Mandu Hydropower Reports Q2 Earnings with 11.78% Growth Despite Slight Revenue Dip; Debt Decline By 22.76%
Fri, Feb 2, 2024 7:00 AM on Financial Analysis, Company Analysis, Latest,
Mandu Hydropower Limited (MANDU) has reported a solid 11.78% increase in earnings for the second quarter of Fiscal Year 2080/81, with a net profit of 17.05 Crores.
During this period, MANDU effectively managed its finances by reducing loans and borrowings by 22.76% to Rs. 2.12 Arba.
In terms of revenue, the company generated Rs. 41.52 Crores from power sales, showing a slight 4.04% decrease compared to the same quarter last year. Administrative expenses were well-controlled at Rs. 40.77 lakhs.
MANDU stands with a paid-up capital of Rs. 1.36 Arba and a healthy Retained Earnings and Reserves portfolio valued at Rs 37.19 Crores. The company's share premium is at Rs 17 Crores, and the Annualized Earnings Per Share (EPS) stands at Rs. 25.02. The net worth of the company is reported at a substantial Rs. 139.79.
The company has been producing 22MW of electricity for the last 5 years and successfully supplying to NEA. The Per MW cost stands at Rs 18 crore which is below than industry average.
The hydropower company has endorsed a 10% dividend on the very first year of an IPO issue from the profit of FY 79/80.
Earlier, the company had issued 12,05,320 units IPO at Rs 206 per unit (including Rs 106 premium) to the general public from 10th -13th Bhadra, 2080.
The company has invested 40 crore in Tundi Hydropower company which is developing two major hydroelectric projects in Nepal, which are Rahughat Mangale Hydroelectric Project- 37 MW in Myagdi District and Uper Rahughat Hydroelectric Project - 48.5 MW in Myagdi District.
The major promoters include Sichuan Hechuan Investment Co. Ltd. (43%), a Chinese company and the rest 57% by Nepalese parties including General Public (12%), Maheshwor Prakash Shrestha (8%), M/s. Himalayan Infrastructure Ltd. (8%), Mr. Rijan Shrestha (3%), Mr. Binod Kumar Shrestha (4%)., Mr. Prithvi Bahadur Pande (4%), M/s. Lotus Investment Pvt. Ltd. (4%), Ms. Pratima Pande (2%) Mr. Shivanth Bahadur Pande (2%) and Sophia Pande (2%).
Major Highlights:
| Particulars (In Rs '000) | Mandu Hydropower | ||
|---|---|---|---|
| Q2 2080/81 | Q2 2079/80 | Difference | |
| Paid Up Capital | 1,363,637.00 | 1,200,000.00 | 13.64% |
| Share Premium | 170,598.07 | 0.00 | - |
| Retained Earnings and Reserves | 371,933.14 | 265,062.42 | 40.32% |
| Loan and Borrowings | 2,121,514.17 | 2,746,514.17 | -22.76% |
| Property, Plant & Equipment | 899.41 | 1,595.09 | -43.61% |
| Income from Power Sales | 415,229.41 | 432,729.95 | -4.04% |
| Administrative Expenses | 4,077.37 | 3,236.99 | 25.96% |
| Financial Cost | 120,927.67 | 157,613.86 | -23.28% |
| Net Profit | 170,580.48 | 152,606.31 | 11.78% |
| EPS (In Rs.) | 25.02 | 25.43 | -1.64% |
| Net Worth per Share (In Rs.) | 139.79 | 122.09 | 14.50% |
| Qtr end PE Ratio (times) | 29.42 | - | - |
| Qtr End Market Price | 736 | - | - |
