company : Torrent Power Ltd.

industry : Power generation and supply

balance sheet consolidated ( in rs. Crs.)
Year
Mar 11
Mar 12
SOURCES OF FUNDS :
Share Capital +
472.45
472.45
Reserves Total +
4,306.36
5,286.22
Equity Share Warrants
0
0
Equity Application Money
0
0
Total Shareholders Funds
4,778.81
5,758.67
27.07
31.64
Minority Interest
Secured Loans +
3,305.88
5,362.64
Unsecured Loans +
240.99
51.21
0
0
Service Line & Sec.Dep. from Cust.
3,546.87
5,413.85
Total Debt
Policy Holders Fund
0
0
Other Liabilities+
135.49
732.35
8,488.24 11,936.51
Total Liabilities
APPLICATION OF FUNDS :
Gross Block +
8,538.07
9,442.64
1,480.34
1,874.73
Less: Accumulated Depreciation+
Less: Impairment of Assets
0
0
Net Block+
7,057.73
7,567.91
0
0
Lease Adjustment
Capital Work in Progress+
709.91
3,445.45
Investments +
164.2
258.08
Current Assets, Loans & Advances
Inventories +
263.58
299.89
Sundry Debtors +
503.72
650.24
Cash and Bank+
953.95
590.9
Loans and Advances +
273.14
474.28
Total Current Assets
1,994.39
2,015.31
Less: Current Liabilities and Provisions
Current Liabilities +
1,487.18
1,283.33
Provisions +
330.82
238.45
Total Current Liabilities
1,818.00
1,521.78
Net Current Assets
176.39
493.53
Miscellaneous Expenses not written off +
0
0
Deferred Tax Assets
58.91
46.61
Deferred Tax Liability
420.32
511.26
Net Deferred Tax
-361.41
-464.65
741.42
636.19
Other Assets+
Total Assets
8,488.24 11,936.51
Contingent Liabilities+
87.94
143.31

FY-11

FY-12

Adjusted EBITA
Tax Rate

1653.35
18.66%

1924.23
19.97%

Tax on Adjusted EBITA

NOPLAT
Invested Capital
Net Investment
OFCF

410.64
1242.71
7234.12

487.49
1436.74
8061.44
827.32
609.42

FCFF
Investment Rate
ROIC
Growth
Post-tax operating margin
Capital Turnover
Economic Profit

17.18%

684.52
57.58%
17.82%

18.23%
0.94

18.06%
0.99

85.25

146.91

Interpretation

The operating profits seems to have fluctuated a lot between 2013 and 2015 and that seem
time that the company embarked on a capex drive. This has hit the return ratios (ROIC) ba
the operating profits have revived and despite higher capex levels, the ROIC and economic
capex settles and if the operating profits stay at same levels, the economic profits and ROI

rrent Power Ltd.

eneration and supply

Mar 13

Mar 14

Mar 15

Mar 16

472.45
5,630.55
0
0
6,103.00
31.75
8,002.67
47.39
0
8,050.06
0
806.44
14,991.25

472.45
5,732.86
0
0
6,205.31
29.6
9,419.88
43.56
0
9,463.44
0
1,151.48
16,849.83

472.45
6,083.21
0
0
6,555.66
30.83
9,314.93
39.74
0
9,354.67
0
1,158.48
17,099.64

480.62
7,054.55
0
0
7,535.17
31.05
8,529.38
35.92
0
8,565.30
0
1,104.37
17,235.89

10,076.65
2,318.41
0
7,758.24
0
6,163.07
366.84

13,074.95
2,890.28
0
10,184.67
0
4,549.61
865.88

18,694.78
3,606.54
0
15,088.24
0
233.03
606.57

19,892.79
4,582.63
0
15,310.16
0
216.12
508.92

244.58
756.06
1,114.18
375.91
2,490.73

290.18
803.57
1,558.23
590.74
3,242.72

259.71
892.38
1,770.28
621.14
3,543.51

417.41
1,056.98
779.65
582.15
2,836.19

1,565.61
142.24
1,707.85
782.88
0
24.45
603.77
-579.32
499.54
14,991.25
148.58

1,518.63
44.4
1,563.03
1,679.69
0
0
712.68
-712.68
282.66
16,849.83
160.22

1,446.88
228.39
1,675.27
1,868.24
0
473.46
1,331.04
-857.58
161.14
17,099.64
63.17

1,352.59
40.62
1,393.21
1,442.98
0
345.38
1,311.89
-966.51
724.22
17,235.89
73.56

FY-13

FY-14

FY-15

FY-16

923.57
20.32%

728.90
12.22%

1336.41
31.44%

2105.52
21.63%

302.34
621.23
8541.12
479.68
141.55

222.46
506.44
11864.36
3323.24
-2816.80

565.11
771.30
16956.48
5092.12
-4320.82

562.33
1543.19
16753.14
-203.34
1746.53

228.45
77.22%
7.27%

-2704.25
656.20%
4.27%

-4167.29
660.20%
4.55%

2023.56
-13.18%
9.21%

7.56%
0.96

5.83%
0.73

7.42%
0.61

13.20%
0.70

-745.35

-1391.86

-1941.74

-1137.31

2013 and 2015 and that seems to have happened at the same
it the return ratios (ROIC) badly in 2014 and 2015. Since then,
vels, the ROIC and economic profits have turned around. As the
he economic profits and ROIC should revive.

profit and loss statement consolidated ( in rs. Crs.)

Year
INCOME :
Operating Income +
Excise Duty
Net Operating Income
Other Income +
Stock Adjustment +
Total Income
EXPENDITURE :
Electricity & Fuel Expenses +
Operating Expenses+
Employee Cost +
Selling & Administration expenses +
Miscellaneous Expenses+
Less : Pre-operative Expenses Capitalised +
Total Expenditure
Operating Profit
Interest +
Gross Profit
Depreciation
Minority Interest (before tax)
Profit Before Tax
Tax+
Fringe Benefit Tax+
Deferred Tax+
Net Profit
Minority Interest (after tax)
Profit/Loss of Associate Company
Net Profit after Minority Interest & P/L Asso.Co.
Extraordinary Items +
Adjusted Net Profit
Adjustment below net profit +
P & L Balance brought forward
Statutory Appropriations+
Appropriations +
P & L Balance brought forward
Dividend
Preference Dividend
Equity Dividend (%)
Dividend Per Share(Rs)
EPS before Minority Interest (Unit Curr.)
EPS before Minority Interest (Adj) (Unit Curr.)

Mar 11 (12)
6,818.32
0
6,818.32
104.8
0
6,923.12
3,781.52
447.14
374.19
83.1
248.67
169.25
4,765.37
2,157.75
334.77
1,822.98
399.6
0
1,423.38
265.57
0
102.16
1,055.65
1.05
0
1,054.60
8.77
1,045.83
0
498.27
1
702
849.87
259.85
0
55
5.5
21.45
21.45

EPS after Minority Interest (Unit Curr.)

EPS after Minority Interest (Adj) (Unit Curr.)
Book Value (Unit Curr.)
Book Value (Unit Curr.)

(PBT + Interest Expense - Other Income)

(Tax/PBT)
(Tax+Deferred Tax+Tax on Int. expense - Tax on other
income)
(Adjusted EBITA - Tax on adjusted EBITA)
(Net current assets + Net block)
(IC end - IC beg)
(NOPLAT - NI)
(OFCF + After tax other income - Extraordinary
Income)
(NI / NOPLAT)
(NOPLAT / IC)
(NI / IC)
(NOPLAT / Net Sales)
(Net Sales / IC)
(NOPLAT - IC (WACC)), Assuming WACC = 16% as PAT
variation>20%

21.43
21.43
99.62
99.62

Mar 12 (12) Mar 13 (12) Mar 14 (12) Mar 15 (12) Mar 16 (12)
7,953.54
0
7,953.54
109.56
0
8,063.10

8,221.01
0
8,221.01
143.52
0
8,364.53

8,681.12
0
8,681.12
250.58
0
8,931.70

10,396.03
0
10,396.03
366.24
0
10,762.27

11,722.58
35.37
11,687.21
272.03
-6.83
11,952.41

4,685.55
484.47
359.53
92.98
206.34
183.46
5,645.41
2,417.69
336.25
2,081.44
383.9
0
1,697.54
338.99
0
103.23
1,255.32
2.73
0
1,252.59
0.39
1,252.20
0
849.87
1
856.9
1,244.56
307.08
0
65
6.5
25.52
25.52

5,830.50
473.75
363.56
95.31
289.63
182.5
6,870.25
1,494.28
437.58
1,056.70
427.19
0
629.51
127.92
0
114.67
386.92
0.22
0
386.7
13.42
373.28
0
1,244.56
1
164.76
1,465.50
94.49
0
20
2
7.82
7.82

6,547.72
544.56
390.09
93.64
272.62
480.97
7,367.66
1,564.04
704.62
859.42
584.56
0
274.86
33.6
0
133.36
107.9
2.64
0
105.26
18.25
87.01
0
1,465.50
1.62
52.98
1,516.16
23.62
0
5
0.5
2.17
2.17

7,545.64
477.66
472.08
110.24
286.83
553.33
8,339.12
2,423.15
962.29
1,460.86
720.5
0
740.36
232.8
0
144.89
362.67
2.98
0
359.69
10
349.69
0
1,516.16
1.33
111.36
1,763.16
70.87
0
15
1.5
7.32
7.32

7,168.24
773.92
531.63
141.91
353.27
271.6
8,697.37
3,255.04
1,134.56
2,120.48
877.49
0
1,242.99
268.84
0
106.94
867.21
1.61
0
865.6
38.6
827
137.78
1,763.16
1.65
284.67
2,480.22
216.28
0
45
4.5
17.1
17.1

25.46
25.46
119.41
119.41

7.81
7.81
127.63
127.63

2.11
2.11
131.31
131.31

7.26
7.26
138.7
138.7

17.07
17.07
156.69
156.69