Adani Power Ltd.

- Balance Sheet - Consolidated

INR Crores

Particulars 16-Mar 15-Mar 14-Mar 13-Mar 12-Mar

Months 12 12 12 12 12
FaceValue 10 10 10 10 10
No. of Equity Shares (in Lacs) 33339.39 28719.22 28719.22 23932.72 21800.35

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 3333.94 2871.92 2871.92 2393.27 2180.04
Total Share Capital 3333.94 2871.92 2871.92 2393.27 2180.04

Reserves and Surplus 4042.59 2852.7 3671.47 1900.14 3861.27

Total Reserves and Surplus 4042.59 2852.7 3671.47 1900.14 3861.27
Total Shareholders Funds 7376.53 5724.62 6543.39 4293.41 6041.31
Minority Interest 0 0 0 0 559.03

NON-CURRENT LIABILITIES
Long Term Borrowings 35693.96 35089.66 33131.48 33191.6 29584.83
Deferred Tax Liabilities [Net] 185.09 0 0 1078.99 602.31
Other Long Term Liabilities 251 60.53 396.84 343.59 1038.99
Long Term Provisions 74.91 158.68 378.25 294.1 218.51
Total Non-Current Liabilities 36204.96 35308.87 33906.57 34908.28 31444.64

CURRENT LIABILITIES
Short Term Borrowings 13435.69 6294.85 6637.28 4411.19 6420.5
Trade Payables 6290.79 5684.69 3750.87 2867.73 560.82
Other Current Liabilities 5847.48 5190.47 7383.2 8004.56 5843.6
Short Term Provisions 212.06 270.72 517.63 479.29 513.84
Total Current Liabilities 25786.02 17440.73 18288.98 15762.77 13338.76

Total Capital And Liabilities 69367.51 58474.22 58738.94 54964.46 51383.74

ASSETS
NON-CURRENT ASSETS
Tangible Assets 49675.19 45064.54 46354.51 29080.26 15802.62
Intangible Assets 6.57 8.19 3.07 1.39 1.58
Capital Work-In-Progress 87.95 191.34 3659.83 18976.5 26721.48
Fixed Assets 49769.71 45264.07 50017.41 48058.15 42525.68
Goodwill On Consolidation 736.69 6.95 6.95 6.95 0
Non-Current Investments 0.01 0.01 10.01 10.01 10.01
Long Term Loans And Advances 1104.21 581.08 904.91 1682.07 2431.57
Other Non-Current Assets 1496.31 2429.97 695.43 154.31 426.12
Total Non-Current Assets 53106.93 48282.08 51634.71 49911.49 45393.38

CURRENT ASSETS
Current Investments 0.05 357.29 105.31 12.36 9
Inventories 1619.21 1629.05 1280.96 1555.67 826.75
Trade Receivables 9443.23 3489.54 1543.27 758.48 449.2
Cash And Cash Equivalents 868.71 856.25 830.63 1718.09 3240.8
Short Term Loans And Advances 1227.98 601.33 506.82 371.85 882.05
OtherCurrentAssets 3101.4 3258.68 2837.24 636.52 582.56
Total Current Assets 16260.58 10192.14 7104.23 5052.97 5990.36

Total Assets 69367.51 58474.22 58738.94 54964.46 51383.74

Current maturities of long-term borrowings (Unsecured)
OTHER INFORMATION Interest accrued but not due on borrowings
Equity share application money refundable
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 1346.35 531.97 2048.24 21146.46 21991.45

BONUS DETAILS
Bonus Equity Share Capital 787.31 787.31 787.31 787.31 787.31

NON-CURRENT INVESTMENTS

Non-Current Investments Quoted Market Value 0 0 10 10 10

Non-Current Investments Unquoted Book Value 0.01 0.01 0.01 0.01 0.01

CURRENT INVESTMENTS
Current Investments Quoted Market Value 0.05 357.49 15.35 0 0
Current Investments Unquoted Book Value 0 0 90.02 12.36 9
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 Adani Power Ltd. - Income Statement - Consolidated
INR Crores

Particulars 16-Mar 15-Mar

Months 12 12
FaceValue 10 10

INCOME
Revenue From Operations [Net] 25198.32 18796.17
Other Operating Revenues 33.25 27.56
Total Operating Revenues 25231.57 18823.73

Other Income 201.78 241.41

Total Revenue 25433.35 19065.14

EXPENSES
Purchase Of Stock-In Trade 189.55 290.6
Cost Of Fuel 14726.31 11613.7
Employee Benefit Expenses 327.78 320.59
Finance Costs 5964.16 4863.53
Depreciation And Amortisation Expenses 2336.17 1818.19
Other Expenses 1435 1439.47
Total Expenses 24978.97 20346.08

Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 454.38 -1280.94

Exceptional Items 0 -16.85

Profit/Loss Before Tax 454.38 -1297.79

Tax Expenses-Continued Operations

Current Tax 0 0
Deferred Tax -33.8 0
Tax For Earlier Years -0.3 0
Total Tax Expenses -34.1 0
Profit/Loss After Tax And Before ExtraOrdinary Items 488.48 -1297.79

Profit/Loss From Continuing Operations 488.48 -1297.79

Profit/Loss From Discontinuing Operations 0 482.16

Net Profit/Loss From Discontinuing Operations 0 482.16
Profit/Loss For The Period 488.48 -815.63

Minority Interest 0 0
Consolidated Profit/Loss After MI And Associates 488.48 -815.63
OTHER INFORMATION

EARNINGS PER SHARE

Basic EPS (Rs.) 1.64 -2.84
Diluted EPS (Rs.) 1.64 -2.84
nsolidated

14-Mar 13-Mar 12-Mar

12 12 12
10 10 10

15754.07 6774.79 4089.79

14.01 4.57 0
15768.08 6779.36 4089.79

186.32 190.65 197.98

15954.4 6970.01 4287.77

329.02 0 0
9167.47 4924.2 2300.44
247.84 148.97 62.56
4010 1702.86 737.53
2218.45 1289.68 590.44
1351.16 746.58 401.61
17323.94 8812.29 4092.58

-1369.54 -1842.28 195.19

0 24.06 -194.85
-1369.54 -1818.22 0.34

0 0.07 4.54
-1078.99 476.68 290.3
0 0.04 0
-1078.99 476.79 294.84
-290.55 -2295.01 -294.5

-290.55 -2295.01 -294.5

0 0 0
0 0 0
-290.55 -2295.01 -294.5

0 0 7.23
-290.55 -2295.01 -287.27
-1.04 -9.59 -1.32
-1.04 -9.59 -1.32
 Reformulated Balance sheet
2016 2015 2014 2013
Notes Net Operating Assets
Operating assets
21 Working Cash 0.16% 0.44% 0.54% 0.27%
19 Inventories 2.36% 2.84% 2.21% 2.99%
20,34,35 Trade Receivables 13.77% 6.08% 2.67% 1.46%
22 Short term loans and advances 1.79% 1.05% 0.88% 0.72%
23 Other Current Assets 4.52% 5.66% 4.85% 1.14%
13 Tangible assets 72.41% 78.50% 80.08% 55.98%
13 Intangible assets 0.01% 0.01% 0.01% 0.00%
14 Capital Work-In-Progress 0.13% 0.17% 6.00% 33.27%
14 Project Development Expenditure (Capitalized) 0.00% 0.00% 0.06% 0.62%
Goodwill 1.07% 0.01% 0.01% 0.01%
16 Long term loans and advances 1.61% 1.01% 1.56% 3.24%
17 Other non current assets, net interest 2.18% 4.23% 1.15% 0.30%
100.00% 100.00% 100.00% 100.00%
Operating Liabilities
10 Trade payables 77.17% 75.99% 54.14% 36.03%
11 Other current liabilities, net FO 19.47% 22.39% 39.76% 46.02%
12 Short Term provisions 0.00% 0.00% 0.00% 0.00%
Employee Benefits 0.10% 0.15% 0.11% 0.01%
6 Deferred tax liabilities 2.27% 0.00% 0.00% 13.56%
7 Other long term liabilities 0.00% 0.81% 5.73% 0.00%
Retention money payable 0.63% 0.00% 0.00% 4.32%
8 Long term provisions 0.00% 0.00% 0.00% 0.00%
Provision for employee benefits 0.36% 0.66% 0.26% 0.07%
100.00% 100.00% 100.00% 100.00%

Net Financial Obligations

Financial assets
18 Current Investments 0.01% 33.53% 12.37% 0.41%
23 Other current assets (Interest) 0.38% 1.08% 3.48% 1.53%
21 Cash Equivalents 99.61% 56.46% 60.91% 52.38%
14 Project Development Expenditure (Interest) 0.00% 8.82% 18.35% 45.34%
15 Non current investments 0.00% 0.00% 1.18% 0.33%
17 Other non -current assets(Interest) 0.00% 0.10% 3.71% 0.00%
100.00% 100.00% 100.00% 100.00%
Financial obligations
5 Long term borrowings 66.30% 77.51% 73.19% 77.71%
7 Other Long-term Liabilities 0.37% 0.00% 0.00% 0.00%
8 Long-term Provisions 0.08% 0.24% 0.80% 0.68%
9 Short-term Borrowings 24.96% 13.91% 14.66% 10.33%
11 Other Current Liabilities 7.91% 7.77% 10.23% 10.17%
12 Short-term Provisions 0.38% 0.57% 1.13% 1.12%
100.00% 100.00% 100.00% 100.00%

3,4 Common shareholder's equity As a percentage of NOA

NOA 100.00% 100.00% 100.00% 100.00%

NFO 87.80% 88.53% 87.16% 90.24%
CSE (+MI) 12.20% 11.47% 12.84% 9.76%

Note: Items greater than 10% are highlighted

 Reformulated income statement
2012 Marginal Tax Rate: 0.3

Notes 2016
0.75% 24 Revenue from Operations 100.00%
1.77% Cost of Sales

0.96% Fuel Cost 58.36%

1.89% Depreciation and Amortisation Expense 9.26%
1.17% Purchases of Stock in Trade 0.75%
33.91% 26 Employee Benefit Expenses 1.30%
0.00%
52.37% Gross Margin 30.33%
1.04% Operating expenses
0.00% 28 Other Expenses 5.69%
5.22% Operating income from sales (before tax) 24.64%
0.91% Tax on operating income
100.00% Tax as reported -0.14%
Tax on other operating income (expenses) -0.49%
10.16% Tax on net financial income(Expenses) -6.36%
55.67% Total tax on operating income 6.72%
4.36% Operating income from sales (after tax) 17.92%
0.00% Other operating income (expense) (before tax items)
10.91% 25 Gain on Sale of scrap 0.07%
0.00% 25 Miscellaneous income 0.08%
18.83% 27 Net loss on foreign currency transactions and translation -1.79%
0.00% 25 Foreign exchange fluctuation gain (Net) 0.01%
0.06% Tax on other operating income -0.49%
100.00% Total other operating income (before tax items) -1.15%

Other operating income (after tax items) 0.00%

4 Adjustment for Accounting Changes -0.10%
0.19% Foreign Currency Translation Reserve 0.00%
0.78% Consol adjustment on sale of subisidiaries 0.00%
60.53% Exceptional items 0.00%
38.29% 4 Profit / (Loss) from discontinuing operations 0.00%
0.21% Addition on account of merger 0.04%
0.00% Total other operating income (after tax items) -0.06%
100.00%
25 Financial income (expenses)
75.35% 25 Interest income 0.55%
0.00% 27 Income from mutual funds 0.10%
0.55% 27 Interest expenses -20.29%
16.35% other borrowing costs -1.55%
7.06% Tax on financial income -6.36%
 0.69% Net financial income -14.84%
100.00% Minority Interest 0.00%

f NOA Comprehensive income 1.88%

100.00%
83.93%
16.07%
atement
0.3 0.3 0.3 0.3

2015 2014 2013 2012

100.00% 100.00% 100.00% 100.00%

61.70% 58.14% 72.64% 56.25%

9.66% 14.07% 19.02% 14.44%
1.54% 2.09% 0.00% 0.00%
1.70% 1.57% 2.20% 1.53%

25.40% 24.13% 6.14% 27.79%

7.65% 8.57% 11.01% 9.82%

17.75% 15.56% -4.87% 17.97%

0.00% -6.84% 7.03% 7.21%

-0.42% 0.03% 0.11% 0.03%
-6.94% -7.31% -6.80% -3.99%
7.37% 0.43% 13.72% 11.17%
10.38% 15.13% -18.59% 6.80%

0.09% 0.08% 0.27% 0.07%

0.09% 0.02% 0.10% 0.03%
-1.59% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
-0.42% 0.03% 0.11% 0.03%
-0.99% 0.07% 0.26% 0.07%

0.00% 0.00% 0.00% 0.00%

-0.02% 0.00% 0.00% 0.00%
0.00% 0.00% -0.28% 1.01%
0.00% -0.01% 0.00% 0.00%
-0.09% 0.00% 0.35% -4.76%
2.56% 0.00% 0.00% 0.00%
0.00% 0.00% 5.20% 0.00%
2.46% -0.01% 5.28% -3.76%

0.96% 0.97% 2.29% 4.65%

0.15% 0.11% 0.15% 0.09%
-22.25% -21.98% -22.57% -16.62%
-2.00% -3.45% -2.55% -1.42%
-6.94% -7.31% -6.80% -3.99%
-16.20% -17.05% -15.87% -9.31%
0.00% 0.00% 0.00% -0.18%

-4.35% -1.85% -28.93% -6.02%

 Reformulated Balance sheet
2016 2015 2014
Notes Net Operating Assets
Operating assets
21 Working Cash 30.75% 73.33% 89.90%
19 Inventories 195.85% 197.04% 154.94%
20,34,35 Trade Receivables 2102.23% 776.83% 343.56%
22 Short term loans and advances 139.22% 68.17% 57.46%
23 Other Current Assets 568.18% 595.44% 514.83%
13 Tangible assets 314.35% 285.17% 293.33%
13 Intangible assets 415.82% 518.35% 194.30%
14 Capital Work-In-Progress 0.36% 0.40% 14.22%
14 Project Development Expenditure (Capitalized) 0.24% 0.11% 6.80%
Goodwill
16 Long term loans and advances 45.41% 23.90% 37.22%
17 Other non current assets, net interest 351.15% 570.00% 155.79%
147.20% 123.19% 124.21%
Operating Liabilities
10 Trade payables 1121.71% 1013.64% 668.82%
11 Other current liabilities, net FO 51.67% 54.52% 89.66%
12 Short Term provisions 0.00% 0.00% 0.00%
Employee Benefits 4200.00% 5785.00% 3715.00%
6 Deferred tax liabilities 30.73% 0.00% 0.00%
7 Other long term liabilities
Retention money payable 4.91% 0.00% 0.00%
8 Long term provisions
Provision for employee benefits
147.72% 135.56% 125.54%

Net Financial Obligations

Financial assets
18 Current Investments 0.56% 3969.89% 1170.11%
23 Other current assets (Interest) 7.76% 30.92% 79.63%
21 Cash Equivalents 26.33% 20.79% 17.92%
14 Project Development Expenditure (Interest) 0.00% 5.13% 8.53%
15 Non current investments 0.10% 0.10% 100.00%
17 Other non -current assets(Interest)
16.00% 22.29% 17.81%
Financial obligations
5 Long term borrowings
7 Other Long-term Liabilities
8 Long-term Provisions 21.06% 50.84% 167.35%
9 Short-term Borrowings 209.26% 98.04% 103.38%
11 Other Current Liabilities 153.71% 126.84% 167.01%
12 Short-term Provisions 74.65% 95.03% 187.01%
137.12% 115.29% 115.29%

3,4 Common shareholder's equity 122.10% 94.76% 108.31%

NOA 147.14% 121.52% 124.04%

NFO 153.91% 128.18% 128.80%
CSE (+MI) 111.76% 86.73% 99.14%

Note: Items greater than 200% are highlighted

 Reformulated income statement
2013 2012 Marginal Tax Rate:

Notes
39.75% 100.00% 24 Revenue from Operations
188.17% 100.00% Cost of Sales

168.85% 100.00% Fuel Cost

42.16% 100.00% Depreciation and Amortisation Expense
108.24% 100.00% Purchases of Stock in Trade
184.02% 100.00% 26 Employee Benefit Expenses
87.97% 100.00%
70.82% 100.00% Gross Margin
67.01% 100.00% Operating expenses
28 Other Expenses
69.19% 100.00% Operating income from sales (before tax)
36.21% 100.00% Tax on operating income
111.47% 100.00% Tax as reported
Tax on other operating income (expenses)
511.35% 100.00% Tax on net financial income(Expenses)
119.22% 100.00% Total tax on operating income
0.00% 100.00% Operating income from sales (after tax)
210.00% 100.00% Other operating income (expense) (before tax items)
179.14% 100.00% 25 Gain on Sale of scrap
25 Miscellaneous income
33.07% 100.00% 27 Net loss on foreign currency transactions and translation
25 Foreign exchange fluctuation gain (Net)
Tax on other operating income
144.23% 100.00% Total other operating income (before tax items)

Other operating income (after tax items)

4 Adjustment for Accounting Changes
137.33% 100.00% Foreign Currency Translation Reserve
124.23% 100.00% Consol adjustment on sale of subisidiaries
54.61% 100.00% Exceptional items
74.73% 100.00% 4 Profit / (Loss) from discontinuing operations
100.00% 100.00% Addition on account of merger
Total other operating income (after tax items)
63.10% 100.00%
25 Financial income (expenses)
25 Interest income
27 Income from mutual funds
134.01% 100.00% 27 Interest expenses
68.70% 100.00% other borrowing costs
156.66% 100.00% Tax on financial income
175.68% 100.00% Net financial income
108.78% 100.00% Minority Interest

71.07% 100.00% Comprehensive income

107.07% 100.00%
115.11% 100.00%
65.05% 100.00%
ted income statement
0.3 0.3 0.3 0.3 0.3

2016 2015 2014 2013 2012

616.94% 460.26% 385.55% 165.76% 100.00%

640.15% 504.85% 398.51% 214.05% 100.00%

395.67% 307.94% 375.73% 218.43% 100.00%

523.95% 512.45% 396.16% 238.12% 100.00%

673.36% 420.70% 334.87% 36.65% 100.00%

357.31% 358.42% 336.44% 185.90% 100.00%

846.12% 454.74% 334.01% -44.92% 100.00%

-11.57% 0.00% -365.96% 161.71% 100.00%

-10036.89% -6451.46% 401.21% 604.13% 100.00%
983.84% 801.28% 706.35% 282.73% 100.00%
371.05% 303.62% 14.91% 203.73% 100.00%
1626.47% 702.98% 858.17% -453.37% 100.00%

591.61% 597.20% 440.21% 636.01% 100.00%

1541.27% 1350.79% 312.70% 531.75% 100.00%

-10036.89% -6451.46% 401.21% 604.13% 100.00%

-10036.89% -6451.46% 401.21% 604.13% 100.00%

0.00% 0.00% 0.00% -45.83% 100.00%

0.00% 8.65% 0.00% -12.35% 100.00%

9.88% -300.91% 1.04% -233.05% 100.00%

72.67% 94.67% 80.61% 81.82% 100.00%

645.71% 712.21% 431.95% 267.27% 100.00%
753.42% 616.32% 510.01% 225.19% 100.00%
675.98% 647.53% 938.47% 297.60% 100.00%
983.84% 801.28% 706.35% 282.73% 100.00%
983.84% 801.28% 706.35% 282.73% 100.00%
0.00% 0.00% 0.00% 0.00% 100.00%

-192.39% 332.82% 118.76% 797.17% 100.00%

Analysis of change in RNOA 2016 2015 2014 2013

Level 1: Distinguish core and unusual components of RNOA

RNOA 7.64% 4.42% 5.05% -2.08%
Core OI / NOA 8.19% 3.87% 5.03% -2.96%
Other operating income (before tax items) -0.52% -0.37% 0.02% 0.04%
Other operating income (after tax items) -0.03% 0.92% 0.00% 0.84%

Level 2: Change in RNOA

Change in RNOA 3.22% -0.62% 7.13%
Change in PM at previous asset turnover level 1.82% -1.11% 4.50%
Change in asset turnover at current PM 1.40% 0.49% 2.63%

Analysis of change in ROCE

Change in ROCE 20.57% -7.96% 30.61%
Change in RNOA 3.22% -0.62% 7.13%
Change in FLEV at previous spread -0.50% 0.72% -4.74%
Change in spread at current flev 17.85% -8.06% 28.23%
OR
Change in Flev at current spread -0.01% 1.32% -1.28%
Change in spread at previous flev 17.36% -8.66% 24.77%
 Particulars 16-Mar 15-Mar 14-Mar 13-Mar 12-Mar
Months 12 12 12 12 12
FaceValue 10 10 10 10 10

PER SHARE RATIOS

Basic EPS (Rs.) 1.64 -2.84 -1.04 -9.59 -1.32

Diluted EPS (Rs.) 1.64 -2.84 -1.04 -9.59 -1.32
Cash EPS (Rs.) 8.47 3.49 6.71 -4.2 1.36
Book Value[Excl.RevalReserv]/Share (Rs.) 22.13 19.93 22.78 17.94 27.71
Book Value[Incl.RevalReserv]/Share (Rs.) 22.13 19.93 22.78 17.94 27.71
Revenue From Operations / Share (Rs.) 75.68 65.54 54.9 28.33 18.76
PBDIT / Share (Rs.) 26.26 18.81 16.92 4.81 6.99
PBIT / Share (Rs.) 19.25 12.47 9.19 -0.58 4.28
PBT / Share (Rs.) 1.36 -4.52 -4.77 -7.6 0
Net Profit / Share (Rs.) 1.47 -2.84 -1.01 -9.59 -1.35
NP After MI And SOA / Share (Rs.) 1.47 -2.84 -1.01 -9.59 -1.32

PROFITABILITY RATIOS

PBDIT Margin (%) 34.69 28.69 30.81 16.96 37.24

PBIT Margin (%) 25.43 19.03 16.74 -2.05 22.8
PBT Margin (%) 1.8 -6.89 -8.68 -26.81 0
Net Profit Margin (%) 1.93 -4.33 -1.84 -33.85 -7.2
NP After MI And SOA Margin (%) 1.93 -4.33 -1.84 -33.85 -7.02
Return on Networth / Equity (%) 6.62 -14.24 -4.44 -53.45 -4.75
Return on Capital Employeed (%) 1.12 -1.98 -0.71 -5.85 -0.75
Return On Assets (%) 0.7 -1.39 -0.49 -4.17 -0.55
Long Term Debt / Equity (X) 4.84 6.13 5.06 7.73 4.9
Total Debt / Equity (X) 6.66 7.23 6.08 8.76 5.96
Asset Turnover Ratio (%) 36.37 32.19 26.84 12.33 7.95

LIQUIDITY RATIOS

Current Ratio (X) 0.63 0.58 0.38 0.32 0.44

Quick Ratio (X) 0.56 0.49 0.31 0.22 0.38
Inventory Turnover Ratio (X) 15.58 11.56 12.31 4.36 4.95

COVERAGE RATIOS

Interest Coverage Ratio (%) 1.08 0.73 0.65 -0.08 1.26

Interest Coverage Ratio (Post Tax) (%) 1.08 0.73 0.92 -0.36 0.86
VALUATION RATIOS

Enterprise Value (Cr.) 59813.04 54112.44 52910.02 45613.34 48213.23

EV / Net Operating Revenue (X) 2.37 2.87 3.36 6.73 11.79
EV / EBITDA (X) 6.83 10.02 10.89 39.65 31.65
MarketCap / Net Operating Revenue (X) 0.45 0.72 0.88 1.44 3.64
Price / BV (X) 1.57 2.37 2.14 2.27 2.46
Price / Net Operating Revenue (X) 0.45 0.72 0.88 1.44 3.64
EarningsYield 0.04 -0.06 -0.02 -0.23 -0.01
 Year Mar 12 Mar 13
Cash Flow Summary
Cash and Cash Equivalents at Beginning of the year 631.68 346.41
Net Cash from Operating Activities 964.36 3,000.54
Cash Flow From Operating Activities
Net Profit before Tax & Extraordinary Items 0.34 -1,842.28
Adjustment For
Depreciation 590.44 1,289.68
Interest (Net) 742.37 1,547.41
Dividend Received 0 0
P/L on Sales of Assets -2.86 -6.89
P/L on Sales of Invest 0 0
Prov. & W/O (Net) 0 0
P/L in Forex 183.39 90.45
Fin. Lease & Rental Chrgs 0 0
Others 0 -10.29
Total Adjustments (PBT & Extraordinary Items) 1,513.34 2,910.36
Op. Profit before Working Capital Changes 1,513.68 1,068.08
Adjustment For
Trade & 0th receivables -403.29 -309.28
Inventories -543.14 -728.92
Trade Payables 691.21 2,066.06
Loans & Advances -154.27 1,064.76
Investments 0 0
Net Stock on Hire 0 0
Leased Assets Net of Sale 0 0
Trade Bill(s) Purchased 0 0
Change in Borrowing 0 0
Change in Deposits 0 0
Others -102.35 -150.22
Total (OP before Working Capital Changes) -511.84 1,942.40
Cash Generated from/(used in) Operations 1,001.84 3,010.48
Interest Paid(Net) 0 0
Direct Taxes Paid -37.48 -9.94
Advance Tax Paid 0 0
Others 0 0
Total-others -37.48 -9.94
Cash Flow before Extraordinary Items 964.36 3,000.54
Extraordinary Items
Excess Depreciation W/b 0 0
Premium on Lease of land 0 0
Payment Towards VRS 0 0
Prior Year 's Taxation 0 0
 Gain on Forex Exch. Tran
Others
Net Cash Used in Investing Activities
Cash Flow from Investing Activities
Investment in Assets :
Purchased of Fixed Assets -10,411.00
Sale of Fixed Assets 4.24
capital WIP
Capital Subsidy Recd
Financial/Capital Investment :
Purchase of Investments
Sale of Investments
Investment Income
Interest Received 252.05
Dividend Received
Invest.In Subsidiaires
Loans to Subsidiaires
Investment in Group Cos
Issue of Sh. on Acqu. of Cos
Canc. of Invest. in Cos Acq.
Acquisition of Companies
Inter Corporate Deposits
Others -3,319.60
Net Cash Used in Financing Activities
Cash Flow From Financing Activities
Proceeds:
Proceeds from Issue of shares (incl share premium)
Proceed from Issue of Debentures
Proceed from 0ther Long Term Borrowings 15,456.52
Proceed from Bank Borrowings
Proceed from Short Tem Borrowings 4,319.16
Proceed from Deposits
Share Application Money
Cash/Capital Investment Subsidy
Loans from a Corporate Body
Payments:
Share Application Money Refund
On Redemption of Debenture
Of the Long Tem Borrowings -5,774.68
Of the short term Borrowings -2,090.90
Of financial Liabilities
Dividend Paid
Shelter Assistance Reserve
0 0
0 0
-13,474.31 -4,064.50
0
1,083.88
0 0
0 0
0 -11,053.39
0 11,060.32
0 0
42.24
0 0
0 24.06
0 0
0 0
0 0
0 0
0 0
0 0
-5,221.61
12,355.72 860.57
0 0
0 0
13,473.38
0 0
5,280.55
0 0
0 0
0 0
0 0
0 0
0 0
-8,268.97
-7,399.22
0 0
0 0
0 0
 Interest Paid -1,606.65 -2,225.17
Others 2,052.27 0
Net Cash Used in Financing Activities 12,355.72 860.57
Net Inc/(Dec) in Cash and Cash Equivalent -154.23 -203.39
Cash and Cash Equivalents at End of the year 477.45 143.02
 Mar 14 Mar 15 Mar 16 Mar 17

143.02 312.15 254.63 106.78

3,237.84 5,823.52 5,257.21 4,725.20

-1,274.90 -815.63 374.72 -6,260.17

2,218.45 2,060.62 2,665.82 2,672.36

3,856.84 4,889.37 5,825.09 5,666.25
0 0 0 0
-0.02 -547.48 0 0
0 0 0 0
13.82 0 20 8.39
95.67 31.88 -101.1 -398.42
0 0 0 0
-111.27 -27.42 -324.49 3,774.66
6,073.49 6,406.97 8,085.32 11,723.24
4,798.59 5,591.34 8,460.04 5,463.07

-798.61 -2,137.04 -4,283.46 -1,284.36

274.71 -368.6 157.67 -141.21
1,141.86 1,870.73 284.62 1,240.78
-312.34 -156.44 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
-1,908.84 1,028.63 642.02 -549.54
-1,603.22 237.28 -3,199.15 -734.33
3,195.37 5,828.62 5,260.89 4,728.74
0 0 0 0
42.47 -5.1 -3.68 -3.54
0 0 0 0
0 0 0 0
42.47 -5.1 -3.68 -3.54
3,237.84 5,823.52 5,257.21 4,725.20

0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
 0 0
0 0
-4,699.74 -4,737.06
0 0
261.01 346.88
0 0
0 0
-21,617.04 -25,425.87
21,540.71 25,207.61
0 0
184.09 196.57
0 0
0 0
0 0
0 0
0 -1,757.00
0 0
0 0
0 0
-5,068.51 -3,305.25
1,631.03 -1,143.98
2,542.13 0 1,114.68
0 0
5,906.01 16,959.50
0 0
8,385.48 12,043.43
0 0
0 0
0 0
0 0
0 0
0 0
-6,154.56 -13,152.71
-6,424.44 -11,369.65
0 0
0 0
0 0
0 0
0 0
-2,692.11 -1,212.04
0 0
9.75 10.17
0 0
0 0
382.65 -162.09
0 0
0 0
138.9 138.55
0 0
0 0
0 0
0 0
-182.5 0
0 0
-1,445.60 0
0 0
-1,595.31 -1,198.67
-2,712.95 -3,538.93
1,701.83
0 0
21,867.65 6,379.57
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
-24,792.44 -5,146.03
4,967.45 -1,299.88
0 0
0 0
0 0
-2,623.59 -5,624.55 -5,870.29 -5,174.42
0 0 0 0
1,631.03 -1,143.98 -2,712.95 -3,538.93
169.13 -57.52 -147.85 -25.77
312.15 254.63 106.78 81.01
 Reformulated Balance sheet
2016 2015 2014 2013
Notes Net Operating Assets
Operating assets
21 Working Cash 106.78 254.63 312.15 138.02
19 Inventories 1619.21 1629.05 1280.96 1,555.67
20,34,35 Trade Receivables 9443.23 3489.54 1543.27 758.48
22 Short term loans and advances 1227.98 601.33 506.82 371.85
23 Other Current Assets 3098.51 3247.17 2807.6 590.28
13 Tangible assets 49675.19 45064.54 46,354.51 29,080.26
13 Intangible assets 6.57 8.19 3.07 1.39
14 Capital Work-In-Progress 86.79 96.83 3470.67 17,284.11
14 Project Development Expenditure (Capitalized) 1.16 0.54 32.94 324.55
Goodwill 736.69 6.95 6.95 6.95
16 Long term loans and advances 1104.21 581.08 904.91 1682.507
17 Other non current assets, net interest 1496.31 2428.88 663.87 154.31
68602.63 57408.73 57887.72 51948.377
Operating Liabilities
10 Trade payables 6290.79 5684.69 3750.87 2,867.73
11 Other current liabilities, net FO 1,587.21 1,674.88 2,754.32 3,662.55
12 Short Term provisions
Employee Benefits 8.4 11.57 7.43 0.42
6 Deferred tax liabilities 185.09 0 0 1,078.99
7 Other long term liabilities 60.53 396.84
Retention money payable 51 343.59
8 Long term provisions
Provision for employee benefits 29.59 49.28 18.16 5.76
8152.08 7480.95 6927.62 7959.04

Net Financial Obligations

Financial assets
18 Current Investments 0.05 357.29 105.31 12.36
23 Other current assets (Interest) 2.89 11.51 29.64 46.24
21 Cash Equivalents 761.93 601.62 518.48 1580.07
14 Project Development Expenditure (Interest) 0 93.97 156.22 1367.84
15 Non current investments 0.01 0.01 10.01 10.01
17 Other non -current assets(Interest) 0 1.09 31.56 0
764.88 1065.49 851.22 3016.52
Financial obligations
5 Long term borrowings 35693.96 35089.66 33131.48 33,191.60
7 Other Long-term Liabilities 200 0 0 0
8 Long-term Provisions 45.32 109.4 360.09 288.34
9 Short-term Borrowings 13435.69 6294.85 6637.28 4411.19
11 Other Current Liabilities 4,260.27 3,515.59 4,628.88 4,342.01
12 Short-term Provisions 203.66 259.25 510.2 479.29
 53838.9 45268.75 45267.93 42712.43

3,4 Common shareholder's equity 7376.53 5724.62 6543.39 4293.41

NOA 60450.55 49927.78 50960.1 43989.337

NFO 53074.02 44203.26 44416.71 39695.91
CSE (+MI) 7376.53 5724.62 6543.39 4293.41
 Reformulated income statement
2012 Marginal Tax Rate: 0.3

Notes 2016
347.23 24 Revenue from Operations 25231.57
826.75 Cost of Sales

449.2 Fuel Cost 14,726.31

882.05 Depreciation and Amortisation Expense 2,336.17
545.34 Purchases of Stock in Trade 189.55
15,802.62 26 Employee Benefit Expenses 327.78
1.58
24,406.71 Gross Margin 7651.76
484.32 Operating expenses
0 28 Other Expenses 1,435.00
2,431.57 Operating income from sales (before tax) 6216.76
426.12 Tax on operating income
46603.49 Tax as reported -34.1
Tax on other operating income (expenses) -124.056
560.82 Tax on net financial income(Expenses) -1604.658
3,071.97 Total tax on operating income 1694.614
240.82 Operating income from sales (after tax) 4522.146
0.2 Other operating income (expense) (before tax items)
602.31 25 Gain on Sale of scrap 16.92
25 Miscellaneous income 19.42
1,038.99 27 Net loss on foreign currency transactions and translation -452.36
25 Foreign exchange fluctuation gain (Net) 2.5
3.34 Tax on other operating income -124.056
5518.45 Total other operating income (before tax items) -289.464

Other operating income (after tax items)

4 Adjustment for Accounting Changes -24.21
9 Foreign Currency Translation Reserve 0
37.22 Consol adjustment on sale of subisidiaries 0
2,893.57 Exceptional items 0
1830.45 4 Profit / (Loss) from discontinuing operations 0
10.01 Addition on account of merger 9.04
0 Total other operating income (after tax items) -15.17
4780.25
25 Financial income (expenses)
29,584.83 25 Interest income 138.08
0 27 Income from mutual funds 24.86
215.17 27 Interest expenses -5,119.73
6,420.50 other borrowing costs -392.07
2,771.63 Tax on financial income -1604.658
272.82 Net financial income -3744.202
39264.95 Minority Interest 0

6041.31 Comprehensive income 473.31

41085.04
34484.7
6600.34
tatement
0.3 0.3 0.3 0.3

2015 2014 2013 2012

18823.73 15768.08 6779.36 4089.79

11,613.70 9,167.47 4,924.20 2,300.44

1,818.19 2,218.45 1,289.68 590.44
290.6 329.02 0 0
320.59 247.84 148.97 62.56

4780.65 3805.3 416.51 1136.35

1,439.47 1,351.16 746.58 401.61

3341.18 2454.14 -330.07 734.74

0 -1078.99 476.79 294.84

-79.74 4.959 7.467 1.236
-1306.896 -1152.063 -461.13 -163.101
1386.636 68.114 930.453 456.705
1954.544 2386.026 -1260.523 278.035

17.08 12.59 18.19 2.86

17.02 3.94 6.7 1.26
-299.9 0 0 0
0 0 0 0
-79.74 4.959 7.467 1.236
-186.06 11.571 17.423 2.884

-3.14 0 0
0 0 -18.91 41.26
0 -1.6 0
-16.85 0 24.06 -194.85
482.16 0 0
0 0 352.79
462.17 -1.6 357.94 -153.59

179.89 153.16 155.47 190.01

27.42 16.63 10.29 3.85
-4,188.06 -3,465.69 -1,530.25 -679.53
-375.57 -544.31 -172.61 -58
-1306.896 -1152.063 -461.13 -163.101
-3049.424 -2688.147 -1075.97 -380.569
 0 0 0 -7.23

-818.77 -292.15 -1961.13 -246.01

 Forward gearing
For ADANI in 2016
rish-free rate (10-year Treasury rate) 6.5%
Beta 0.72
Market risk premium (rm-rf) 8.8%
kE 12.9%
kD 10.2%
Number of shares (In crores) 333.39
Close price on March 31, 2016 34.45
Market value of equity 11,485
Net Financial Obligation 53,074
Market value of the firm 64,559
kF 10.68%

Financial Statement Analysis and Security Valuation: Roadmap Stephen H. Penman 2003
Forecasts of key income statement ratios

2012 2013 2014 2015

Gross margin 27.8% 6.1% 24.1% 25.4%
SG&A expense ratio 9.8% 11.0% 8.6% 7.6%
Tax rate 35.0% 35.0% 35.0% 35.0%
Sales growth 65.8% 132.6% 19.4%

Forecasts of turnover

2012 2013 2014 2015

Accounts receivable turnover 11.22708 13.70095 7.480406
Inventory turnover 13.237028 11.11747 12.93723
PPE turnover 0.3020911 0.418059 0.411812
Other NOA/Sales 185.8% 11.3% 0.5%

Pro forma financial statements

2012 2013 2014 2015

Income statement
Sales 4089.79 6779.36 15768.08 18823.73
Cost of sales 2,953.44 6,362.85 11,962.78 14,043.08
Gross margin 1136.35 416.51 3805.3 4780.65
Total operating expenses 401.61 746.58 1,351.16 1,439.47
Core operating income before tax 734.74 -330.07 2454.14 3341.18
Taxes 456.705 930.453 68.114 1386.636
Core operating income after tax 278.035 -1260.523 2386.026 1954.544
Other income (expense) -150.706 375.363 9.971 276.11
Operating income 127.329 -885.16 2395.997 2230.654

Balance sheet
Account receivable 449.2 758.48 1543.27 3489.54
Inventory 826.75 1,555.67 1280.96 1280.96
Tangible fixed Assets 15,802.62 29,080.26 46,354.51 45064.54
Other NOA 24,006.5 12,594.9 1,781.4 92.7
Net operating assets (NOA) 41085.04 43989.337 50960.1 49927.78

Operating income 127.3 (885.2) 2,396.0 2,230.7

Change in NOA 2904.297 6970.763 -1032.32
Free cash flow (3,789.5) (4,574.8) 3,263.0

RNOA -2.08% 5.05% 4.42%

ReOI (5,426.0) (2,671.9) (3,154.2)
Growth in ReOI

Cost of operations
Total PV of ReOI to 2016
Continuing value
PV of CV
NOA as of 2016
Value of operations
NFA (NFO)
Value of common equity
Number of shares outstanding
Value per share
 2016 2017E 2018E 2019E 2020E 2021E 2022E and after
30.3% 20.0% 22.0% 24.0% 26.0% 28.0% 30.0%
5.7% 8.3% 7.5% 6.8% 6.1% 5.4% 4.8%
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
34.0% 48.97% 39.0% 29.0% 19.0% 9.0% 4.0%

2016 2017E 2018E 2019E 2020E 2021E 2022E and after

3.90 8.2 7.12 6.04 4.96 3.88 2.8
15.54 13.11 10.472 11.584 12.696 13.808 14.92
0.53265024 0.41 0.46 0.51 0.56 0.61 0.66
-1.1% 10% 10% 10% 10% 10% 10%

2016 2017E 2018E 2019E 2020E 2021E 2022E and after

25,231.6 37,588.2 52,236.3 67,369.2 80,149.1 87,338.5

17,579.8 30,083.3 40,744.3 51,200.6 59,310.3 62,883.7
7,651.8 7,504.9 11,492.0 16,168.6 20,838.8 24,454.8
1,435.0 3,134.1 3,917.7 4,581.1 4,889.1 4,716.3
6,216.8 4,370.7 7,574.3 11,587.5 15,949.7 19,738.5
1,694.6 1,529.8 2,651.0 4,055.6 5,582.4 6,908.5
4522.146 2,841.0 4,923.3 7,531.9 10,367.3 12,830.0
(304.6)
4217.512 2,841.0 4,923.3 7,531.9 10,367.3 12,830.0

9,443.2 4,583.9 7,336.6 11,153.8 16,159.1 22,509.9

1,619.2 2,866.2 4,988.2 5,815.7 6,312.9 6,325.2
49,675.2 92,134.5 113,557.2 132,096.4 143,123.4 143,177.8
(287.1) 3,801.0 5,223.6 6,736.9 8,014.9 8,733.8
60,450.6 103,385.7 131,105.6 155,802.9 173,610.3 180,746.8

4,217.5 2,841.0 4,923.3 7,531.9 10,367.3 12,830.0

 10,522.8 42,935.1 27,719.9 24,697.3 17,807.5 7,136.5
(6,305.3) (40,094.1) (22,796.6) (17,165.4) (7,440.2) 5,693.6

7.6% 3.5% 4.2% 5.3% 6.3% 7.2% 7.2%

(1,673.9) (4,356.6) (6,695.1) (7,112.0) (6,825.1) (5,961.3) (6,199.7)
160.3% 53.7% 6.2% -4.0% -12.7% 4.0%

10.68%
(22,787.4)
(92,879.7)
(55,933.7)
60,450.6
(18,270.5)
53,074.0
34,803.5
333.4
$ 104.39
 Systematic analysis of growth

2016 2015 2014

Average NOA 55189.17 50443.94 47474.72
Average NFO 48638.64 44309.99 42056.31
Average CSE 6550.58 6134.01 5418.40

` 25,231.57 18,823.73 15,768.08

Core operating income 4,522.15 1,954.54 2,386.03
Other operating income -289.46 -186.06 11.57
Unusual items -15.17 462.17 -1.60
Operating income 4,217.51 2,230.65 2,396.00
Comprehensive income 473.31 -818.77 -292.15
Net financial income (expense) -3,744.20 -3,049.42 -2,688.15
ROCE 7.23% -13.35% -5.39%
RNOA 7.64% 4.42% 5.05%
NBC 7.70% 6.88% 6.39%
PM 16.72% 11.85% 15.20%
Core sales PM 17.92% 10.38% 15.13%
ATO 0.4572 0.3732 0.3321
FLEV 7.4251 7.2237 7.7618
SPREAD -0.06% -2.46% -1.34%

Systematic analysis of profitability

2016 2015 2014

Summary measure
ROCE 7.23% -13.35% -5.39%

RNOA 7.64% 4.42% 5.05%

ROOA

First level breakdown

RNOA+[FLEV*(RNOA-NBC)] 7.23% -13.35% -5.39%

Second level breakdown

RNOA = PM*ATO 7.64% 4.42% 5.05%

PM = OI / Sales 16.72% 11.85% 15.20%

ATO = Sales / NOA 0.4572 0.3732 0.3321

 2013 2012
42537.19
37090.31
5446.88

6,779.36 4,089.79
-1,260.52 278.04
17.42 2.88
357.94 -153.59
-885.16 127.33
-1,961.13 -246.01
-1,075.97 -380.57
-36.00%
-2.08%
2.90%
-13.06% 3.11%
-18.59% 6.80%
0.1594
6.8095
-4.98%

2013

-36.00%

-2.08%

-36.00%

-2.08%

-13.06%

0.1594
 Forecast Year
Required Return 8.0% 2011 2012
Dps 2.80 3.00
Eps 4.98 5.35
Dps reinvested 0.000
Cum-dividend earnings
(eps+dps reinvested) 5.350
Normal Earnings 4.980
Abnormal Earnings Growth (AEG) 0.370
AEG Growth Rate (g) 4.00%
Continuing value #DIV/0!
PV of continuing value #DIV/0!
Total #DIV/0!
Capitalization rate 0.000
Value per share #DIV/0!
 Forecast Year
Required
0.08 0 1 2
Return
Eps 4.98 5.35
Dps 2.80 3.00
Bps 14.54 16.72 19.07
ROCE 34.3% 32.0%
RE 4.98 5.35
Discount
1.000 1.000
factor
PV of RE 4.980 5.350
Total PV of
10.33
RE
RE growth
0.00
rate (g)
Continuing
#DIV/0!
value
PV of CV #DIV/0!
Value per
#DIV/0!
share
 1 2
Residual Ear Historical Projected
Year 2011 2012 2013 2014 2015 2016 2017 2018
EPS 7.8 7.5 7.8 7.7 8.7 4.6 -2.4 -3.7
DPS 2.6 3.2 3.6 3.6 5 2.8 0.00 0.00
Payout Rati 33% 43% 46% 47% 58% 60% 0% 0%
BPS 47.9 52.6 57.0 61.2 65.0 22.2 24.0 21.6
ROE 15.62% 14.84% 13.43% 14.13% 7.14% 0.0% 0.0%
RE (11.08% charge) 2.17 1.98 1.34 1.87 -2.56 -4.77 -6.27
PVIF 1.11 1.23
PV of RE -4.31 -5.12
Total PV of RE up to 2015 -10.09
Continuing Value (CV)
PV of CV 6.97

Target Value per share 19.04

Target P/B 0.86
Target P/E 4.10

-1.51
AEG Historical Projected
Year 2010 2011 2012 2013 2014 2015 2017 2018
EPS 7.83 7.48 7.8 7.66 8.65 4.64 -2.4 -3.71
DPS 2.6 3.2 3.6 3.6 5 2.80 0 0
Payout Rati 33% 43% 46% 47% 58% 60% 0 0
Cum Dividend Earnings @11.08% -3.71
Normal Earnings -2.66
AEG -1.05
BPS 47.88 52.56 57.04 61.21 64.98 22.15 23.99 21.59
ROE 16% 15% 13% 14% 7%
PVIF 1.11
PV of AEG -0.95
Total PV of AEG up to 2016 4.53
Continuing Value (CV)
PV of CV 0

Target Value per share 19.97

Target P/B 0.90
Target P/E 4.30
 3 4 5
Projected
2019 2020 2021
0.5 1.8 3.2
0.00 0.00 0.00
0% 0% 0%
17.9 18.4 20.2
0.0% 0.0% 0.0%
-1.81 -0.11 1.24 0%
1.36 1.50 1.66
-1.33 -0.07 0.74

11.582547

4.47 1.70 1.35

Projected
2019 2020 2021
0.5 1.8 3.2
0 0 0
0 0 0
0.50 1.80 3.20
-4.11 0.55 1.99
4.61 1.25 1.21
17.88 18.38 20.18

1.23 1.36 1.50

3.76 0.92 0.80