DSIJ.in JULY 22 - AUG 4, 2019 I DALAL STREET INVESTMENT JOURNAL (^105)
prepaid meters and also regulations related to the same. The
Government of India has approved a National Policy on
Biofuels – 2018, which is expected to have benefits such as
health benefits, cleaner environment, employment generation,
reduced import dependency, boost to infrastructural
investment in rural areas and additional income to farmers. As
of September 2018, the Government of India has launched a
voluntary programme for promoting energy-efficient chiller
systems in India. It labels the energy performance by providing
star ratings and it will be effective up to December 31, 2020.
As renewable energy is a fast emerging major source of power in
India, the Government of India plans to double wind power
generation and solar power generation capacity. The
Government of India aims to achieve 175 GW capacity in
renewable energy by 2022, which includes 100 GW of solar
power and 60 GW of wind power. The Union government has
been preparing a 'rent a roof ' policy to supporting its target of
generating 40 gigawatts (GW) of power through solar rooftop
projects by 2022.
To analyse the sector, we have chosen the top 23 companies
based on market cap. The total net sales for the sector in FY19
was 3,05,976.21 crore, which is an increase by 10.61 per cent compared to the net sales in FY 18, which was2,76,631 crore.
In FY19, the total operating profit also increased by 8.79 per
cent to 1,05,560.98 crore from97,030.42 crore in FY18. The
total net income of the 23 companies rose by 1.39 per cent to
21,385.86 crore for FY19 from21,091.82 crore in FY18.
Comparing the companies having highest net sales YoY growth,
Adani Green Energy for FY19 reported net sales of 2057.98 crore with YoY growth of 137.07 per cent and gained operating profit of1471.34 crore for the same fiscal having YoY growth
of 114.61 per cent. Adani Transmission had net sales growth of
85.21 per cent YoY at 7305.45 crore for FY19. The company’s operating profit for FY19 was2858.07 crore, which is YoY
growth of 1.13 per cent and the net income was 559.20 crore. Following the two Adani Group companies, Nava Bharat Ventures posted a YoY growth of 32.19 per cent for net sales of 3103.46 crore in FY19. The company gained an operating
profit of 1328.07 crore, which is a YoY growth of 67.48 per cent for FY19 and for the same fiscal, its net income was 464.79 crore. Ravindra Energy, a company having a small
market cap of 380.42 crore, has posted net sales of 518.19 crore for FY19.
Among the set of 23 companies, NTPC and Power Grid
Corporation of India have the largest market cap of
135,011.23 crore and107,666.11 crore respectively. For FY19,
NTPC registered net sales of 95,742.03 crore with a YoY growth of 8.69 per cent. The company posted a net income of 11961.38 crore with operating profit of 24109.51 crore, having YoY increase by 7.53 per cent for FY2018-19. Power Grid Corporation of India reported net sales growth of 17.04 per cent YoY at35,059.12 crore. The company’s operating
profit in FY19 was 30,220.54 crore, with a YoY growth of 15.71 per cent and the net income for the same financial year was reported at12431.57 crore.
12.79 13.00 13.10 8.69 7.53 18.94 -1.64 10.11 10.72 12.25 9894.56 8245.46 8245.46
15.67 14.24 11.39 17.04 15.71 160.52 10.03 16.42 16.84 14.89 5231.59 5231.59 5231.59
10.39 3.79 3.35 85.21 1.13 -51.07 174.46 31.95 14.82 19.68 1099.81 1099.81 1099.81
2.44 2.95 2.35 15.83 17.02 -25.20 -17.35 10.83 12.82 9.79 10045.03 10259.32 10259.32
-5.49 -16.01 1.65 17.63 -8.28 NA NA -107.63 -117.97 8.45 3856.94 3856.94 3856.94
8.10 8.91 3.32 10.13 8.42 13.34 -9.03 7.45 7.73 -1.06 270.50 270.50 270.50
18.70 19.61 8.92 14.24 2.64 -5.07 -4.60 10.83 13.18 6.51 480.62 480.62 480.62
0.48 3.86 8.90 13.53 3.28 385.54 -87.70 1.25 6.17 16.96 1640.87 1640.05 1627.95
89.32 68.84 52.12 3.79 12.98 34.40 29.74 12.98 9.73 7.19 133.00 133.00 133.00
3.12 3.74 3.41 19.10 27.71 11.54 -16.58 11.01 13.52 13.08 3929.80 3929.80 4136.63
12.80 16.07 0.41 -12.56 -11.48 -21.43 -20.35 15.36 19.73 0.49 1386.64 1528.57 1528.57
-3.57 -0.48 -0.67 137.07 114.61 NA NA -24.51 -5.22 -3.87 1564.01 1376.75 1273.90
12.00 14.01 10.90 18.63 68.53 197.09 -14.32 10.35 13.66 12.25 296.01 296.01 296.01
13.33 4.87 31.77 32.19 67.48 67.20 173.58 8.49 2.91 9.67 35.73 35.73 35.72
50.93 54.19 28.88 7.79 -2.89 NA -6.01 20.35 24.33 1.93 263.03 263.03 263.03
-2.66 -2.06 -0.83 -20.20 -12.85 NA NA -19.69 -15.23 -3.47 5996.00 5996.00 5996.00
3.69 3.94 3.19 -14.50 -10.40 NA -6.28 4.71 5.30 4.38 2805.13 2805.13 2805.13
10.98 15.16 12.45 3.95 13.54 4.19 -27.57 10.59 10.74 9.73 151.25 151.25 151.25
-3.56 -8.25 -4.10 6.08 9.67 NA NA 0.00 -263.31 -40.70 157.92 157.92 157.92
4.20 1.94 -0.27 19.87 -73.44 71.72 116.71 17.02 8.99 -1.30 18.83 18.83 18.83
-5.65 -2.22 -1.52 -6.37 -0.76 NA NA -50.67 -14.31 -8.77 2945.43 2945.43 2845.43
-0.97 -1.27 -4.55 -9.44 -12.45 NA NA -12.69 -14.36 -43.73 750.72 750.72 739.80
-11.84 -0.15 -0.76 24.13 NA NA NA -101.02 -0.84 -3.81 119.88 117.92 117.92
EPS () YoY Growth FY19 (%) RoNW (%) Equity ( in Cr.)
FY19 FY18 FY17 Sales Operating Profit PAT EPS FY19 FY18 FY17 FY19 FY18 FY17
martin jones
(Martin Jones)
#1