Gujarat Industries Power Co Financial Statements

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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 4.07 (3.10) 11.30 (12)
Op profit growth 14.50 5.83 (3.80) (10)
EBIT growth 2.74 15 (6) 0.07
Net profit growth (28) 21.80 49 (32)
Profitability ratios (%)        
OPM 36.10 32.80 30.10 34.80
EBIT margin 28.20 28.60 24.10 28.50
Net profit margin 12.20 17.50 13.90 10.40
RoCE 12.50 13.30 12.10 13.10
RoNW 1.80 2.68 2.43 1.76
RoA 1.35 2.03 1.75 1.20
Per share ratios ()        
EPS 16.20 15.20 12.50 7.84
Dividend per share 2.70 2.70 2.70 2.50
Cash EPS 0.42 6.75 4.67 0.42
Book value per share 157 148 134 121
Valuation ratios        
P/E 6 6.83 6.48 10.80
P/CEPS 231 15.40 17.30 204
P/B 0.62 0.70 0.60 0.70
EV/EBIDTA 3.72 3.94 3.39 3.27
Payout (%)        
Dividend payout 24.60 17.80 21.70 36.10
Tax payout (23) (24) (25) (46)
Liquidity ratios        
Debtor days 68 71.50 53.20 52.70
Inventory days 41.70 43.20 40.30 40.30
Creditor days (67) (58) (61) (72)
Leverage ratios        
Interest coverage (5.70) (5.10) (4.30) (4.40)
Net debt / equity 0.23 0.18 0.14 0.13
Net debt / op. profit 1.13 0.95 0.69 0.57
Cost breakup ()        
Material costs (45) (51) (53) (47)
Employee costs (6.70) (5.60) (5) (5.60)
Other costs (12) (11) (12) (12)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,364 1,311 1,352 1,215
yoy growth (%) 4.07 (3.10) 11.30 (12)
Raw materials (619) (662) (716) (575)
As % of sales 45.40 50.50 52.90 47.40
Employee costs (91) (73) (68) (67)
As % of sales 6.65 5.60 5.04 5.55
Other costs (161) (145) (162) (149)
As % of sales 11.80 11.10 11.90 12.30
Operating profit 493 430 407 423
OPM 36.10 32.80 30.10 34.80
Depreciation (160) (127) (118) (120)
Interest expense (67) (73) (76) (78)
Other income 51.30 71.10 36.20 43.20
Profit before tax 317 301 250 268
Taxes (73) (72) (61) (123)
Tax rate (23) (24) (25) (46)
Minorities and other (78) -- -- --
Adj. profit 166 229 188 145
Exceptional items -- -- -- (19)
Net profit 166 229 188 126
yoy growth (%) (28) 21.80 49 (32)
NPM 12.20 17.50 13.90 10.40
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 317 301 250 268
Depreciation (160) (127) (118) (120)
Tax paid (73) (72) (61) (123)
Working capital (14) (291) (38) 38.10
Other operating items -- -- -- --
Operating cashflow 70.50 (189) 32.60 62.90
Capital expenditure (711) (1,038) (1,720) 1,720
Free cash flow (641) (1,227) (1,687) 1,783
Equity raised 3,567 3,501 3,420 3,479
Investments 180 121 43.10 (43)
Debt financing/disposal 32.50 (268) (131) 131
Dividends paid 40.80 40.80 40.80 37.80
Other items -- -- -- --
Net in cash 3,180 2,168 1,685 5,388
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 151 151 151 151
Preference capital -- -- -- --
Reserves 2,419 2,229 2,085 1,882
Net worth 2,571 2,381 2,236 2,033
Minority interest
Debt 573 617 417 475
Deferred tax liabilities (net) 259 259 245 229
Total liabilities 3,402 3,256 2,899 2,737
Fixed assets 2,800 2,686 2,546 2,012
Intangible assets
Investments 89.60 249 280 250
Deferred tax asset (net) 16.30 16.20 14.80 12.10
Net working capital 235 246 50.10 270
Inventories 166 152 160 151
Inventory Days -- 40.60 44.50 40.70
Sundry debtors 214 260 248 266
Debtor days -- 69.60 69.10 71.70
Other current assets 300 302 173 276
Sundry creditors (185) (128) (193) (89)
Creditor days -- 34.20 53.80 23.90
Other current liabilities (260) (340) (337) (334)
Cash 262 58.90 7.15 193
Total assets 3,402 3,256 2,899 2,737
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 1,407 1,354 1,311 1,352 1,209
Excise Duty -- -- -- -- --
Net Sales 1,407 1,354 1,311 1,352 1,209
Other Operating Income -- -- -- -- 5.66
Other Income 117 51.30 71.10 36.20 43.20
Total Income 1,524 1,405 1,382 1,388 1,258
Total Expenditure ** 999 871 880 946 808
PBIDT 525 534 501 443 450
Interest 50.30 56.90 73.20 75.60 78
PBDT 475 477 428 367 372
Depreciation 168 160 127 118 123
Minority Interest Before NP -- -- -- -- --
Tax 93.20 67.50 64 50.40 65.30
Deferred Tax (41) 5.45 7.73 11.10 57.80
Reported Profit After Tax 255 245 229 188 126
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 255 166 229 188 126
Extra-ordinary Items (97) -- -- -- (9.40)
Adjusted Profit After Extra-ordinary item 352 166 229 188 136
EPS (Unit Curr.) 16.80 11 15.20 12.50 8.35
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 29 27 27 27 25
Equity 151 151 151 151 151
Public Shareholding (Number) -- -- -- -- 63,210,927
Public Shareholding (%) -- -- -- -- 41.80
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 88,040,261
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 56.20
PBIDTM(%) 37.30 39.40 38.30 32.80 37.20
PBDTM(%) 33.80 35.20 32.70 27.20 30.80
PATM(%) 18.10 18.10 17.50 13.90 10.50