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Analysis of Financial Reports

of Airtel
By-
Astha Didwania
Debarati Banerjee
Nishant Ambust
Sakshi Fotedar
Anurag Thakur
GROUP 4
Balance Sheet - Assets
As of 31-03- As of 31-03- As of 01-04- FY 17/ FY
Particulars
2017 2016 2015 FY16 16/FY15
Assets Typical of an investment intensive industry having a
Non-current assets
Property, plant and equipment 38,118 31,267 25,816 22% 21%
product with high service component, the assets are
Capital work-in-progress 1,182 2,859 2,690 -59% 6% primarily long term - >90% of total assets
Intangible assets 73,405 60,658 27,789 21% 118%
Intangible assets under
8,418 972 6,411
development 767% -85% Within LTA highest contribution is from intangible assets
Investment in subsidiaries, joint
ventures and associates
45,954 69,891 65,248
-34% 7% (42%) which is spectrum & licenses in case of this of this
Financial assets organisation.
- Investments 5.2 5.2 5.2 0% 0%
- Derivative instruments 21.3 39.6 15.4 -46% 157%
- Loans and security deposits 1,039 2,886 4,289 -64% -33%
- Others 55.6 59.8 48.7 -7% 23%
Long term assets have increased 27% in FY 16 over 15
Deferred tax assets (net) 888 2,307 2,724 -62% -15% primarily due to new spectrum acquisition
Other non-current assets 3,985 2,662 1,704 50% 56%
173,071 173,607 136,740 0% 27%
Current assets Intangible Assets under development in FY 15 get
Inventories 3.9 5.3 9.4 -26% -44%
Financial assets converted into finished assets in FY16
- Investments 0.8 4,757 -100%
- Derivative instruments 63.4 46.2 16.8 37% 175%
- Trade receivables 3,212 3,172 3,305 1% -4% In financial assets Bharti has been reducing loans (both
- Cash and cash equivalents
- Loans
109
7,208
46.6
4,338
385
4,055
133%
66%
-88%
7%
long term & short term) & security deposits steadily.
- Others 877 1,396 967 -37% 44% Decrease is primarily from loans given to related
Current tax assets (net) 1,530 82 1765%
Other current assets 3,295 2,334 1,295 41% 80%
companies primarily from loans given to African
Assets-held-for-sale 1,373 operations
17,671 11,421 14,789 55% -23%
Total Assets 190,742 185,028 151,529 3% 22%
Balance Sheet Liabilities
As of 31-03- As of 31-03- As of 01-04- FY 17/ FY
Particulars
2017 2016 2015 FY16 16/FY15
Equity and Liabilities
Equity
Share capital 1,999 1,999 1,999 0% 0% Liabilities of the company are
Other equity 99,209 109,730 103,740 -10% 6%
101,207 111,729 105,738 -9% 6% increasing much faster than assets in
Non-current liabilities both FY16 & FY17
Financial liabilities
- Borrowings 50,342 41,457 19,421 21% 113%
- Derivative instruments 18.6 0.8 12.1 2225% -93% Increase in both the periods has been
- Others 2,188 2,074 1,971 6% 5%
Deferred revenue 1,832 1,698 1,589 8% 7%
mainly due to increase in borrowings
Provisions 233 222 193 5% 15% (>80% of increase is contributed due
54,614 45,452 23,186 20% 96% to increase in borrowings)
Current liabilities 0 0
Financial liabilities 0 0
- Borrowings 6,548 700 626 836% 12% This when read along with reduction
- Current maturities of long-term
borrowings
3,345 3,343 1,317
0% 154% in cash impacting assets and
- Derivative instruments 166 69.6 22.3 139% 212% simultaneous increase in trade
- Trade Payables 14,970 11,971 10,577 25% 13%
- Others 5,567 7,877 6,525 -29% 21%
payables indicate a company striving
Deferred revenue 3,031 2,949 2,873 3% 3% hard to generate cash.
Provisions 129 119 117 9% 1%
Current tax liabilities (net) 50.7
Other current liabilities 1,164 819 497 42% 65%
34,920 27,847 22,605 25% 23%
Total Liabilities 89,534 73,299 45,791 22% 60%
Total Equity and Liabilities 190,742 185,028 151,529 3% 22%
P&L Statement
Particulars MAR'17( MAR'16( MAR'15( FY16/FY1
Cr.) Cr.) Cr.) FY17/FY 16 5
GROSS SALES 62,276.30 60,300.30 55,496.40 3.28 8.66 PAT is reducing yoy with drastic
Net Sales 62,276.30 60,300.30 55,496.40 3.28 8.66
EXPENDITURE: reduction in FY17
Increase/Decrease in Stock 1.4 -13.5 -63.8 110.37 78.84
Raw Materials Consumed 4.4 51 71.4 -91.37 -28.57
Power & Fuel Cost 6,509.30 5,758.90 4,115.10 13.03 39.95
This profit reduction has taken place
Employee Cost 1,738.50 1,864.80 1,691.50 -6.77 10.25 mainly due to exceptional items. In
Other Manufacturing Expenses 23,494.20 23,478.10 18,802.20 0.07 24.87 fact in FY17 operating profit has
General and Administration Expenses 2,488.80 2,775.30 7,331.40 -10.32 -62.15
Selling and Distribution Expenses 3,232.00 3,282.40 3,237.60 -1.54 1.38 actually risen by 9%
Miscellaneous Expenses 1,114.80 792.1 879.9 40.74 -9.98
Total Expenditure 38,583.40 37,989.10 36,065.30 1.56 5.33
PBIDT (Excl OI) 23,692.90 22,311.20 19,431.10 6.19 14.82 Interest outgo is increasing yoy
Other Income 2,526.40 1,743.70 5,193.00 44.89 -66.42 consistent with the rise in borrowings
Operating Profit 26,219.30 24,054.90 24,624.10 9.00 -2.31
Interest 5,254.60 3,545.30 1,409.10 48.21 151.60 seen in balance sheet.
PBDT 20,964.70 20,509.60 23,215.00 2.22 -11.65
Depreciation 12,203.40 9,575.30 7,559.70 27.45 26.66
Profit Before Taxation & Exceptional Items 8,761.30 10,934.30 15,655.30 -19.87 -30.16
Sharp rise in other manufacturing
Exceptional Income / Expenses -17,270.80 -679.9 0 -2440.20 0.00 expenses in FY16
Profit Before Tax -8,509.50 10,254.40 15,655.30 -182.98 -34.50
Provision for Tax 1,416.10 2474.1 2454.8 -42.76 0.79
PAT -9,925.60 7,780.30 13,200.50 -227.57 -41.06 Employee cost has decreased by 7%
Profit Balance B/F 93,473.50 87,526.30 48,496.50 6.79 80.48
Appropriations 83,547.90 95,306.60 61,697.00 -12.34 54.48
in FY17 reflecting the downsizing
Equity Dividend (%) 20 27.2 77 -26.47 -64.68 undertaken
EarningsPerShare(in) -24.83 19.46 33.02 -227.60 -41.07
BookValue(in) 252.19 278.55 195.21 -9.46 42.69
Revenue/ Profit Vs Asset
250,000.00

200,000.00

150,000.00

100,000.00

50,000.00

0.00
2015 2016 2017

-50,000.00

GROSS SALES Operating Profit PAT Total Assets


Thank You
As of 31- As of 31-03- As of 01-
Particulars 2017 2016 2015
03-2017 2016 04-2015
Assets

Appendix 1 Non-current assets


Property, plant and
Capital work-in-progress
3,81,176
11,818
3,12,673
28,588
2,58,156
26,898
20%
1%
17%
2%
17%
2%
Intangible assets 7,34,052 6,06,582 2,77,892 38% 33% 18%
Intangible assets under
84,184 9,715 64,108
development 4% 1% 4%
Investment in
4,59,538 6,98,913 6,52,478
subsidiaries, joint 24% 38% 43%
Financial assets 0%
- Investments 52 52 52 0% 0% 0%
- Derivative instruments 213 396 154 0% 0% 0%
- Loans and security 10,389 28,861 42,892 1% 2% 3%
- Others 556 598 487 0% 0% 0%
Deferred tax assets (net) 8,875 23,070 27,241 0% 1% 2%
Other non-current assets 39,854 26,622 17,041 2% 1% 1%
17,30,707 17,36,070 13,67,399 91% 94% 90%

Vertical Analysis of
Current assets 0%
Inventories 39 53 94 0% 0% 0%
Financial assets 0% 0%
- Investments - 8 47,567 0% 3%
- Derivative instruments 634 462 168 0% 0% 0%

Balance Sheet - Trade receivables


- Cash and cash
- Loans
- Others
32,118
1,087
72,081
8,772
31,724
466
43,376
13,959
33,047
3,852
40,552
9,665
2%
0%
4%
0%
2%
0%
2%
1%
2%
0%
3%
1%
Current tax assets (net) 15,297 820 - 1% 0%
Other current assets 32,952 23,342 12,945 2% 1% 1%
Assets-held-for-sale 13,729 - - 1%
1,76,709 1,14,210 1,47,890 9% 6% 10%
Total Assets 19,07,416 18,50,280 15,15,289 100% 100% 100%
Equity and Liabilities
Equity
Share capital 19,987 19,987 19,987 1% 1% 1%
Other equity 9,92,086 10,97,304 10,37,395 52% 59% 68%
10,12,073 11,17,291 10,57,382 53% 60% 70%
Non-current liabilities 0% 0% 0%
Financial liabilities 0% 0% 0%
- Borrowings 5,03,421 4,14,570 1,94,209 26% 22% 13%
- Derivative instruments 186 8 121 0% 0% 0%
- Others 21,881 20,736 19,713 1% 1% 1%
Deferred revenue 18,321 16,984 15,887 1% 1% 1%
Provisions 2,330 2,223 1,926 0% 0% 0%
5,46,139 4,54,521 2,31,856 29% 25% 15%
Current liabilities 0% 0% 0%
Financial liabilities 0% 0% 0%
- Borrowings 65,478 6,999 6,259 3% 0% 0%
- Current maturities of
33,451 33,434 13,171
long-term borrowings 2% 2% 1%
- Derivative instruments 1,662 696 223 0% 0% 0%
- Trade Payables 1,49,698 1,19,706 1,05,769 8% 6% 7%
- Others 55,671 78,772 65,250 3% 4% 4%
Deferred revenue 30,311 29,485 28,726 2% 2% 2%
Provisions 1,291 1,189 1,174 0% 0% 0%
Current tax liabilities - - 507 0%
Other current liabilities 11,642 8,187 4,972 1% 0% 0%
3,49,204 2,78,468 2,26,051 18% 15% 15%
Total Liabilities 8,95,343 7,32,989 4,57,907 47% 40% 30%
Total Equity and Liabilities 19,07,416 18,50,280 15,15,289 100% 100% 100%
Parameters MAR'17 MAR'16 MAR'15
( Cr.) ( Cr.) ( Cr.) Appendix 2
GROSS SALES 62276.3 60300.3 55496.4
Other Income 4.05676 2.891694 9.357364
Total Revenue 62280.36 60303.19 55505.76
100% 100% 100%
EXPENDITURE:
Increase/Decrease in Stock 0.002248 -0.02239 -0.11496
Raw Materials Consumed 0.007065 0.084577 0.128657
Power & Fuel Cost 10.45161 9.550367 7.415076
Employee Cost 2.79141 3.092522 3.047945
Other Manufacturing Expenses 37.72329 38.9353 33.88004
General and Administration Expenses 3.996124 4.602465 13.21059
Selling and Distribution Expenses
Miscellaneous Expenses
5.189437
1.78997
5.443422
1.313592
5.833892
1.585508 Vertical Analysis of PnL Statement
Total Expenditure 61.95115 62.99985 64.98674
PBIDT 38.04233 37.00015 35.01326
Interest 8.43701 5.879407 2.539084
PBDT 29.60532 31.12074 32.47418
Depreciation 19.5943 15.87936 13.62196
Profit Before Taxation & Exceptional Items 10.01102 15.24138 18.85221 Exceptional Expense showing an exceptionally high value in
Exceptional Income / Expenses -27.7307 -1.12752 0
Profit Before Tax -17.7197 14.11386 18.85221
2017 as compared to previous years as that year lot of
Provision for Tax 2.273751 4.102965 4.42335
depreciations & amortization was recognized.
PAT -19.9935 10.0109 14.42886
Profit Balance B/F 150.085 145.1507 87.38675
Appropriations 134.1481 158.0533 111.173
Equity Dividend (%) 0.032113 0.045108 0.138748
Earnings Per Share (in ) -0.03987 0.032272 0.059499
Book Value (in ) 0.404927 0.461938 0.351753
Exceptional Items Exceptional items comprise of the following: (i)
For the year ended March 31, 2017: a. Charge of ` 2,396 towards
operating costs (including accelerated depreciation) on network re-
farming and up-gradation program. b. Charge of ` 2,920 resulting
from reassessment of the useful life of certain categories of network
assets of the Company due to technological advancements. (Refer
Note 3.1 (a)) c. Net charge aggregating to ` 7,506 pertaining to
regulatory levies related assessment / provisions, settlement of tax
related contingent liability and reconciliation of balances