Essar Shipping Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (39) 27.60 (10) 2.80
Op profit growth (31) 36.10 22.70 (57)
EBIT growth (399) (696) (71) (77)
Net profit growth 188 6.05 19.90 88.30
Profitability ratios (%)        
OPM 19.40 17.30 16.20 11.90
EBIT margin 17.70 (3.60) 0.78 2.39
Net profit margin (125) (27) (32) (24)
RoCE 5.34 (0.90) 0.13 0.37
RoNW 53 (4.90) (2.70) (1.60)
RoA (9.40) (1.70) (1.30) (0.90)
Per share ratios ()        
EPS -- -- -- --
Dividend per share -- -- -- --
Cash EPS (90) (47) (49) (43)
Book value per share (204) 127 161 335
Valuation ratios        
P/E -- -- -- --
P/CEPS (0.10) (0.60) (0.50) (0.50)
P/B -- 0.22 0.16 0.07
EV/EBIDTA 11.50 19.80 12.20 11.80
Payout (%)        
Dividend payout -- -- -- --
Tax payout 0.57 6.92 4.15 6.35
Liquidity ratios        
Debtor days 26 37.80 67.50 61.30
Inventory days 13.10 13.50 17.50 23.20
Creditor days (119) (121) (198) (162)
Leverage ratios        
Interest coverage (0.60) 0.17 -- (0.10)
Net debt / equity (1.10) 2.12 1.59 0.74
Net debt / op. profit 17.60 14.70 19 22.50
Cost breakup ()        
Material costs -- -- -- --
Employee costs (8.30) (9.70) (7.90) (11)
Other costs (72) (73) (76) (77)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2017 Mar-2016 Mar-2015
Revenue 1,344 2,194 1,720 1,911
yoy growth (%) (39) 27.60 (10) 2.80
Raw materials -- -- -- --
As % of sales -- -- -- --
Employee costs (112) (213) (137) (203)
As % of sales 8.30 9.69 7.95 10.60
Other costs (972) (1,602) (1,304) (1,480)
As % of sales 72.30 73 75.90 77.50
Operating profit 261 379 279 227
OPM 19.40 17.30 16.20 11.90
Depreciation (172) (391) (464) (424)
Interest expense (433) (467) (542) (477)
Other income 150 (69) 199 243
Profit before tax (194) (547) (528) (432)
Taxes (1.10) (38) (22) (27)
Tax rate 0.57 6.92 4.15 6.35
Minorities and other 5.35 1.24 -- (0.10)
Adj. profit (190) (583) (550) (459)
Exceptional items (1,492) -- -- --
Net profit (1,682) (583) (550) (459)
yoy growth (%) 188 6.05 19.90 88.30
NPM (125) (27) (32) (24)
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2017 Mar-2016 Mar-2015
Profit before tax (194) (547) (528) (432)
Depreciation (172) (391) (464) (424)
Tax paid (1.10) (38) (22) (27)
Working capital (1,233) 935 1,295 (665)
Other operating items -- -- -- --
Operating cashflow (1,601) (40) 281 (1,548)
Capital expenditure (4,756) (2,803) (4,128) 454
Free cash flow (6,357) (2,843) (3,848) (1,095)
Equity raised 2,291 8,304 10,240 14,018
Investments -- 37 (0.10) (0.10)
Debt financing/disposal 3,822 4,567 4,512 4,055
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash (243) 10,065 10,905 16,979
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 207 207 207 235
Preference capital -- -- -- --
Reserves (4,428) (2,117) 1,163 2,400
Net worth (4,221) (1,910) 1,370 2,635
Minority interest
Debt 4,641 4,771 4,628 5,613
Deferred tax liabilities (net) -- -- -- --
Total liabilities 681 3,123 6,189 8,248
Fixed assets 1,014 3,160 5,331 5,972
Intangible assets
Investments -- 42 -- 37
Deferred tax asset (net) -- -- -- --
Net working capital (376) (103) 803 2,199
Inventories 21.70 30 72 75
Inventory Days 5.88 -- -- 12.50
Sundry debtors 72 156 99.20 120
Debtor days 19.50 -- -- 19.90
Other current assets 1,194 1,151 2,087 3,253
Sundry creditors (268) (327) (316) (437)
Creditor days 72.60 -- -- 72.70
Other current liabilities (1,396) (1,112) (1,139) (811)
Cash 44.30 24.60 55.40 39.90
Total assets 681 3,123 6,189 8,248
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Particulars ( Rupees In Crores.) Jun-2020 Mar-2020 Dec-2019 Sep-2019 Jun-2019
Gross Sales 145 226 378 383 342
Excise Duty -- -- -- -- --
Net Sales 145 226 378 383 342
Other Operating Income 3.43 5.56 3.37 3.20 3.12
Other Income 1.20 88 5.83 50.90 5.40
Total Income 149 320 388 437 350
Total Expenditure ** 103 1,707 309 315 244
PBIDT 46.20 (1,387) 78.40 122 106
Interest 106 114 124 106 88.20
PBDT (59) (1,502) (46) 16.70 17.50
Depreciation 43.60 43.60 43.10 42.70 42.90
Minority Interest Before NP -- -- -- -- --
Tax 0.21 0.21 0.30 0.30 0.30
Deferred Tax -- -- -- -- --
Reported Profit After Tax (103) (1,545) (89) (26) (26)
Minority Interest After NP (2.60) (1.90) (6) 1.31 1.26
Net Profit after Minority Interest (101) (1,538) (89) (28) (22)
Extra-ordinary Items (9.60) (1,484) (7.20) -- --
Adjusted Profit After Extra-ordinary item (91) (53) (82) (28) (22)
EPS (Unit Curr.) (5) (74) (4.30) (1.30) (1)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 207 207 207 207 207
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(%) 31.90 (614) 20.70 32 30.90
PBDTM(%) (41) (664) (12) 4.37 5.12
PATM(%) (71) (684) (24) (6.90) (7.50)