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.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 11,416 7,305 3,944 2,876 2,197
Excise Duty -- -- -- -- --
Net Sales 11,416 7,305 3,944 2,876 2,197
Other Operating Income -- -- -- -- --
Other Income 265 351 111 22.10 70.40
Total Income 11,681 7,657 4,055 2,898 2,267
Total Expenditure ** 7,162 4,543 1,118 893 270
PBIDT 4,519 3,113 2,937 2,005 1,997
Interest 2,238 1,391 886 904 957
PBDT 2,281 1,722 2,051 1,101 1,040
Depreciation 1,174 882 579 569 560
Minority Interest Before NP -- -- -- -- --
Tax 214 192 328 116 112
Deferred Tax 186 89.20 1.23 -- --
Reported Profit After Tax 706 559 1,143 416 368
Minority Interest After NP (35) -- -- -- --
Net Profit after Minority Interest 742 559 1,143 416 368
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 742 559 1,143 416 368
EPS (Unit Curr.) 4.69 2.30 9.94 3.79 3.35
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(%) 39.60 42.60 74.50 69.70 90.90
PBDTM(%) 20 23.60 52 38.30 47.30
PATM(%) 6.19 7.65 29 14.50 16.70