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GMR Infrastructure Ltd Stock Analysis

Mid Cap
Evaluated by 4233 users | BSE: 532754 | NSE: GMRINFRA |
Engineering - Construction

GMR Infrastructure Limited (GIL) is a public limited company domiciled and incorporated in India under the Indian Companies Act, 1956. The registered office of the Company is Naman Centre, 7th Floor, opposite Dena Bank, Plot No.C-31 G Block, Bandra Kurla Complex, Bandra (East),...

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 -2.3% 15.1% 6.7% 34.6%
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 63.61%
Institutions 23.55%
Non-Institutions 12.84%
Pledged *80.2782.6683.5473.8873.8172.3076.3775.2873.6169.94
* 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 15.1% 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 -4.9% annually over the past ten years.

GMR Infrastructure Limited (GIL) is a public limited company domiciled and incorporated in India under the Indian Companies Act, 1956. The registered office of the Company is Naman Centre, 7th Floor, opposite Dena Bank, Plot No.C-31 G Block, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra.

The company 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

GMR Infrastructure Limited (GIL) is a public limited company domiciled and incorporated in India under the Indian Companies Act, 1956. The registered office of the Company is Naman Centre, 7th Floor, opposite Dena Bank, Plot No.C-31 G Block, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra.

The company 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.

Business area of the company

The company and its subsidiaries, associates, joint ventures and jointly controlled operations(hereinafter collectively referred to as ‘the Group’) are 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.

Airport sector

Certain entities of the Group are engaged in development, maintenance and operation of airport infrastructure such as greenfield international airports at Hyderabad and Goa and modernisation, maintenance and operation of international airports at Delhi and Cebu on build, own, operate and transfer basis.

Power sector

Certain entities of the Group are involved in the generation of power. These are separate Special Purpose Vehicles (‘SPV’) which have entered into Power Purchase Agreements (‘PPA’) with the electricity distribution companies of the respective state governments / other government authorities (either on the basis of Memorandum of Understanding or through a bid process) or short-term power supply agreements to generate and sell power directly to consumers as a merchant plant. Certain entities of the Group are involved in the coal mining and exploration activities and the Group is also involved in energy and coal trading activities through its subsidiaries.

Development of Highways

Certain entities of the Group are engaged in development of highways on build, operate and transfer model on annuity or toll basis. These are SPVs which have entered into concessionaire agreements with National Highways Authority of India (‘NHAI’) or the respective state governments for carrying out these projects.

Construction business

Certain entities of the Group are in the business of construction including as an EPC contractor. These entities are engaged in handling of EPC solution in the infrastructure sector.

Others

Entities of the Group which cover all residual activities of the Group that include special economic zones, operations of hotels, investment activities and management / technical consultancy.

Awards and Accolades

FY 2016-17

  • World’s second best airport in the 40 million + pax category as well as second best airport in Asia Pacific region as rated by Airports Council International.
  • Best Airport Staff in India and Central Asia in 2017.
  • SKYTRAX World Airport Awards for Third year in a row.
  • Best Airport - Central and South Asia, FTE Asia Awards 2016.
  • Golden Peacock Award for Social Responsibility’ in the Aviation Transport Category in 2016.
  • First Airport in Asia Pacific region to achieve Carbon Neutral Accreditation.
  • First Airport in the world to adopt Green Building Monitoring Platform System - ARC.
  • Platinum Rating from Indian Green Building Council for Terminal 3.
  • Best PR case study, Best corporate event and social media campaign of 2016 at the Public Relations Council Summit.
  • Excellence in Cost Management.
  • Overall Social Media Strategy Award 2016 for various travellers - friendly social media initiatives.
  • Special Recognition in the 29th Quality Circle Competition by CII.
  • CII National Excellence Practice Competition-2016.

FY 2017-18

  • World’s best airport in the 40 million+ pax category for Airport Service Quality (ASQ) as rated by Airports Council International (ACI).
  • Golden Peacock Award for Corporate Ethics.
  • Golden Peacock Award for Occupational Health and Safety.
  • Silver recognition in the ACI Asia Pacific Green Airports Award.
  • Most Sustainable and Green Airport Award at Wings India.
  • Quality Excellence Award for Best Airport Security and Best Airport Community Development at the World Quality Congress held in Mumbai.
  • Winners in six categories at the Public Relations Council of India Communication Awards

FY 2018-19

  • Awarded the Best Airport in the region in its category in Airport Service Quality by ACI.
  • Became the only Indian Airport to be rated as 4 star by Skytrax and ranked as best Airport in Central Asia and number 9 worldwide in 60- 70 Mn category.
  • Certified as India’s First eAWB360 compliance Airport by International Air Transport Association (IATA).
  • Won the Golden Peacock award for sustainability and national training award.
  • Received the highest environmental recognition for Airports “Platinum” by ACI for Green Airports.
  • Received the Hermes Platinum Award for Social Media Campaign “Creating Tomorrow Together.”
  • Delhi Cargo Terminal - Celebi received “Best Cold Chain Cargo Terminal of the Year” in Cold Chain Industry Awards by FSC.
  • National Award for Excellence 2018 by Confederation of Indian Industry (CII).
  • Received the CII National 5S Excellence Award.
  • Grow Care Safety Award 2018 in Gold Category.
  • Business Process Management (BPM) Asia Achiever’s Award 2018.
  • Received various awards in the Garden Tourism Festival.
  • Received India’s Best Airport award organized by Travel Leisure Magazine 2.
  • Delhi International Airport Limited (DIAL) has added one more feather in its cap by winning an award of Top 25 Innovative Companies in India.

FY 2019-20

  • Delhi Airport has once again emerged as Best Airport in the over 40 million passengers per annum (MPPA) category in Asia Pacific region by ACI in the Airport Service Quality Programme (ASQ) 2019 rankings.
  • Delhi Airport was voted as the Best Airport in India and Central Asia at the 2020 World Airport Awards by Skytrax.
  • Delhi Airport has also been awarded as Global 4 Star Airport for 2nd consecutive year by Skytrax, being the only Airport in India to achieve this feat.
  • DIAL was conferred with “Cargo Airport of the year India Region” by The STAT Times International for excellence in Air Cargo.
  • The 6th edition of ICAO Global Aviation Training and TRAINAIR PLUS Symposium was successfully organized under the aegis of GMR Aviation Academy and Delhi International Airport Limited (DIAL), in Delhi from 04th to 06th December 2019.
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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