SRS Real Infrastructure Financial Statements

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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth (51) (19) 4.55 (9.40)
Op profit growth (999) (108) (3.50) 16.70
EBIT growth 478 (89) (3.40) 30.10
Net profit growth (62) (409) 14.10 (18)
Profitability ratios (%)        
OPM 4.84 (0.30) 2.54 2.76
EBIT margin 4.70 0.40 3 3.25
Net profit margin (1.70) (2.20) 0.58 0.53
RoCE 2.89 0.50 4.71 5.77
RoNW (0.80) (2) 0.63 0.56
RoA (0.30) (0.70) 0.23 0.23
Per share ratios ()        
EPS -- -- 0.14 0.25
Dividend per share -- -- -- --
Cash EPS (0.30) (0.50) 0.06 0.13
Book value per share 5.16 5.32 5.76 11.30
Valuation ratios        
P/E -- -- 125 73.80
P/CEPS (98) (23) 295 140
P/B 5.51 2.28 3.04 1.64
EV/EBIDTA 61.70 135 32.80 32.60
Payout (%)        
Dividend payout -- -- -- --
Tax payout 100 (2.50) (40) (33)
Liquidity ratios        
Debtor days 249 99.70 73 77
Inventory days 444 220 157 139
Creditor days (63) (31) (15) (12)
Leverage ratios        
Interest coverage (0.80) (0.20) (1.50) (1.30)
Net debt / equity 1.52 1.86 1.66 1.52
Net debt / op. profit 16.30 (186) 15.20 13.10
Cost breakup ()        
Material costs (57) (85) (76) (78)
Employee costs (0.80) (0.60) (0.30) (0.30)
Other costs (37) (14) (21) (19)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 398 806 994 950
yoy growth (%) (51) (19) 4.55 (9.40)
Raw materials (227) (689) (758) (741)
As % of sales 57.10 85.50 76.30 78
Employee costs (3.20) (4.70) (2.60) (3.10)
As % of sales 0.80 0.59 0.26 0.33
Other costs (148) (114) (208) (180)
As % of sales 37.30 14.20 20.90 19
Operating profit 19.20 (2.10) 25.30 26.20
OPM 4.84 (0.30) 2.54 2.76
Depreciation (4.90) (3.30) (3.30) (2.40)
Interest expense (22) (21) (20) (23)
Other income 4.37 8.68 7.93 7.07
Profit before tax (3.40) (18) 9.58 7.42
Taxes (3.40) 0.46 (3.80) (2.40)
Tax rate 100 (2.50) (40) (33)
Minorities and other 0.07 0.11 -- 0.03
Adj. profit (6.70) (18) 5.73 5.02
Exceptional items -- -- -- --
Net profit (6.70) (18) 5.73 5.02
yoy growth (%) (62) (409) 14.10 (18)
NPM (1.70) (2.20) 0.58 0.53
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax (3.40) (18) 9.58 7.42
Depreciation (4.90) (3.30) (3.30) (2.40)
Tax paid (3.40) 0.46 (3.80) (2.40)
Working capital 10.80 162 171 --
Other operating items -- -- -- --
Operating cashflow (0.90) 141 174 2.62
Capital expenditure 154 22.90 (6.40) --
Free cash flow 153 163 167 2.62
Equity raised 384 409 407 408
Investments 6.49 6.98 13.50 --
Debt financing/disposal 330 325 359 366
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 873 904 947 776
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 40.20 40.20 40.20 20.10
Preference capital -- -- -- --
Reserves 167 174 191 206
Net worth 207 214 232 226
Minority interest
Debt 444 419 430 373
Deferred tax liabilities (net) 6.29 3.10 2.86 2.92
Total liabilities 659 637 664 602
Fixed assets 213 114 83.60 97.80
Intangible assets
Investments 8.08 7.18 13.60 5.97
Deferred tax asset (net) 1.48 1.47 0.99 0.45
Net working capital 307 493 521 469
Inventories 452 515 457 396
Inventory Days 415 233 168 152
Sundry debtors 321 221 219 178
Debtor days 295 100 80.50 68.50
Other current assets 235 256 213 196
Sundry creditors (48) (83) (54) (28)
Creditor days 43.90 37.40 19.80 10.60
Other current liabilities (653) (416) (315) (274)
Cash 130 21.40 45.20 29.60
Total assets 659 637 664 602
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Particulars ( Rupees In Crores.) Mar-2017 Mar-2016 Mar-2015 Mar-2014 Mar-2013
Gross Sales 398 806 994 950 1,037
Excise Duty -- -- -- -- --
Net Sales 398 806 994 950 1,037
Other Operating Income -- -- -- -- 5.04
Other Income 4.37 8.68 7.93 7.07 10.10
Total Income 402 815 1,001 957 1,052
Total Expenditure ** 378 808 968 924 1,026
PBIDT 23.60 6.54 33.20 33.30 26
Interest 22.10 21.50 20.30 23.50 14
PBDT 1.50 (15) 12.90 9.78 12
Depreciation 4.90 3.30 3.34 2.37 2.21
Minority Interest Before NP -- -- -- -- --
Tax 3.40 (0.50) 3.84 2.43 3.35
Deferred Tax -- -- -- -- 0.29
Reported Profit After Tax (6.80) (18) 5.73 4.98 6.11
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (6.80) (18) 5.73 5.02 6.11
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (6.80) (18) 5.73 5.02 6.11
EPS (Unit Curr.) (0.20) (0.40) 0.14 0.25 0.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- 10
Equity 40.20 40.20 40.20 20.10 20.10
Public Shareholding (Number) -- -- 132,028,700 66,014,352 66,014,352
Public Shareholding (%) -- -- 32.80 32.80 32.80
Pledged/Encumbered - No. of Shares -- -- 24,500,000 37,250,000 46,300,000
Pledged/Encumbered - % in Total Promoters Holding -- -- 9.07 27.60 34.30
Pledged/Encumbered - % in Total Equity -- -- 6.09 18.50 23
Non Encumbered - No. of Shares -- -- 245,503,300 97,751,648 88,701,648
Non Encumbered - % in Total Promoters Holding -- -- 90.90 72.40 65.70
Non Encumbered - % in Total Equity -- -- 61.10 48.60 44.10
PBIDTM(%) 5.94 0.81 3.34 3.50 2.50
PBDTM(%) 0.38 (1.90) 1.30 1.03 1.15
PATM(%) (1.70) (2.20) 0.58 0.52 0.59