Reliance Infrastructure Ltd

₹ 195 1.30%

05 Dec 11:15 a.m.

About

Reliance Infrastructure Ltd. is one of the largest infrastructure companies engaged in developing infrastructure projects through various Special Purpose Vehicles (SPVs) in several sectors such as power, roads, metro rail and airport in the infrastructure space and the defence sector. The Co. is also a leading utility Company having a presence across the value chain of power businesses i.e. generation, transmission, distribution and power trading. ^[1]

Key Points

Business Segments
Energy: The Co. is engaged in the Generation, Transmission, Distribution and Trading of power. It has a total power generation capacity of 441 MV. The Co. also has 3 active 3 transmission projects. The Co. through BSES Delhi Discom is also engaged in the distribution of power. The Co. is also involved in the trading of surplus power. ^[1]^[2]

Website BSE NSE

Market Cap ₹ 7,732 Cr.
Current Price ₹ 195
High / Low ₹ 216 / 115
Stock P/E
Book Value ₹ 242
Dividend Yield 0.00 %
ROCE 8.95 %
ROE -0.67 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.79 times its book value
Debtor days have improved from 66.3 to 41.9 days.

Cons

Company has low interest coverage ratio.
Promoter holding has decreased over last quarter: -2.09%
The company has delivered a poor sales growth of 3.56% over past five years.
Promoter holding is low: 16.6%
Company has a low return on equity of 0.48% over last 3 years.
Contingent liabilities of Rs.8,489 Cr.
Company's cost of borrowing seems high

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Infrastructure Developers & Operators Industry: Engineering - Turnkey Services

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	5,161	3,832	4,179	4,336	5,713	4,202	4,160	6,172	6,229	4,086	4,159	5,565	7,137
	4,647	3,850	4,214	4,380	5,167	3,994	4,051	5,838	5,463	3,778	4,349	5,431	6,495
Operating Profit	514	-18	-35	-44	547	208	109	334	766	308	-189	134	642
OPM %	10%	-0%	-1%	-1%	10%	5%	3%	5%	12%	8%	-5%	2%	9%
	155	1,427	4,277	790	47	724	308	652	213	660	-1,367	313	237
Interest	616	746	702	513	516	504	527	527	567	657	643	571	610
Depreciation	342	355	324	315	308	330	331	350	365	368	366	371	387
Profit before tax	-289	308	3,216	-83	-230	98	-442	109	47	-57	-2,565	-495	-118
Tax %	11%	-39%	-0%	-6%	-5%	6%	-0%	3%	-6%	-14%	0%	0%	-5%
	-256	430	3,230	-85	-267	72	-588	71	-25	-127	-2,484	-567	-182
EPS in Rs	-10.55	3.04	61.26	-3.62	-11.64	-4.77	-17.95	-3.28	-6.17	-9.31	-76.90	-19.13	-7.42
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	24,216	22,485	19,151	16,185	26,952	25,229	18,728	19,731	19,990	17,735	19,689	22,303	20,946
	21,484	19,506	16,340	14,389	22,435	20,455	15,545	24,242	18,607	17,471	17,832	20,972	20,052
Operating Profit	2,733	2,979	2,811	1,796	4,518	4,774	3,183	-4,511	1,383	264	1,857	1,331	894
OPM %	11%	13%	15%	11%	17%	19%	17%	-23%	7%	1%	9%	6%	4%
	801	1,421	1,260	2,768	2,563	3,438	4,281	7,206	3,221	6,754	830	45	-158
Interest	1,336	1,687	1,696	2,347	5,026	5,581	5,204	2,581	2,400	2,727	2,060	2,393	2,480
Depreciation	394	551	534	833	1,544	1,688	1,254	1,292	1,389	1,352	1,283	1,448	1,491
Profit before tax	1,804	2,161	1,841	1,384	511	943	1,006	-1,178	815	2,939	-656	-2,466	-3,235
Tax %	30%	9%	15%	5%	44%	-15%	-15%	20%	-6%	-6%	-3%	-0%
	1,592	2,253	1,920	1,725	693	1,394	1,214	-2,323	908	3,116	-868	-2,564	-3,360
EPS in Rs	60.34	85.43	72.77	68.45	28.88	54.19	47.74	-92.28	29.32	42.79	-37.98	-91.57	-112.76
Dividend Payout %	12%	9%	10%	12%	29%	17%	20%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	0%
5 Years:	4%
3 Years:	4%
TTM:	1%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-74%

Stock Price CAGR
10 Years:	-8%
5 Years:	-8%
3 Years:	104%
1 Year:	22%

Return on Equity
10 Years:	5%
5 Years:	7%
3 Years:	0%
Last Year:	-1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	263	263	263	263	263	263	263	263	263	263	263	352	396
Reserves	23,981	25,858	26,328	26,711	21,389	23,084	23,417	13,913	9,529	10,597	12,007	8,942	9,206
	18,290	21,976	24,289	25,770	30,550	25,814	25,441	17,772	17,147	13,907	12,718	11,510	10,821
	18,874	18,399	18,048	18,103	48,567	49,121	50,711	36,247	37,921	37,226	37,415	40,096	42,011
Total Liabilities	61,408	66,496	68,928	70,847	100,769	98,282	99,832	68,194	64,861	61,994	62,403	60,899	62,434
	11,220	11,316	10,301	17,697	32,887	36,567	39,393	24,948	23,253	19,505	19,002	19,756	19,279
CWIP	7,484	9,941	10,789	5,081	4,971	2,360	3,005	2,592	2,529	2,025	2,198	1,015	1,073
Investments	12,302	12,968	18,280	17,618	13,200	13,143	13,092	6,742	1,394	1,769	4,700	4,338	4,376
	30,403	32,271	29,557	30,451	49,712	46,212	44,342	33,911	37,683	38,696	36,503	35,791	37,705
Total Assets	61,408	66,496	68,928	70,847	100,769	98,282	99,832	68,194	64,861	61,994	62,403	60,899	62,434

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	-1,366	2,636	4,412	3,290	10,296	8,678	8,153	684	2,875	1,436	3,799	3,458
	-2,427	-7,696	-5,936	-1,726	-5,690	-75	-805	2,759	-808	18	-502	-1,333
	4,580	4,163	1,721	-1,707	-4,704	-8,452	-7,428	-3,334	-1,979	-1,531	-2,942	-2,242
Net Cash Flow	787	-897	197	-143	-98	152	-80	109	87	-77	356	-117

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	74	61	95	124	76	82	106	83	90	81	76	42
Inventory Days
Days Payable
Cash Conversion Cycle	74	61	95	124	76	82	106	83	90	81	76	42
Working Capital Days	74	79	78	110	-85	-111	-309	-261	-276	-219	-242	-279
ROCE %	8%	7%	6%	6%	11%	10%	12%	18%	11%	19%	5%	9%

Shareholding Pattern

Numbers in percentages

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	4.98%	4.98%	4.98%	4.98%	4.98%	4.98%	4.98%	4.98%	4.56%	18.67%	18.65%	16.56%
	4.14%	2.75%	2.14%	1.32%	1.33%	1.43%	2.10%	3.05%	11.94%	12.30%	12.92%	12.14%
	9.45%	9.45%	5.06%	5.07%	5.06%	4.98%	4.99%	4.96%	3.84%	3.13%	3.06%	2.85%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
	81.23%	82.63%	87.62%	88.43%	88.43%	88.42%	87.74%	86.81%	79.49%	65.74%	65.22%	68.33%
	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%	0.16%	0.13%	0.13%	0.11%
No. of Shareholders	7,86,635	7,69,692	8,41,244	8,08,800	7,66,503	7,68,871	7,64,176	7,62,545	7,26,465	7,15,006	7,06,968	6,94,313

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
	49.63%	49.54%	40.98%	14.70%	4.98%	4.98%	18.67%	16.56%
	20.62%	25.33%	30.73%	13.30%	2.75%	1.43%	12.30%	12.14%
	17.20%	12.85%	8.56%	9.46%	9.45%	4.98%	3.13%	2.85%
	0.05%	0.05%	0.05%	0.05%	0.02%	0.02%	0.02%	0.02%
	12.32%	12.05%	19.50%	62.32%	82.63%	88.42%	65.74%	68.33%
	0.18%	0.18%	0.17%	0.17%	0.17%	0.17%	0.13%	0.11%
No. of Shareholders	10,83,526	8,34,899	7,96,426	7,91,973	7,69,692	7,68,871	7,15,006	6,94,313

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Reliance Infrastructure Ltd

Reliance Infrastructure Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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