! Q4FY13 generation down by 4.6% YoY: SJVN’s reported revenue in FY13 degrew
by 12.7% YoY, as the generation dipped by 10.9% on the back of a 19.5%
YoY dip in water discharge. Units generated in Q4FY13 stood at 605m, down by
4.6% YoY. PAT came in at Rs10.5bn which was flat YoY on account of lower
interest charges. PAF for FY13 was at 105%. Incentives for FY13E were Rs2.5bn,
mainly on account of higher-than-expected UI charges.
! Updates: 1) SJVN has Rs3.5bn outstanding from Delhi, UP and HP SEBs. 2) The
company has chalked out a plan for adding 47.6MWs of wind power for which
the orders are being placed and COD is expected in Q2FY14E. 3) Capital
expenditure outlay for FY14E is Rs9.8bn and CWI is at Rs29bn. 4) Additional ROE
of 1% is not applicable to NJHEP. 5) Cash stands at Rs24bn. 6) Capex on Rampur
till March 2013 stands at Rs24bn out of the envisaged Rs33.5bn. 7) COD of
Rampur 1st Unit is Q3FY14E. 8) MOU target for FY14E stands at 6.8bn units.
! Valuation and Recommendation: Rampur HEP in FY14E and 45MW of wind will
start contributing to FY15E earnings. The generation this year was disappointing.
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 0.9x FY15E. We maintain
‘Accumulate’ on the stock.
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by 12.7% YoY, as the generation dipped by 10.9% on the back of a 19.5%
YoY dip in water discharge. Units generated in Q4FY13 stood at 605m, down by
4.6% YoY. PAT came in at Rs10.5bn which was flat YoY on account of lower
interest charges. PAF for FY13 was at 105%. Incentives for FY13E were Rs2.5bn,
mainly on account of higher-than-expected UI charges.
! Updates: 1) SJVN has Rs3.5bn outstanding from Delhi, UP and HP SEBs. 2) The
company has chalked out a plan for adding 47.6MWs of wind power for which
the orders are being placed and COD is expected in Q2FY14E. 3) Capital
expenditure outlay for FY14E is Rs9.8bn and CWI is at Rs29bn. 4) Additional ROE
of 1% is not applicable to NJHEP. 5) Cash stands at Rs24bn. 6) Capex on Rampur
till March 2013 stands at Rs24bn out of the envisaged Rs33.5bn. 7) COD of
Rampur 1st Unit is Q3FY14E. 8) MOU target for FY14E stands at 6.8bn units.
! Valuation and Recommendation: Rampur HEP in FY14E and 45MW of wind will
start contributing to FY15E earnings. The generation this year was disappointing.
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 0.9x FY15E. We maintain
‘Accumulate’ on the stock.
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