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GMR Infrastructure Ltd. Stock Analysis

Mid Cap
Evaluated by 4162 users | BSE: 532754 | NSE: GMRINFRA |
Engineering - Construction
GMR Infrastructure (GIL), incorporated in May 1996, was earlier known as Varalakshmi Vasavi Power Projects and is located in Andhra Pradesh. The name was changed to GMR Vasavi Infrastructure Finance in 1999, and later to GMR Infrastructure in the year 2000. The company is the infrastructure...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
GMR Infrastructure Ltd. has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed 2%2.3%2.26%1.71%1.43%-8.02%-22.3%-0.17%-2.21%-4.25%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 7271,3821,4337866501,2391,180742768806
Y-o-Y Gr. Rt.-90%3.7%-45.1%-17.4%90.7%-4.8%-37.1%3.4%4.9%
Adjusted EPS (Rs.) 0.150.22-0.05-0.18-0.4-3.25-6.09-1-1.76-2.41
Y-o-Y Gr. Rt.-46.7%-122.7%NANANANANANANA
Book Value per Share (Rs.) 18.0718.2218.0318.1518.919.0610.828.3519.3919.99
Adjusted Net Profit 58.188.5-17.9-72.4-174-1,722-3,677-606-1,065-1,457
Net Op. Cash Flow (Rs. Cr.) 7.7-120-114158-112-2346.5-170452-154
Debt to Cash Flow from Ops 308.18-24.59-37.0233.14-38.09-245.82128.32-39.8715.91-52.97
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
GMR Infrastructure Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 1.1%4.4%-11.9%4.9%
Adjusted EPS -236.1%NANANA
Book Value per Share 1.11.122.83.1
Share Price -0.5% 13% 9.6% 22.1%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) 0.891.23-0.25-0.93-1.84-16.67-44.07-5.13-7.39-12.26
Operating Profit Margin (%) 32.9721.5925.1933.1869.2182.1262.62-9.24-10.0615.94
Net Profit Margin (%) 7.996.4-1.25-9.2-26.72-138.95-311.65-81.57-138.66-180.88
Debt to Equity 0.330.410.590.630.460.560.920.40.610.68
Working Capital Days 1,1237391,0362,2022,8421,8541,6221,7103,1904,276
Cash Conversion Cycle -40-220-11-272-209-115-84-67-58
Entity Percentage Holding
Promoters 65.52%
Institutions 22.99%
Non-Institutions 11.49%
Pledged *81.0080.2782.6683.5473.8873.8172.3076.3775.2873.61
* Pledged shares as % of Promoter's holding (%)

MoneyWorks4Me analysed the past 10-year performance of GMR Infrastructure Ltd. and arrived at the following conclusion:

Past 10 year's financial track record indicates that GMR Infrastructure Ltd. is a below average quality company. However, for specific investment actions please connect with your investment advisor.

The 5-year analysis of GMR Infrastructure Ltd.'s performance infers:

GMR Infrastructure Ltd. earnings have grown by 0%, whereas share price has appreciated 13% CAGR over the past five years, indicating the company's share price is likely overvalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of GMR Infrastructure Ltd. share prices over the last 10 years. Here is what we found out:

GMR Infrastructure Ltd. share price has appreciated -7.3% annually over the past ten years.

GMR Infrastructure (GIL), incorporated in May 1996, was earlier known as Varalakshmi Vasavi Power Projects and is located in Andhra Pradesh. The name was changed to GMR Vasavi Infrastructure Finance in 1999, and later to GMR Infrastructure in the year 2000.

The company is the infrastructure holding company formed to fund the capital requirements of various infrastructure projects in

GMR Infrastructure (GIL), incorporated in May 1996, was earlier known as Varalakshmi Vasavi Power Projects and is located in Andhra Pradesh. The name was changed to GMR Vasavi Infrastructure Finance in 1999, and later to GMR Infrastructure in the year 2000.

The company is the infrastructure holding company formed to fund the capital requirements of various infrastructure projects in the Group’s Energy, Highways and Airport and SEZ sectors. It undertakes the development of the infrastructure projects through its various subsidiaries.

Business

Airport: It is engaged in restructuring and modernization of airports. For this it forms alliance with various authorities.  For the Delhi airport it has formed a consortium with Fraport AG (Europe's largest cargo hub and second largest passenger airport), Frankfurt Airport Services Worldwide (owners and managers of Frankfurt Airport) and the India Development Fund (an IDF AMC managed fund). Under this it completed Rajiv Gandhi Airport in Hyderabad, which started commercial operations in March 2008.The company also has interest in the companies that operate Indira Gandhi International Airport in New Delhi, and Sabiha Gokcen International Airport in Istanbul.

Energy: It is also involved into development of power plants. It has successful developed 200 MW power plant for Tamil Nadu State Electricity Board. It has lined up of power  projects such as Vemagiri Power Generation (388.5 MW),GMR Bajoli Power Project(180 MW) and GMR Chhattisgarh Power Project(1000 MW), among others. The company also has a portfolio of assets, which include gas, coal, and hydro projects; and two hydro projects in Nepal, one gas based power project in Singapore, and coal assets in South Africa and Indonesia.

Highways GIL is also into developing of highways and has completed two road projects awarded by the National Highway Authority of India (NHAI) namely Tambaram-Tindivanam and Tuni-Anakapalli. It has won other highway projects namely Ambala-Chandigarh, Adloor-Gundla Pochanpalli, Tindivanam-Ulunderpet and Thondapalli-Jadcherla. In addition, the company holds concessions for six highways measuring a total length of approximately 1684 Lane kilometers, as well as provides illumination, with high-mast lighting at various junctions and flyovers.

GIL it engages in the production of sugar; and development of a multi product special economic zone in Krishnagiri district in Tamil Nadu. It has developed sugar plants for Sankli Sugar, Dhanalakshmi Sugar and Haliyal Sugar.

GIL has taken up development of SEZ located in Krishnagiri District in Tamil Nadu.

It offers aircraft charter services and consultancy for business aviation.

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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