SREI Infrastructure Finance Ltd

SREI Infrastructure Finance is a Public Financial Institution (PFI) notified under section 4A of the Companies Act, 1956. The Company received a Certificate of Registration from the Reserve Bank of India (RBI) on 1st August, 1998 to commence / carry on the business of Non-Banking Financial Institution (NBFI) and was subsequently classified as Infrastructure Finance Company vide Certificate of Registration dated 11th May, 2010.

Pros:
Stock is trading at 0.09 times its book value
Stock is providing a good dividend yield of 6.80%.
Promoter's stake has increased
Company has good consistent profit growth of 25.87% over 5 years
Cons:
Company has low interest coverage ratio.
Company has a low return on equity of 8.32% for last 3 years.
Contingent liabilities of Rs.1027.60 Cr.

Peer Comparison Sector: Finance // Industry: Finance & Investments

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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
Revenue 1,106 1,129 1,306 1,216 1,320 1,543 1,474 1,548 1,668 1,552 1,730 1,583
Interest 682 710 703 717 747 719 857 890 1,016 801 910 972
237 222 394 265 289 459 297 275 266 376 550 338
Financing Profit 187 198 209 234 284 365 320 383 386 375 270 273
Financing Margin % 17% 18% 16% 19% 21% 24% 22% 25% 23% 24% 16% 17%
Other Income 0 6 4 3 4 -5 8 1 -2 -12 82 -0
Depreciation 97 105 115 134 151 177 175 191 204 212 207 202
Profit before tax 91 99 99 103 137 184 152 192 179 150 146 71
Tax % 32% 32% 36% 32% 33% 32% 30% 27% 38% 39% 0% 40%
Net Profit 62 67 63 65 86 119 107 140 111 92 145 43
EPS in Rs 1.23 1.34 1.25 1.30 1.71 2.36 2.13 2.77 2.21 1.82 2.88 0.85
Gross NPA % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.20% 0.00% 0.00% 0.00%
Net NPA % 0.00% 0.00% 2.10% 0.00% 0.00% 0.00% 0.00% 0.00% 1.90% 0.00% 0.00% 0.00%
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
Revenue 733 843 970 1,632 2,434 3,189 3,235 3,339 3,234 4,666 5,402 6,565 6,532
Interest 458 522 533 830 1,565 2,139 2,350 2,274 2,311 2,628 3,010 3,616 3,698
140 188 178 386 474 511 521 697 630 1,313 1,177 1,451 1,531
Financing Profit 134 133 258 416 395 539 364 369 293 725 1,215 1,498 1,303
Financing Margin % 18% 16% 27% 26% 16% 17% 11% 11% 9% 16% 22% 23% 20%
Other Income 68 8 2 -3 7 18 25 21 28 15 -2 -15 69
Depreciation 49 37 43 124 165 194 163 201 215 380 637 815 825
Profit before tax 153 105 218 289 237 363 226 188 106 360 576 668 547
Tax % 12% 21% 28% 32% 48% 28% 39% 36% 42% 33% 32% 27%
Net Profit 133 82 156 179 111 263 139 129 73 243 378 487 390
EPS in Rs 6.23 3.82 7.33 3.44 2.14 5.14 2.67 2.46 1.34 4.84 7.50 9.67 7.76
Dividend Payout % 11% 14% 9% 21% 23% 10% 18% 19% 35% 10% 7% 5%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:22.78%
5 Years:15.21%
3 Years:26.62%
TTM:11.00%
Compounded Profit Growth
10 Years:18.57%
5 Years:25.87%
3 Years:84.50%
TTM:-13.71%
Stock Price CAGR
10 Years:-16.82%
5 Years:-29.76%
3 Years:-53.02%
1 Year:-76.78%
Return on Equity
10 Years:6.38%
5 Years:6.28%
3 Years:8.32%
Last Year:11.03%

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
116 116 116 503 503 503 503 503 503 503 503 503
Reserves 589 1,015 1,173 2,565 2,675 2,894 2,994 3,081 3,122 4,416 3,302 3,608
Borrowings 5,544 4,282 6,570 8,308 15,916 18,282 19,767 20,326 20,673 26,204 33,564 33,224
314 267 569 2,542 1,109 981 919 984 1,240 2,370 4,085 3,337
Total Liabilities 6,564 5,681 8,428 13,917 20,204 22,659 24,184 24,894 25,538 33,493 41,453 40,672
434 320 323 1,887 2,325 1,700 1,740 1,803 1,677 3,284 5,091 5,043
CWIP 0 0 0 78 190 180 362 56 62 9 4 5
Investments 322 444 671 2,031 2,123 2,479 2,420 2,250 2,170 1,282 1,929 2,119
5,808 4,917 7,434 9,921 15,566 18,300 19,662 20,785 21,628 28,918 34,429 33,506
Total Assets 6,564 5,681 8,428 13,917 20,204 22,659 24,184 24,894 25,538 33,493 41,453 40,672

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
-1,869 1,116 -2,196 -1,862 -4,953 -2,786 -1,011 -400 -436 768 -5,086 1,400
-228 -24 -271 -677 -790 -263 -355 -181 -12 -34 -2,343 -1,128
2,288 -888 2,274 2,518 5,883 2,994 1,460 601 317 -482 7,418 -303
Net Cash Flow 191 204 -192 -21 139 -55 94 20 -131 252 -11 -31

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
ROE % 22% 9% 13% 9% 4% 8% 4% 3% 2% 5% 9% 11%