(in INR millions) Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Assets
Cash & equivalents 114.95 813.65 2,950.87 943.69 12.34
Short-term investments 43.75 237.93 301.90 423.21 432.64
Trade receivables 597.26 1,032.39 1,556.35 1,467.95 1,425.87
Total current assets 755.95 2,083.98 4,809.12 2,834.86 1,870.85

Loans and advances 112.14 100.27 351.59 2,383.03 664.45

Investments 108.47 98.94 456.08 544.09 197.00

Gross fixed assets 160.87 527.35 588.11 693.44 3458.72*

Less: Cumulative depreciation 19.19 34.09 71.40 109.62 148.83
Net fixed assets 141.68 493.26 516.71 583.81 3,309.89

Total assets 1,118.24 2,776.44 6,133.50 6,345.79 6,042.18

Liabilities & equity

Trade payables 65.77 105.85 135.41 143.63 88.75
Short-term borrowings 0.62 0.11 619.71 813.27 793.82
Other current liabilities 8.05 5.09 32.36 44.48 96.17
Total current liabilities 74.43 111.05 787.48 1,001.38 978.73

Provisions 41.11 46.66 34.33 32.73 43.21

Deferred tax liabilities (net) 30.95 51.65 63.66 65.21 74.19
Long-term borrowings 397.28 296.99 51.95 30.90 4.57

Share capital 129.24 205.41 299.99 299.99 299.99

Reserve & surplus 445.25 2,064.67 4,896.09 4,915.58 4,641.50
Total equity 574.48 2,270.09 5,196.08 5,215.57 4,941.49

Total liabilities & equity 1,118.24 2,776.44 6,133.50 6,345.79 6,042.18

* Includes land acquisition of INR 2,765.28 million.
(in INR millions) Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Revenue 2,134.01 3,220.12 3,808.79 3,103.50 2,595.92
Direct operating cost 1,754.90 2,724.24 3,267.88 2,824.33 2,334.89
Other operating expenses 155.62 171.62 177.26 121.41 80.34
Depreciation 11.39 14.90 48.83 48.68 49.20
EBIT 212.09 309.35 314.82 109.08 131.48
Other income 6.52 3.72 12.52 25.83 -279.98
Interest expense 47.47 51.66 72.50 117.83 126.59
PBT 171.14 261.41 254.84 17.08 -275.09
Tax 59.65 56.00 30.94 5.55 8.98
PAT 111.49 205.41 223.90 11.54 -284.07
Financial Year Mar-09 Mar-10 Mar-11 Mar-12

Income Statement (INR millions): Transport Logistics Services Industry

Revenue 230,348.03 263,546.94 248,141.06 246,853.98
Direct operating cost 159,231.27 190,940.58 204,463.87 197,554.61
Other operating expenses 17,908.00 18,606.82 8,081.79 7,959.93
Depreciation 61,797.83 62,955.72 8,097.76 8,912.70
EBIT -8,589.07 -8,956.18 27,497.64 32,426.74
Other income -476.07 -252.64 -333.40 -1,055.94
Interest expense 9,116.63 9,504.70 6,130.60 7,951.32
PBT -18,181.77 -18,713.52 21,033.64 23,419.48
Tax 4,861.60 4,712.28 4,841.14 6,056.52
PAT -23,043.37 -23,425.80 16,192.50 17,362.96
Count 99 109 121 106
 Mar-13

s Industry
224,671.74
181,590.06
7,593.80
8,483.82
27,004.06
-544.20
7,621.08
18,838.78
5,049.70
13,789.08
83
Year-Month Aqua Logistics Ltd. Year-Month Aqua Logistics Ltd.
10-Feb 23.21 12-Jan 12.42
10-Mar 27.11 12-Feb 12.27
10-Apr 36.49 12-Mar 12.69
10-May 43.88 12-Apr 11.56
10-Jun 54.00 12-May 9.77
10-Jul 54.95 12-Jun 8.89
10-Aug 64.11 12-Jul 10.40
10-Sep 63.53 12-Aug 9.43
10-Oct 58.90 12-Sep 9.72
10-Nov 50.50 12-Oct 9.41
10-Dec 40.40 12-Nov 13.21
11-Jan 29.25 12-Dec 14.11
11-Feb 17.30 13-Jan 12.94
11-Mar 17.50 13-Feb 5.83
11-Apr 17.00 13-Mar 2.64
11-May 15.85 13-Apr 3.45
11-Jun 16.00 13-May 2.58
11-Jul 15.30 13-Jun 2.20
11-Aug 14.35 13-Jul 1.90
11-Sep 13.54 13-Aug 1.99
11-Oct 14.02 13-Sep 2.44
11-Nov 13.89 13-Oct 2.69
11-Dec 8.94 13-Nov 1.94
Dec-13* 1.36
*The last trading day of ALL on the Bombay Stock Exchange (BSE) was on
December 9, 2013.
Category 2010 2011 2012 2013
Promoters 43.52 29.79 26.46 6.61
Other bodies corporate 34.89 23.45 21.31 20.01
Financial institutions 0.00 0.05 3.29 21.71
Foreign institutional investor 7.24 6.88 10.07 12.26
Non-resident Indians 0.02 0.04 0.05 0.09
Non-resident (non-repatriable) 0.01 0.02 0.02 0.03
Officer bearers 0.85 0.55 0.23 0.09
Clearing member 2.88 0.73 1.13 1.92
Public 10.59 6.96 9.63 9.47
Global depository receipts 0.00 31.53 27.81 27.81
Total 100.00 100.00 100.00 100.00
Financial Year Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Gearing, Liquidity, Efficiency Ratios: Transport Logistics Services Industry

Liquidity
Cash to current liabilities 0.64 0.51 0.60 0.66 0.58
Cash to avg. cost of sales 73.58 66.78 64.76 73.26 73.14
Quick ratio 5.37 4.22 1.38 1.36 1.17
Current ratio 1.21 1.06 1.46 1.58 1.46
Debt to equity ratio 0.80 0.78 0.56 0.58 0.48
Interest cover -1.23 -1.17 4.39 4.14 3.73
Working capital & turnover ratios
Debtors 37.48 46.74 51.08 50.38 54.82
Creditors 84.90 109.72 63.92 58.07 55.29
Asset utilization ratios
Total income / Total assets 0.56 0.51 0.97 0.92 0.88
Sales / NFA excl. reval. 2.65 2.21 2.53 2.31 2.31
Count 99 109 121 106 83
GDP growth rates and yield on treasury securities*

GDP growth Yield on 5-year treasury securities

Year rate (%) (%)
2008-09 6.700 8.578
2009-10 8.600 7.028
2010-11 9.300 7.715
2011-12 6.200 8.362
2012-13 5.000 8.193

Bank group-wise base rate for quarter ended December 2013*

Bank group Interest rate range (%)

Minimum Maximum Median
Public-sector banks 9.95 10.25 10.25
Private-sector banks 10.00 11.50 10.75
Foreign banks 7.50 14.25 10.00

Additional information
Corporate tax rate in India 33.50%

Market risk premium 10.55%**

 Debt to total Debt to total
Beta* as on capitalization capitalization (market
Dec. 2013 (book values) values)**
Allcargo Logistics Ltd. 0.45 0.29 0.24
Blue Dart Express Ltd. 0.58 0.00 0.00
Gati Ltd. 1.46 0.18 0.45

Patel Integrated Logistics Ltd. 1.32 0.36 0.65

Transport Corporation of India
Ltd. 1.14 0.46 0.45
* Beta estimated through regression of historical stock returns on broad market index.
** Market value debt to capitalization ratio is the ratio of book debt to book debt plus market equity.
 Revenue
CAGR (last 5
years)
24.73%
-23.55%
14.68%

11.77%

10.22%

rket equity.