GMR INFRA 2017-18 Annual Report Analysis

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GMR INFRA 2017-18 Annual Report Analysis
Fri, 21 Dec

GMR INFRA has announced its results for the year ended March 2018. Let us have a look at the detailed performance review of the company during FY17-18.

GMR INFRA Income Statement Analysis

  • Operating income during the year fell 8.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 32.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 25.1% in FY18 as against 33.8% in FY17.
  • Depreciation charges increased by 1.0% and finance costs increased by 8.8% YoY, respectively.
  • Other income grew by 14.7% YoY.
  • Net profit for the year grew by 71.3% YoY.
  • Net profit margins during the year declined from 6.3% in FY17 to 11.7% in FY18.

GMR INFRA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 95,568 87,212 -8.7%
Other income Rs m 4,823 5,530 14.7%
Total Revenues Rs m 100,391 92,743 -7.6%
Gross profit Rs m 32,320 21,859 -32.4%
Depreciation Rs m 10,187 10,284 1.0%
Interest Rs m 21,285 23,163 8.8%
Profit before tax Rs m 5,671 -6,058 -206.8%
Tax Rs m 7,449 455 -93.9%
Profit after tax Rs m -6,318 -10,827 71.3%
Gross profit margin % 33.8 25.1
Effective tax rate % 131.3 -7.5
Net profit margin % -6.3 -11.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GMR INFRA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 85 billion as compared to Rs 72 billion in FY17, thereby witnessing an increase of 18.0%.
  • Long-term debt stood at Rs 206 billion as compared to Rs 190 billion during FY17, a growth of 8.4%.
  • Current assets rose 23% and stood at Rs 94 billion, while fixed assets fell 4% and stood at Rs 100 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 383 billion as against Rs 371 billion during FY17, thereby witnessing a growth of 3%.

GMR INFRA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 53,423 38,183 -28.5
 
Current Liabilities Rs m 72,138 85,123 18.0
Long-term Debt Rs m 189,597 205,530 8.4
Total Liabilities Rs m 371,238 382,870 3.1
 
Current assets Rs m 75,991 93,782 23.4
Fixed Assets Rs m 103,788 100,102 -3.6
Total Assets Rs m 371,238 382,870 3.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GMR INFRA Cash Flow Statement Analysis

  • GMR INFRA's cash flow from operating activities (CFO) during FY18 stood at Rs 23 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -10 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -12 billion, an improvement of 79% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 2 billion from the Rs 3 billion net cash flows seen during FY17.

GMR INFRA Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 45,043 23,472 -47.9%
Cash Flow from Investing Activities Rs m 17,927 -10,142 -
Cash Flow from Financing Activities Rs m -57,268 -11,912 -
Net Cash Flow Rs m 2,630 1,940 -26.2%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for GMR INFRA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -1.8, an decline from the EPS of Rs -1.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 16.5, stands at -9.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.1 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 19.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Sales per share (Unadj.) Rs 15.8 14.4
TTM Earnings per share Rs -1.0 -1.8
Diluted earnings per share Rs -1.4 -2.5
Price to Cash Flow x 21.8 19.0
TTM P/E ratio x -12.8 -9.2
Price / Book Value ratio x 1.6 3.1
Market Cap Rs m 99,291 71,743
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for GMR INFRA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY18, from 1.1x during FY17. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 0.7x during FY18, from 1.3x during FY17. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at -28.4% during FY18, from -11.8% during FY18. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 5.2% during FY18, from 9.2% during FY17. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company declined and down at 3.2% during FY18, from 4.0% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Current ratio x 1.1 1.1
Debtors’ Days Days 66 74
Interest coverage x 1.3 0.7
Debt to equity ratio x 3.5 5.4
Return on assets % 4.0 3.2
Return on equity % -11.8 -28.4
Return on capital employed % 9.2 5.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how GMR INFRA has performed over the last 5 years, please visit here.

GMR INFRA Share Price Performance

Over the last one year, GMR INFRA share price has moved up from Rs 19.9 to Rs 16.5, registering a loss of Rs 3.5 or around 17.3%.

Overall, the S&P BSE SENSEX is up 7.8% over the year.

(To know more, check out historical annual results for GMR INFRA and quarterly results for GMR INFRA)

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Related Views on News

GMR INFRA Announces Quarterly Results (4QFY19); Net Profit Down 866.1% (Quarterly Result Update)

Jun 3, 2019 | Updated on Jun 3, 2019

For the quarter ended March 2019, GMR INFRA has posted a net profit of Rs 26 bn (down 866.1% YoY). Sales on the other hand came in at Rs 20 bn (down 6.0% YoY). Read on for a complete analysis of GMR INFRA's quarterly results.

GMR INFRA Announces Quarterly Results (3QFY19); Net Profit Down 173.6% (Quarterly Result Update)

Feb 20, 2019 | Updated on Feb 20, 2019

For the quarter ended December 2018, GMR INFRA has posted a net profit of Rs 4 bn (down 173.6% YoY). Sales on the other hand came in at Rs 20 bn (down 5.5% YoY). Read on for a complete analysis of GMR INFRA's quarterly results.

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