GMR Infrastructure Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth (3.70) (8.70) 15.70 (25)
Op profit growth 12.90 (32) 17.20 7.95
EBIT growth 74.40 (51) 31.70 86.40
Net profit growth 78.10 142 (79) (0.80)
Profitability ratios (%)        
OPM 29.40 25.10 33.80 33.40
EBIT margin 26.60 14.70 27.50 24.10
Net profit margin (29) (16) (5.90) (33)
RoCE 6.97 4.35 6.77 3.70
RoNW (89) (7.40) (2.70) (11)
RoA (1.90) (1.20) (0.40) (1.30)
Per share ratios ()        
EPS -- -- -- --
Dividend per share -- -- -- --
Cash EPS (5.80) (4) (2.60) (6.50)
Book value per share (4.10) 6.33 8.85 8.27
Valuation ratios        
P/E -- -- -- --
P/CEPS (2.80) (4.30) (6.10) (1.80)
P/B (4) 2.98 1.81 1.41
EV/EBIDTA 12.10 13.60 8.06 13.80
Payout (%)        
Dividend payout -- (0.30) (0.50) (0.20)
Tax payout (6.50) 4.39 (149) 89.50
Liquidity ratios        
Debtor days 69.40 73.40 62.40 69.70
Inventory days 6.41 4.88 6.75 11.70
Creditor days (130) (94) (77) (110)
Leverage ratios        
Interest coverage (0.60) (0.60) (1.20) (0.90)
Net debt / equity (12) 5.51 3.69 7.39
Net debt / op. profit 12.20 9.65 6.10 13.40
Cost breakup ()        
Material costs (15) (22) (15) (12)
Employee costs (9.90) (7.90) (6.20) (6.10)
Other costs (46) (45) (45) (48)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 8,395 8,721 9,557 8,261
yoy growth (%) (3.70) (8.70) 15.70 (25)
Raw materials (1,250) (1,918) (1,408) (998)
As % of sales 14.90 22 14.70 12.10
Employee costs (831) (690) (596) (506)
As % of sales 9.90 7.92 6.23 6.13
Other costs (3,846) (3,927) (4,322) (3,999)
As % of sales 45.80 45 45.20 48.40
Operating profit 2,468 2,186 3,231 2,758
OPM 29.40 25.10 33.80 33.40
Depreciation (1,064) (1,028) (1,019) (1,197)
Interest expense (3,545) (2,316) (2,128) (2,196)
Other income 827 122 414 433
Profit before tax (1,314) (1,037) 499 (203)
Taxes 84.90 (45) (745) (182)
Tax rate (6.50) 4.39 (149) 89.50
Minorities and other (231) (281) 67.50 (2,264)
Adj. profit (1,460) (1,364) (179) (2,648)
Exceptional items (681) -- (386) (64)
Net profit (2,429) (1,364) (564) (2,713)
yoy growth (%) 78.10 142 (79) (0.80)
NPM (29) (16) (5.90) (33)
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax (1,314) (1,037) 499 (203)
Depreciation (1,064) (1,028) (1,019) (1,197)
Tax paid 84.90 (45) (745) (182)
Working capital 432 (2,531) (1,770) (794)
Other operating items -- -- -- --
Operating cashflow (1,861) (4,642) (3,035) (2,374)
Capital expenditure (3,107) (8,745) (13,980) (3,435)
Free cash flow (4,968) (13,387) (17,015) (5,809)
Equity raised 5,050 9,970 12,409 11,119
Investments 7,145 12,149 12,139 5,666
Debt financing/disposal 19,683 (5,399) (15,150) (1,856)
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 26,910 3,333 (7,617) 9,119
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 604 604 502 1,009
Preference capital 5.79 5.23 378 --
Reserves (3,062) (1,057) 2,943 4,333
Net worth (2,453) (448) 3,823 5,342
Minority interest
Debt 34,436 27,575 23,063 21,484
Deferred tax liabilities (net) 225 78.10 400 1,203
Total liabilities 34,883 28,900 29,112 29,743
Fixed assets 19,989 16,938 16,233 16,013
Intangible assets
Investments 10,119 10,115 12,871 12,422
Deferred tax asset (net) 655 343 389 1,061
Net working capital (329) (126) (2,359) (1,524)
Inventories 191 113 104 129
Inventory Days 8.28 -- 4.36 4.93
Sundry debtors 1,424 1,447 1,770 1,737
Debtor days 61.90 -- 74.10 66.30
Other current assets 9,701 9,568 4,942 4,780
Sundry creditors (2,262) (1,946) (1,957) (1,410)
Creditor days 98.30 -- 81.90 53.90
Other current liabilities (9,383) (9,307) (7,217) (6,760)
Cash 4,449 1,630 1,979 1,771
Total assets 34,883 28,900 29,112 29,743
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 7,515 7,113 8,225 9,312 10,389
Excise Duty -- -- -- -- --
Net Sales 7,515 7,113 8,225 9,312 10,389
Other Operating Income 1,040 463 496 245 293
Other Income 667 819 553 767 606
Total Income 9,222 8,395 9,274 10,323 11,288
Total Expenditure ** 6,900 8,170 6,999 6,779 7,807
PBIDT 2,322 224 2,276 3,544 3,480
Interest 3,545 2,684 2,316 2,128 4,136
PBDT (1,223) (2,460) (41) 1,416 (656)
Depreciation 1,064 984 1,028 1,019 1,820
Minority Interest Before NP -- -- -- -- --
Tax (85) (87) 45.50 745 192
Deferred Tax -- -- -- -- (3.80)
Reported Profit After Tax (2,202) (3,356) (1,115) (347) (2,664)
Minority Interest After NP -- -- -- -- (37)
Net Profit after Minority Interest (2,202) (3,356) (1,115) (347) (2,713)
Extra-ordinary Items (681) (2,212) -- 359 (138)
Adjusted Profit After Extra-ordinary item (1,521) (1,144) (1,115) (707) (2,574)
EPS (Unit Curr.) (4) (5.80) (2.30) (0.90) (4.80)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 604 604 604 604 604
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(%) 30.90 3.15 27.70 38.10 33.50
PBDTM(%) (16) (35) (0.50) 15.20 (6.30)
PATM(%) (29) (47) (14) (3.70) (26)