Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
ADANI POWER (IN), a company active in the Conventional Electricity industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 3 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date December 11, 2020, the closing price was IN...
Q3FY20 results highlights: APL acquired Raikheda and Korba power plants in July 2019 and August 2019. Korba commercial operation has restarted from December 2019 while Raikheda PLF operated at a PLF of 55% in Q3FY20. Note that Raikheda power plant short term PPA has expired in December 2019. PLF of the key power plants in Q3FY20: a) Mundra PLF was 75% (vs 64%) b) Tiroda TPS PLF was 74% (vs 86%) c) Kawai TPS PLF was 75% (vs 69%) d) Udupi TPS was 21% (vs 63%). Overall, the power plants repor...
We present key takeaways from Adani Power (APL) analyst day, which we attended at their corporate office in Ahmedabad Key Highlights Approved compensatory tariff to be liquidated over 5-6 quarters: APL has received approval orders for Rs234bn of compensatory tariff from various regulators. Of this, DISCOMs have paid Rs50bn and APL expects to receive the balance Rs184bn over next 5-6 quarters. The total compensatory tarff is ~50% of the total long-term debt. Additional Compensatory tariff of...
Q2FY20 results PLF of the key power plants has improved considerably : a) Mundra PLF was 73% (vs 71% in Q2FY19) and PAF of 84%) b) Tiroda TPS PLF was 71% (vs 63% in Q2FY19) and PAF of 78% c) Kawai TPS PLF was 57% (vs 68% in Q2FY19) d) Udupi TPS was 11% (vs 25% in Q2FY19) and PAF was 75%. However, lower PLF at Kawai and Udipi plant has resulted in generation decline by 5% to 13.8BU. APL reported EBITDA of Rs12bn (vs estimate of Rs18bn), +2.5% yoy led by lower generation and merchant sale o...
Q1FY20 results PLF of the power plants has improved considerably : a) Mundra PLF was 81% (vs 17% in Q1FY19) and PAF of 91%) b) Tiroda TPS was 86% (vs 57% in Q1FY19) and PAF of 91% c) Kawai TPS was 72% (vs 38% in Q1FY19) d) Udupi TPS was 51% (vs 64% in Q1FY19) and PAF was 92%. As a result, overall generation increased by 108% to 17.7BU Adjusting for prior period items, APL reported EBITDA of Rs18bn (vs estimate of Rs18bn), an increase of 57% yoy led by higher generation in power plants and ...
Q4FY19 results PLF of the power plants in Q4FY19 were: a) Mundra PLF was 83% (+6019 bps yoy) b) Tiroda TPS was 84.7% (+2817 bps yoy) c) Kawai TPS was 76.4% (+6269 bps yoy) d) Udupi TPS was 47% (-1958bpss yoy). Mundra Power plant PLF has improved with the supplementary amendment of PPA. CERC has approved the amendment in PPA in April 2019. As a result, APL has recognised Rs7.1bn for the period from Oct 2018 to March 2019 during Q4FY19. Note that supply to Gujarat has commence under the amen...
Q3FY19 results PLF of the power plants in Q3FY19 were: a) Mundra PLF was 65% (+390 bps yoy) b) Tiroda TPS was 86% (+2514bps yoy) c) Kawai TPS was 81.5% (3877 bps yoy) d) Udupi TPS was 62% (+774 bps yoy). Adani Power availability under Gujarat PPA’s has improved to 100% in December 2018. APL reported adjusted EBITDA of Rs11bn (vs estimate of Rs14bn), a growth of 49% yoy. APL adjusted losses came in at Rs10bn (vs estimate of loss of Rs4bn) in Q3FY19. Note that Gujarat PPA – I and II has been...
Q1FY19 results PLF of the power plants in Q1FY19 were: a) Mundra PLF was 17% (-4680 bps yoy) b) Tiroda TPS was 57.4% (-576bps yoy) c) Kawai TPS was 38% (-2215 bps yoy) d) Udupi TPS was 63.5% (-553 bps yoy). Adani Power operated the Mundra power plant at lower availability on account of high international coal prices during the quarter to minimise losses. APL has started operating Mundra at higher PLF from July 2018. APL reported EBITDA of Rs6.3bn (vs estimate of Rs9bn), a decline of 60% yoy...
Q4FY18 results PLF of the power plants in Q4FY18 were: a) Mundra PLF was 23% (-5353 bps yoy) b) Tiroda TPS was 56.5% (-1424 bps yoy) c) Kawai TPS was 13.7% (-6374 bps yoy) d) Udupi TPS was 67% (-1129 bps yoy). Adani Power operated the Mundra power plant at lower availability on account of high international coal prices while Udupi power plant PLF was low as power plant was undergoing maintenance. APL reported EBITDA of Rs7.3bn (vs estimate of Rs15bn), a decline of 45% yoy. The miss in est...
Event Update Adani Power (APL) has received a favourable judgment from the regulator for relief against shortage of domestic coal for Tiroda PPA’s. Details of the case APL had set up a 3.3GW (5 x 660MW) power plant at Tiroda. APL had signed four power purchase agreements (PPA) with the Maharashtra state utility. APL had domestic coal linkage for 1.2GW for units 1 &2; units 3, 4 and 5 had tapering linkage and an MOU with Coal India. APL approached MERC for relief against shortage of domestic...
Q3FY18 results APL reported EBITDA of Rs7.3bn (vs estimate of Rs15.2bn), a decline of 44% yoy. The miss in estimate was due to a) lower availability under Gujarat PPA for 1000MW (43% vs 81% in Q3FY17) b) prior period transmission charge of Rs3bn. As a result, APL reported loss of Rs12.8bn (vs estimate of loss of Rs5bn) in Q3FY18 PLF of the power plants were a) Mundra PLF was 61% (-1064 bps yoy) b) Tiroda TPS was 61% (-858 bps yoy) c) Kawai TPS was 43% ( -137 bps yoy) d) Udupi TPS was 54% (-...
Q2FY18 results Post the Supreme Court order, Adani Power (APL) approached CERC for quantification of compensatory tariff (CT) against shortage of domestic coal at Mundra under Haryana PPA of 1424MW. CERC, in its interim order, has directed Haryana DISCOMs to pay 75% of the compensation. As a result, APL recognized compensatory tariff of Rs6.6bn in Q2FY18 towards Haryana PPA. Out of Rs6.5bn, Rs6.4bn pertains to prior period. In addition, APL continued to recognise compensatory tariff at: 1) R...
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