BSE: 533263 | NSE: GREENPOWER | Power Generation/Distribution | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Orient Green Power Company Ltd is a below average quality company.
The key valuation ratios of Orient Green Power Company Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Orient Green Power Company Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -12.6% | -11.3% | -6.3% | -6.1% | 2.9% | 3.9% | -0.2% | -0.5% | 0.6% | -0.4% | - |
| Value Creation Index ⓘ | -1.9 | -1.8 | -1.5 | -1.4 | -0.8 | -0.7 | -1.0 | -1.0 | -1.0 | -1.0 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 44.1 | 0 | 0 | 0 | 1 | 28.4 | 29.5 | 29.8 | 23.4 | 21.6 | 23 |
| Sales YoY Gr. | - | -100% | NA | NA | NA | 2,683.3% | 3.8% | 1.1% | -21.3% | -7.7% | - |
| Adj EPS ⓘ | -2.2 | -1.9 | -1.3 | -0.9 | -0 | 0.4 | -0.1 | -0.2 | 0 | -0.1 | -0 |
| YoY Gr. | - | NA | NA | NA | NA | NA | -123.7% | NA | NA | -350% | - |
| BVPS (₹) ⓘ | 13.3 | 11.2 | 9.9 | 8.4 | 8.4 | 8.7 | 8.6 | 8.3 | 8.4 | 9.1 | 10 |
| Adj Net Profit ⓘ | -147 | -165 | -111 | -75.6 | -3.6 | 33.3 | -8.3 | -19.5 | 1.7 | -5.6 | -1 |
| Cash Flow from Ops. ⓘ | -7.2 | -10.4 | 6.5 | -60.5 | -8 | 19.9 | 13.7 | -5.5 | -1.8 | -18.9 | - |
| Debt/CF from Ops. ⓘ | -53.9 | -29.1 | 72.4 | -5.9 | -32.1 | 12 | 20.6 | -53.2 | -158.4 | -4.4 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -7.6% | 84.2% | -9.8% | -7.7% | ||||
| Adj EPS ⓘ | NA | NA | NA | -350% | ||||
| BVPSⓘ | -4.2% | 1.7% | 1.8% | 8.2% | ||||
| Share Price | 1.9% | 57.6% | 41.2% | -15.9% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -14.6 | -17.7 | -12.1 | -9.4 | -0.5 | 4.5 | -1.1 | -2.6 | 0.2 | -0.7 | -0.1 |
| Op. Profit Mgn % ⓘ | -48.4 | 0 | 0 | 0 | -1934.6 | -35.5 | -28.7 | -20.8 | -38.5 | -30.8 | -15.3 |
| Net Profit Mgn % ⓘ | -332.3 | 0 | 0 | 0 | -356.9 | 117.4 | -28.1 | -65.6 | 7.2 | -25.7 | -5 |
| Debt to Equity ⓘ | 0.4 | 0.3 | 0.6 | 0.5 | 0.4 | 0.3 | 0.4 | 0.4 | 0.4 | 0.1 | 0.1 |
| Working Cap Days ⓘ | 2,307 | 0 | 0 | 0 | 1,70,523 | 5,543 | 5,056 | 4,546 | 5,575 | 6,011 | 887 |
| Cash Conv. Cycle ⓘ | -22 | 0 | 0 | 0 | 157 | 65 | 119 | 37 | 14 | 47 | 808 |
Sales growth is good in last 4 quarters at 10.62%
Return on Equity is Poor
Sales growth has been subdued in last 3 years -9.81%
Net Profit has been subdued in last 3 years 0.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | -0 | 0.3 |
| TTM Sales (₹ Cr.) | 23.4 | 257 |
| BVPS (₹.) ⓘ | 10 | 9 |
| Reserves (₹ Cr.) ⓘ | 3 | -120 |
| P/BV ⓘ | 1.78 | 1.99 |
| PE ⓘ | 0.00 | 64.42 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 16.59 / 32.05 |
| All Time Low / High (₹) | 1.02 / 40.30 |
| Market Cap (₹ Cr.) | 2,090 |
| Equity (₹ Cr.) | 1,173 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 26.7 |
| Pledged * | 99.85 | 99.85 | 99.84 | 99.84 | 99.99 | 76.54 | 93.16 | 99.92 | 99.92 | 59.69 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 44 | 0 | 0 | 0 | 1 | 28 | 29 | 30 | 23 | 22 |
| Operating Expenses ⓘ | 68 | 0 | 97 | 117 | 27 | 50 | 38 | 36 | 32 | 28 |
| Manufacturing Costs | 34 | 1 | 1 | 1 | 2 | 29 | 29 | 29 | 23 | 21 |
| Material Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Employee Cost | 11 | 8 | 8 | 8 | 6 | 4 | 3 | 3 | 2 | 2 |
| Other Costs ⓘ | 24 | -9 | 88 | 109 | 19 | 17 | 5 | 4 | 7 | 5 |
| Operating Profit ⓘ | -24 | 0 | -97 | -117 | -26 | -21 | -8 | -7 | -9 | -7 |
| Operating Profit Margin (%) | -55.1% | - | - | - | -2,577.6% | -75.2% | -28.7% | -22.1% | -38.5% | -30.8% |
| Other Income ⓘ | 17 | 10 | 15 | 43 | 56 | 61 | 7 | 2 | 16 | 3 |
| Interest ⓘ | 56 | 19 | 30 | 57 | 37 | 10 | 5 | 15 | 4 | 2 |
| Depreciation ⓘ | 18 | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Exceptional Items ⓘ | -157 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | -239 | -163 | -112 | -132 | -6 | 29 | -7 | -20 | 3 | -6 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -239 | -163 | -112 | -132 | -6 | 29 | -7 | -20 | 3 | -6 |
| PAT Margin (%) | -541.0% | - | - | - | -636.0% | 103.3% | -25.2% | -66.4% | 12.1% | -26.3% |
| Adjusted EPS (₹) | -3.6 | -1.9 | -1.3 | -1.5 | -0.1 | 0.3 | -0.1 | -0.2 | 0.0 | -0.1 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 887 | 973 | 860 | 742 | 736 | 764 | 756 | 734 | 737 | 960 |
| Share Capital ⓘ | 568 | 740 | 740 | 751 | 751 | 751 | 751 | 751 | 751 | 981 |
| Reserves ⓘ | 319 | 233 | 120 | -9 | -15 | 13 | 5 | -17 | -14 | -21 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 357 | 270 | 84 | 358 | 253 | 236 | 279 | 287 | 283 | 82 |
| Long Term Debt | 339 | 258 | 74 | 358 | 253 | 233 | 279 | 287 | 283 | 82 |
| Short Term Debt | 18 | 12 | 10 | 0 | 0 | 4 | 0 | 0 | 0 | 0 |
| Trade Payables | 27 | 23 | 30 | 2 | 7 | 11 | 4 | 2 | 2 | 2 |
| Others Liabilities ⓘ | 108 | 88 | 480 | 131 | 109 | 93 | 11 | 7 | 2 | 4 |
| Total Liabilities ⓘ | 1,379 | 1,354 | 1,454 | 1,233 | 1,104 | 1,104 | 1,049 | 1,030 | 1,025 | 1,048 |
Fixed Assets | ||||||||||
| Gross Block | 277 | 174 | 175 | 1 | 1 | 3 | 2 | 1 | 1 | 1 |
| Accumulated Depreciation | 33 | 39 | 53 | 1 | 1 | 2 | 2 | 1 | 1 | 1 |
| Net Fixed Assetsⓘ | 244 | 136 | 122 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investmentsⓘ | 950 | 560 | 777 | 706 | 677 | 668 | 668 | 668 | 668 | 669 |
| Inventories | 4 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Trade Receivables | 9 | 17 | 12 | 1 | 1 | 25 | 8 | 4 | 1 | 7 |
| Cash Equivalents | 5 | 3 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 21 |
| Others Assetsⓘ | 167 | 636 | 541 | 525 | 426 | 411 | 373 | 358 | 355 | 351 |
| Total Assets ⓘ | 1,379 | 1,354 | 1,454 | 1,233 | 1,104 | 1,104 | 1,049 | 1,030 | 1,025 | 1,048 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -7 | -10 | 7 | -60 | -8 | 20 | 14 | -5 | -2 | -19 |
| PBT ⓘ | -239 | -163 | -112 | -132 | -6 | 29 | -8 | -22 | 3 | -6 |
| Adjustment ⓘ | 220 | 155 | 101 | 118 | 5 | 21 | 6 | 18 | -7 | 1 |
| Changes in Working Capital ⓘ | 10 | -2 | 18 | -47 | -7 | -31 | 16 | -1 | -0 | -14 |
| Tax Paid ⓘ | 2 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 2 | 0 |
| Cash Flow From Investing Activity ⓘ | 144 | -75 | -161 | 135 | 115 | 4 | 0 | 5 | 4 | 4 |
| Capex | -2 | 56 | 0 | 81 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | -1 |
| Others ⓘ | 146 | -131 | -161 | 54 | 115 | 5 | 0 | 5 | 2 | 5 |
| Cash Flow From Financing Activityⓘ | -133 | 84 | 153 | -75 | -107 | -24 | -14 | 0 | -1 | 32 |
| Net Proceeds from Shares ⓘ | 0 | 250 | 0 | 14 | 0 | 0 | 0 | 0 | 0 | 230 |
| Net Proceeds from Borrowing ⓘ | -119 | -80 | 172 | -78 | -103 | -21 | -5 | 3 | 1 | -195 |
| Interest Paid ⓘ | -23 | -82 | -17 | -3 | -4 | -5 | -4 | -3 | -2 | -1 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 9 | -4 | -2 | -7 | 0 | 2 | -5 | 0 | 0 | -2 |
| Net Cash Flow ⓘ | 4 | -1 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 18 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -23.71 | -17.56 | -12.26 | -16.42 | -0.88 | 3.91 | -0.98 | -2.65 | 0.38 | -0.67 |
| ROCE (%) | -12.58 | -11.28 | -6.28 | -6.14 | 2.88 | 3.91 | -0.24 | -0.46 | 0.64 | -0.39 |
| Asset Turnover Ratio | 0.03 | 0 | 0 | 0 | 0 | 0.03 | 0.03 | 0.03 | 0.02 | 0.02 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | 0.69 | N/A | N/A | -0.67 | N/A | Working Capital Days |
| Receivable Days | 58 | 0 | 0 | 0 | 343 | 163 | 202 | 71 | 39 | 71 |
| Inventory Days | 26 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Orient Green Power Company was incorporated under the Companies Act on December 6, 2006 in Chennai, Tamil Nadu. It was granted the certificate for commencement of business on January 8, 2007 by the RoC. There has been no change in the activities being carried out by the company since its incorporation. The company is not operating under any injunction or restraining order.
The company has grown its business by acquiring operating and development renewable energy assets from third parties and by developing greenfield projects. The company has the ability to identify assets where it can improve performance, acquire them at beneficial rates and improve operating performance. It has a diverse customer base with a mixture of off-take arrangements. The company’s customers include SEBs, distribution companies, private commercial and industrial consumers and a power trading company.
The company enters into PPAs with varying pricing arrangements depending on the type of customer, available tariffs, location and term of PPA. As a result of its renewable energy focus, it is able to avail of long-term contracted renewable energy tariff rates that, in general, are higher than long-term contracted tariffs for conventional energy and other incentives aimed at encouraging the renewable energy industry.
Business area of the company
The company is a leading Indian independent renewable energy-based power generation company focused on developing, owning and operating a diversified portfolio of renewable energy power plants. It is the largest independent operator and developer of renewable energy power plants in India based on aggregate installed capacity according to the CRISIL Report dated as of March, 2010. Currently the company’s portfolio includes biomass, biogas, wind energy and small hydroelectric projects at various stages of development.
Wind Energy Business
The company is one of the top two independent operators and developers of wind farms in India based on aggregate installed capacity according to the CRISIL Report. The wind energy business focuses on the development and operation of wind farms in India, Europe and South Asia. The company’s currently operating wind farms are located in the states of Tamil Nadu and Andhra Pradesh, which are among the top four Indian states with the highest wind potential according to the CRISIL Report and which have favorable incentives for renewable energy companies. The company is currently expanding its presence in Tamil Nadu and developing projects in other locations in India, including the states of Gujarat and Maharashtra, and also internationally, including in Sri Lanka, Croatia, the Czech Republic and Hungary. As at July 31, 2010, its total wind portfolio including operating, committed and development projects was comprised of an estimated aggregate capacity of 815.53 MW. Its wind energy business is housed in its Subsidiaries BWFPL and GGPL.
Biomass Power Business
The company’s biomass power business focuses primarily on the development and operation of multi-fuel biomass-based power plants that generate electricity from agri-residues and waste from agriculture crops, forestry and related industries, such as rice, mustard and soya bean husks, straw, cotton and maize stalks, coconut and ground nut shells, wood chips, poultry litter, and bagasse. The company target regions with sufficient availability of biomass, favorable incentives for renewable energy companies, attractive tariff structures and a shortage of electricity supply. It currently operates five biomass plants and one biogas plant with an aggregate installed capacity of 40.5 MW in Tamil Nadu, Maharashtra and Rajasthan. It also currently has biomass power projects in the committed and development stages in the states of Andhra Pradesh, Gujarat, Madhya Pradesh, Punjab and West Bengal in addition to expanding its presence in Maharashtra, Tamil Nadu and Rajasthan.
Other Businesses
The company is developing its capabilities in a small hydroelectric power plant that would serve small communities or industrial and commercial consumers. The company is currently co-developing a 15.0 MW mini-hydroelectric power project in Orissa through its 51% ownership in a joint venture company. It is also evaluating opportunities in solar and other renewable sources including waste-to-energy.
Subsidiaries of the company
Group Companies
Milestone
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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