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