GFL Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth (31) (38) (10) 31.20
Op profit growth (35) (37) (11) 25.70
EBIT growth (70) (38) (14) 34.90
Net profit growth (149) 188 (78) (32)
Profitability ratios (%)        
OPM 17.70 18.90 18.40 18.60
EBIT margin 6.21 14.60 14.70 15.40
Net profit margin (4.60) 6.51 1.40 5.70
RoCE 2.22 6.57 10.40 13
RoNW (0.90) 1.37 0.49 2.30
RoA (0.40) 0.73 0.25 1.21
Per share ratios ()        
EPS -- 21.90 19.50 54.80
Dividend per share -- 3.50 3.50 3.50
Cash EPS (43) (4.20) (24) 6.81
Book value per share 198 434 411 405
Valuation ratios        
P/E -- 4.10 4.45 1.08
P/CEPS (1.90) (22) (3.70) 8.72
P/B 0.41 0.21 0.21 0.15
EV/EBIDTA 8.52 12 8.76 5.76
Payout (%)        
Dividend payout -- 15.20 43.60 11.60
Tax payout (15) (14) (35) (28)
Liquidity ratios        
Debtor days 224 221 164 123
Inventory days 170 111 57.90 47
Creditor days (187) (128) (94) (76)
Leverage ratios        
Interest coverage (0.40) (2) (3.30) (5)
Net debt / equity 1.63 0.38 0.62 0.54
Net debt / op. profit 7.45 2.48 2.43 1.84
Cost breakup ()        
Material costs (15) (21) (37) (47)
Employee costs (8.80) (8.90) (5.30) (4)
Other costs (58) (52) (39) (31)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 2,704 3,893 6,288 7,010
yoy growth (%) (31) (38) (10) 31.20
Raw materials (415) (799) (2,355) (3,284)
As % of sales 15.40 20.50 37.40 46.80
Employee costs (237) (347) (334) (279)
As % of sales 8.77 8.91 5.31 3.98
Other costs (1,574) (2,012) (2,442) (2,146)
As % of sales 58.20 51.70 38.80 30.60
Operating profit 477 735 1,158 1,301
OPM 17.70 18.90 18.40 18.60
Depreciation (354) (299) (349) (325)
Interest expense (445) (279) (279) (218)
Other income 44.50 133 114 103
Profit before tax (277) 289 644 862
Taxes 41.50 (39) (227) (243)
Tax rate (15) (14) (35) (28)
Minorities and other 113 13.40 (126) (210)
Adj. profit (123) 263 291 409
Exceptional items -- (9.60) (201) (5)
Net profit (123) 254 88.10 399
yoy growth (%) (149) 188 (78) (32)
NPM (4.60) 6.51 1.40 5.70
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax (277) 289 644 862
Depreciation (354) (299) (349) (325)
Tax paid 41.50 (39) (227) (243)
Working capital 520 1,361 2,119 126
Other operating items -- -- -- --
Operating cashflow (70) 1,311 2,188 420
Capital expenditure 2,002 340 (582) (530)
Free cash flow 1,933 1,651 1,606 (110)
Equity raised 4,998 7,689 7,744 8,306
Investments (62) 176 309 245
Debt financing/disposal 3,124 745 1,599 1,265
Dividends paid -- 38.40 38.40 38.50
Other items -- -- -- --
Net in cash 9,992 10,300 11,295 9,744
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 11 11 11 11
Preference capital -- -- -- --
Reserves 2,168 5,966 4,756 4,507
Net worth 2,179 5,977 4,767 4,518
Minority interest
Debt 3,765 1,220 2,019 3,308
Deferred tax liabilities (net) 5.26 14.90 201 210
Total liabilities 6,962 8,500 8,180 9,117
Fixed assets 4,668 2,574 4,538 3,915
Intangible assets
Investments 122 149 524 678
Deferred tax asset (net) 438 179 168 48.30
Net working capital 1,524 5,432 2,756 3,980
Inventories 1,207 956 1,314 1,059
Inventory Days 163 -- 123 61.40
Sundry debtors 1,382 1,549 1,944 2,775
Debtor days 187 -- 182 161
Other current assets 1,560 5,973 1,238 2,008
Sundry creditors (1,276) (1,140) (1,000) (1,218)
Creditor days 172 -- 93.80 70.70
Other current liabilities (1,348) (1,906) (740) (644)
Cash 209 165 195 496
Total assets 6,962 8,500 8,180 9,117
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Particulars ( Rupees In Crores.) Sep-2020 Jun-2020 Mar-2020 Dec-2019 Sep-2019
Gross Sales 174 98.50 558 681 661
Excise Duty -- -- -- -- --
Net Sales 174 98.50 558 681 661
Other Operating Income -- -- -- -- --
Other Income 43.20 9.35 12.80 12.90 10.20
Total Income 217 108 570 694 671
Total Expenditure ** 240 90.80 622 498 495
PBIDT (23) 17 (52) 196 176
Interest 122 123 154 94.20 104
PBDT (145) (106) (206) 102 71.90
Depreciation 94.10 94.10 99.30 88.80 85.90
Minority Interest Before NP -- -- -- -- --
Tax 1.77 1.76 (3.60) 27.30 27.50
Deferred Tax (78) (63) (45) (22) (35)
Reported Profit After Tax (162) (139) (257) 8.48 (6.90)
Minority Interest After NP (67) (66) (121) 4.37 (3.20)
Net Profit after Minority Interest (95) (73) (136) 4.11 (3.70)
Extra-ordinary Items -- (0.50) -- -- --
Adjusted Profit After Extra-ordinary item (95) (73) (136) 4.11 (3.70)
EPS (Unit Curr.) (15) (13) (23) 0.77 (0.60)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 11 11 11 11 11
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(%) (13) 17.30 (9.30) 28.80 26.60
PBDTM(%) (83) (108) (37) 15 10.90
PATM(%) (93) (141) (46) 1.24 (1)