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:
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of -7.03% over past five years.
Company has a low return on equity of -33.60% for last 3 years.
Contingent liabilities of Rs.10872.96 Cr.
Promoters have pledged 73.81% of their holding

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
2,166 2,513 2,687 2,674 1,866 2,072 2,109 1,738 1,904 1,949 1,983 1,992
2,152 1,854 1,756 1,960 1,612 2,034 1,705 1,411 1,472 1,705 1,674 1,413
Operating Profit 14 659 931 714 254 39 405 327 433 244 309 579
OPM % 1% 26% 35% 27% 14% 2% 19% 19% 23% 13% 16% 29%
Other Income 99 951 231 115 115 224 410 131 237 162 -1,619 214
Interest 555 529 535 504 590 634 587 503 676 719 786 812
Depreciation 269 260 246 251 255 262 261 243 246 244 250 261
Profit before tax -711 822 381 74 -476 -634 -33 -287 -253 -558 -2,346 -280
Tax % -26% 22% 79% 284% 15% 9% 115% 18% 13% -1% 0% -20%
Net Profit -893 643 79 -137 -404 -578 5 -277 -219 -561 -2,356 -515
EPS in Rs -1.47 1.09 0.03 -0.31 -0.73 -1.08 -0.15 -0.45 -0.43 -1.17 -3.96 -0.70
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
2,295 4,019 4,567 6,465 8,473 9,975 10,653 11,088 8,261 9,557 8,556 7,400 7,828
1,697 2,952 3,202 5,028 6,900 7,952 8,097 8,606 7,868 6,539 6,999 5,958 6,263
Operating Profit 598 1,067 1,364 1,438 1,573 2,023 2,556 2,482 393 3,018 1,558 1,442 1,564
OPM % 26% 27% 30% 22% 19% 20% 24% 22% 5% 32% 18% 19% 20%
Other Income 113 118 291 -441 168 1,508 2,145 96 433 526 718 -1,217 -1,006
Interest 211 465 850 1,230 1,653 2,099 2,972 3,572 2,196 2,128 2,316 2,684 2,994
Depreciation 179 390 612 789 936 1,040 1,455 1,813 1,197 1,019 1,028 984 1,001
Profit before tax 321 330 193 -1,023 -848 393 275 -2,806 -2,568 397 -1,069 -3,444 -3,437
Tax % 18% 16% -17% -2% -25% 66% 61% -5% -7% 187% -4% 3%
Net Profit 210 279 158 -930 -603 88 10 -2,733 -2,712 -564 -1,364 -3,581 -3,651
EPS in Rs 0.56 0.75 0.42 0.00 0.00 0.19 0.01 0.00 0.00 0.00 0.00 0.00 -6.26
Dividend Payout % 0% 0% 0% -0% -0% 44% 389% -0% -0% -0% -0% -0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:6.29%
5 Years:-7.03%
3 Years:-3.60%
TTM:0.54%
Compounded Profit Growth
10 Years:%
5 Years:1.28%
3 Years:13.38%
TTM:-14.64%
Stock Price CAGR
10 Years:-11.09%
5 Years:1.27%
3 Years:21.18%
1 Year:29.63%
Return on Equity
10 Years:-18.25%
5 Years:-36.15%
3 Years:-33.60%
Last Year:-94.16%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
364 364 567 2,204 2,369 389 2,682 2,557 604 604 981 609
Reserves 5,753 6,114 6,300 7,278 7,149 6,889 6,095 4,306 4,489 4,333 2,943 -1,322
Borrowings 7,977 12,500 21,171 21,195 36,077 42,349 45,041 47,808 39,444 21,484 23,063 27,575
2,607 3,544 4,477 12,475 12,613 15,392 15,705 16,550 16,806 11,493 11,678 13,548
Total Liabilities 16,701 22,523 32,315 41,338 56,228 65,020 67,230 69,100 61,342 37,913 38,287 40,404
5,270 9,652 12,548 21,220 23,328 27,335 33,639 34,183 34,513 15,773 15,643 16,080
CWIP 4,523 6,791 10,383 6,504 18,657 19,178 15,734 17,247 2,155 239 589 858
Investments 4,900 1,311 4,641 2,974 722 283 880 1,413 6,545 12,422 12,871 10,115
2,009 4,769 4,743 10,640 13,522 18,223 16,978 16,257 18,129 9,478 9,184 13,350
Total Assets 16,701 22,523 32,315 41,338 56,228 65,020 67,230 69,100 61,342 37,913 38,287 40,404

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
349 395 1,251 1,782 1,331 3,178 2,590 2,915 3,498 4,504 2,347 2,052
-9,302 -2,776 -10,144 -6,948 -10,376 -8,490 -5,512 -3,159 -1,660 1,485 -962 -3,605
8,547 3,953 8,109 5,880 10,123 5,910 634 448 -2,018 -5,727 -1,191 816
Net Cash Flow -406 1,572 -784 713 1,078 598 -2,289 204 -180 263 194 -737

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 5% 5% 4% 3% 2% 3% 3% 2% -1% 8% 5% 5%
Debtor Days 68 60 69 33 73 62 55 53 68 66 75 71
Inventory Turnover 67.06 47.31 36.86 43.03 38.16 37.65 33.85 33.41 31.22 54.07 73.34 68.28