Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Union Budget
Budget 2011-2012 Home
Industry Expectations - Budget 2011-2012
Industry Reactions - Budget 2011-2012
Budget 2010-2011
Budget 2010-2011 Home
Industry Expectations - Budget 2010-2011
Industry Reactions - Budget 2010-2011
Contributor's Corner
Bonanza Portfolio
Hemant K Gupta
Krish Bhatt
S A A R T H I
Trinity Investments
Exchange Information
BSE 2009 Holidays
NSE 2009 Holidays
Investor Guide
Depository & Dematerialisation
Grievance Redressal
Investor Guide
SEBI
Trading of Securities
Transfer of Securities
Your Rights
Budget 2009-2010
Budget 2009-2010 Home
Industry Expectations - Budget 2009-2010
Industry Reactions - Budget 2009-2010
Interim Budget 2009-2010 Home
Industry Expectations - Interim Budget 2009
Budget 2008-2009
Railway Budget 2008-2009
Industry Expectations - Budget 2008
Union Budget 2008-2009
Highlights of Budget 2008-2009
Summary of Budget 2008-2009
Industry Reactions - Budget 2008
IPOs
Current IPOs
Past IPOs
IPO Subscription
Mutual Funds
Gold Exchange Traded Fund
MF Unique Holding
Forthcoming Dividends
ELSS Schemes Comparison
Tax Plans
New Fund Offers
Research
Arbitrages
Equity
Market Whispers
Tax Planning
Home
Equity Linked Savings Scheme
Post Office MIS
9% GOI Senior Citizens Savings Scheme
8% Savings (Taxable) Bonds
Kisan Vikas Patra
National Savings Certificate
Public Provident Fund
Research

| More

SJVN - A miss on the generation front - Prabhudas Lilladher

Posted On: 2013-01-31 21:09:25

Q3FY13 generation down by 16.1% YoY, flattish PAT: SJVN's reported revenue de-grew by 3.3% YoY, as the generation dipped by 16.1% on the back of a 20.5% YoY dip in water discharge. However, realisation per unit was up by 15.1% YoY, leading to a lower sales de-growth at Rs3.6bn. PAT came in at Rs1.9bn which was flat YoY on account of lower interest charges. PAF for the quarter stood at 105% (approx) and for 9MFY13 was at 108%. Incentives for 9MFY13E were Rs1.2bn, mainly on account of higher-than-expected UI charges.

FY13E - a lower generation year: The river discharge in October has been lower on account of snow and thus, in FY13E, the generation will not surpass the MOU target of 6612MUs in a big way. Also, the incentives on secondary charges will be lower to that extent. This is as per our expectation (at the beginning of the year) and hence, there will be no impact on our PAT estimates.

Updates: SJVN has Rs4bn outstanding from Delhi, UP and HP SEBs. The company has chalked out plan for adding 47.6MWs of wind power for which the orders are being placed and COD is expected in Q2FY14E. Capital expenditure outlay for FY14E is Rs9bn and CWI is at Rs26bn. Additional ROE of 1% is not applicable to NJHEP. Cash stands at Rs24bn.

Valuation and Recommendation: Rampur HEP in FY14E will aid FY15E and to some extent, FY14E earnings as well. The generation this year will be a dampener on the earnings; however, the impact on the stock price would not be material as it provides a steady state dividend yield play. The stock is trading at 1x FY14E. We maintain 'Accumulate' on the stock.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

Energy: 3QFY18E preview-expect a strong quarter
Telecom: Thoughts on Jio's latest price cut - Kotak
Initiating Coverage: Vascon Engineers Ltd - BUY - TP Rs.60 - Kotak
Initiating Coverage: Dilip Buildcon Ltd - BUY - TP Rs.1217 - Kotak
Brigade enterprises Ltd - Research Report - Rating - ACCUMULATE - Arihant Capital Markets
Jindal Stainless (Hisar) - Initiating Coverage - BUY - TP Rs.318 - Kotak
Consumer Products - Cautious: Quick look back at what worked in CY2017 - Kotak
VRL Logistics Ltd - Company Update - BUY - TP Rs.500 - Kotak
HDFC Bank board approves raising Rs.24,000 crore: Angel Broking
Talbros Automotive Components Ltd - Initiating Coverage - Buy - Kotak Securities
Shemaroo Entertainment Ltd - Q2 FY2018 Result Update Rating - NEUTRAL - Arihant Capital Markets
Bodal Chemicals Ltd - Result Update - REDUCE - TP Rs.176 - Kotak
Management Meet Update: Time Technoplast Ltd - ACCUMULATE - TP Rs.214 - Kotak
Petronet LNG - Company Update - BUY - TP Rs.285 - Kotak
FIEM Industries Ltd - Result Update - BUY - TP Rs.1203
Quarterly Market Outlook - Kotak Securities
Dollar Industries Ltd - Result Update - BUY - TP Rs.560 - Kotak
Infosys gets a new CEO and MD: Angel Broking
November Auto Sales Analysis: Angel Broking
NBCC (India) Ltd - Result Update - SELL - TP Rs.250 - Kotak
Bajaj Quadricycles, not enough to see a rally: Angel Broking
Sector Update: Infrastructure Sector - Kotak
Management Meet Update: Blue Dart Express - ACCUMULATE - TP Rs.4375 - Kotak
TRAI unequivocally votes for net neutrality: Angel Broking
The Pitch Report - Initiating Coverage: NESCO Ltd - BUY - TP Rs.611
KNR Constructions Ltd - Result Update - BUY - TP Rs.306 - Kotak
Dr. Reddy's gets EIR for Vizag Plant: Angel Broking
PNC Infratech Ltd - Result Update - ACCUMULATE - TP Rs.198 - Kotak
MRPL - Company Update - ACCUMULATE - TP Rs.138 - Kotak
AIA Engineering Ltd - SELL - TP Rs.1130 - Result Update - Kotak
Minda Industries (MNDA.IN) - Robust performance - CSEC Research
Karur Vysya bank (KVB IN) - Moderate loan growth, coupled with deteriorating asset quality - CSEC Research
Aksharchem India Ltd - REDUCE - TP Rs.680 - Result Update - Kotak
Voltamp Ltd - BUY - TP Rs.1248 - Result Update - Kotak
Shankara Building Products Ltd - BUY - TP Rs.1654 - Result Update - Kotak
Simplex Infrastructure Ltd - BUY - TP Rs.590 - Result Update - Kotak
MOIL Ltd - ACCUMULATE - TP Rs.265 - Result Update - Kotak
CHHOTA (to) MOTA ideas: Eveready Industries Ltd - BUY - TP Rs.522 - Kotak
Castrol India Ltd - Q2FY18 Result Update - Religare
Minda Corporation - Q2FY18 Result Update - Religare
Mold-Tek Packaging - Q2FY18 Result Update - Religare
The India Cements Ltd - BUY - TP Rs.223 - Result Update - Kotak
Tata Motors - BUY - TP Rs.514 - Result Update - Kotak
Ashok Leyland - ACCUMULATE - TP Rs.126 - Result Update - Kotak
Oil India Ltd - ACCUMULATE - TP Rs.381 - Result Update - Kotak
Sun TV Network - REDUCE - TP Rs.878 - Result Update - Kotak
Larsen & Toubro - ACCUMULATE - TP Rs.1337 - Result Update - Kotak
Voltas - ACCUMULATE - TP Rs.610 - Result Update - Kotak
Allcargo Logistics - BUY - TP Rs.205 - Result Update - Kotak
Mahindra & Mahindra - BUY - TP Rs.1604 - Result Update - Kotak


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018