17,750	59.4%
Depreciation	Rs m	4,642	4,651	0.2%
Interest	Rs m	5,597	4,492	-19.7%
Profit before tax	Rs m	2,254	12,492	454.2%
Tax	Rs m	1,700	2,272	33.7%
Profit after tax	Rs m	554	10,220	1,744.0%
Gross profit margin	%	19.2	26.2
Effective tax rate	%	75.4	18.2
Net profit margin	%	1.0	15.1

Don't Miss: Key Information for Long-term Investors

JAIPRAKASH POWER Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 18 billion as compared to Rs 26 billion in FY23, thereby witnessing an decrease of -30.8%.
• Long-term debt down at Rs 36 billion as compared to Rs 40 billion during FY23, a fall of 9.2%.
• Current assets rose 6% and stood at Rs 33 billion, while fixed assets fell 1% and stood at Rs 140 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 173 billion as against Rs 173 billion during FY23, thereby witnessing a growth of 0%.

JAIPRAKASH POWER Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	104,455	114,676	9.8
Current Liabilities	Rs m	25,838	17,877	-30.8
Long-term Debt	Rs m	39,917	36,248	-9.2
Total Liabilities	Rs m	172,850	173,033	0.1
Current assets	Rs m	30,682	32,544	6.1
Fixed Assets	Rs m	142,168	140,489	-1.2
Total Assets	Rs m	172,850	173,033	0.1

JAIPRAKASH POWER Cash Flow Statement Analysis

• JAIPRAKASH POWER's cash flow from operating activities (CFO) during FY24 stood at Rs 19 billion, an improvement of 151.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -10 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -10 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -276 million from the Rs -33 million net cash flows seen during FY23.

JAIPRAKASH POWER Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	7,674	19,272	151.1%
Cash Flow from Investing Activities	Rs m	1,089	-9,910	-
Cash Flow from Financing Activities	Rs m	-8,797	-9,638	-
Net Cash Flow	Rs m	-33	-276	-

Current Valuations for JAIPRAKASH POWER

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.5, an improvement from the EPS of Rs 0.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 17.7, stands at 10.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 1.8 times.
• The company's price to cash flow (P/CF) ratio stood at 6.8 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	8.4	9.9
TTM Earnings per share	Rs	0.1	1.5
Diluted earnings per share	Rs	0.1	1.5
Price to Cash Flow	x	7.3	6.8
TTM P/E ratio	x	68.5	10.3
Price / Book Value ratio	x	0.5	0.9
Market Cap	Rs m	50,065	101,226
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for JAIPRAKASH POWER

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.8x during FY24, from 1.2x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 3.8x during FY24, from 1.4x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 8.9% during FY24, from 0.5% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 11.3% during FY24, from 5.4% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 8.5% during FY24, from 3.6% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.2	1.8
Debtors’ Days	Days	736	640
Interest coverage	x	1.4	3.8
Debt to equity ratio	x	0.4	0.3
Return on assets	%	3.6	8.5
Return on equity	%	0.5	8.9
Return on capital employed	%	5.4	11.3

To see how JAIPRAKASH POWER has performed over the last 5 years, please visit here.

JAIPRAKASH POWER Share Price Performance

Over the last one year, JAIPRAKASH POWER share price has moved up from Rs 7.5 to Rs 17.7, registering a gain of Rs 10.2 or around 137.3%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 8,154.1 (down 1.0%). Over the last one year it has moved up from 4,237.3 to 8,154.1, a gain of 3,917 points (up 92.4%).

Overall, the S&P BSE SENSEX is up 19.6% over the year.

(To know more, check out historical annual results for JAIPRAKASH POWER and quarterly results for JAIPRAKASH POWER)