Gammon Infrastructure Projects Financial Statements

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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Sep-2014
Growth matrix (%)        
Revenue growth (5.80) (58) 191 19.30
Op profit growth (7.80) (55) 72.60 23.30
EBIT growth (26) (55) 190 11.50
Net profit growth 40 (49) 410 (29)
Profitability ratios (%)        
OPM 39.10 40 37.40 63
EBIT margin 28.10 35.90 33.70 33.80
Net profit margin (23) (16) (13) (7.40)
RoCE 4.84 6.89 12.50 3.63
RoNW (6.30) (3.70) (6) (1.20)
RoA (1) (0.80) (1.20) (0.20)
Per share ratios ()        
EPS -- -- -- --
Dividend per share -- -- -- --
Cash EPS (2.50) (1.60) (3.20) (2.20)
Book value per share 5.40 6.93 8.04 10.10
Valuation ratios        
P/E -- -- -- --
P/CEPS (1) (2.50) (1.50) (6.40)
P/B 0.46 0.59 0.61 1.40
EV/EBIDTA 12.70 10.50 4.08 14.80
Payout (%)        
Dividend payout -- -- -- --
Tax payout 9.65 37.90 36.80 (93)
Liquidity ratios        
Debtor days 159 117 9.82 12.50
Inventory days 5.66 4.43 1.78 7.97
Creditor days (134) (104) (25) (36)
Leverage ratios        
Interest coverage (0.50) (0.80) (0.80) (0.90)
Net debt / equity 6.08 4.05 2.79 4.05
Net debt / op. profit 12.60 9.98 3.59 11.30
Cost breakup ()        
Material costs (3.90) (3.90) (0.90) --
Employee costs (3.50) (2.90) (2.50) (3.80)
Other costs (53) (53) (59) (33)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Sep-2014
Revenue 625 663 1,577 542
yoy growth (%) (5.80) (58) 191 19.30
Raw materials (24) (26) (14) --
As % of sales 3.90 3.92 0.90 --
Employee costs (22) (19) (39) (21)
As % of sales 3.53 2.91 2.46 3.85
Other costs (334) (353) (934) (179)
As % of sales 53.40 53.20 59.20 33.10
Operating profit 244 265 590 342
OPM 39.10 40 37.40 63
Depreciation (87) (50) (100) (168)
Interest expense (340) (309) (643) (206)
Other income 18.30 22.40 41.60 9.62
Profit before tax (164) (71) (112) (23)
Taxes (16) (27) (41) 21.60
Tax rate 9.65 37.90 36.80 (93)
Minorities and other 39.90 17.50 5.44 (0.70)
Adj. profit (140) (81) (147) (2.30)
Exceptional items (5.20) 2.41 (58) (38)
Net profit (146) (104) (205) (40)
yoy growth (%) 40 (49) 410 (29)
NPM (23) (16) (13) (7.40)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Sep-2014
Profit before tax (164) (71) (112) (23)
Depreciation (87) (50) (100) (168)
Tax paid (16) (27) (41) 21.60
Working capital (163) 109 135 (139)
Other operating items -- -- -- --
Operating cashflow (431) (38) (118) (309)
Capital expenditure 1,390 (135) (871) 3,886
Free cash flow 960 (173) (989) 3,577
Equity raised 1,052 1,209 1,380 1,367
Investments 41 184 82.10 9.51
Debt financing/disposal 1,380 (298) (965) (36)
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 3,433 921 (492) 4,918
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 189 189 189 189
Preference capital -- -- -- --
Reserves 165 319 464 568
Net worth 354 508 653 757
Minority interest
Debt 1,636 3,142 2,675 2,513
Deferred tax liabilities (net) 35.10 98.80 117 68.40
Total liabilities 1,986 3,763 3,494 3,406
Fixed assets 3,101 3,879 3,006 2,827
Intangible assets
Investments 45.30 45.20 184 85.70
Deferred tax asset (net) 72 73.30 87.40 60.50
Net working capital (1,282) (285) 187 34.60
Inventories 7.30 6.58 12.80 3.29
Inventory Days -- 3.84 7.05 0.76
Sundry debtors 261 185 358 65.80
Debtor days -- 108 197 15.20
Other current assets 1,342 1,448 1,291 1,344
Sundry creditors (189) (168) (112) (114)
Creditor days -- 98.40 61.60 26.40
Other current liabilities (2,703) (1,756) (1,364) (1,264)
Cash 49.30 50.50 30.30 398
Total assets 1,986 3,763 3,494 3,406
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Particulars ( Rupees In Crores.) Dec-2019 Dec-2018 Jun-2015 Dec-2013 Dec-2012
Gross Sales 262 360 639 442 498
Excise Duty -- -- -- -- --
Net Sales 262 360 639 442 498
Other Operating Income -- -- 40.50 12.30 18.60
Other Income 19.40 16.40 4.82 5.41 5.02
Total Income 282 377 685 460 522
Total Expenditure ** 119 176 289 173 166
PBIDT 163 200 395 287 356
Interest 266 268 169 219 223
PBDT (103) (67) 226 68.10 133
Depreciation 94.20 81.40 199 112 123
Minority Interest Before NP -- -- -- -- --
Tax 4.28 1.68 9.42 (0.40) (0.40)
Deferred Tax 7.03 (44) -- -- --
Reported Profit After Tax (209) (106) 18 (44) 10.80
Minority Interest After NP (41) (33) 0.99 1.89 6.45
Net Profit after Minority Interest (168) (73) 17.10 (46) 4.27
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (168) (73) 17.10 (46) 4.27
EPS (Unit Curr.) (1.80) (0.80) 0.18 (0.60) 0.06
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 189 189 189 148 147
Public Shareholding (Number) -- -- 391,260,992 183,626,000 178,364,000
Public Shareholding (%) -- -- 41.50 25 27.50
Pledged/Encumbered - No. of Shares -- -- 528,000,000 430,286,016 3,862,445,056
Pledged/Encumbered - % in Total Promoters Holding -- -- 95.90 78.20 70.20
Pledged/Encumbered - % in Total Equity -- -- 56.10 58.60 53
Non Encumbered - No. of Shares -- -- 22,400,000 120,114,000 164,155,008
Non Encumbered - % in Total Promoters Holding -- -- 4.07 21.80 29.80
Non Encumbered - % in Total Equity -- -- 2.38 16.40 22.50
PBIDTM(%) 62 55.60 61.80 64.90 71.40
PBDTM(%) (39) (19) 35.40 15.40 26.70
PATM(%) (80) (29) 2.82 (9.90) 2.16