GMR Infrastructure Ltd

GMR Infrastructure is mainly engaged in development, maintenance and operation of airports, generation of power, coal mining and exploration activities, development of highways, development, maintenance and operation of special economic zones, and construction business including Engineering, Procurement and Construction (EPC) contracting activities.(Source : 201903 Annual Report Page No: 145)

Pros:
Stock is trading at 0.86 times its book value
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of -0.47% over past five years.
Company has a low return on equity of -3.11% for last 3 years.
Contingent liabilities of Rs.15250.76 Cr.
Promoters have pledged 73.88% of their holding

Peer Comparison Sector: Infrastructure Developers & Operators // Industry: Engineering - Turnkey Services

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
331 216 272 320 201 308 277 287 255 267 292 312
77 100 211 227 115 222 248 192 172 296 192 215
Operating Profit 253 117 60 93 86 87 29 94 84 -30 100 97
OPM % 77% 54% 22% 29% 43% 28% 10% 33% 33% -11% 34% 31%
Other Income -752 -333 -2,357 -174 -175 -417 -50 15 24 1 -465 -86
Interest 175 197 178 178 183 235 225 201 208 221 216 224
Depreciation 4 4 4 4 4 5 6 5 6 6 6 6
Profit before tax -678 -417 -2,479 -264 -276 -571 -251 -97 -107 -257 -586 -219
Tax % -3% 8% -0% -0% -0% -0% -0% -0% -0% 2% 1% 2%
Net Profit -700 -382 -2,479 -264 -276 -571 -251 -97 -107 -253 -582 -215
EPS in Rs -1.16 -0.63 -4.12 -0.44 -0.46 -0.95 -0.42 -0.16 -0.18 -0.42 -0.97 -0.36
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
103 159 169 727 1,382 1,433 786 650 1,239 1,180 742 768 1,127
21 34 95 488 1,084 1,072 670 200 222 451 811 845 876
Operating Profit 81 126 74 240 297 361 116 450 1,018 728 -69 -77 251
OPM % 79% 79% 44% 33% 22% 25% 15% 69% 82% 62% -9% -10% 22%
Other Income 10 2 9 5 48 104 489 -243 -1,999 -3,652 322 -95 -527
Interest 25 24 69 174 197 374 409 537 708 745 822 846 869
Depreciation 0 0 1 5 8 8 8 20 16 16 19 24 25
Profit before tax 66 104 14 66 141 82 188 -351 -1,706 -3,684 -588 -1,042 -1,169
Tax % 4% 6% 1% 11% 15% 35% 12% -1% -1% -0% -0% 1%
Net Profit 63 98 13 59 120 53 166 -353 -1,720 -3,684 -588 -1,034 -1,157
EPS in Rs 0.17 0.26 0.04 0.15 0.30 0.12 0.40 0.00 0.00 0.00 0.00 0.00 -1.93
Dividend Payout % 0% 0% 0% 0% 0% 73% 23% -1% -0% -0% -0% -0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:17.04%
5 Years:-0.47%
3 Years:-14.74%
TTM:5.04%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:3.18%
Return on Equity
10 Years:-0.88%
5 Years:-1.65%
3 Years:-3.11%
Last Year:-3.85%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
364 364 367 389 389 389 1,526 1,573 604 604 604 604
Reserves 5,240 5,338 5,473 6,780 6,838 6,796 6,875 7,883 9,666 5,881 16,612 11,199
Borrowings 479 420 2,575 2,376 2,960 4,237 5,221 4,274 5,649 5,968 6,775 7,246
21 18 82 389 605 700 1,848 2,599 722 988 2,518 3,344
Total Liabilities 6,105 6,141 8,497 9,934 10,793 12,123 14,333 15,193 16,641 13,441 26,508 22,393
1 1 24 82 101 109 104 83 76 71 119 159
CWIP 0 0 8 2 2 0 0 0 0 0 21 0
Investments 4,780 4,062 6,252 7,038 6,904 6,914 9,535 9,126 9,055 9,824 22,620 12,239
1,324 2,078 2,212 2,812 3,786 5,101 4,694 5,984 7,510 3,545 3,748 9,996
Total Assets 6,105 6,141 8,497 9,934 10,793 12,123 14,333 15,193 16,641 13,441 26,508 22,393

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-57 -26 35 8 -120 -114 158 -112 -23 47 -170 452
-4,250 1,247 -3,308 -555 -404 -811 -1,874 -370 -1,538 -9 -25 75
4,096 3 2,073 893 326 923 1,516 877 1,498 -335 248 -591
Net Cash Flow -211 1,224 -1,200 345 -198 -2 -200 394 -63 -298 53 -63

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 2% 2% 1% 3% 3% 4% 2% 3% 7% 5% 2% 1%
Debtor Days 0 0 80 42 78 53 68 83 33 21 25 188
Inventory Turnover 26.71 62.57 65.37 24.09 8.82 13.60 186.62 31.68 14.30 18.46