Standalone Profit and Loss Statement

Net revenue from operations

Other income
Total Revenue
Expenses
Cost of Power Purchased
Cost Of Fuel
Operating And Direct Expenses
Employee benefit expenses
Finance costs
Depreciation and amortisation
Other expenses
Total expenses
Profit before exceptional items and tax
Add: Exceptional items
PBT
Current tax
Total Tax expenses from Discontinuing operations
MAT credit availed of
Deferred tax (Net)
Net profit for the year
Dividend (%)
Dividend
Tax on Dividend
Per share data (in Rs.)
Dividend Per Share
Earnings per share
Book Value per share
Market price per share
Standalone Balance Sheet
Equity & Liabilities
Share capital
Revaluation Reserves
Reserves & Surplus
Total Shareholders' fund
Non-current Liabilities
Long term borrowings
Deferred tax liabilities (Net)
Other long term liabilities
Long term provisions

Reliance Infra
Mar-16 Mar-15
9960.81 10535.56
2058.27 1562.65
12019.08 12098.21
3471.11 3685.18
977.5 1087.45
1453.75 2036.02
1028.69
976.19
1789.28 1518.14
488.57
486.86
883.1
790.31
10092 10580.15
1927.08 1518.06
346
0
2273.08 1518.06
108.71
190.2
143.29
0
0
0
35.26
-205.53
2129.11 1533.39
85
80
223.54
210.39
45.1
42.83
8.5
8
75.51
58.31
825.5
805.6
533.6
432.75
Reliance Infra
Mar-16 Mar-15
263.03
263.03
421.21
495.44
21025.89 20428.93
21710.1 21187.4
10540.06 8546.32
356.39
297.39
2133.75 2627.16
380
380
13410.2 11850.9

Current liabilities
Short term borrowings
Trade payables
Other current liabilities
Short term provisions
Total
Assets
Fixed Assets
Tangible assets
Intangible assets
Capital work in progress

3904.22 7058.02
4562.32 3895.09
6617.82 5008.43
959.64
570.77
16044 16532.3
51164.33 49570.58

7696.39 6702.66
12.13
15.18
168.61
983.9
7877.13 7701.74
Goodwill on consolidation
0
0
Non current investments
17939.93 14875.38
Defferred tax assets (net)
0
0
Long term loans and advances
894.29
474.4
Other non-current assets
2739.23 3807.51
21573.5 19157.3
Total Non-current assets 29450.6
26859
Current Assets
Current investments
3212.79 3231.33
Inventories
424.96
386.62
Trade receivables
2404.4 5190.61
Cash and Bank Balances
256.09
145.63
Shortterm loans and advances
13334.33 10766.05
Other current assets
2081.18 2991.31
Total Current assets 21713.8 22711.6
Total
51164.33 49570.58

Table-1: Common Size P&L

Table-2: Common Base P&L
IRB Infra
Reliance Infra
IRB Infra
Reliance Infra
Mar-16 Mar-15 Mar-16 Mar-15 Mar-16 Mar-15
Mar-16
5130.23 3847.48
82.87%
87.08%
97.64%
97.15%
0.945
123.92
113.01
17.13%
12.92%
2.36%
2.85%
1.317
5254.15 3960.49 100.00% 100.00% 100.00% 100.00%
0.993
0
371.3
1682.68
246.08
1063.34
853.34
169.54
4386.28
867.87
0
867.87
315.96
0
-82.25
-2.11
636.27
20
140.58
28.87

0
434.48
871.49
189.84
931.2
707.06
139.98
3274.05
686.44
0
686.44
216.88
0
-75.42
2.62
542.36
15
136.76
25.35

28.88%
8.13%
12.10%
8.56%
14.89%
4.06%
7.35%
83.97%
16.03%
2.88%
18.91%
0.90%
1.19%
0.00%
0.29%
17.71%

30.46%
8.99%
16.83%
8.07%
12.55%
4.02%
6.53%
87.45%
12.55%
0.00%
12.55%
1.57%
0.00%
0.00%
-1.70%
12.67%

0.00%
7.07%
32.03%
4.68%
20.24%
16.24%
3.23%
83.48%
16.52%
0.00%
16.52%
6.01%
0.00%
-1.57%
-0.04%
12.11%

0.00%
10.97%
22.00%
4.79%
23.51%
17.85%
3.53%
82.67%
17.33%
0.00%
17.33%
5.48%
0.00%
-1.90%
0.07%
13.69%

0.942
0.899
0.714
1.054
1.179
1.004
1.117
0.954
1.269
NA
1.497
0.572
NA
NA
-0.172
1.388

2
1.5
18
16
146.0
71.2
Table-4
Table-5
232.35
244.2 Common Size Balance Sheet
Common Base Balance Sheet
IRB Infra
Reliance Infra
IRB Infra
Reliance Infra
Mar-16 Mar-15 Mar-16 Mar-15 Mar-16 Mar-15
Mar-16
351.45
351.45
0.51%
0.53%
4.47%
4.92%
1.00
0
0
0.82%
1.00%
0.00%
0.00%
0.85
1982.65 1798.32
41.09%
41.21%
25.24%
25.16%
1.03
2334.1 2149.77
42.43%
42.74%
29.72%
30.08%
1.02
1184 1404.98
0
0
711.95
857.22
1.24
1.03
1897.19 2263.23

20.60%
0.70%
4.17%
0.74%
26.21%

17.24%
0.60%
5.30%
0.77%
23.91%

15.08%
0.00%
9.07%
0.02%
24.16%

19.66%
0.00%
11.99%
0.01%
31.67%

1.23
1.20
0.81
1.00
1.13

1313.15
592.47
818.34
454.59
1490.09 1615.21
0.82
71.22
3622.4 2733.49
7853.69 7146.49

7.63%
8.92%
12.93%
1.88%
31.36%
100.00%

14.24%
7.86%
10.10%
1.15%
33.35%
100.00%

16.72%
10.42%
18.97%
0.01%
46.12%
100.00%

8.29%
6.36%
22.60%
1.00%
38.25%
100.00%

0.55
1.17
1.32
1.68
0.97
1.03

0
0
0
0
0
0
0
0
0
0
2465.74 2308.73
0.66
0.65
2868.37
2312.1
21.41
25.49
5356.18 4646.97
5356.18 4646.97

15.04%
0.02%
0.33%
15.40%
0.00%
35.06%
0.00%
1.75%
5.35%
42.17%
57.56%
0.00%
6.28%
0.83%
4.70%
0.50%
26.06%
4.07%
42.44%
100.00%

13.52%
0.03%
1.98%
15.54%
0.00%
30.01%
0.00%
0.96%
7.68%
38.65%
54.18%
0.00%
6.52%
0.78%
10.47%
0.29%
21.72%
6.03%
45.82%
100.00%

0.00%
0.00%
0.00%
0.00%
0.00%
31.40%
0.01%
36.52%
0.27%
68.20%
68.20%
0.00%
0.08%
0.00%
1.28%
12.23%
18.01%
0.21%
31.80%
100.00%

0.00%
0.00%
0.00%
0.00%
0.00%
32.31%
0.01%
32.35%
0.36%
65.02%
65.02%
0.00%
0.11%
0.00%
1.29%
12.39%
18.80%
2.38%
34.98%
100.00%

1.15
0.80
0.17
1.02

6
8
0
0
100.56
92.4
960.19
885.26
1414.14 1343.81
16.62
170.06
2497.51 2499.53
7853.69
7146.5

1.21
1.89
0.72
1.13
1.10
0.99
1.10
0.46
1.76
1.24
0.70
0.96
1.03

Table-3
: Common Base P&L
Common Size & Base P&L
IRB Infra
Reliance Infra
IRB Infra
Mar-16
Mar-16
Mar-16
1.333
95.17%
100.51%
1.097
132.58%
82.66%
1.327
100.00%
100.00%
0.000
0.855
1.931
1.296
1.142
1.207
1.211
1.340
1.264
NA
1.264
1.457
NA
1.091
-0.805
1.173

94.81%
90.48%
71.87%
106.07%
118.64%
101.01%
112.48%
96.01%
127.78%
NA
150.72%
57.53%
NA
NA
-17.27%
139.76%

0.00%
64.42%
145.54%
97.71%
86.07%
90.97%
91.30%
100.99%
95.30%
NA
95.30%
109.81%
NA
NA
-60.71%
88.43%

Table-6
on Base Balance Sheet
Common Size & Base BS
IRB Infra
Reliance Infra
IRB Infra
Mar-16
Mar-16
Mar-16
1.00
0.97
0.91
NA
0.82
NA
1.10
1.00
1.00
1.09
0.99
0.99
0.84
NA
0.83
1.20
0.84

1.19
1.16
0.79
0.97
1.10

0.77
NA
0.76
1.10
0.76

2.22
1.80
0.92
0.01
1.33
1.10

0.54
1.13
1.28
1.63
0.94
1.00

2.02
1.64
0.84
0.01
1.21
1.00

NA
NA
NA
NA

1.11
0.77
0.17
0.99

NA
NA
NA
NA

1.07

1.17

0.97

1.24
0.84
1.15
1.15

1.83
0.70
1.09
1.06

1.13
0.76
1.05
1.05

0.75
NA
1.09
1.08
1.05
0.10
1.00
1.10

0.96
1.06
0.45
1.70
1.20
0.67
0.93
1.00

0.68
NA
0.99
0.99
0.96
0.09
0.91
1.00

Standalone Profit and Loss Statement

Reliance Infra
Mar-16 Mar-15

Net revenue from operations

9960.81 10535.56

Other income

2058.27

Total Revenue

Irb Infra
Mar-16

5130.23

1562.65

123.92

12019.08 12098.21

5254.15

Expenses

Cost of Power Purchased

Cost Of Fuel

3471.11
977.5

3685.18
1087.45

0
371.3

Operating And Direct Expenses

1453.75

2036.02

1682.68

Employee benefit expenses

1028.69

976.19

246.08

Finance costs

1789.28

1518.14

1063.34

488.57

486.86

853.34

883.1
790.31
10092 10580.15

169.54
4386.28

Depreciation and amortisation

Other expenses
Total expenses

Profit before exceptional items and tax

1927.08

1518.06

867.87

Add: Exceptional items

346

2273.08

1518.06

867.87

108.71

190.2

315.96

-82.25

35.26

-205.53

-2.11

143.29

1985.82

1533.39

636.27

85

80

20

223.54
45.1

210.39
42.83

140.58
28.87

Dividend Per Share

8.5

Earnings per share

75.51

58.31

18

Book Value per share

825.5

805.6

146.0

PBT

Current tax

MAT credit availed of

Deferred tax (Net)

Total Tax expenses from Discontinuing operations

Net profit for the year

Dividend (%)

Dividend
Tax on Dividend

Per share data (in Rs.)

Market price per share

Face Value per share

Standalone Balance Sheet

Equity & Liabilities

533.6
10

432.75
10

Reliance Infra

232.35
10

IRB Infra

Mar-16

Mar-15

Mar-16

Share capital

263.03

263.03

351.45

Revaluation Reserves

421.21

495.44

Reserves & Surplus

21025.89 20428.93

1982.65

Total Shareholders' fund

Non-current Liabilities

21710.1 21187.4

2334.1

Long term borrowings

10540.06

8546.32

1184

356.39

297.39

2133.75

2627.16

711.95

Deferred tax liabilities (Net)

Other long term liabilities

Long term provisions

380

380

1.24

13410.2 11850.9 1897.19

Current liabilities
Short term borrowings
Trade payables
Other current liabilities
Short term provisions
Total
Assets
Fixed Assets
Tangible assets
Intangible assets
Capital work in progress
Non current investments
Defferred tax assets (net)
Long term loans and advances
Other non-current assets

Current Assets
Current investments
Inventories
Trade receivables
Cash and Bank Balances
Shortterm loans and advances
Other current assets
Total

3904.22 7058.02
4562.32 3895.09
6617.82 5008.43
959.64
570.77
16044 16532.3
51164.33 49570.58

1313.15
818.34
1490.09
0.82
3622.4
7853.69

7696.39 6702.66
0
12.13
15.18
0
168.61
983.9
0
7877.13 7701.74
0
17939.93 14875.38 2465.74
0
0
0.66
894.29
474.4 2868.37
2739.23 3807.51
21.41
21573.5 19157.3 5356.18
29450.6
26859 5356.18
3212.79 3231.33
6
424.96
386.62
0
2404.4 5190.61
100.56
256.09
145.63
960.19
13334.33 10766.05 1414.14
2081.18 2991.31
16.62
21713.8 22711.6 2497.51
51164.33 49570.58 7853.69

Irb Infra
Mar-15

3847.48

113.01

3960.49

0
434.48

871.49

189.84

931.2

707.06

139.98
3274.05

686.44

686.44

216.88

-75.42

2.62

542.36

15

136.76
25.35

1.5

16

71.2

244.2
10

IRB Infra

Mar-15

351.45

1798.32

2149.77

1404.98

857.22

1.03

2263.23

592.47
454.59
1615.21
71.22
2733.49
7146.49

0
0
0
0
2308.73
0.65
2312.1
25.49
4646.97
4646.97
8
0
92.4
885.26
1343.81
170.06
2499.53
7146.5

Financial Ratios
A. Short-term Liquidity Ratios

1. Current Ratio =CA/CL

2. Quick Ratio =(CA-Inventory)/CL

3. Cash Ratio =Cash & BB/CL

4.NWC to TA Ratio =(CA-CL)/TA

5. Interval ratio =CA/Avg daily cost

B. Long-term Liquidity Ratios

1. Total Debt Ratio =(TA-TE)/TA

2.Debt-Equity Ratio =Total Debt/TE

3.Equity Multiplier =TA/TE

4.Times Interest Earned (TIE) Ratio=PBIT/I

5.Cash Coverage Ratio =EBITDA/I

C.Asset Turnover Ratios

1 a). Inventory Turnover Ratio(ITR) =NS/Inventory

1. b). Days' sales in inventory =365/ITR

2. a) Receivables Turnover Ratio (RTR) =NS/Trade Receivables

2. b). Days' sales in receivables =365/RTR

3.a). Payables Turnover Ratio =COGS*/Trade Payables

3.b) Days' COGS in Payables = 365/PTR

4. NWC turnover ratio =NS/NWC

5. CA Turnover Ratio =NS/CA

6. FA Turnover Ratio =NS/NFA

7. Total Asset Turnover Ratio (TATR) =NS/TA

D. Profitability Ratios

1. Gross profit margin (GPM)=Gross profit/NS = (NS-COGS*)/NS

2. Operating Profit Margin(OPM) =PBIT/NS

3. Net Profit Margin (NPM) =NP/Total Revenue

4. Adj NPM = (NP-Exceptional items)/Total Revenue

5. Return on Equity (ROE) =NP/TE

ROE Analysis

a).PBIT/Net Rev from Ope (impact of profitable operations)

b).PBT/PBIT (Impact of finance cost)

c). Net profit available to shareholders/PBT (Impact of tax)

d) .TATR (Impact of efficiency in using assets)

e).TA/SF (Impact of borrowing)

Return of Equity = Product of the above ratios

E. Valuation Ratios

1.Price- Earnings (P/E) Ratio =Market price per share/Earnings per share

2.Price-sales(P/S) ratio =MP per share/Sales per share

3.Pric-book (P/B) ratio =MP per share/BV per share

4. Dividend yield (DY)= DPS/beginning price per share

5. Capital gain (CG)=(end price per share-beginning price per share)/beg price

6. Total Return to Shareholders=DY+CG

Absolute Capital Gain

Reliance Infra
Mar-16 Mar-15

1.353

1.327

1.374

1.350

IRB Infra
Mar-16 Mar-15

Ability of firm to payoff short term loans,

0.914 Ideal level is 1.3, which is maintained

0.689

Ability of firm to payoff short term loans

without considering inventory, No significant
0.914 change in 2016
Ability of firm to payoff short term loans
using only cash, No significant change in
0.324 2016

0.009

0.265

0.111

0.125

-0.143

0.576

1.357

2.357

2.077

2.350

23.439

0.573

1.340

2.340

2.000

2.321

27.250

Reliance Infra

0.689

0.016

1155.617 1077.720

Comments

403.040

-0.033 liquidity has remained more or less constant

Number of days current asset will survive
before new investment,remained more or
620.260 less constant

0.703

Total Debt company has taken compared to

assets, Gives a measure of how assets are
0.699 financed, No significant change in 2016

2.365

Ratio of total debt to total equity, depends

on the industry, no standard value, no
2.324 significant change in 2016

3.365

Can be calculated by adding 1 to debt to

equity ratio, Gives a measure of total assets
compared to total equity, no significant
3.324 change in 2016

1.816

Gives a measure of how many times interest

obligation is covered by the company, no
1.737 significant change

2.619

Depreciation is non cash expense which was

deducted in TIE and since interest is a cash
outflow, Cash coverage ratio gives better
picture of interest obligation coverage, no
2.496 significant change

NA

Number of times inventory was turned over

in the year,noticed a decrease in the year
NA 2016

15.572

4.143

88.106

1.503

13.394

2.030

179.826

1.975

NA

51.017

7.155

2.764

Gives a measure of how fast payments are

done by the company,which shows a
3.236 decrease

184.832

132.061

1.757

1.705

-4.561

1.265

0.195

0.311

0.464

1.368

0.213

0.270

Gives a measure of how fast payments are

collected by the company, Which shows a
41.639 significant increase
Gives a measure of number of days in which
payment is collected by the company, also
known as Average collection period,
8.766 Increased significantly

242.809

0.459

It gives the measure of average days sales

in inventory, i.e. number of days on average
inventory sits before it is sold, no significant
NA change in 2016

2.054

NA

Gives a measure of number of days in which

payment is made by the
112.807 company,Significant decrease
Amount of sales generated from working
-16.445 capital,no significant change
Gives a measure of total sales generated
from available current assets, No significant
1.539 change in 2016
Gives a measure of total sales generated
from available fixed assets, No significant
NA change in 2016

0.653

Gives a measure of total sales generated

from available assets, No significant change
0.538 in 2016

0.559

Gross profit generated from regular

operations of the company, No significant
0.618 change in 2016

0.373

0.288

0.376

Gives a measure of profit margin generated

from operations of the company, has
0.420 increased

0.165

0.127

0.121

Gives Net profit margin of the company after

0.137 considering all aspects, has increased

0.121

Gives Net profit margin of the company

without considering exceptional items, has
0.137 increased

0.136

0.127

0.091

0.408

0.560

0.874

0.195

2.357

0.091

7.067

1.409

0.646

0.072

0.288

0.500

1.010

0.213

2.340

0.072

7.422

1.080

0.537

0.273

It gives the measure of profit generated for

shareholders, i.e. profit generated for a
single unit of money invested in the
0.252 company, has increased

0.376

Gives a measure of profit margin generated

from operations of the company, significant
0.420 increase

0.449

Gives a measure of repayment of loan

interest component factor, No significant
0.424 change in 2016

0.733

Gives measure of total profit available for

shareholders without considering
0.790 taxes,decreased significantly

0.653

Gives a measure of total sales generated

from available assets, No significant change
0.538 in 2016

3.365

Can be calculated by adding 1 to debt to

equity ratio, Gives a measure of total assets
compared to total equity, no significant
3.324 change in 2016

0.273

It gives the measure of profit generated for

shareholders, i.e. profit generated for a
single unit of money invested in the
0.252 company, has increased

12.908

Premium above which stock is traded

compared to its earnings, Depends on the
industry, Higher value implies more
confidence among investors who are willing
to pay higher premium for stock, decreased
15.263 significantly in 2016

1.592

Price at which stock is traded for each unit

of sales, higher value implies confidence
2.231 among investors,not much change

1.592

It gives market value of firm's investment

compared to its cose, it is a measure of
value a stock is able to generate for its
3.431 investors, not much change

0.0157

0.2330

0.0182

0.0085

Dividend that was given to investors for a

single unit of stock price, No significant
0.0061 change in 2016

-0.0485

Amount by which stock value has

appreciated in the year compared to initial
- price, no significant change in 2016
Total return investors has got over a signle
unit of stock, Calculated by adding dividend
- received and appreciation in stock price

0.2487

-0.0400

100.85

-11.85

Absolute capital gain in share price in the

- year

Comments
IRB Infra
It has decreased significantly and is not a good
sign

Quick ratio decreased and is not a good sign

Cash ratiohas decreased and is not a good sign

NWC is negative, which may indicate Cash Used
for Investing in Fixed Assets or someother
abnormality
Number of days current asset will survive before
new investment, More working capital involved in
2016 which is not a good sign

Total Debt company has taken compared to assets,

Gives a measure of how assets are financed, No
significant change in 2016
Ratio of total debt to total equity, depends on the
industry, no standard value, no significant change
in 2016
Can be calculated by adding 1 to debt to equity
ratio, Gives a measure of total assets compared to
total equity, no significant change in 2016
Gives a measure of how many times interest
obligation is covered by the company, no
significant change

Depreciation is non cash expense which was

deducted in TIE and since interest is a cash
outflow, Cash coverage ratio gives better picture of
interest obligation coverage, no significant change

Gives a measure of how fast payments are

collected by the company, Which shows a
significant increase
Gives a measure of number of days in which
payment is collected by the company, also known
as Average collection period, No significant change
in 2016
Gives a measure of how fast payments are done by
the company, No significant change in 2016
Gives a measure of number of days in which
payment is made by the company,Significant
decrease
Amount of sales generated from working
capital,shows a negative sign which is a bad sign
Gives a measure of total sales generated from
available current assets,increased significantly in
2016

Gives a measure of total sales generated from

available assets, No significant change in 2016

Gross profit generated from regular operations of

the company,has decreased
Gives a measure of profit margin generated from
operations of the company, significant decrease
Gives Net profit margin of the company after
considering all aspects, significant decrease
Gives Net profit margin of the company without
considering exceptional items, No significant
change in 2016

It gives the measure of profit generated for

shareholders, i.e. profit generated for a single unit
of money invested in the company, no significant
change

Gives a measure of profit margin generated from

operations of the company,decreased significantly
Gives a measure of repayment of loan interest
component factor, No significant change in 2016
Gives measure of total profit available for
shareholders without considering taxes, No
significant change in 2016
Gives a measure of total sales generated from
available assets, No significant change in 2016
Can be calculated by adding 1 to debt to equity
ratio, Gives a measure of total assets compared to
total equity, no significant change in 2016
It gives the measure of profit generated for
shareholders, i.e. profit generated for a single unit
of money invested in the company,no significant
change

Premium above which stock is traded compared to

its earnings, Depends on the industry, Higher value
implies more confidence among investors who are
willing to pay higher premium for stock, decreased
significantly in 2016
Price at which stock is traded for each unit of sales,
higher value implies confidence among investors,
decreased significantly in 2016
It gives market value of firm's investment
compared to its cose, it is a measure of value a
stock is able to generate for its investors,
increased significantly in 2016

Dividend that was given to investors for a single

unit of stock price, No significant change in 2016
Amount by which stock value has appreciated in
the year compared to initial price, no significant
change in 2016
Total return investors has got over a signle unit of
stock, Calculated by adding dividend received and
appreciation in stock price
Absolute capital gain in share price in the year, not
good sign because it's negative