Institutional Equities - Online Share Trading
Institutional Equities - Online Share Trading
Institutional Equities - Online Share Trading
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>Institutional</strong> <strong>Equities</strong><br />
Financials<br />
Exhibit 21: Income statement<br />
Y/E March (Rsmn) FY09 FY10 FY11 FY12E FY13E<br />
Total revenue 44,762 51,234 64,250 82,766 118,681<br />
Growth (%) 65.9 14.5 25.4 28.8 43.4<br />
Less: Annual fee to AAI 4,570 5,569 6,513 11,670 13,397<br />
Net revenue 40,192 45,665 57,738 71,096 105,284<br />
% YoY 75.1 13.6 26.4 23.1 48.1<br />
Total expenditure 29,524 32,022 42,185 49,452 67,269<br />
EBITDA 10,668 13,643 15,553 21,644 38,014<br />
EBITDA margin (%) 26.5 29.9 26.9 30.4 36.1<br />
Depreciation 3,898 6,122 8,609 10,787 15,905<br />
EBIT 6,770 7,521 6,944 10,857 22,110<br />
EBIT (%) 15.1 14.7 10.8 13.1 18.6<br />
Interest and finance charges 3,682 8,503 12,301 12,613 17,640<br />
Other income 214 - 1,573 650 646<br />
Profit before tax 3,301 1,932 (2,244) (1,106) 5,116<br />
Taxes 530 (322) 239 343 367<br />
Adj PAT before minority interest 2,771 2,254 (2,483) (1,449) 4,749<br />
MinorityiInterest 23 (673) 1,170 2,260 29<br />
Reported PAT after minority interest 2,794 1,581 (1,313) 811 4,777<br />
Growth (%) 33.0 (43.4) (183.0) (161.8) 489.2<br />
Reported PAT 2,794 1,581 (9,298) 811 4,777<br />
% YoY 33.0 (43.4) (688.3) 108.7 489.2<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
Exhibit 23: Balance Sheet<br />
Y/E March (Rsmn) FY09 FY10 FY11 FY12E FY13E<br />
Equity share capital 3,641 3,667 3,892 3,892 3,892<br />
Reserves and surplus 61,070 63,003 73,442 74,253 79,030<br />
Net worth 64,711 66,670 77,334 78,145 82,922<br />
Long term loans 106,602 162,294 189,107 226,078 244,000<br />
Short term loans 13,636 46,080 53,189 36,803 39,721<br />
Total debt 120,238 208,374 242,296 262,881 283,721<br />
Minority Interest 18,061 17,902 19,981 17,721 17,692<br />
Deferred tax liabilities 192 2,535 764 100 100<br />
Foreign currency monetised item 69 - (74) - -<br />
Total liabilities 203,271 297,480 358,450 376,996 402,585<br />
Gross block 114,326 148,896 243,702 271,779 308,651<br />
Less: Depreciation 17,810 23,416 31,503 42,290 58,195<br />
Capital work in progress 54,639 103,830 94,898 104,388 114,827<br />
Expen. during construction period 13,271 - - - -<br />
Net block 164,426 229,310 307,098 333,877 365,283<br />
Investments 13,109 46,411 29,741 30,336 30,943<br />
Inventories 1,319 1,159 1,846 2,225 3,026<br />
Sundry debtors 6,609 8,649 13,199 13,972 20,036<br />
Cash and bank balances 24,665 16,827 33,730 12,314 9,161<br />
Loans and advances 12,612 13,156 18,516 20,408 29,264<br />
Total current assets 45,383 41,408 74,921 56,547 69,115<br />
Total current liabilities 19,647 19,653 53,898 43,764 62,755<br />
Net current assets 25,736 21,755 21,023 12,783 6,360<br />
Total assets 203,271 297,480 358,450 376,996 402,585<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
Exhibit 22:Cash flow<br />
Y/E March (Rsmn) FY09 FY10 FY11 FY12E FY13E<br />
EBIT 6,770 7,521 (10,230) 10,857 22,110<br />
Inc./(dec) in working capital (5,474) 187 31,004 (13,178) 3,270<br />
Cash flow from operations 1,295 7,708 20,774 (2,321) 25,380<br />
Other income (450) (916) 16,711 650 646<br />
Depreciation 3,898 6,122 8,609 10,787 15,905<br />
Interest paid (-) (3,417) (7,620) (14,485) (12,613) (17,640)<br />
Tax paid (-) (998) (511) (2,434) (343) (367)<br />
Dividends paid (-) - - (87) - -<br />
Net cash from operations 328 4,784 29,088 (3,840) 23,924<br />
Capital expenditure (-) (30,388) (98,733) (77,920) (37,566) (47,311)<br />
Net cash after capex (30,059) (93,949) (48,832) (41,407) (23,387)<br />
Inc./(dec.) in borrowings 38,663 85,582 26,243 20,585 20,841<br />
Inc./(dec.) in investments 139 (1,860) 13,530 (595) (607)<br />
Issue of common stock in<br />
consolidated entities<br />
6,981 839 22,745 - -<br />
Equity issue/(buyback) - - 14,000 - -<br />
Cash from financial activities 45,783 84,562 76,518 19,990 20,234<br />
Change in cash 15,724 (9,387) 27,686 (21,416) (3,153)<br />
Opening cash 8,942 24,665 16,827 33,730 12,314<br />
Closing cash 24,665 16,827 33,730 12,314 9,161<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
Exhibit 24 :Key Ratios<br />
Y/E March FY09 FY10 FY11 FY12E FY13E<br />
Adj. EPS (Rs/share) 0.7 0.4 (0.3) 0.2 1.2<br />
Cash EPS (Rs/share) 1.7 2.0 (0.2) 3.0 5.3<br />
Valuation ratios<br />
PE ratio (x) 41.8 73.9 (89.0) 144.0 24.4<br />
Price/sales (x) 2.6 2.3 1.8 1.4 1.0<br />
Price /BV (x) 0.8 1.7 1.2 1.2 1.2<br />
EV /sales (x) 4.5 5.1 4.6 4.1 3.0<br />
EV /EBITDA (x) 18.7 19.2 19.0 15.6 9.5<br />
Margins (%)<br />
EBITDA margin 26.5 29.9 26.9 30.4 36.1<br />
EBIT margin 15.1 14.7 10.8 13.1 18.6<br />
Returns (%)<br />
RoCE 6.0 5.4 4.7 5.9 9.7<br />
RoNW 4.4 2.4 N/A 1.0 5.9<br />
Gearing ratios<br />
Net debt/ equity (x) 1.5 2.9 2.7 3.2 3.3<br />
Total debt/equity (x) 1.9 3.1 3.1 3.4 3.4<br />
Turnover days<br />
Inventory turnover 21.1 16.4 16.4 16.4 16.4<br />
Debtors turnover 53.9 61.6 61.6 61.6 61.6<br />
CA turnover 104.3 105.2 40.0 90.0 90.0<br />
Creditors turnover 160.2 140.0 193.0 193.0 193.0<br />
Asset turnover 2.6 2.9 3.8 3.3 2.6<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
65 GMR Infrastructure