Investor Presentaiton

fundamental ANALYSIS SJVN Ltd HDFC securities 20 Click. Invest. Grow. YEARS Cash Flow Statement (Rs Cr) EBT Depreciation Int & Others Key Ratios FY20 FY21 FY22 FY23E FY24E FY20 FY21 FY22 FY23E FY24E 1971.5 2127.7 1316.0 1816.3 2036.4 PROFITABILITY RATIOS (%) 384.1 393.3 404.3 438.3 638.9 EBITDA Margin 75.1% 72.4% 71.4% 71.0% 70.0% 49.3 -115.4 47.8 167.8 353.0 EBIT Margin 75.7% 86.2% 63.7% 65.7% 61.5% Change in working capital -224.4 -179.2 744.1 -739.8 -581.1 APAT Margin 58.0% 66.2% 41.0% 43.2% 37.8% Tax expenses -466.9 -243.7 -374.4 -424.4 -484.1 RoE 13.0% 12.9% 7.5% 9.9% 10.5% CF from Operating activities (A) 1713.5 1982.7 2137.7 1258.3 1963.1 ROCE 17.5% 19.3% 8.8% 9.4% 9.0% Net Capex -1268.7 -2065.7 -4427.8 -5483.9 -7300.0 Solvency Ratio (x) (Purchase)/Sale of Inv & Others 890.6 Div & int rec 283.4 748.1 173.0 CF from Investing activities (B) -94.7 -1144.6 Borrowings/(Repayments) -112.7 Lease paid -14.2 -3.5 -5.7 -1785.7 81.9 -6131.7 4651.9 -6.4 1033.1 1230.1 Net Debt/EBITDA -0.2 0.5 2.3 4.3 5.2 90.0 -4360.9 100.0 Net D/E 0.2 0.2 0.5 0.8 1.1 -5969.9 PER SHARE DATA (Rs) Dividends and Interest paid -1218.6 -1043.5 -720.1 CF from Financing activities (C) -1345.4 -1052.8 3925.5 4125.0 -4.3 -965.2 3155.5 5475.0 EPS 4.0 4.2 2.5 3.5 3.9 -2.8 CEPS 5.0 5.2 3.5 4.6 5.5 -1239.0 4233.2 DPS 2.2 2.2 1.7 1.8 2.0 BVPS 30.7 32.5 33.5 35.2 37.1 Net Cash Flow (A+B+C) 273.4 -214.7 -68.5 52.9 226.5 Turnover Ratios (days) Debtor days 100.5 76.6 86.8 64.8 47.9 Inventory days 6.7 8.2 9.5 9.4 9.2 5.4 6.7 5.6 5.2 3.2 One Year Price Chart: 38 36 34 32 30 28 26 24 28-10-2021 28-11-2021 11 28-12-2021 28-01-2022 28-02-2022 31-03-2022 30-04-2022 31-05-2022 30-06-2022 31-07-2022 بر 31-08-2022 30-09-2022 (Source: Company, HDFC sec) Creditors days VALUATION P/E (x) P/BV (x) EV/EBITDA (x) 9.0 8.5 14.2 10.3 9.2 1.2 1.1 1.1 1.0 1.0 6.7 8.3 10.4 10.5 10.2 EV/MW (in Cr) 6.5 7.1 8.6 10.2 6.2 Dividend Yield (%) 6.2% 6.2% 4.8% 5.0% 5.6% Dividend Payout (%) 55.2% 52.5% 67.5% 51.9% 51.5% (Source: Company, HDFC sec) NIRMAM ANIL MEHTA Digitally signed by NIRMAM ANIL MEHTA Date: 2022.10.31 09:05:15 +05'30' RETAILRESEARCH FRETAILRES

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