Afcons Infrastructure Ltd Annual Report | Balance Sheet

Afcons Infrastructure Limited (Afcons Infra) Return Comparision with Primex 40 Index

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Afcons Infrastructure Limited

Balance Sheet of Afcons Infrastructure Limited (Amount in Crore)

PARTICULARS	2021	2020	2019	2018
Equity and Liabilities
Share Capital	521.97	521.97	521.97	521.97
Other Equity	1,868.04	1,721.35	1,500.82	1,269.08
Equity attributable to shareholders of the Company	2,390.01	2,243.32	2022.79	1791.05
Non-controlling interest	(10.53)	(10.53)	(15.55)	(9.89)
Total Equity	2,379.48	2,229.87	2,007.24	1,781.16

Non-Current Liabilities
Financial Liabilities
Borrowings	472.64	572.82	650.35	755.72
Trade payables	-	-	-
Total outstanding due to micro and small enterprises	4.57	-	-
Total outstanding due to creditors other than micro and small enterprises	447.69	557.12	381.29	195.75
Lease Liabilities	13.12	16.47	-	-
Other financial liabilities	248.59	129.46	107.73	209.92
Contract liabilities	1,576.73	1,942.73	1,615.63	763.09
Provisions	28.80	33.27	24.38	7.76
Deferred tax liabilities (net)	211.90	212.75	180.42	163.29
Total Non-Current Liabilities	3,004.04	3,464.62	2,959.80	2095.53
Current Liabilities
Financial Liabilities
Borrowings	833.63	953.16	855.05	769.37
Trade Payables			2,495.93	1,843.47
Total outstanding dues of micro-enterprises and small enterprises	344.69	55.56	3.67	-
Total outstanding dues of creditors other than micro-enterprise and small enterprise	2,767.27	3,305.65	2492.26	-
Lease Liabilities	14.53	29.23	-	-
Other financial liabilities	485.57	284.84	205.93	-
Contract liabilities	2,522.17	2,674.72	1,844.28	696.05
Provisions	43.33	23.64	15.58	32.61
Current tax liabilities (net)	46.10	17.33	12.17	11.26
Other Current Liabilities	49.14	58.16	61.19	968.58
Total Current Liabilities	7106.43	7402.29	5,490.13	4,321.34
Total Liabilities	10110.47	10866.91	8,449.93	6,416.87
Total equity and liabilities	12489.95	13096.78	10,457.17	8,198.03
Assets
Non-Current Assets
Property, Plant, and Equipment	1,975.80	1,888.17	1,684.28	1,594.09
Capital work-in-progress	145.52	17.94	30.54	21.74
right-of-use assets	26.22	43.47	-	-
Goodwill	0.14	5.55	5.32	5.16
Other Intangible assets	0.46	0.64	1.19	1.73
Financial assets
Investments	0.40	0.15	3.15	2.94
Trade receivables	474.36	536.40	234.21	125.04
Other financial assets	273.87	278.77	134.72	787.71
Contract assets	1,493.02	1,723.94	1369.29	-
Non-current tax assets (net)	110.65	155.01	122.96	71.65
Other non-current assets	181.11	187.79	160.86	90.00
Total Non - current Assets	4,681.55	4,837.83	3,746.52	2,700.06
Current Assets
Inventories	938.39	1,067.16	857.00	557.86
Financial assets
Investments	-	-	-	-
Trade Receivables	2,575.04	2,475.19	2053.62	1,431.38
Cash and Cash Equivalents	612.52	522.54	317.44	126.27
Bank balances (other than above)	98.42	116.10	25.10	28.09
Loans	50.13	40.58	63.94	91.02
Other financial Assets	114.20	58.44	202.48	2,955.37
Contract assets	2,455.38	3,149.76	2678.54	-
Other current assets	964.32	829.18	512.53	307.98
Total Current Assets	7,808.40	8,258.95	6,710.65	5,497.97
Total Assets	12,489.95	13,096.78	10,457.17	8,198.03

Profit & Loss Statement of Afcons Infrastructure Limited (Amount in Crore)

Particular	2021	2020	2019	2018
Income
Revenue from Operations	9,375.57	9,934.19	8,726.82	6,551.09
Other Income	145.56	196.50	148.86	136.64
Total Income	9,521.13	10,130.69	8,875.68	6,687.73
Expenses
Cost of Materials Consumed	2,544.56	2,676.88	2,115.81	1,941.82
Cost of construction	4,112.64	4,731.12	4,371.47	2,424.10
Employee Benefits Expense	924.16	971.37	823.39	754.18
Finance Costs	467.57	390.79	284.68	306.21
Depreciation and amortization expense	249.97	240.30	248.56	200.61
Repair and Maintenance
Other Expenses	931.73	744.61	712.51	816.67
Total Expenses	9,230.63	9,755.07	8,556.42	6443.59
Profit/Loss before tax	290.50	375.62	319.26	244.14
Tax Expenses
Current tax	115.46	129.97	116.28	56.56
Deferred tax	3.05	(7.28)	(35.96)	26.02
Tax expense/(income) relating to prior year (net)	2.10	5.24	4.50	(2.56)
Total Tax	120.61	127.93	84.82	80.02
Profit Of the year	169.89	247.69	234.44	164.12
Other comprehensive income
Items that will not be reclassified to profit or loss
Changes in fair value of equity investments measured at FVTOCI	0.26	(0.31)	0.21	7.86
Re-measurements of defined benefit plans	1.32	(8.94)	(3.84)	(0.85)
Tax relating to above	(0.46)	3.12	1.34	0.30
Items that may be reclassified to profit or loss
Exchange differences in translating the financial statements of a foreign operation	3.84	6.32	2.35	17.34
	4.96	0.19	0.06	24.65
Total comprehensive income	174.85	247.88	234.50	188.77
Profit for the year attributable to
Owners of the Company	166.97	245.59	240.10	173.61
Non-controlling interest	2.92	2.10	(5.66)	(9.49)
Other comprehensive income for the year attributable to
Owners of the Company	4.96	0.19	0.06	24.65
Non-controlling interest	-	-
Total comprehensive income (net of income tax) for the year attributable to
Owners of the Company	171.93	245.78	240.16	198.26
Non-controlling interest	2.92	2.10	(5.66)	(9.49)
Earnings Per Equity Share
Basic & Diluted	23.60	34.41	32.57	22.80
Basic & Diluted (excl. extraordinary item)	4.99	7.27	6.88	4.82

Afcons Infrastructure Limited Cash Flow Statement for the last three years (Rs. in Crores)

Particular	31st March 2022	31st March 2021	31st March 2020
Cash and Cash Equivalents at Beginning of the year	363.61	293.59	209.84
Net Cash from Operating Activities	569.81	809.7	823.95
Net Profit before Tax & Extraordinary Items	283.04	253.23	241.92
Depreciation	351.22	245.33	234.04
Interest (Net)	359.48	360.33	357.39
Dividend Received	-45.17	-73.66	-49.47
P/L on Sales of Assets	6.52	7.03	8.39
Prov. & W/O (Net)	23.62	296.12	96.52
P/L in Forex	-11.19	-23.46	0
Others	-28.37	-7.22	61.84
Total Adjustments (PBT & Extraordinary Items)	656.11	804.47	708.71
Op. Profit before Working Capital Changes	939.15	1057.7	950.63
Trade & 0th receivables	-37.14	-67.6	-728.2
Inventories	-360.3	133.05	-201.67
Trade Payables	-158.66	-301.78	2367.46
Loans & Advances	0	0	-1441.82
Others	303.17	36.15	0
Total (OP before Working Capital Changes)	-252.93	-200.18	-4.23
Cash Generated from/(used in) Operations	686.22	857.52	946.4
Direct Taxes Paid	-116.41	-47.82	-122.45
Total-others	-116.41	-47.82	-122.45
Cash Flow before Extraordinary Items	569.81	809.7	823.95
Net Cash Used in Investing Activities	-211.13	-197.09	-334.25
Purchased of Fixed Assets	-356.1	-489.41	-407.63
Sale of Fixed Assets	4.12	3.72	11.49
Investment Income	17.58	37.04	0
Interest Received	53.99	168.42	32.95
Dividend Received	45.17	73.66	49.47
Others	24.11	9.48	-20.53
Net Cash Used in Financing Activities	-515.79	-542.59	-405.95
Proceed from 0ther Long Term Borrowings	204.43	271.03	0
Proceed from Short Tem Borrowings	45.4	0	142.04
Of the Long Tem Borrowings	-275.18	-96.03	-109.56
Of the short term Borrowings	0	-197.8	0
Of financial Liabilities	-37.65	-31.54	-27.02
Dividend Paid	-25.24	-25.24	-25.25
Interest Paid	-427.55	-463.01	-386.16
Net Inc/(Dec) in Cash and Cash Equivalent	-157.11	70.02	83.75
Cash and Cash Equivalents at End of the year	206.5	363.61	293.59

Summary of Cash Flow Activities for Afcons Infrastructure:

Operating Activities:

Net Cash from Operating Activities: The company generated cash from its core operations, with the cash flow increasing from Rs. 823.95 crores in 2020 to Rs. 809.7 crores in 2021 and further to Rs. 569.81 crores in 2022. This indicates a decrease in cash generated from operating activities over the three-year period.

Investing Activities:

Net Cash Used in Investing Activities: Afcons Infrastructure had a net cash outflow from investing activities, with the company investing more cash in its operations. The cash flow used in investing activities was Rs. 334.25 crores in 2020, Rs. 197.09 crores in 2021, and Rs. 211.13 crores in 2022.

Financing Activities:

Net Cash Used in Financing Activities: The company experienced a net cash outflow from financing activities, indicating a decrease in cash due to financing activities. The cash outflow was Rs. 405.95 crores in 2020, Rs. 542.59 crores in 2021, and Rs. 515.79 crores in 2022.

Cash and Cash Equivalents:

Cash and Cash Equivalents at Beginning of the Year: The company had Rs. 209.84 crores in cash and cash equivalents at the beginning of the fiscal year 2020, which increased to Rs. 293.59 crores in 2021 and further to Rs. 363.61 crores in 2022.
Cash and Cash Equivalents at End of the Year: Afcons Infrastructure had Rs. 293.59 crores in cash and cash equivalents at the end of the fiscal year 2020, which increased to Rs. 363.61 crores in 2021 and then decreased to Rs. 206.5 crores in 2022.

Overall, the cash flow statement indicates that Afcons Infrastructure generated cash from its operating activities but had net cash outflows from its investing and financing activities. The company had an overall decrease in cash and cash equivalents from the beginning to the end of the fiscal year.

Funds Flow Statement of Afcons Infrastructure Limited (Rs. in crores)

Particular	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18
Sources of funds
Cash profit	581.11	345.44	416.07	1,375.75	277.09
Increase in equity	0	0	0	71.97	0
Increase in other networth	0	4.19	0	1,111.54	2.3
Increase in loan funds	210.46	0	598.97	3,701.63	144.06
Decrease in investments	0	0	0.4	0	97.24
Decrease in working capital	0	497.74	0	0	0
Others	0	0	0	450	0
Total Inflow	791.57	847.37	1,015.44	6,710.89	520.69
Application of funds
Decrease in networth	15.61	0	24.5	0	0
Decrease in loan funds	0	401.62	0	0	0
Increase in gross block	513.52	420.25	414.74	2,940.13	103.38
Increase in investments	0.49	0.26	0	12.06	0
Increase in working capital	236.71	0	540.95	3,733.46	392.07
Dividend	25.24	25.24	35.25	25.24	25.24
Others	0	0	0	450	0
Total Outflow	791.57	847.37	1,015.44	6,710.89	520.69

Dividend History of Afcons Infrastructure

Particulars	2021	2020	2019	2018
Dividend	Rs.3.5 per share	Rs.3.5 per share	Rs.3.5 per share	Rs.3.5 per share
Retained Earnings (In Rs. Crore)	1,695.13	1,543.79	1,339.27	1,091.05

Performance of Afcons Infrastructure Limited

Revenue from Operations decreased from Rs. 9,934.19 Crore in FY 2020 to Rs. 9,375.57 Crore in FY 2021, showing a decline of 5.62% as compared to the previous financial year.
Finance Cost has been increased from Rs. 390.79 Crore in FY 2020 to Rs. 467.57 Crore in FY 2021.
In FY 2021, Company’s Net Profit stood at Rs. 174.85 Crore, 29.46% less than the Net Profit of Rs. 247.88 Crore in FY 2020.
The current Ratio of the company as of 31st March 2021 was 1.10.
The debt-to-equity ratio of the company as of 31st March 2021 was 4.25.
In the financial year 2020-21, the company paid a dividend of Rs.3.5 Per Share.

Annual Report

Afcons Infrastructure Annual Report 2020-21

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Afcons Infrastructure Ltd Annual Reports, Balance Sheet and Financials