Reliance Infrastructure Ltd

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Reliance Infrastructure is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors within the infrastructure space such as Power, Roads, Metro Rail and Defence. RInfra is a leading utility having presence across the value chain of power business and also provides Engineering and Construction (E&C) services for various infrastructure projects.(Source : 202003 Annual Report Page No: 76)

  • Market Cap 903 Cr.
  • Current Price 34.2
  • High / Low 44.7 / 13.2
  • Stock P/E
  • Book Value 349
  • Dividend Yield 0.00 %
  • ROCE 11.5 %
  • ROE 7.41 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 0.10 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 3.75% over past five years.
  • Promoter holding is low: 4.99%
  • Company has a low return on equity of 10.06% for last 3 years.
  • Contingent liabilities of Rs.9441.53 Cr.
  • Promoters have pledged 94.13% of their holding.
  • Earnings include an other income of Rs.3661.06 Cr.
  • Company's cost of borrowing seems high
  • Promoter holding has decreased over last 3 years: -44.69%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
3,075 5,374 5,726 4,090 3,985 5,467 5,822 3,955 3,626 3,533 5,161 3,832
2,809 5,038 5,230 3,898 3,626 4,832 5,142 3,983 3,896 3,755 4,647 3,850
Operating Profit 266 336 496 191 358 635 680 -28 -270 -221 514 -18
OPM % 9% 6% 9% 5% 9% 12% 12% -1% -7% -6% 10% -0%
Other Income 1,596 753 874 1,045 -1,359 613 535 1,272 1,160 920 155 1,427
Interest 1,375 745 742 560 533 595 560 566 675 662 616 746
Depreciation 308 312 312 314 353 339 337 340 370 331 342 355
Profit before tax 180 32 315 362 -1,887 313 320 338 -156 -296 -289 308
Tax % 5% -841% 12% -4% -0% -2% 2% -6% 22% 2% 11% -39%
Net Profit 134 250 232 294 -3,202 299 280 346 -154 -288 -277 80
EPS in Rs 5.08 9.51 8.80 11.17 -121.77 11.37 10.66 13.14 -5.85 -10.97 -10.55 3.04

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
12,752 14,536 15,220 24,216 22,485 19,151 16,185 26,952 25,229 18,728 19,731 19,457 16,152
12,122 13,310 13,424 21,497 20,215 16,345 15,711 22,435 21,077 15,336 24,242 18,207 16,147
Operating Profit 630 1,226 1,796 2,720 2,270 2,806 474 4,518 4,152 3,392 -4,511 1,251 4
OPM % 5% 8% 12% 11% 10% 15% 3% 17% 16% 18% -23% 6% 0%
Other Income 1,477 1,119 693 814 2,130 1,265 4,090 2,563 4,061 4,073 7,206 3,347 3,661
Interest 439 525 645 1,336 1,687 1,696 2,347 5,026 5,581 5,204 2,581 2,396 2,700
Depreciation 330 472 487 394 551 534 833 1,544 1,688 1,254 1,292 1,387 1,399
Profit before tax 1,337 1,347 1,356 1,804 2,161 1,841 1,384 511 943 1,006 -1,178 815 -434
Tax % 6% 11% 9% 30% 9% 15% 5% 44% -15% -15% 20% -6%
Net Profit 1,353 1,519 1,552 1,587 2,247 1,914 1,800 760 1,425 1,256 -2,427 771 -640
EPS in Rs 59.77 62.05 58.02 60.34 85.43 72.77 68.45 28.88 54.19 47.74 -92.28 29.32 -24.33
Dividend Payout % 12% 11% 12% 12% 9% 10% 12% 29% 17% 20% -0% -0%
Compounded Sales Growth
10 Years:3%
5 Years:4%
3 Years:-8%
TTM:-16%
Compounded Profit Growth
10 Years:-5%
5 Years:-10%
3 Years:66%
TTM:-33%
Stock Price CAGR
10 Years:-26%
5 Years:-43%
3 Years:-58%
1 Year:166%
Return on Equity
10 Years:6%
5 Years:6%
3 Years:10%
Last Year:7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
226 245 267 263 263 263 263 263 263 263 263 263 263
Reserves 15,888 19,918 23,340 23,981 25,858 26,328 26,711 21,426 23,110 23,436 13,919 9,530 8,920
Borrowings 10,105 8,584 11,674 18,290 21,976 24,289 25,770 30,550 25,814 25,441 17,772 17,066 10,717
8,314 9,371 15,553 18,874 18,399 18,048 18,103 48,530 49,095 50,692 36,240 38,002 47,422
Total Liabilities 34,534 38,118 50,835 61,408 66,496 68,928 70,847 100,769 98,282 99,832 68,194 64,861 67,321
5,469 6,580 12,631 11,220 11,316 10,301 17,697 32,887 36,567 39,393 24,948 23,253 24,270
CWIP 3,558 4,639 2,423 7,484 9,941 10,789 5,081 4,971 2,360 3,005 2,592 2,529 1,166
Investments 15,936 13,659 13,794 12,302 12,968 18,280 17,618 13,200 13,143 13,092 6,742 1,394 1,542
9,570 13,240 21,987 30,403 32,271 29,557 30,451 49,712 46,212 44,342 33,911 37,683 40,344
Total Assets 34,534 38,118 50,835 61,408 66,496 68,928 70,847 100,769 98,282 99,832 68,194 64,861 67,321

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
918 168 652 -1,366 2,636 4,412 3,290 10,296 8,678 8,153 684 2,875
-1,703 -609 -5,008 -2,427 -7,696 -5,936 -1,726 -5,690 -75 -805 2,759 -794
1,128 432 4,542 4,580 4,163 1,721 -1,707 -4,704 -8,452 -7,428 -3,334 -1,979
Net Cash Flow 343 -9 186 787 -897 197 -143 -98 152 -80 109 101

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 7% 6% 6% 8% 7% 6% 6% 11% 10% 12% 18% 11%
Debtor Days 55 56 69 74 61 95 124 76 82 106 83 93
Inventory Turnover 16.59 17.76 22.78 24.32 24.56 19.88 16.55 24.52 29.05 25.98 50.00 190.21

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
49.54 49.45 49.45 49.31 40.98 39.69 39.69 34.83 14.70 14.69 4.98 4.98
25.33 26.89 26.05 26.51 30.73 25.96 22.54 15.68 13.30 9.80 6.70 4.14
12.85 11.71 12.08 11.77 8.56 7.38 6.99 6.61 9.46 9.44 9.44 9.45
0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.02
12.05 11.72 12.19 12.18 19.50 26.74 30.56 42.66 62.32 65.84 78.65 81.23
0.18 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17

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