Name: Rajendra Panchal

Roll No: 22327

Assignment: To Prepare the report covers the last 7 years, Horizontal, Vertical &
Trend Analysis of Financial Statement i.e., P&L, Balance Sheet,
Cashflow and Ration. (Only for Standalone Financial Statement)

Adani Total Gas is developing City Gas Distribution (CGD) Networks to supply the
Piped Natural Gas (PNG) to the Industrial, Commercial, Domestic (residential) and
Compressed Natural Gas (CNG) to the transport sector. Natural Gas is a convenient,
reliable and environment friendly fuel that allows consumers to enjoy a high level
of safety, convenience, and economic efficiency.

The company has already set up city gas distribution networks in Ahmedabad and
Vadodara in Gujarat, Faridabad in Haryana and Khurja in Uttar Pradesh. In addition,
the development of Allahabad, Chandigarh, Ernakulam, Panipat, Daman, Dharwad,
and Udhamsingh Nagar gas distribution is awarded to consortium of Adani Total
Gas Ltd and Indian Oil Corporation Ltd.

Vision

To be a world class leader in businesses that enrich lives and contribute to nations
in building infrastructure through sustainable value creation.
 Key observation on Financial Statement of last 7 years

 Revenue from operations has grown at a CAGR of 21% over the last seven years.
{Formula to calculate CAGR = (Ending Value / Starting Value)^(1 / Number of
Years) – 1}
Revenue has grown from Rs.1129 Cr in FY16 to Rs.4378 Cr in FY23. This growth
has been driven by a combination of factors including volume growth, price
increases, and expansion into new geographical areas.

 EBIDTA (Operating Profit + Other Income Normal) has grown at a CAGR of 21%

 Profit before tax has grown at CAGR of 27%

 Profit after tax has grown at a CAGR of 31%.

 Net cash flow from operating activities has grown at CAGR of 19%

 EPS has grown at a CAGR of 6%

 Debt-to-equity ratio past 7 years (Formula – Total Debt / Total Shareholders’

Equity)

o FY23 – 0.47X, FY22 – 0.41X, FY21 – 0.22X, FY20 – 0.24X, FY19 – 0.22X,
FY18 – 0.24X, FY17 – 0.31X

As we can see, company’s debt-to-equity ratio has fluctuated over the past 7
years, but it has remained relatively low.
It is important to note that company’s D/E ratio increased significantly in FY22
and FY23. This is due to the company’s aggressive expansion plans which have
involved acquiring new CGD licenses and investing in new infrastructure.

 Return on equity (ROE) CAGR is 11.75% and past 7 years is as follows.

(Measure company’s profitability and efficiency)
(Formula: Company Net Profit / Total Shareholders’ equity)
o FY23 – 18%, FY22 – 20%, FY21 – 24%, FY20 – 29%, FY19 – 20%, FY18 –
22%, FY17 – 26%
In cash flows:
 Cash from operating activity has been increasing steadily, from INR 255 crore
to INR 846 Crore.
 Cash from investing activity has been negative, indicating that the company has
been investing heavily in its business.
 Cash from financing activity being positive except for FY19 & FY20
 Net cash flow has been negative 4 times in past 7 years. It may be a covid
impact.

Adani Total gas has shown strong financial performance over the past 7 years, with
sustained revenue and profit growth, healthy margins, and good financial rations.

The company has benefited from the growing demand for natural gas in Bharat,
particularly in the transportation and industrial sectors.

The company has been investing heavily in expanding its network and capacity.
This has led to some increase in debt levels in recent years. However, the company’s
debt-to-equity ratio is still at a comfortable level.

The company is facing some challenges due to the high price of natural gas.
However, the company is well-positioned to overcome these challenges due to its
strong track record, diversified business model, and strong financial position.

Overall, Adani Total Gas Limited is a will-managed company with a strong track
record of growth and profitability. The company is well-positioned to benefit from
the growing demand for natural gas in Bharat.
Profit & Loss
Standalone Figures in Rs. Crores
Mar-
Particular Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
16
Sales - 1,129 1,087 1,374 1,719 1,875 1,696 3,038 4,378

Sales Growth % -3.69% 26.37% 25.14% 9.05% -9.55% 79.16% 44.12%

Expenses - 921 809 1,008 1,264 1,280 991 2,265 3,508

Material Cost % 67% 62% 58% 64% 57% 45% 64% 70%

Manufacturing Cost % 4% 4% 9% 4% 4% 5% 4% 4%

Employee Cost % 3% 4% 3% 2% 3% 3% 2% 1%

Other Cost % 8% 4% 3% 4% 5% 5% 5% 4%

Operating Profit 208 278 366 455 595 704 773 870

OPM % 18% 26% 27% 26% 32% 42% 25% 20%

Other Income - 26 -22 80 59 44 30 42 37

Exceptional items -1.96 -62.39 5.38 -16.69 6.53 -13.86 0.26 0.56

Other income normal 27.8 40.54 74.39 75.4 37.86 43.75 41.24 36.56

Interest 43 44 125 90 41 40 53 79

Depreciation 52 56 61 67 51 63 83 113

Profit before tax 138 156 259 357 547 631 679 716

Tax % 41% 35% 36% 36% 20% 25% 26% 26%

Net Profit - 81 101 165 229 436 472 505 530

Profit after tax 81 101 165 229 436 472 505 530

Reported Net Profit 81 101 165 229 436 472 505 530

Profit for EPS 81 101 165 229 436 472 505 530

Exceptional items AT 2 41 -3 11 -5 10 0 0

Profit for PE 83 142 161 239 431 482 504 529

EPS in Rs 3.17 3.94 6.41 2.08 3.97 4.29 4.59 4.82

Dividend Payout % 54% 0% 0% 12% 6% 6% 5% 5%

Profit & Loss
Horizontal Analysis (Amount)
Mar-
Particular Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
16
Sales - -42.00 287.00 345.00 156.00 -179.00 1,342.00 1,340.00

Sales Growth %

Expenses - -112.00 199.00 256.00 16.00 -289.00 1,274.00 1,243.00

Material Cost %

Manufacturing Cost %

Employee Cost %

Other Cost %

Operating Profit 70.00 88.00 89.00 140.00 109.00 69.00 97.00

OPM %

Other Income - -48.00 102.00 -21.00 -15.00 -14.00 12.00 -5.00

Exceptional items -60.43 67.77 -22.07 23.22 -20.39 14.12 0.30

Other income normal 12.70 33.85 1.01 -37.54 5.89 -2.51 -4.68

Interest 1.00 81.00 -35.00 -49.00 -1.00 13.00 26.00

Depreciation 4.00 5.00 6.00 -16.00 12.00 20.00 30.00

Profit before tax 18.00 103.00 98.00 190.00 84.00 48.00 37.00

Tax %

Net Profit - 20.00 64.00 64.00 207.00 36.00 33.00 25.00

Profit after tax 20.00 64.00 64.00 207.00 36.00 33.00 25.00

Reported Net Profit 20.00 64.00 64.00 207.00 36.00 33.00 25.00

Profit for EPS 20.00 64.00 64.00 207.00 36.00 33.00 25.00

Exceptional items AT 39.00 -44.00 14.00 -16.00 15.00 -10.00 0.00

Profit for PE 59.00 19.00 78.00 192.00 51.00 22.00 25.00

EPS in Rs 0.77 2.47 -4.33 1.89 0.32 0.30 0.23

Dividend Payout %
Profit & Loss
Horizontal Analysis (Percentage)
Mar-
Particular Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
16
Sales - -3.72% 26.40% 25.11% 9.08% -9.55% 79.13% 44.11%

Sales Growth %

Expenses - -12.16% 24.60% 25.40% 1.27% -22.58% 128.56% 54.88%

Material Cost %
Manufacturing Cost
%
Employee Cost %

Other Cost %

Operating Profit 33.65% 31.65% 24.32% 30.77% 18.32% 9.80% 12.55%

OPM %
-
Other Income - -184.62% -26.25% -25.42% -31.82% 40.00% -11.90%
463.64%
- - - -
Exceptional items 3083.16% -312.25% 115.38%
108.62% 410.22% 139.13% 101.88%
Other income normal 45.62% 83.50% 1.36% -49.79% 15.56% -5.74% -11.35%

Interest 2.33% 184.09% -28.00% -54.44% -2.44% 32.50% 49.06%

Depreciation 7.69% 8.93% 9.84% -23.88% 23.53% 31.75% 36.14%

Profit before tax 13.04% 66.03% 37.84% 53.22% 15.36% 7.61% 5.45%

Tax %

Net Profit - 24.69% 63.37% 38.79% 90.39% 8.26% 6.99% 4.95%

Profit after tax 24.69% 63.37% 38.79% 90.39% 8.26% 6.99% 4.95%

Reported Net Profit 24.69% 63.37% 38.79% 90.39% 8.26% 6.99% 4.95%

Profit for EPS 24.69% 63.37% 38.79% 90.39% 8.26% 6.99% 4.95%
- - - -
Exceptional items AT 1950.00% -107.32%
466.67% 145.45% 300.00% 100.00%
Profit for PE 71.08% 13.38% 48.45% 80.33% 11.83% 4.56% 4.96%

EPS in Rs 24.29% 62.69% -67.55% 90.87% 8.06% 6.99% 5.01%

Dividend Payout %
Profit & Loss
Vertical Analysis
Mar-
Particular Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
16
Sales -

Sales Growth %

Expenses - 74.43% 73.36% 73.53% 68.27% 58.43% 74.56% 80.13%

Material Cost %

Manufacturing Cost %

Employee Cost %

Other Cost %

Operating Profit 25.57% 26.64% 26.47% 31.73% 41.51% 25.44% 19.87%

OPM %

Other Income - -2.02% 5.82% 3.43% 2.35% 1.77% 1.38% 0.85%

Exceptional items -5.74% 0.39% -0.97% 0.35% -0.82% 0.01% 0.01%

Other income normal 3.73% 5.41% 4.39% 2.02% 2.58% 1.36% 0.84%

Interest 4.05% 9.10% 5.24% 2.19% 2.36% 1.74% 1.80%

Depreciation 5.15% 4.44% 3.90% 2.72% 3.71% 2.73% 2.58%

Profit before tax 14.35% 18.85% 20.77% 29.17% 37.21% 22.35% 16.35%

Tax %

Net Profit -

Profit after tax 9.29% 12.01% 13.32% 23.25% 27.83% 16.62% 12.11%

Reported Net Profit 9.29% 12.01% 13.32% 23.25% 27.83% 16.62% 12.11%

Profit for EPS 9.29% 12.01% 13.32% 23.25% 27.83% 16.62% 12.11%

Exceptional items AT 3.77% -0.22% 0.64% -0.27% 0.59% 0.00% 0.00%

Profit for PE 13.06% 11.72% 13.90% 22.99% 28.42% 16.59% 12.08%

EPS in Rs 0.36% 0.47% 0.12% 0.21% 0.25% 0.15% 0.11%

Dividend Payout %
Profit & Loss
Trend Analysis
Mar-
Particular Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
16
Sales - -3.72% 21.70% 52.26% 66.08% 50.22% 169.09% 287.78%

Sales Growth %

Expenses - -12.16% 9.45% 37.24% 38.98% 7.60% 145.93% 280.89%

Material Cost %
Manufacturing Cost
%
Employee Cost %

Other Cost %

Operating Profit 33.65% 75.96% 118.75% 186.06% 238.46% 271.63% 318.27%

OPM %

Other Income - -184.62% 207.69% 126.92% 69.23% 15.38% 61.54% 42.31%

- -
Exceptional items 3083.16% 751.53% 607.14% -113.27% -128.57%
374.49% 433.16%
Other income normal 45.62% 167.21% 170.83% 35.99% 57.15% 48.13% 31.32%

Interest 2.33% 190.70% 109.30% -4.65% -6.98% 23.26% 83.72%

Depreciation 7.69% 17.31% 28.85% -1.92% 21.15% 59.62% 117.31%

Profit before tax 13.04% 87.68% 158.70% 296.38% 357.25% 392.03% 418.84%

Tax %

Net Profit - 24.69% 103.70% 182.72% 438.27% 482.72% 523.46% 554.32%

Profit after tax 24.69% 103.70% 182.72% 438.27% 482.72% 523.46% 554.32%

Reported Net Profit 24.69% 103.70% 182.72% 438.27% 482.72% 523.46% 554.32%

Profit for EPS 24.69% 103.70% 182.72% 438.27% 482.72% 523.46% 554.32%
- -
Exceptional items AT 1950.00% 450.00% 400.00%
250.00% 350.00%
Profit for PE 71.08% 93.98% 187.95% 419.28% 480.72% 507.23% 537.35%

EPS in Rs 24.29% 102.21% -34.38% 25.24% 35.33% 44.79% 52.05%

Dividend Payout %
Balance Sheet
Standalone Figures in Rs. Crores
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Share Capital - 257 257 110 110 110 110 110 110
Preference Capital 0 0 0 0 0 0 0 0
Equity Capital 257 257 257 110 110 110 110 110
Reserves 357 458 769 1,002 1,370 1,842 2,320 2,828
Borrowings - 475 549 1,345 394 428 529 1,035 1,420
Long term Borrowings 94 321 1,234 346 298 308 352 268
Short term Borrowings 366 170 0 0 57 123 643 1,104
Lease Liabilities 0 0 0 0 25 41 40 48
Other Borrowings 15 58 110 48 48 58 0 0
Other Liabilities - 345 396 442 552 577 741 964 1,278
Trade Payables 45 53 137 104 83 116 166 307
Advance from Customers 0 0 2 1 1 0 7 12
Other liability items 300 343 303 447 494 625 792 960
Total Liabilities 1,434 1,660 2,812 2,058 2,486 3,222 4,429 5,636
Fixed Assets - 757 832 897 980 1,198 1,379 1,733 2,329
Land 61 60 60 60 109 132 145 171
Building 49 52 54 56 67 92 108 192
Plant Machinery 656 778 898 1,040 1,239 1,418 1,828 2,415
Equipments 2 4 4 5 5 6 7 11
Computers 1 3 6 7 12 15 18 21
Furniture n fittings 9 9 9 9 9 9 9 12
Vehicles 0 0 0 1 0 0 0 0
Intangible Assets 25 25 25 25 25 25 25 25
Other fixed assets 6 8 8 10 16 22 23 25
Gross Block 810 940 1,065 1,214 1,483 1,718 2,163 2,872
Accumulated Depreciation 52 108 168 234 285 339 430 544
CWIP 157 87 102 190 342 696 1,171 1,612
Investments 49 91 189 186 291 436 648 683
Other Assets - 471 651 1,624 701 655 711 878 1,013
Inventories 39 39 42 44 41 52 77 91
Trade receivables 39 56 141 83 61 104 187 270
Cash Equivalents 12 16 24 160 89 11 34 368
Short term loans 306 0 359 359 311 0 0 0
Other asset items 74 540 1,057 56 151 544 580 283
Total Assets 1,434 1,660 2,812 2,058 2,486 3,222 4,429 5,636
Balance Sheet
Horizontal Analysis (Amount)
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Share Capital - 0 -147 0 0 0 0 0
Preference Capital 0 0 0 0 0 0 0
Equity Capital 0 0 -147 0 0 0 0
Reserves 101 311 233 368 472 478 508
Borrowings - 74 796 -951 34 101 506 385
Long term Borrowings 227 913 -888 -48 10 44 -84
Short term Borrowings -196 -170 0 57 66 520 461
Lease Liabilities 0 0 0 25 16 -1 8
Other Borrowings 43 52 -62 0 10 -58 0
Other Liabilities - 51 46 110 25 164 223 314
Trade Payables 8 84 -33 -21 33 50 141
Advance from Customers 0 2 -1 0 -1 7 5
Other liability items 43 -40 144 47 131 167 168
Total Liabilities 226 1,152 -754 428 736 1,207 1,207
Fixed Assets - 75 65 83 218 181 354 596
Land -1 0 0 49 23 13 26
Building 3 2 2 11 25 16 84
Plant Machinery 122 120 142 199 179 410 587
Equipments 2 0 1 0 1 1 4
Computers 2 3 1 5 3 3 3
Furniture n fittings 0 0 0 0 0 0 3
Vehicles 0 0 1 -1 0 0 0
Intangible Assets 0 0 0 0 0 0 0
Other fixed assets 2 0 2 6 6 1 2
Gross Block 130 125 149 269 235 445 709
Accumulated Depreciation 56 60 66 51 54 91 114
CWIP -70 15 88 152 354 475 441
Investments 42 98 -3 105 145 212 35
Other Assets - 180 973 -923 -46 56 167 135
Inventories 0 3 2 -3 11 25 14
Trade receivables 17 85 -58 -22 43 83 83
Cash Equivalents 4 8 136 -71 -78 23 334
Short term loans -306 359 0 -48 -311 0 0
Other asset items 466 517 -1001 95 393 36 -297
Total Assets 226 1,152 -754 428 736 1,207 1,207
Balance Sheet
Horizontal Analysis (Percentage)
Mar-
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
16
Share Capital - 0.0% -57.2% 0.0% 0.0% 0.0% 0.0% 0.0%
Preference Capital - - - - - - -
Equity Capital 0.0% 0.0% -57.2% 0.0% 0.0% 0.0% 0.0%
Reserves 28.3% 67.9% 30.3% 36.7% 34.5% 26.0% 21.9%
Borrowings - 15.6% 145.0% -70.7% 8.6% 23.6% 95.7% 37.2%
Long term Borrowings 241.5% 284.4% -72.0% -13.9% 3.4% 14.3% -23.9%
-
Short term Borrowings -53.6% - - 115.8% 422.8% 71.7%
100.0%
Lease Liabilities - - - - 64.0% -2.4% 20.0%
-
Other Borrowings 286.7% 89.7% -56.4% 0.0% 20.8% -
100.0%
Other Liabilities - 14.8% 11.6% 24.9% 4.5% 28.4% 30.1% 32.6%
Trade Payables 17.8% 158.5% -24.1% -20.2% 39.8% 43.1% 84.9%
-
Advance from Customers - - -50.0% 0.0% - 71.4%
100.0%
Other liability items 14.3% -11.7% 47.5% 10.5% 26.5% 26.7% 21.2%
Total Liabilities 15.8% 69.4% -26.8% 20.8% 29.6% 37.5% 27.3%
Fixed Assets - 9.9% 7.8% 9.3% 22.2% 15.1% 25.7% 34.4%
Land -1.6% 0.0% 0.0% 81.7% 21.1% 9.8% 17.9%
Building 6.1% 3.8% 3.7% 19.6% 37.3% 17.4% 77.8%
Plant Machinery 18.6% 15.4% 15.8% 19.1% 14.4% 28.9% 32.1%
Equipments 100.0% 0.0% 25.0% 0.0% 20.0% 16.7% 57.1%
Computers 200.0% 100.0% 16.7% 71.4% 25.0% 20.0% 16.7%
Furniture n fittings 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 33.3%
-
Vehicles - - - - - -
100.0%
Intangible Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other fixed assets 33.3% 0.0% 25.0% 60.0% 37.5% 4.5% 8.7%
Gross Block 16.0% 13.3% 14.0% 22.2% 15.8% 25.9% 32.8%
Accumulated Depreciation 107.7% 55.6% 39.3% 21.8% 18.9% 26.8% 26.5%
CWIP -44.6% 17.2% 86.3% 80.0% 103.5% 68.2% 37.7%
Investments 85.7% 107.7% -1.6% 56.5% 49.8% 48.6% 5.4%
Other Assets - 38.2% 149.5% -56.8% -6.6% 8.5% 23.5% 15.4%
Inventories 0.0% 7.7% 4.8% -6.8% 26.8% 48.1% 18.2%
Trade receivables 43.6% 151.8% -41.1% -26.5% 70.5% 79.8% 44.4%
Cash Equivalents 33.3% 50.0% 566.7% -44.4% -87.6% 209.1% 982.4%
- -
Short term loans - 0.0% -13.4% - -
100.0% 100.0%
Other asset items 629.7% 95.7% -94.7% 169.6% 260.3% 6.6% -51.2%
Total Assets 15.8% 69.4% -26.8% 20.8% 29.6% 37.5% 27.3%
Balance Sheet
Vertical Analysis (Percentage)
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Share Capital - 15.5% 3.9% 5.3% 4.4% 3.4% 2.5% 2.0%
Preference Capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Equity Capital 15.5% 9.1% 5.3% 4.4% 3.4% 2.5% 2.0%
Reserves 27.6% 27.3% 48.7% 55.1% 57.2% 52.4% 50.2%
Borrowings - 33.1% 47.8% 19.1% 17.2% 16.4% 23.4% 25.2%
Long term Borrowings 19.3% 43.9% 16.8% 12.0% 9.6% 7.9% 4.8%
Short term Borrowings 10.2% 0.0% 0.0% 2.3% 3.8% 14.5% 19.6%
Lease Liabilities 0.0% 0.0% 0.0% 1.0% 1.3% 0.9% 0.9%
Other Borrowings 3.5% 3.9% 2.3% 1.9% 1.8% 0.0% 0.0%
Other Liabilities - 23.9% 15.7% 26.8% 23.2% 23.0% 21.8% 22.7%
Trade Payables 3.2% 4.9% 5.1% 3.3% 3.6% 3.7% 5.4%
Advance from Customers 0.0% 0.1% 0.0% 0.0% 0.0% 0.2% 0.2%
Other liability items 20.7% 10.8% 21.7% 19.9% 19.4% 17.9% 17.0%
Total Liabilities
Fixed Assets - 50.1% 31.9% 47.6% 48.2% 42.8% 39.1% 41.3%
Land 3.6% 2.1% 2.9% 4.4% 4.1% 3.3% 3.0%
Building 3.1% 1.9% 2.7% 2.7% 2.9% 2.4% 3.4%
Plant Machinery 46.9% 31.9% 50.5% 49.8% 44.0% 41.3% 42.8%
Equipments 0.2% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2%
Computers 0.2% 0.2% 0.3% 0.5% 0.5% 0.4% 0.4%
Furniture n fittings 0.5% 0.3% 0.4% 0.4% 0.3% 0.2% 0.2%
Vehicles 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Intangible Assets 1.5% 0.9% 1.2% 1.0% 0.8% 0.6% 0.4%
Other fixed assets 0.5% 0.3% 0.5% 0.6% 0.7% 0.5% 0.4%
Gross Block 56.6% 37.9% 59.0% 59.7% 53.3% 48.8% 51.0%
Accumulated Depreciation 6.5% 6.0% 11.4% 11.5% 10.5% 9.7% 9.7%
CWIP 5.2% 3.6% 9.2% 13.8% 21.6% 26.4% 28.6%
Investments 5.5% 6.7% 9.0% 11.7% 13.5% 14.6% 12.1%
Other Assets - 39.2% 57.8% 34.1% 26.3% 22.1% 19.8% 18.0%
Inventories 2.3% 1.5% 2.1% 1.6% 1.6% 1.7% 1.6%
Trade receivables 3.4% 5.0% 4.0% 2.5% 3.2% 4.2% 4.8%
Cash Equivalents 1.0% 0.9% 7.8% 3.6% 0.3% 0.8% 6.5%
Short term loans 0.0% 12.8% 17.4% 12.5% 0.0% 0.0% 0.0%
Other asset items 32.5% 37.6% 2.7% 6.1% 16.9% 13.1% 5.0%
Total Assets
Balance Sheet
Trend Analysis
Mar-
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
16
Share Capital - 0.0% -57.2% -57.2% -57.2% -57.2% -57.2% -57.2%
Preference Capital - - - - - - -
Equity Capital 0.0% 0.0% -57.2% -57.2% -57.2% -57.2% -57.2%
Reserves 28.3% 115.4% 180.7% 283.8% 416.0% 549.9% 692.2%
Borrowings - 15.6% 183.2% -17.1% -9.9% 11.4% 117.9% 198.9%
Long term Borrowings 241.5% 1212.8% 268.1% 217.0% 227.7% 274.5% 185.1%
-
Short term Borrowings -53.6% -100.0% -84.4% -66.4% 75.7% 201.6%
100.0%
Lease Liabilities - - - - - - -
Other Borrowings 286.7% 633.3% 220.0% 220.0% 286.7% -100.0% -100.0%
Other Liabilities - 14.8% 28.1% 60.0% 67.2% 114.8% 179.4% 270.4%
Trade Payables 17.8% 204.4% 131.1% 84.4% 157.8% 268.9% 582.2%
Advance from Customers - - - - - - -
Other liability items 14.3% 1.0% 49.0% 64.7% 108.3% 164.0% 220.0%
Total Liabilities 15.8% 96.1% 43.5% 73.4% 124.7% 208.9% 293.0%
Fixed Assets - 9.9% 18.5% 29.5% 58.3% 82.2% 128.9% 207.7%
Land -1.6% -1.6% -1.6% 78.7% 116.4% 137.7% 180.3%
Building 6.1% 10.2% 14.3% 36.7% 87.8% 120.4% 291.8%
Plant Machinery 18.6% 36.9% 58.5% 88.9% 116.2% 178.7% 268.1%
Equipments 100.0% 100.0% 150.0% 150.0% 200.0% 250.0% 450.0%
Computers 200.0% 500.0% 600.0% 1100.0% 1400.0% 1700.0% 2000.0%
Furniture n fittings 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 33.3%
Vehicles - - - - - - -
Intangible Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other fixed assets 33.3% 33.3% 66.7% 166.7% 266.7% 283.3% 316.7%
Gross Block 16.0% 31.5% 49.9% 83.1% 112.1% 167.0% 254.6%
Accumulated Depreciation 107.7% 223.1% 350.0% 448.1% 551.9% 726.9% 946.2%
CWIP -44.6% -35.0% 21.0% 117.8% 343.3% 645.9% 926.8%
Investments 85.7% 285.7% 279.6% 493.9% 789.8% 1222.4% 1293.9%
Other Assets - 38.2% 244.8% 48.8% 39.1% 51.0% 86.4% 115.1%
Inventories 0.0% 7.7% 12.8% 5.1% 33.3% 97.4% 133.3%
Trade receivables 43.6% 261.5% 112.8% 56.4% 166.7% 379.5% 592.3%
Cash Equivalents 33.3% 100.0% 1233.3% 641.7% -8.3% 183.3% 2966.7%
-
Short term loans 17.3% 17.3% 1.6% -100.0% -100.0% -100.0%
100.0%
Other asset items 629.7% 1328.4% -24.3% 104.1% 635.1% 683.8% 282.4%
Total Assets 15.8% 96.1% 43.5% 73.4% 124.7% 208.9% 293.0%
Cash Flows
Standalone Figures in Rs. Crores
Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar-
Particular / Financial Year
16 17 18 19 20 21 22 23
Cash from Operating Activity - 255 258 277 356 492 654 732 846
Profit from operations 268 286 365 468 601 710 778 877
Receivables 31 -15 -88 44 14 -43 -89 -107
Inventory -3 0 -3 -2 3 -11 -25 -14
Payables -11 8 84 -61 -18 48 62 141
Other WC items 8 27 7 30 26 84 154 103
Working capital changes 25 20 0 11 25 78 102 123
Direct taxes -38 -47 -89 -122 -133 -134 -147 -154
Cash from Investing Activity - -413 -303 -988 791 -461 -770 -1133 -1163
Fixed assets purchased -87 -126 -140 -241 -442 -606 -951 -1,158
Fixed assets sold 0 1 0 0 0 0 0 0
Capital WIP 0 0 0 0 0 0 0 0
Investments purchased -40 -32 -49 -52 -106 -145 -212 -26
Investments sold 1 0 6 11 7 1 0 1
Interest received 20 32 71 71 32 24 28 29
Other investing items -306 -179 -875 1,001 48 -44 1 -8
Cash from Financing Activity - 39 50 779 -1077 -102 39 422 295
Proceeds from borrowings 46 270 1,245 94 57 140 566 818
Repayment of borrowings -225 -46 -445 -1,049 -49 -56 -59 -443
Proceeds from deposits 0 0 30 38 0 0 0 0
Interest paid fin -43 -45 -52 -161 -41 -41 -51 -46
Dividends paid -53 0 0 0 -66 0 -28 -28
Financial liabilities 0 0 0 0 -3 -6 -6 -8
Other financing items 315 -130 0 0 0 0 0 0
Net Cash Flow -118 5 68 70 -71 -78 21 -22
 Mar- Mar- Mar- Mar- Mar- Mar- Mar-
Particular / Financial Year Mar-17
16 18 19 20 21 22 23
Cash from Operating
255 258 277 356 492 654 732 846
Activity -
Cash from Investing
-413 -303 -988 791 -461 -770 -1133 -1163
Activity -
Cash from Financing
39 50 779 -1077 -102 39 422 295
Activity -
Net Cash Flow -118 5 68 70 -71 -78 21 -22

Cash Flow
1000

500

0
Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23
-500

-1000

-1500

Cash from Operating Activity - Cash from Investing Activity -

Cash from Financing Activity - Net Cash Flow
Ratios
Standalone Figures in Rs. Crores
Particular / Financial
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Year
Debtor Days 13 19 38 18 12 22 22 22

Inventory Days 19 21 19 15 14 25 15 11

Days Payable 22 28 63 35 28 55 31 36

Cash Conversion Cycle 10 11 -6 -2 -2 -8 6 -3

Working Capital Days 109 152 52 5 -12 -101 -59 -49

ROCE % 22% 22% 25% 34% 31% 25% 20%