BF Utilities Financial Statements

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Y/e 31 Mar Mar-2019 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 11.90 19.10 11.50 (42)
Op profit growth 9.91 20 20.10 (44)
EBIT growth 20.30 25.30 4.74 (45)
Net profit growth 59.70 623 8.24 (95)
Profitability ratios (%)        
OPM 73.80 75.10 74.60 69.20
EBIT margin 66.90 62.30 59.20 63.10
Net profit margin 8.57 6 0.99 1.02
RoCE 18.50 15.80 10.90 9.34
RoNW (4.80) (2.20) (0.30) (0.30)
RoA 0.59 0.38 0.05 0.04
Per share ratios ()        
EPS 19.10 9.57 -- 1.70
Dividend per share -- -- -- --
Cash EPS (3.60) (10) (15) (5.30)
Book value per share (48) (58) (84) (60)
Valuation ratios        
P/E 10.20 39.90 -- 333
P/CEPS (54) (37) (29) (107)
P/B (2.80) (4.90) (5.30) (9.40)
EV/EBIDTA 6.61 9.42 13 18.70
Payout (%)        
Dividend payout -- -- -- --
Tax payout (8) (13) 25.30 73.10
Liquidity ratios        
Debtor days 1.69 5.30 5.69 2.31
Inventory days 140 156 187 208
Creditor days (130) (90) (79) (56)
Leverage ratios        
Interest coverage (1.50) (1.20) (0.90) (1)
Net debt / equity (8.70) (6.80) (5.40) (8.10)
Net debt / op. profit 4.80 4.99 6.74 8.88
Cost breakup ()        
Material costs -- -- 0.06 0.01
Employee costs (11) (12) (12) (12)
Other costs (15) (13) (13) (19)
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Y/e 31 Mar( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Revenue 448 401 336 301
yoy growth (%) 11.90 19.10 11.50 (42)
Raw materials (0.10) (0.10) 0.20 0.02
As % of sales 0.02 0.03 0.06 0.01
Employee costs (51) (47) (41) (35)
As % of sales 11.40 11.80 12.20 11.70
Other costs (66) (52) (45) (58)
As % of sales 14.70 13.10 13.20 19.10
Operating profit 331 301 251 209
OPM 73.80 75.10 74.60 69.20
Depreciation (52) (63) (60) (23)
Interest expense (205) (208) (222) (194)
Other income 21.20 11.10 8.09 4.35
Profit before tax 94.70 41 (23) (4.10)
Taxes (7.50) (5.30) (5.90) (3)
Tax rate (8) (13) 25.30 73.10
Minorities and other (34) (12) 32.60 (0.10)
Adj. profit 53.60 23.70 3.35 (7.20)
Exceptional items (15) 0.33 -- 10.20
Net profit 38.40 24 3.32 3.07
yoy growth (%) 59.70 623 8.24 (95)
NPM 8.57 6 0.99 1.02
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Profit before tax 94.70 41 (23) (4.10)
Depreciation (52) (63) (60) (23)
Tax paid (7.50) (5.30) (5.90) (3)
Working capital 60.70 30.10 (86) 55.90
Other operating items -- -- -- --
Operating cashflow 95.90 3.16 (175) 25.80
Capital expenditure 82.70 (15) (41) 8.92
Free cash flow 179 (12) (216) 34.70
Equity raised (389) (461) (585) (549)
Investments (260) (67) (14) (3.10)
Debt financing/disposal 552 375 204 322
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 81.20 (165) (610) (195)
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 18.80 18.80 18.80 18.80
Preference capital 82.80 72.90 -- --
Reserves (283) (311) (334) (247)
Net worth (182) (219) (315) (228)
Minority interest
Debt 1,673 1,570 1,723 1,865
Deferred tax liabilities (net) 4.41 6.23 6.74 7.55
Total liabilities 1,701 1,550 1,604 2,036
Fixed assets 1,152 1,202 1,272 1,448
Intangible assets
Investments 143 8.76 23.40 28.50
Deferred tax asset (net) 6.63 6.34 4.49 3.25
Net working capital 315 265 272 544
Inventories 171 172 172 172
Inventory Days 140 156 186 208
Sundry debtors 2.03 2.13 9.51 0.97
Debtor days 1.65 1.94 10.30 1.17
Other current assets 446 389 365 578
Sundry creditors (56) (28) (21) (16)
Creditor days 45.60 25.20 23.10 19
Other current liabilities (248) (270) (253) (192)
Cash 83.90 68.60 32.10 12.40
Total assets 1,701 1,550 1,604 2,036
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Particulars ( Rupees In Crores.) Mar-2020 Dec-2019 Sep-2019 Jun-2019 Mar-2019
Gross Sales 199 109 113 114 110
Excise Duty -- -- -- -- --
Net Sales 199 109 113 114 110
Other Operating Income -- -- -- -- --
Other Income 9.32 7.66 5.74 6.69 14.70
Total Income 209 116 118 121 125
Total Expenditure ** 165 39.80 32.70 26 55.30
PBIDT 43.50 76.60 85.70 95 69.40
Interest 53.70 52.60 54.50 52.90 59.80
PBDT (10) 24 31.20 42.10 9.61
Depreciation 13.40 13.30 13.30 13.20 12.90
Minority Interest Before NP -- -- -- -- --
Tax 1.56 1.53 1.41 2.35 2.41
Deferred Tax 0.33 0.28 (0.60) (0.30) (1.20)
Reported Profit After Tax (26) 8.88 17.20 26.90 (4.50)
Minority Interest After NP (17) 4 7.56 12.90 (2.80)
Net Profit after Minority Interest (8.80) 4.88 9.61 14 (1.80)
Extra-ordinary Items (23) -- -- -- (13)
Adjusted Profit After Extra-ordinary item 14.70 4.88 9.61 14 11
EPS (Unit Curr.) (6.80) 2.36 4.56 7.13 (1.20)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 18.80 18.80 18.80 18.80 18.80
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(%) 21.80 70.50 76.10 83.10 63.10
PBDTM(%) (5.20) 22 27.70 36.80 8.73
PATM(%) (13) 8.17 15.20 23.50 (4.10)