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Infrastructure development finance company ltd
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COMPANY FINALYTICS
Infrastructure Development Finance Company Ltd
Exclusive Financial Analysis of Indian Companies
Prepared and Edited By‐
Tanay Roy, CFA
Peu Karak, MBA
Disclaimer
The information, opinions, estimates and forecasts contained in this document have been arrived at or obtained from public sources believed
to be reliable and in good faith which has not been independently verified and no warranty, express or implied, is made as to their accuracy,
completeness or correctness.
For more information about this sample and our other services, please write to tanay.roy2008@gmail.com
Monday, September 19, 2011
2. Description Page
Summary 3
Latest Result 3
Valuation Matrix 3
ROE Analysis 3
Income Statement 4
Balance Sheet 5
Cashflow Statement 6
Quarterly Result 6
Growth Analysis 7
Comparative Analysis 8
Income Statement 8
Balance Sheet 8
Index Analysis 9
Income Statement 9
Balance Sheet 9
Ratio Analysis 10
Annual 10
Quarterly 11
TTM Analysis 11
Technical Analysis 12
CONTENT
About Tanay & Peu
Our passion lies in the field of financial research & Investment management and we intend to apply
our knowledge gained over a period of years through intense study and keen observation of the
nuances of financial markets and instruments to real life scenarios. We possess expert knowledge of
financial products and markets as evidenced by top notch qualifications earned by us , all in the first
attempt and keep ourselves abreast with the latest happenings and innovations taking place in
financial landscape.
1. Expertise in Portfolio Management, Product optimization, Product performance Analysis, Financial
Reporting/ Planning, Cash Flow Analysis, Ratio Analysis, Budgeting, Forecasting, Mergers &
Acquisition and knowledge of GAAP/ IFRS
2. Possess Strong Financial Modeling skills including DCF, LBO and other techniques. Possess ability to
research all asset classes in a broad range of industries and geographies.
3. Strong equity research, finance, accounting and advisory and assurance experience
4. Expertise in Technical analysis, fundamental analysis, developing trading systems.
5. Conduct in‐depth financial analysis of company financials.
6. Write analytical or trend based reports on companies, sectors or markets.
7. Expert level application in Bloomberg, Thomson Banker, Factset, Datastream, StockVal, Merger
markets, Reuters Knowledge, Haver Analytics, Factiva, PackHedge,
8. Building Excel/VBA based customized tools to perform detailed analysis.
Contact Us: tanay.roy2008@gmail.com
Page 2
3. Summary
At a Glance
Latest Results Industry
Finance ‐ Term Lending
Institutions
Yearly Quarterly TTM Business Group Public Sector
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 10
Latest Results
Number of Equity shares 14609.48
EBDITA 3948.54 36.86 1258.88 (0.10) 4693.40 6.98
Reported Net
Profit 1277.14 26.09 329.78 (4.84) 1287.19 0.79 Price 112.25
Adjusted PAT 1107.46 33.91 329.78 (4.84) NA NA
Market Cap(Rs. In Cr) 12638.54
Valuation Matrix Share Holding
Promot
Annual TTM Ratio General
er MF
Particulars March ' 11 March ' 11 Public
0% 4% BFI
9%
15%
Reported P/E 13.17 12.86
Other
Price/Sales Per Share 3.84 3.61
25%
Price/ Book Value 1.48 NA
FII
Dividend Yield 0.02 NA
47%
Earning Yield 0.08 0.08
Market Cap(Rs. In Cr) 12638.54
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 20%
Reported PAT / PBT 0.81 0.74 0.73 1.12 0.82 15%
Adjusted PAT / PBT 0.81 0.77 0.77 0.66 0.71 10%
PBT / PBIT 0.40 0.38 0.33 0.32 0.40 5%
PBIT / Sales 0.95 0.93 0.92 0.91 0.92 0%
Sales / Total Assets 0.08 0.09 0.11 0.09 0.09 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 6.34 5.25 5.05 5.03 4.43
Reported ROE 16% 12% 12% 15% 12% Reported ROE Adjusted ROE
Adjusted ROE 16% 13% 13% 9% 10%
ROE Factors
7.00 18%
6.00 16%
14%
5.00
12%
4.00 10%
3.00 8%
6%
2.00
4%
1.00 2%
0.00 0%
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Reported ROE Reported PAT / PBT PBT / PBIT
PBIT / Sales Sales / Total Assets Total Assets / Net Worth
Page 3
4. Income Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Net Sales 1500.55 2523.66 3313.25 3144.71 4271.82
Operating Expenses
Material Consumed 0.00 0.00 0.00 0.00 0.00
Manufacturing Expenses 0.00 0.00 0.00 0.00 0.00
Personnel Expenses 36.11 65.77 66.36 104.43 107.63 Operating Income
Selling Expenses 1.46 2.85 1.66 1.45 2.03
4500.00
Adminstrative Expenses 34.41 108.65 196.81 168.06 232.40
4000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 (11.38)
3500.00
Total Operating Expenses 71.98 177.27 264.83 273.94 330.68
3000.00
Operating Profit 1428.57 2346.39 3048.42 2870.77 3941.14
2500.00
Other Income 5.19 10.23 7.60 14.39 7.40
2000.00
EBDITA 1433.76 2356.62 3056.02 2885.16 3948.54
1500.00
Depreciation 4.08 4.71 20.20 32.84 32.70
Other Write offs 0.00 0.00 0.00 0.00 0.00 1000.00
EBIT 1429.68 2351.91 3035.82 2852.32 3915.84 500.00
Interest 855.04 1449.51 2026.96 1944.10 2354.94 0.00
EBT 574.64 902.40 1008.86 908.22 1560.90 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 108.66 204.03 229.12 304.40 453.44
Adjusted PAT 465.98 698.37 779.74 603.82 1107.46 Net Sales Operating Profit EBDITA
Non Recurring Items (3.11) (29.21) (43.82) 409.02 169.68
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 462.87 669.16 735.92 1012.84 1277.14
Equity Dividend 112.89 155.57 155.54 195.13 292.51
Preference Dividend 0.00 0.00 0.00 0.00 32.17
Dividend Tax 19.18 26.44 19.64 22.21 45.07
Retained Earnings 330.80 487.15 560.74 795.50 907.39
Profit Levels Total Income Break‐up
4500.00
Total Operating Expenses Depreciation
4000.00 Other Write offs Interest
3500.00 Income Tax Adjusted PAT
3000.00
2500.00
8%
2000.00 1%
0%
26%
1500.00
1000.00
500.00
0.00 10%
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 55%
Operating Profit EBDITA EBIT
EBT Adjusted PAT
Page 4
5. Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 1125.93 1294.30 1295.28 1300.61 1460.95
Share Application Money 0.00 0.00 0.05 0.26 4.14
Preference Share Capital 0.00 0.00 0.00 0.00 840.00
Reserves & Surplus 1756.10 4160.08 4733.87 5522.24 8765.06
Total Owners fund 2882.03 5454.38 6029.20 6823.11 11070.15
Loan Funds
Secured Loans 498.04 164.92 0.00 0.00 35435.01
Unsecured Loans 14390.95 22123.58 23589.53 26522.88 862.26
Total Loan fund 14888.99 22288.50 23589.53 26522.88 36297.27
Capital Structure
Total 17771.02 27742.88 29618.73 33345.99 47367.42
40000.00
USES OF FUNDS
Fixed Assets 35000.00
Gross Block 76.80 76.94 437.71 433.26 441.67
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 30000.00
Less : Accumulated
Depreciation 29.03 32.38 51.19 75.44 99.71 25000.00
Net Block 47.77 44.56 386.52 357.82 341.96
Capital Work‐in‐progress 0.00 291.36 4.01 4.63 0.64 20000.00
Investments 2497.61 5517.51 7578.39 5778.84 8107.42
15000.00
Net Current Assets
Current Assets, Loans &
10000.00
Advances 15729.17 22771.57 22483.71 28199.18 40542.81
Less : Current Liabilities &
5000.00
Provisions 503.54 882.12 833.91 994.47 1625.41
Total Net Current Assets 15225.63 21889.45 21649.80 27204.71 38917.40
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 17771.01 27742.88 29618.72 33346.00 47367.42 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 2384.77 5209.21 7276.57 5386.40 7881.78
Market Value of Quoted
Investments 340.95 673.08 330.20 552.09 345.04
Contingent liabilities 717.53 995.62 1168.13 914.84 2183.55
Number of Equity shares
outstanding (in Lacs) 11259.28 12942.99 12952.76 13006.12 14609.48
Sources of Capital Application of capital
Net Capital Work‐
Total Owners Block in‐progress
fund 1% 0%
23%
Investments
17%
Total Loan Total Net
fund Current Assets
77% 82%
Page 5
6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 571.53 873.05 964.92 1317.14 1730.45
Net CashFlow‐Operating
Net Cash Flow
Activity 26.41 551.82 608.72 (3401.99) (11592.53)
Net Cash Used In Investing
Activity (955.80) (3265.15) (1543.50) 57.63 (496.98)
NetCash Used in Fin. Activity
1566.21 3346.58 (14.06) 2720.08 13008.83 1566.21 3346.58
2720.08 13008.83
Net Inc/Dec In Cash And 608.72
Equivlnt 26.41 551.82 57.63
636.83 633.25 (948.84) (624.29) 919.32
Cash And Equivalnt Begin of (955.80) (3265.15) (11592.5
(3401.99) 3)
Year 334.90 971.73 1604.98 655.55 31.27 (1543.50)
Cash And Equivalnt End Of (496.98)
Year 971.73 1604.98 656.14 31.27 950.59 (14.06)
Net CashFlow‐Operating Activity
Net Cash Used In Investing Activity
NetCash Used in Fin. Activity
Quarterly Result
September '
Particulars (Rs. In Cr) June ' 10 10 December ' 10 March ' 11 June ' 11
Sales 991.61 1,093.91 1,162.15 1,298.29 1,297.01
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 991.61 1,093.91 1,162.15 1,298.29 1,297.01
Profit Levels
Other Income 5.43 6.29 6.06 5.15 5.09
Total Income 997.04 1,100.20 1,168.21 1,303.44 1,302.10
Stock Adjustment 0.00 0.00 0.00 0.00 0.00
Raw Material 0.00 0.00 0.00 0.00 0.00
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 22.70 27.70 25.43 30.19 27.95
Admin And Selling Expenses 0.00 0.00 0.00 0.00 0.00
Research And Devlopment Expe 0.00 0.00 0.00 0.00 0.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Other Expeses 21.71 19.34 18.24 16.43 15.27
Total Expenses 44.41 47.04 43.67 46.62 43.22
EBDITA 952.63 1,053.16 1,124.54 1,256.82 1,258.88
Provisions Made 44.44 49.33 48.93 94.80 39.33
Depreciation 7.76 8.32 8.20 8.43 7.74
EBIT 900.43 995.51 1,067.41 1,153.59 1,211.81
Interest 484.83 568.56 649.59 683.55 753.63
EBT 415.60 426.95 417.82 470.04 458.18
Taxation 95.90 120.30 113.60 123.50 128.40
Net Profit / Loss 319.70 306.65 304.22 346.54 329.78
Extra Ordinary Item 0.00 0.00 0.00 0.00 0.00 EBDITA EBIT
Prior Year Adjustments 0.00 0.00 0.00 0.00 0.00
EBT Net Profit / Loss
Page 6