GMR Prowess Income STMT

Sector
2010
2011
Airports
14,013.40 26,953.70
Epc
4,008.50 5,155.80
Others
3,200.30 4,923.70
Power
20,254.70 22,358.40
Road
3,060.70 3,929.50
Total sales 44,537.60 63,321.10
Sales growth assumption

Power sector
Electricity production to grow at 5.5% and dema

Hence, we assume the demand will be meet in the
As a result, we are assuming a aggressive growth
FY15
FY16
FY17
40%
20%
20%
Airports
Delhi INR 2000 per passenger at 70 mn passenge

Delhi passenger footfall to rise by 16% yoy and hy
Excluding FY 14, which was a one-off, the CAGR is
Considering the robust growth rate in the passeng
FY15
FY16
FY17
45%
48%
50%
EPC & Others
The EPC sector contributes very little to the overa

With the same reason, we are considering a growt
FY15
FY16
FY17
5.00%
5.00%
5.00%
15%
15%
15%
Road
The one-off drop in revenues in 2014 was because

The traffic growth has seen a positive growth of ar
GMR's infratructure has grown at a CAGR of 9.97%
FY15
FY16
FY17
15%
15%
15%
Assumptions for Forecasting Model

Value
Income Statement
Sales
Cost of Sales
25.5%
Selling, General & Admn. Expenses

Depreciation
Other Net (Income)
Other Net Expenses
Interest Income
Interest Expense
38.8%
25.0%
11.0%
3.6%
21.7%
Income Taxes
Balance Sheet
Assets
Cash and Marketable Securities

Accounts Receivable
Inventories
Other Current Assets
Property, Plant and Equipment, Gross
Accumulated Depreciation
Property, Plant and Equipment, Net
Other Non-Current Assets
5.0% of sales based on historical average

6.5% of sales, based on historical average
-2.0% Will grow at this rate per year, based
5.3% of PP&E, based on Annual report
Calculated from other items
-5% of sales, based on historical average
Liabilities and Shareholders' Equity
Accounts Payable
Short-Term Debt
Other Current Liabilities
Long-Term Debt
Deferred Income Taxes
Paid-In Capital
Retained Earnings
10.00% of sales, same as historical average

70.0% of current assets, based on historical
10.00% of sales, same as 2013
calcuated based on media reports an
Will remain unchanged at 2013 level
Calculated from other items
cost of equity
Beta
RPm ( risk premium )
Rf
1.2
0.12
0.07
Rd
0.08
D/E
Perpetual growth rate
0.05
44,537.60
2012
25,609.40
11,749.90
6,008.70
22,024.90
3,316.50
68,709.40
2013
41,730.20
13,606.20
5,852.40
22,321.20
4,070.90
87,580.90
2014 CAGR
2015
2016
2017
51,513.00
43.82% 74693.85 110546.9 165820.3
4,687.00
3.99% 4921.35 5167.418 5425.788
5,710.00
15.57%
6566.5 7551.475 8684.196
32,713.00
12.73% 45798.2 54957.84 65949.41
1,759.00
9.97% 2022.85 2326.278 2675.219
96,382.00
21.29% 134002.8 180549.9
248555
0.39033 0.34736 0.376655
grow at 5.5% and demand to grow at 7.5%. GMR growing at a CAGR of 12.73%. EMCO and GKEL (1650 MW) op
emand will be meet in the next five years by the reforms of the new government.
ming a aggressive growth rate of 30% for the year 2015 and then 13% for the subsequent years in the power sec
nger at 70 mn passengers, hyderabad INR 1650 per passenger at 30 mn passengers.

o rise by 16% yoy and hyderabad at 10% yoy
as a one-off, the CAGR is at 43%. Also, with the new airport contract from philipines will contributes more to the
owth rate in the passenger footfall we are assuming that the revenues from the airport will be as below
es very little to the overall revenues. However, considering the optimistic future for the power sector we are con
e are considering a growth rate of 12% as the growth rate for others segment
EPC
Others
ues in 2014 was because of the 74% stake divestment in two expressways.
en a positive growth of around 15-16% yoy. hence revenue may increase at a CAGR of around 12%
rown at a CAGR of 9.97% and we are assuming it will bag some good projects and
Note: Shaded values are inputs to the model

Assumption
Assumptions as per above stmts

of sales, based on historical average

calculated based on others
Calculate based on average balance and interest rate specified
For STD calculate based on average balance and interest rate specified
For LTD interest expense will remain unchanged at $13.5 million
of pre-tax income
ed on historical average
this rate per year, based on media reports
sed on Annual report
rom other items
me as historical average
ssets, based on historical average
me as 2013
ased on media reports and assumptions
unchanged at 2013 level
rom other items
http://www.btvin.com/videos/watch/7553/gmr-&-gvk-not-lining-u
Depreciation on plant and machinery is provided using straight
$44,528.4 $63,321.4 $68,704.3 $87,580.0

9.20
-0.30
5.10
0.90
EMCO and GKEL (1650 MW) operational in Q42014
equent years in the power sector for the next three years
es will contributes more to the bottom line and top line

irport will be as below
or the power sector we are considering a 4.5% growth rate.
R of around 12%
h/7553/gmr-&-gvk-not-lining-up-fresh-capex
ery is provided using straight line method at the rate of 5.28% per annum
Consolidated Liabilities Summary

G M R Infrastructure Ltd.
Currency: Rs. Million (Non-Annualised)
Shareholder's funds
Net worth
Mar-10
Mar-11
12 mths
12 mths
86,572.10
84,572.10
114,185.30
96,036.40
Total capital
Paid up equity capital
Forfeited equity capital
Paid up preference capital
Capital contribution & funds by govt., others
Convertible warrants
Share application money & suspense account
21,568.90
3,667.40
23,873.60
3,892.40
2,000.00
18,148.90
Minority interest reserves

Reserves and funds
Free reserves
Specific reserves
Revaluation reserves
Accumulated losses
17,901.50
63,003.20
9,141.20
53,862.00
19,981.20
72,780.10
Borrowings
Borrowing from banks
Borrowing from financial institutions
Borrowings from central & state govt
Borrowings syndicated across banks & institutions
Debentures and bonds
Foreign currency borrowings
Loans from promoters, directors and shareholders
Inter-corporate loans
Deferred credit
Interest accrued and due
Hire purchase loans
Fixed deposits
Commercial papers
Other borrowings
Deferred tax liability
Current liabilities & provisions
Sundry creditors
Acceptances
Deposits & advances from customers,etc
Interest accrued but not due
73,571.60
791.5
211,746.10
106,757.80
27,944.40
3,150.50
233,441.90
135,062.50
39,143.70
3,150.50
15,750.00
36,849.80
11,090.00
40,881.00
20,637.60
3.9
3,818.40
32
18.8
624
273.1
5,211.90
8,194.90
19,631.40
8,505.70
65,103.00
10,410.90
5,099.40
752.7
31,066.80
1,386.20
Share application money - refundable

Other current liabilities
Provisions
0.5
1,383.20
3,889.90
0.5
19,835.00
2,403.60
323,161.50
421,542.40
Memorandum
Tangible net worth
Total outside liabilities
Total term liabilities
39,119.40
227,487.60
187,075.20
46,629.20
296,141.30
188,180.50
Contingent liabilities
Authorised equity capital
Issued equity capital
203,870.20
7,500.00
3,667.40
225,134.20
7,500.00
3,892.40
Long term borrowings

Short term borrowings
187,075.20
24,670.90
188,180.50
45,261.40
Total liabilities
Mar-12
Mar-13
12 mths
12 mths
108,033.00
88,231.70
105,956.30
86,245.30
21,809.60
3,892.40
21,092.40
3,892.40
19,801.30
19,711.00
17,917.20
71,485.40
17,200.00
68,889.40
78,627.10
76,452.70
7,141.70
7,563.30
360,965.30
199,224.10
42,734.20
3,150.50
423,501.20
224,945.40
64,760.70
3,150.50
21,644.70
88,373.40
27,122.60
98,784.80
1,250.00
4,103.60
644.4
3,763.00
15.5
13.7
469.3
316.1
11,461.40
12,580.50
88,027.40
12,483.80
104,825.50
15,501.60
36,103.20
1,145.00
38,644.80
3,232.20
0.5
34,798.30
3,496.60
0.5
43,023.50
4,422.90
573,550.40
650,600.00
15,853.00
445,496.10
288,809.50
-8,416.50
523,903.80
371,478.70
211,742.30
7,500.00
3,892.40
155,133.60
7,500.00
3,892.40
288,809.50
72,155.80
371,478.70
52,022.50
Financial Statements for GMR Infrastructure

Income Statement
2011
Sales
Cost of Sales
Gross Operating Income
Extraordinary Other Income
Depreciation & Amortisation
Other Net Expenses
EBIT
Interest (Income)
Interest Expense
Pre-Tax Income
Historical period
2012
$44,528.4
$18,531.6
$25,996.8
$63,321.4
$24,871.7
$38,449.7
$2,134.0
$3,547.2
$13,190.2
$6,416.3
$857.6
$7,666.7
$23,617.2
$7,890.0
$12,106.9
($1,617.2)
$2,546.6
$2,312.4
$8,250.6
$1,962.7
$12,120.9
($11,425.7)
Income Taxes
($375.0)
$238.0
Net Income
$2,253.4
($10,466.7)
Dividends
Addition to Retained Earnings
$0.0
$0.0
Balance Sheet for GMR Infrastructure

Millions of Dollars
Historical period
2011
2012
Assets

Accounts Receivable
Inventories
Total Current Assets
$16,826.2
$10,283.4
$1,159.2
$13,156.3
$41,425.1
$33,732.1
$20,364.7
$1,845.8
$48,844.3
$104,786.9

$149,669.5
$23,415.8
$126,253.7
$243,702.3
$31,502.7
$212,199.6
$155,482.7
$104,555.9
Total Non-Current Assets

Total Assets
$281,736.4
$316,755.5
$323,161.5
$421,542.4
$14,358.3
$24,670.9
$5,273.1
$44,302.3
$42,864.4
$45,261.4
$22,238.6
$110,364.4
$187,075.2
$5,211.9
$236,589.4
$188,180.5
$8,194.9
$307,357.1
$3,667.4
$82,904.7
$86,572.1
$3,892.4
$110,292.9
$114,185.3
$323,161.5
$421,542.4
Accounts Payable
Short-Term Debt
Total Current Liabilities
Long-Term Debt
Total Liabilities
Paid-In Capital
Retained Earnings
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
Discretionary Funding Needed (DFN)
Historical period
2013
2014
2015
Forecast Period
2016
2017
2018
$68,704.3
$25,715.8
$42,988.5
$87,580.0
$22,307.2
$65,272.8
$96,382.0
$24,549.1
$71,832.9
$134,002.8
$34,131.4
$99,871.4
$180,549.9
$45,987.2
$134,562.7
$248,555.0
$63,308.6
$185,246.4
$16,507.9
$25,535.3
$31,919.1
$39,898.9
$49,873.6
$62,342.0
$28,856.5
$6,838.8
$18,559.4
$5,241.7
$40,685.1
$8,030.4
$22,508.6
$19,584.0
$56,488.7
($343.3)
$24,362.7
$23,243.9
$78,431.1
($336.5)
$30,453.3
$31,222.3
$108,896.7
($329.7)
$38,066.7
$37,802.7
$151,196.3
($323.1)
$47,583.3
$49,132.0
$1,943.4
$2,002.0
$2,074.5
$2,149.6
$2,227.5
$2,308.1
$18,062.1
($10,877.0)
$20,054.3
$1,531.7
$24,409.0
$909.4
$29,709.4
$3,662.6
$36,160.6
$3,869.5
$44,012.8
$7,427.3
$2,477.6
$0.0
$1,098.8
$1,160.9
$2,228.2
$1,354.1
$909.4
$2,563.8
$2,708.7
$5,199.1
$0.0
$0.0
$909.4
$0.0
$2,563.8
$0.0
$2,708.7
$0.0
$5,199.1
$1,901.7
($10,588.4)
$0.0
Historical period
Forecast Period
2013
2014
2015
2016
2017
2018
$46,984.7
$37,477.5
$2,594.5
$46,984.7
$134,041.4
$69,306.0
$43,552.0
$2,704.3
$54,466.7
$170,029.0
$72,771.3
$46,382.9
$2,715.6
$55,556.0
$177,425.8
$76,409.9
$49,397.8
$2,726.9
$56,667.2
$185,201.6
$80,230.4
$52,608.6
$2,738.2
$57,800.5
$193,377.7
$84,241.9
$56,028.2
$2,749.6
$58,956.5
$201,976.2
$274,430.7
$41,154.2
$233,276.5
$325,131.2
$49,804.3
$273,352.2
$318,628.6
$49,461.0
$269,167.6
$312,256.0
$49,124.5
$263,131.5
$306,010.9
$48,794.7
$257,216.1
$299,890.7
$48,471.6
$251,419.1
$206,232.5
$207,218.8
$196,857.9
$187,015.0
$177,664.2
$168,781.0
$439,509.0
$480,571.0
$466,025.5
$450,146.5
$434,880.4
$420,200.1
$573,550.4
$650,600.0
$643,451.2
$635,348.1
$628,258.0
$622,176.2
$49,732.5
$72,155.8
$38,294.9
$160,183.2
$57,379.1
$52,022.5
$47,446.4
$156,848.0
$63,117.0
$124,198.0
$52,191.0
$239,506.1
$69,428.7
$129,641.1
$57,410.1
$256,480.0
$76,371.6
$135,364.4
$63,151.2
$274,887.1
$114,008.7
$141,383.3
$69,466.3
$324,858.3
$288,809.5
$11,461.4
$465,517.4
$371,478.7
$12,580.5
$544,643.7
$221,478.7
$12,816.0
$536,585.5
$199,330.8
$13,056.0
$525,918.6
$169,431.2
$13,300.4
$516,119.8
$144,016.5
$13,549.4
$504,838.9
$3,892.4
$104,140.6
$108,033.0
$3,892.4
$102,063.9
$105,956.3
$3,892.4
$102,973.3
$106,865.7
$3,892.4
$105,537.1
$109,429.5
$3,892.4
$108,245.8
$112,138.2
$3,892.4
$113,444.9
$117,337.3
$573,550.4
$650,600.0
$643,451.2
$635,348.2
$628,258.0
$622,176.2
($0.0)
($0.0)
($0.0)
$0.0
Histo
2010
Sales
Cost of Sales
Other Net Income
Other Net Expenses
EBIT
100.00%
41.62%
58.38%
4.79%
29.62%
14.41%
1.93%
17.22%
Interest (Income)
Interest Expense
Pre-Tax Income
18.53%
4.41%
Income Taxes
-0.84%
Net Income
Dividends
5.72%
5.06%
$0.0
Balance Sheet for GMR Infrastructure

Millions of Dollars
Histo
2010
Assets

Accounts Receivable
Inventories
100%
5.21%
3.18%
0.36%
4.07%
12.82%
0.00%
46.31%
7.25%
39.07%
0.00%
48.11%

Total Assets
Accounts Payable
Short-Term Debt
Long-Term Debt
Total Liabilities
Paid-In Capital
Retained Earnings
87.18%
0.00%
100.00%
0.00%
0.00%
4.44%
7.63%
1.63%
13.71%
0.00%
57.89%
1.61%
73.21%
0.00%
1.13%
25.65%
26.79%
0.00%
100.00%
Historical period
2011
2012
2013
100.00%
39.28%
60.72%
100.00%
37.43%
62.57%
5.60%
24.03%
29.16%
37.30%
12.46%
19.12%
-2.55%
42.00%
9.95%
27.01%
7.63%
46.45%
9.17%
25.70%
22.36%
3.65%
2.83%
2.29%
19.14%
-18.04%
26.29%
-15.83%
22.90%
1.75%
0.38%
2.77%
2.83%
-16.53%
-15.41%
1.55%
$0.0
$0.0
$0.0
2014
100.00% 100.00%
25.47%
74.53%
Historical period
Forecast Period
2015
2016
100.00%
100.00%
2017
100.00%
Forecast Period
2011
2012
2013
100%
8.00%
4.83%
0.44%
11.59%
24.86%
0.00%
57.81%
7.47%
50.34%
0.00%
24.80%
100%
8.19%
6.53%
0.45%
8.19%
23.37%
0.00%
47.85%
7.18%
40.67%
0.00%
35.96%
100%
10.65%
6.69%
0.42%
8.37%
26.13%
0.00%
49.97%
7.66%
42.02%
0.00%
31.85%
2014
2015
2016
2017
75.14%
0.00%
100.00%
0.00%
0.00%
10.17%
10.74%
5.28%
26.18%
0.00%
44.64%
1.94%
72.91%
0.00%
0.92%
26.16%
27.09%
0.00%
100.00%
76.63%
0.00%
100.00%
0.00%
0.00%
8.67%
12.58%
6.68%
27.93%
0.00%
50.35%
2.00%
81.16%
0.00%
0.68%
18.16%
18.84%
0.00%
100.00%
73.87%
0.00%
100.00%
0.00%
0.00%
8.82%
8.00%
7.29%
24.11%
0.00%
57.10%
1.93%
83.71%
0.00%
0.60%
15.69%
16.29%
0.00%
100.00%
323161.5 421542.4
44528.4
573550.4
650600
63321.4
68704.3
87580
EBITDA
FY 08-09 FY 09-10 FY 10-11 FY 11-12 FY 12-13 FY 13-14

26.54%
29.87%
27.00%
23.00%
30.00%
30.00%
27.74%
Consolidated Assets Summary

Gross fixed assets
Cumulative depreciation
Arrears of depreciation
Net fixed assets
Intangible assets
Land
Buildings
Plant & machinery, computers and electrical assets
Transport & commn equipment and infrastructure
Furniture, social amenities and other fixed assets
Mar-10
12 mths
149,669.50
23,415.80
126,253.70
45,452.70
3,424.70
31,219.90
21,509.10
19,020.40
5,626.90
Net lease reserve adjustment

Capital work-in-progress
Net pre-operative exp pending allocation
Investments
Investment in equity shares
Investment in preference shares
Investment in mutual funds
Investment in debt instruments
Investment in approved securities
Investment in assisted companies
Investment in others
Less: provn for dimin in value of investments
103,828.70
45,637.40
957.8
384.1
23,618.90
12,974.90
7,702.40
0.7
Memorandum
Investments in group companies
Investments in non-group companies
12,117.10
25,440.10
Market value of quoted investments
24,334.00
Deferred tax assets
6,016.60
Current assets
Cash & bank balance
Inventories
Receivables
28,268.80
16,826.20
1,159.20
10,283.40
Assets held for sale and transfer

Loans & advances
13,156.30
Miscellaneous expenses not written off

Total assets
323,161.50
Mar-11
12 mths
Mar-12
12 mths
Mar-13
12 mths
243,702.30
31,502.70
274,430.70
41,154.20
325,131.20
49,804.30
212,199.60
49,407.20
2,954.90
76,415.60
53,577.70
22,257.10
6,150.30
233,276.50
72,378.70
3,393.00
74,045.10
53,736.40
21,727.00
5,870.70
273,352.20
94,661.80
3,913.30
72,344.10
70,532.10
25,880.50
5,667.20
65,038.20
186,572.80
191,783.20
29,808.60
354.9
467.3
14,206.50
19,741.30
726.4
7,216.00
169.5
467.3
4,523.80
1,991.20
42.3
2,827.90
86.1
3,701.30
9,389.10
21.9
0
32.8
18,741.30
16,028.70
2,458.50
4,693.30
1,000.00
1,752.80
330.6
4,678.50
1,713.70
9,709.10
12,443.70
12,607.70
55,942.60
33,732.10
1,845.80
20,364.70
87,056.70
46,984.70
2,594.50
37,477.50
115,562.30
69,306.00
2,704.30
43,552.00
41,921.40
7,154.10
43,576.10
48,227.00
1,666.70
1,000.00
42.3
0.2860021309
0.4850791602
0.107999985
617.3
5,063.30
3,736.50
421,542.40
573,550.40
650,600.00
Consolidated Income & Expenditure Summary
Historical period
Total income
Sales
Industrial sales
Income from non-financial services
Income from financial services
Interest income
Dividends
Income from treasury operations
Other income
Prior period and extra-ordinary income
Change in stock
Total expenses
Operating expenses
Raw materials, stores & spares
Purchase of finished goods
Packaging and packing expenses
Power, fuel & water charges
Compensation to employees
Indirect taxes
Royalties, technical know-how fees, etc
Rent & lease rent
Repairs & maintenance
Insurance premium paid
Outsourced manufacturing jobs
Outsourced professional jobs
Directors' fees
Selling & distribution expenses
Travel expenses
Communications expenses
Printing & stationery expenses
Miscellaneous expenditure
Other operational exp of industrial ent
Other operational exp of non-fin services ent
Share of loss in other enterprises
Financial charges
Fee based financial services expenses
Fund based financial services expenses
Interest paid
Financial charges on instruments
Provisions
Non-cash charges
Depreciation
Amortisation
Write-offs
Prior period and extra-ordinary expenses
Provision for direct tax
Mar-10
12 mths
Mar-11
12 mths
Mar-12
12 mths
49,219.20
44,528.40
25,396.40
19,132.00
3,258.20
2,546.60
15.8
685.6
525.5
907.1
280.5
69,188.90
63,321.40
28,203.70
35,117.70
3,390.90
2,312.40
9
1,061.60
514.2
1,962.40
856.3
87,164.50
68,704.30
19,796.60
48,907.70
3,584.60
1,943.40
6.4
1,625.90
187.5
14,688.10
279.7
47,246.30
32,602.10
13,869.20
4,042.40
80,511.90
49,588.30
1,096.70
9,583.10
98,032.60
55,593.10
3,476.50
6,108.30
620
3,109.50
313.4
92.6
509.2
1,347.10
237.2
14,191.90
4,218.90
364.4
74.1
638.8
2,711.10
307.6
4,963.50
2,033.30
14
770
438.8
117.2
77.4
735
6,770.30
482.2
16,131.00
5,517.90
426.7
146.3
841.1
3,167.30
365.8
6,207.00
2,432.00
86.1
1,080.60
562
114.7
85.4
594.1
7,603.30
647
19,296.70
1,234.60
18,062.10
17,172.60
8.6
13,211.30
1,090.40
12,120.90
11,796.10
94.8
9,552.00
6,416.30
6,122.40
7,890.00
7,890.00
293.9
91.4
-375
32.3
238
6,838.80
8,984.50
434.7
18.7
13,750.40
1,901.70
1,089.30
6.3
687.5
159.9
94.6
66.1
566.9
5,232.20
558.7
8,502.90
252.3
8,250.60
7,991.20
651.9
Profit after tax

Minority interest
Share in profit or loss in associate and jv
PBDITA
PBT
2,253.40
-453.6
-215.8
-10,466.70
1,123.30
-34.6
-10,588.40
4,555.00
0
16,806.20
1,878.40
20,424.60
-10,228.70
20,699.80
-8,686.70
2,547.80 -11,317.40 -13,241.70
eriod
Mar-13
12 mths
115,146.70
87,580.00
20,284.20
67,295.80
3,131.90
2,002.00
0.4
1,100.10
196
24,238.80
-207
113,585.60
64,244.70
2,363.40
7,778.00
12,165.80
5,016.90
565.8
147.6
1,249.50
3,554.90
380.1
8,652.70
2,657.00
17.7
1,590.80
419.1
109.7
71
686.6
16,092.80
725.3
21,822.40
1,768.10
20,054.30
20,054.30
1,281.30
8,030.40
9,992.80
731.8
466.6
15,729.20
2,477.60
-251.30
3.77%
5.05%
4.76%
4.74%
1,354.10
-472.9
38,126.60
3,831.70
2,477.60
1,972.90 -11,323.00 -10,868.10
1,561.10
Key Ratios
Debt-Equity Ratio
Long Term Debt-Equity Ratio
Current Ratio
Turnover Ratios
Fixed Assets
Inventory
Debtors
DSO
Creditors
no of days payables
Interest Cover Ratio
PBIDTM (%)
PBITM (%)
PBDTM (%)
CPM (%)
APATM (%)
ROCE (%)
RONW (%)
Payout (%)
2013
2012
2011
2010
2009
2008
3.81
2.77
0.51
2.51
1.84
0.54
2.1
1.76
0.72
1.99
1.77
1.22
1.32
1.19
1.29
1.2
1.06
1.09
0.33
37.65
5.87
62.181
2.1787
167.53
0.58
22.59
12.17
1.55
1.81
-8.61
2.3
-9.92
32.38
0.33
38.16
7.43
49.125
2.389
152.78
0.49
20.55
9.5
1.03
-1.45
-12.5
0
0
0
0.33
43.03
8.96
40.737
2.0599
177.19
0.78
27.05
14.85
8.02
6.36
-5.85
0
0
0
0.35
36.86
5.99
60.935
1.439
253.64
1.19
35.52
22.12
16.9
17.87
4.46
3.99
2.42
0
0.44
0.42
47.31 67.06 45.01167
7.36
5.62 6.871667
49.592 64.947 54.58604
2.016673
187.7866
1.71
2.52
29.48 30.96
19.78 23.18
17.91 21.77
16.59 19.22
6.89 11.45
4.42
4.96
3.57
5.39
0
0
Assets Rates (SLM)

Plant and equipments 4.75%
Office equipments 4.75%
Furniture and fixtures 6.33%
Vehicles 9.50%
Computers 16.21%
4.75%
4.75%
6.33%
9.50%
16.21%
Depreciation on plant and machinery is provided using straight line method at the rate of 5
method at the rate of 5.28% per annum
Financial Statements for GMR Infrastructure

Income Statement
2011
Sales
Cost of Sales
Extraordinary Other Income
Other Net Expenses
EBIT
Interest (Income)
Interest Expense
Pre-Tax Income
Historical period
2012
$44,528.4
$18,531.6
$25,996.8
$63,321.4
$24,871.7
$38,449.7
$2,134.0
$3,547.2
$13,190.2
$6,416.3
$857.6
$7,666.7
$23,617.2
$7,890.0
$12,106.9
($1,617.2)
$2,546.6
$2,312.4
$8,250.6
$1,962.7
$12,120.9
($11,425.7)
Income Taxes
($375.0)
$238.0
Net Income
$2,253.4
($10,466.7)
Dividends
$0.0
$0.0
Balance Sheet for Vitex Corp.

Millions of Dollars
Historical period
2011
2012
Assets

Accounts Receivable
Inventories
$16,826.2
$10,283.4
$1,159.2
$13,156.3
$41,425.1
$33,732.1
$20,364.7
$1,845.8
$48,844.3
$104,786.9

$149,669.5
$23,415.8
$126,253.7
$243,702.3
$31,502.7
$212,199.6
$155,482.7
$104,555.9

Total Assets
$281,736.4
$316,755.5
$323,161.5
$421,542.4
$14,358.3
$24,670.9
$5,273.1
$44,302.3
$42,864.4
$45,261.4
$22,238.6
$110,364.4
$187,075.2
$5,211.9
$236,589.4
$188,180.5
$8,194.9
$307,357.1
$3,667.4
$82,904.7
$86,572.1
$3,892.4
$110,292.9
$114,185.3
$323,161.5
$421,542.4
Accounts Payable
Short-Term Debt
Long-Term Debt
Total Liabilities
Paid-In Capital
Retained Earnings
Historical period
2013
2014
2015
Forecast Period
2016
2017
$68,704.3
$25,715.8
$42,988.5
$87,580.0
$22,307.2
$65,272.8
$96,382.0
$24,549.1
$71,832.9
$134,002.8
$34,131.4
$99,871.4
$180,549.9
$45,987.2
$134,562.7
$16,507.9
$25,535.3
$31,919.1
$39,898.9
$49,873.6
$28,856.5
$6,838.8
$18,559.4
$5,241.7
$40,685.1
$8,030.4
$22,508.6
$19,584.0
$56,488.7
($343.3)
$24,362.7
$23,243.9
$78,431.1
($336.5)
$30,453.3
$31,222.3
$108,896.7
($329.7)
$38,066.7
$37,802.7
$1,943.4
$2,002.0
$2,074.5
$2,149.6
$2,227.5
$18,062.1
($10,877.0)
$20,054.3
$1,531.7
$24,409.0
$909.4
$29,709.4
$3,662.6
$36,160.6
$3,869.5
$2,477.6
$0.0
$1,098.8
$1,160.9
$1,354.1
$909.4
$2,563.8
$2,708.7
$0.0
$0.0
$0.0
$0.0
$2,563.8
$0.0
$2,708.7
$1,901.7
($10,588.4)
$0.0
Historical period
Forecast Period
2013
2014
2015
2016
2017
$46,984.7
$37,477.5
$2,594.5
$46,984.7
$134,041.4
$69,306.0
$43,552.0
$2,704.3
$54,466.7
$170,029.0
$72,771.3
$46,382.9
$2,715.6
$55,556.0
$177,425.8
$76,409.9
$49,397.8
$2,726.9
$56,667.2
$185,201.6
$80,230.4
$52,608.6
$2,738.2
$57,800.5
$193,377.7
$274,430.7
$41,154.2
$233,276.5
$325,131.2
$49,804.3
$273,352.2
$318,628.6
$49,461.0
$269,167.6
$312,256.0
$49,124.5
$263,131.5
$306,010.9
$48,794.7
$257,216.1
$206,232.5
$207,218.8
$196,857.9
$187,015.0
$177,664.2
$439,509.0
$480,571.0
$466,025.5
$450,146.5
$434,880.4
$573,550.4
$650,600.0
$643,451.2
$635,348.1
$628,258.0
$49,732.5
$72,155.8
$38,294.9
$160,183.2
$57,379.1
$52,022.5
$47,446.4
$156,848.0
$63,117.0
$187,892.2
$52,191.0
$303,200.2
$69,428.7
$187,602.3
$57,410.1
$314,441.2
$76,371.6
$194,774.9
$63,151.2
$334,297.6
$288,809.5
$11,461.4
$465,517.4
$371,478.7
$12,580.5
$544,643.7
$221,478.7
$12,816.0
$537,494.9
$199,330.8
$13,056.0
$526,828.0
$169,431.2
$13,300.4
$517,029.2
$3,892.4
$104,140.6
$108,033.0
$3,892.4
$102,063.9
$105,956.3
$3,892.4
$102,063.9
$105,956.3
$3,892.4
$104,627.7
$108,520.1
$3,892.4
$107,336.4
$111,228.8
$573,550.4
$650,600.0
$643,451.2
$635,348.1
$628,258.0
$0.0
$0.0
$0.0
2018
$248,555.0
$63,308.6
$185,246.4
$62,342.0
$151,196.3
($323.1)
$47,583.3
$49,132.0
$2,308.1
$44,012.8
$7,427.3
$2,228.2
$5,199.1
$0.0
$5,199.1
2018
$84,241.9
$56,028.2
$2,749.6
$58,956.5
$201,976.2
$299,890.7
$48,471.6
$251,419.1
$168,781.0
$420,200.1
$622,176.2
$84,008.7
$194,707.4
$69,466.3
$348,182.4
187,892.159898987
$144,016.5
$13,549.4
$505,748.3
$3,892.4
$112,535.5
$116,427.9
$622,176.2
$0.0
$124,198.0
2010
Sales
Cost of Sales
Other Net Income
Other Net Expenses
EBIT
Historical period
2011
100.00%
41.62%
58.38%
100.00%
39.28%
60.72%
4.79%
5.60%
29.62%
14.41%
1.93%
17.22%
37.30%
12.46%
19.12%
-2.55%
Interest (Income)
Interest Expense
Pre-Tax Income
5.72%
3.65%
18.53%
4.41%
19.14%
-18.04%
Income Taxes
-0.84%
0.38%
5.06%
-16.53%
$0.0
$0.0
Net Income
Dividends
Balance Sheet for Vitex Corp.

Millions of Dollars
Historical period
Assets

Accounts Receivable
Inventories
2010
2011
100%
5.21%
3.18%
0.36%
4.07%
12.82%
0.00%
46.31%
7.25%
39.07%
0.00%
48.11%
100%
8.00%
4.83%
0.44%
11.59%
24.86%
0.00%
57.81%
7.47%
50.34%
0.00%
24.80%

Total Assets
Accounts Payable
Short-Term Debt
Long-Term Debt
Total Liabilities
Paid-In Capital
Retained Earnings
87.18%
0.00%
100.00%
0.00%
0.00%
4.44%
7.63%
1.63%
13.71%
0.00%
57.89%
1.61%
73.21%
0.00%
1.13%
25.65%
26.79%
0.00%
100.00%
75.14%
0.00%
100.00%
0.00%
0.00%
10.17%
10.74%
5.28%
26.18%
0.00%
44.64%
1.94%
72.91%
0.00%
0.92%
26.16%
27.09%
0.00%
100.00%
Historical period
2012
2013
100.00%
37.43%
62.57%
100.00%
25.47%
74.53%
24.03%
29.16%
42.00%
9.95%
27.01%
7.63%
46.45%
9.17%
25.70%
22.36%
2.83%
2.29%
26.29%
-15.83%
22.90%
1.75%
2.77%
2.83%
-15.41%
1.55%
$0.0
$0.0
2014
Historical period
Forecast Period
2015
2016
2017
Forecast Period
2012
2013
100%
8.19%
6.53%
0.45%
8.19%
23.37%
0.00%
47.85%
7.18%
40.67%
0.00%
35.96%
100%
10.65%
6.69%
0.42%
8.37%
26.13%
0.00%
49.97%
7.66%
42.02%
0.00%
31.85%
2014
2015
2016
2017
76.63%
0.00%
100.00%
0.00%
0.00%
8.67%
12.58%
6.68%
27.93%
0.00%
50.35%
2.00%
81.16%
0.00%
0.68%
18.16%
18.84%
0.00%
100.00%
73.87%
0.00%
100.00%
0.00%
0.00%
8.82%
8.00%
7.29%
24.11%
0.00%
57.10%
1.93%
83.71%
0.00%
0.60%
15.69%
16.29%
0.00%
100.00%
323161.5 421542.4 573550.4
650600
44528.4
63321.4
68704.3
87580

GMR Prowess Income STMT

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GMR Prowess Income STMT

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Sector

Sales growth assumption

Electricity production to grow at 5.5% and dema

Delhi INR 2000 per passenger at 70 mn passenge

EPC & Others

The EPC sector contributes very little to the overa

The one-off drop in revenues in 2014 was because

Assumptions for Forecasting Model

Selling, General & Admn. Expenses

Cash and Marketable Securities

5.0% of sales based on historical average

Liabilities and Shareholders' Equity

10.00% of sales, same as historical average

nger at 70 mn passengers, hyderabad INR 1650 per passenger at 30 mn passengers.

Note: Shaded values are inputs to the model

Assumptions as per above stmts

of sales, based on historical average

$44,528.4 $63,321.4 $68,704.3 $87,580.0

EMCO and GKEL (1650 MW) operational in Q42014

es will contributes more to the bottom line and top line

or the power sector we are considering a 4.5% growth rate.

Consolidated Liabilities Summary

Minority interest reserves

Share application money - refundable

Long term borrowings

Financial Statements for GMR Infrastructure

Balance Sheet for GMR Infrastructure

Cash and Marketable Securities

Property, Plant and Equipment, Gross

Other Non-Current Assets

Total Non-Current Assets

Liabilities and Shareholders' Equity

Discretionary Funding Needed (DFN)

Balance Sheet for GMR Infrastructure

Cash and Marketable Securities

Total Non-Current Assets

Discretionary Funding Needed (DFN)

FY 08-09 FY 09-10 FY 10-11 FY 11-12 FY 12-13 FY 13-14

Consolidated Assets Summary

Net lease reserve adjustment

Market value of quoted investments

Deferred tax assets

Assets held for sale and transfer

Miscellaneous expenses not written off

Consolidated Income & Expenditure Summary

Profit after tax

2,547.80 -11,317.40 -13,241.70

1,972.90 -11,323.00 -10,868.10

Assets Rates (SLM)

method at the rate of 5.28% per annum

Financial Statements for GMR Infrastructure

Balance Sheet for Vitex Corp.

Cash and Marketable Securities

Property, Plant and Equipment, Gross

Other Non-Current Assets

Total Non-Current Assets

Liabilities and Shareholders' Equity

Discretionary Funding Needed (DFN)

Balance Sheet for Vitex Corp.

Cash and Marketable Securities

Total Non-Current Assets

Discretionary Funding Needed (DFN)

323161.5 421542.4 573550.4