MEP Infrastructure Developers Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth (11) 34.30 (9.20) (5.20)
Op profit growth (59) (32) (16) 244
EBIT growth (82) 14.10 (14) 98.50
Net profit growth (209) (35) (398) (68)
Profitability ratios (%)        
OPM 17.40 37.60 74.50 80.30
EBIT margin 5.10 24.90 29.30 31
Net profit margin (3.80) 3.06 6.30 (1.90)
RoCE 3.27 18 16.10 17.50
RoNW (16) 68.30 (45) 5.40
RoA (0.60) 0.55 0.86 (0.30)
Per share ratios ()        
EPS -- 4.37 6.70 --
Dividend per share -- 0.30 0.25 0.20
Cash EPS (26) (21) (47) (65)
Book value per share 9.88 3.68 (0.50) (6.90)
Valuation ratios        
P/E -- 17.50 7.87 --
P/CEPS (0.50) (3.60) (1.10) (0.60)
P/B 1.23 20.80 (108) (5.50)
EV/EBIDTA 5.15 4.17 2.67 2.20
Payout (%)        
Dividend payout -- 6.87 3.73 (8.90)
Tax payout 13.90 (35) (444) (30)
Liquidity ratios        
Debtor days 11.20 9.58 3.75 2.49
Inventory days 1.27 -- -- --
Creditor days (208) (192) (994) (897)
Leverage ratios        
Interest coverage (0.30) (1.20) (1) (0.90)
Net debt / equity 12.90 48.80 (356) (26)
Net debt / op. profit 6.54 3.35 2.18 1.90
Cost breakup ()        
Material costs (9.70) -- -- --
Employee costs (5.10) (3.70) (4.20) (3.90)
Other costs (68) (59) (21) (16)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 2,056 2,322 1,729 1,905
yoy growth (%) (11) 34.30 (9.20) (5.20)
Raw materials (200) -- -- --
As % of sales 9.75 -- -- --
Employee costs (105) (85) (73) (74)
As % of sales 5.10 3.67 4.24 3.91
Other costs (1,394) (1,364) (367) (300)
As % of sales 67.80 58.70 21.20 15.70
Operating profit 358 873 1,289 1,531
OPM 17.40 37.60 74.50 80.30
Depreciation (392) (419) (868) (1,012)
Interest expense (414) (470) (493) (642)
Other income 140 125 86.60 71.20
Profit before tax (309) 109 14.20 (52)
Taxes (43) (38) (63) 15.80
Tax rate 13.90 (35) (444) (30)
Minorities and other 8.91 -- -- --
Adj. profit (343) 71 (49) (37)
Exceptional items 226 -- 158 --
Net profit (77) 71 109 (37)
yoy growth (%) (209) (35) (398) (68)
NPM (3.80) 3.06 6.30 (1.90)
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax (309) 109 14.20 (52)
Depreciation (392) (419) (868) (1,012)
Tax paid (43) (38) (63) 15.80
Working capital (35) (325) (280) --
Other operating items -- -- -- --
Operating cashflow (780) (673) (1,197) (1,049)
Capital expenditure 1,833 2,783 2,480 --
Free cash flow 1,054 2,110 1,283 (1,049)
Equity raised 73 (294) (562) (510)
Investments 328 239 134 --
Debt financing/disposal (363) (75) (376) 337
Dividends paid -- 4.88 4.06 3.25
Other items -- -- -- --
Net in cash 1,093 1,985 483 (1,219)
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 183 183 163 163
Preference capital -- -- -- --
Reserves (2.10) 82.10 (103) (170)
Net worth 181 266 59.80 (7.90)
Minority interest
Debt 2,431 2,768 3,032 2,958
Deferred tax liabilities (net) 363 335 343 33
Total liabilities 2,989 3,369 3,435 2,983
Fixed assets 1,478 2,108 2,506 2,493
Intangible assets
Investments 332 280 240 166
Deferred tax asset (net) 431 448 475 185
Net working capital 657 420 102 (5.50)
Inventories 14.30 11.20 -- --
Inventory Days 2.54 -- -- --
Sundry debtors 40 82.50 86.40 35.40
Debtor days 7.10 -- 13.60 7.47
Other current assets 2,876 2,500 1,862 1,905
Sundry creditors (1,239) (1,017) (701) (825)
Creditor days 220 -- 110 174
Other current liabilities (1,034) (1,157) (1,146) (1,120)
Cash 91.40 113 113 144
Total assets 2,989 3,369 3,435 2,983
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Particulars ( Rupees In Crores.) Jun-2020 Mar-2020 Dec-2019 Sep-2019 Jun-2019
Gross Sales 218 421 480 541 614
Excise Duty -- -- -- -- --
Net Sales 218 421 480 541 614
Other Operating Income -- -- -- -- --
Other Income 19.70 170 49.90 68.90 77.60
Total Income 237 591 530 610 692
Total Expenditure ** 129 363 429 410 497
PBIDT 108 227 102 200 194
Interest 84.80 87.50 106 112 109
PBDT 23.10 140 (4.50) 88 85.80
Depreciation 61.90 164 81 77.30 69.90
Minority Interest Before NP -- -- -- -- --
Tax -- 0.09 (0.40) (4.50) 2.64
Deferred Tax 6.67 36.40 (13) 7.15 14.60
Reported Profit After Tax (45) (61) (72) 7.98 (1.50)
Minority Interest After NP 0.82 (3.20) (1.90) (2.30) (1.50)
Net Profit after Minority Interest (9) (44) (62) 22.10 7.03
Extra-ordinary Items -- (48) 32.90 -- --
Adjusted Profit After Extra-ordinary item (9) 3.96 (95) 22.10 7.03
EPS (Unit Curr.) (0.50) (2.60) (3.50) 1.08 0.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 183 183 183 183 183
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(%) 49.60 54 21.20 37 31.60
PBDTM(%) 10.60 33.20 (0.90) 16.30 14
PATM(%) (21) (14) (15) 1.47 (0.20)