Adani Transmission Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 189 37.20 30.90 1,523
Op profit growth 58.80 42.50 2.94 1,803
EBIT growth 51.80 64.20 (0.10) 2,030
Net profit growth (35) 174 13.20 (5,551)
Profitability ratios (%)        
OPM 39.30 71.60 69 87.70
EBIT margin 31.30 59.80 49.90 65.40
Net profit margin 6.50 29 14.50 16.70
RoCE 13.50 16.20 12.30 13
RoNW 2.55 6.35 3.71 4.90
RoA 0.70 1.96 0.89 0.83
Per share ratios ()        
EPS 6.42 10.40 3.79 3.35
Dividend per share -- -- -- --
Cash EPS (3.90) 5.12 (1.40) (1.70)
Book value per share 77.30 55.10 26.80 24.30
Valuation ratios        
P/E 29.40 18.40 17 10.20
P/CEPS (48) 37.30 (46) (20)
P/B 2.44 3.47 2.40 1.41
EV/EBIDTA 8.99 10.50 7.81 6.11
Payout (%)        
Dividend payout -- -- -- --
Tax payout (30) (22) (22) (23)
Liquidity ratios        
Debtor days 20.10 20.70 23.60 52.40
Inventory days 9.22 3.42 3.83 3.52
Creditor days (63) (55) (67) (132)
Leverage ratios        
Interest coverage (1.60) (2.70) (1.60) (1.50)
Net debt / equity 2.58 1.61 2.91 3.16
Net debt / op. profit 4.89 3.45 4.33 4.38
Cost breakup ()        
Material costs (8.10) (21) (26) (6.80)
Employee costs (8.50) (1.10) (1.60) (1.40)
Other costs (44) (6.60) (3.20) (4.20)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 11,416 3,944 2,876 2,197
yoy growth (%) 189 37.20 30.90 1,523
Raw materials (924) (816) (755) (149)
As % of sales 8.10 20.70 26.30 6.76
Employee costs (973) (42) (46) (31)
As % of sales 8.53 1.07 1.60 1.40
Other costs (5,032) (261) (91) (91)
As % of sales 44.10 6.61 3.18 4.15
Operating profit 4,487 2,826 1,983 1,927
OPM 39.30 71.60 69 87.70
Depreciation (1,174) (579) (569) (560)
Interest expense (2,238) (886) (904) (957)
Other income 265 111 22.10 70.40
Profit before tax 1,339 1,472 532 480
Taxes (400) (329) (116) (112)
Tax rate (30) (22) (22) (23)
Minorities and other 35.30 -- -- --
Adj. profit 975 1,143 416 368
Exceptional items (233) -- -- --
Net profit 742 1,143 416 368
yoy growth (%) (35) 174 13.20 (5,551)
NPM 6.50 29 14.50 16.70
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 1,339 1,472 532 480
Depreciation (1,174) (579) (569) (560)
Tax paid (400) (329) (116) (112)
Working capital 4,513 453 -- (453)
Other operating items -- -- -- --
Operating cashflow 4,278 1,017 (153) (645)
Capital expenditure 17,700 379 -- (379)
Free cash flow 21,978 1,396 (153) (1,024)
Equity raised 6,660 5,386 3,277 6,161
Investments 313 (20) -- 19.80
Debt financing/disposal 21,716 7,534 1,841 178
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 50,667 14,296 4,965 5,334
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 4,379 4,508 2,948 1,100
Preference capital -- -- -- --
Reserves 4,120 3,535 3,108 1,847
Net worth 8,499 8,043 6,056 2,947
Minority interest
Debt 24,246 20,137 10,428 8,975
Deferred tax liabilities (net) 2,179 1,463 639 145
Total liabilities 35,986 29,642 17,124 12,066
Fixed assets 27,136 25,106 11,644 11,196
Intangible assets
Investments 313 336 -- 105
Deferred tax asset (net) 1,208 817 638 145
Net working capital 5,032 2,682 4,177 227
Inventories 541 366 35.30 38.70
Inventory Days 17.30 -- 3.27 4.91
Sundry debtors 1,000 722 258 190
Debtor days 32 -- 23.90 24.10
Other current assets 8,424 5,327 4,663 889
Sundry creditors (2,243) (1,389) (153) (183)
Creditor days 71.70 -- 14.20 23.20
Other current liabilities (2,690) (2,345) (626) (707)
Cash 2,297 702 665 393
Total assets 35,986 29,642 17,124 12,066
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Particulars ( Rupees In Crores.) Sep-2020 Jun-2020 Mar-2020 Dec-2019 Sep-2019
Gross Sales 2,156 2,447 3,187 2,778 2,593
Excise Duty -- -- -- -- --
Net Sales 2,156 2,447 3,187 2,778 2,593
Other Operating Income -- -- -- -- --
Other Income 184 335 131 58.20 44.90
Total Income 2,340 2,781 3,318 2,836 2,638
Total Expenditure ** 1,194 1,290 2,099 1,722 1,590
PBIDT 1,146 1,491 1,218 1,114 1,049
Interest 536 631 698 516 493
PBDT 610 860 521 598 556
Depreciation 314 378 304 294 291
Minority Interest Before NP -- -- -- -- --
Tax (17) 100 46.40 60.20 35.30
Deferred Tax 98.80 26.60 111 40.60 (1.50)
Reported Profit After Tax 214 355 59 204 230
Minority Interest After NP 7.37 (28) (35) -- --
Net Profit after Minority Interest 207 384 94.30 204 230
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 207 384 94.30 204 230
EPS (Unit Curr.) 1.14 1.29 0.51 1.15 1.37
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 1,100 1,100 1,100 1,100 1,100
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 53.20 60.90 38.20 40.10 40.40
PBDTM(%) 28.30 35.10 16.30 21.50 21.40
PATM(%) 9.93 14.50 1.85 7.33 8.89