In INR Cr 2019

REVENUE:
Revenue from operations (net) 9,739
Other income 47.26
Total revenue 9,785.98
EXPENSES:
Manufacturing, construction and operating expenses:
Cost of raw materials, components consumed 5,974.90
Excise duty
Construction materials consumed
Sub-contracting charges
Changes in inventories of finished goods, work-in-progress and 195.22
stock-in-trade
Other manufacturing, construction and operating expenses
COGS 6170.12
Employee benefits expense 122.8
Sales, administration and other expenses 2624.9
Total Op expenses 8917.82
EBITDA 868.16
Finance costs 1840.9
Depreciation, amortisation, impairment and obsolescence 1198.7
Profit before tax -2171.44
Tax expenses
Current tax
Less: MAT credit entitlement
Net current tax 0
Deferred tax -752
Profit after tax -1419.44

Notes
Salaries , wages and bonus 118.3
Staff welfare expenses 6.1

Travelling Expenses 9.95

Miscellenous Expenses 13.2
Other SG&A expense 2601.75

Interest Costs
2018 2017

5,592 109.45
15.82 2.67
5,607.64 112.12

3,601.70 654.50

-246.3 -666.3

3355.4 -11.8
103 16.4
1789.3 191.5
5247.7 196.1
359.94 -83.98
1678.7 705.1
1150.9 342.7
-2469.66 -1131.78

0 0
-544.7 -247.9
-1924.96 -883.88

101.6 76.1
2.5 1.5

6.67 11.3
17.3 8.97
1765.33 171.23
28.2% 33.8% 189.9%
In INR Cr 2019 2018 2017 2016
ASSETS:
Non- current assets
Property, plant and equipment 23690 24536 22402 2758
Capital-work-in-progress 2003 1801 4732 19861
Intangible assets 16 10 11 14
Intangible assets under development 0 7 2 0
Investments 0 0 0 0
Loans 33 32 30 30
Non Current Tax assets 3 2 2 1
Other financial assets
Financial assets 33 32 30 30
Deferred tax assets (net) 1860 1108 451 -102
Other non-current assets 797 833 830 2664
28401 28329 28461 25226
Current assets
Inventories 1579 1789 956 36
Financial assets
Investments 0 0 0 0
Trade receivables 174 131 34 1
Cash and cash equivalent 15 11 5 1
Other bank balances 0 2 2 21
Loans 0 0 0 0
Other financial assets 0 0 0 0
189 144 41 23
Current tax assets (net) 0 0 0 0
Other current assets 278 212 238 9
2046 2145 1235 68
TOTAL ASSETS 30448 30474 29696 25294

EQUITY AND LIABILITIES:

EQUITY:
Equity share capital 2022 2022 2022 2022
Reserve & Surplus -1900 -1101 824 0
Other equity 6555 6555 4716 1693
6677 7476 7563 3715
LIABILITIES:
Non- current liabilities
Financial liabilities
Borrowings 17924 12280 12958 12813
Other financial liabilities 0 1 8 138
17924 12280 12966 12951
Provisions 0 0 0 5
17924 12280 12966 12956
Current liabilities
Financial liabilities
Borrowings 2689 7722 6803 6026
Trade payables 953 860 418 0
Other financial liabilities 2125 2083 1826 2588
5767 10665 9047 8614
Other current liabilities 44 16 17 8
Employee Benefit Obligations/Provisio 16 12 0 1
Contract Liabilities 20 24 103
5847 10717 9168 8623
TOTAL EQUITY AND LIABILITIES 30448 30474 29696 25294
 2019 2018 2017
Revenue from operations (net) 9,739 5,592 109
Opex 8,918 5,248 196
Depreciation 1,199 1,151 343
EBIT -378 -807 -429
Opex / Revenue 91.6% 93.8% 179.2%
Depreciation / Revenue 12.3% 20.6% 313.1%
Operating Margin % -3.9% -14.4% -392.3%

Cash 15.40 11.30 5.24

Net Cash 13.35 8.27 5.24
Cash / Revenue 0% 0% 5%
Receivables 174 131 34
Net Receivables 152.45 82.50 34.10
Net Receivables / Revenue 2% 1% 31%
Inventory 1578.7 1789.2 955.5
Net Inventory 1,683.95 1,372.35 955.50
Inventory / Revenue 17.3% 24.5% 873.0%
Other CA 278.3 213.83 239.9
Net Other CA 246.07 226.87 239.90
Other CA / Revenue 3% 4% 219%
Current Assets 2,046 2,145 1,235
Avg CA 2,096 1,690 651
Current Assets / Revenue 22% 30% 595%
Operating Current Assets 2,031 2,132 1,228
Net Operating Current Assets 2,082 1,680 637
Trade Payable 953 860 418
Net Trade Payables 907 639 418
Net Trade Payables/Revenue 9% 11% 382%
Short Term Borrowings 2688.7 7722.2 6802.8
Short Term Borrowings/Revenue 27.6% 138.1% 6215.4%
Other Current Liabilities 2,205 2,135 1,947
Net Other Current Liabilities 23% 38% 1779%
Current Liabilities 5,847 10,717 9,168
Avg CL 8,282 9,942 8,895
Current Liabilities / Revenue 85% 178% 8127%
Net Working Capital -6,186 -8,253 -8,244
Net Working Capital / Revenue -63.5% -147.6% -7532.3%
Net Operating Working Capital -6,200 -8,262 -8,259
Net Operating Working Capital /
Revenue -63.7% -147.8% -7545.5%
PPE 23,690 24,536 22,402
Net PPE 24,113 23,469 12,580
Net PPE / Revenue 247.6% 419.7% 11493.6%

Other Assets (Net Other Assets

includes Capital work in progress,
Investments, Loans, Other Financial 4,712 3,793 6,060
Assets, Intangible assets, Deferred
Tax Assets and Other non current
assets)
Net Other Assets 4,252 4,926 14,264
Other Operating Assets (Net Other
Operating Assets includes Capital
2,852 2,685 5,608
work in progress, Intangible assets,
and Other non current assets)
Net Other Operating Assets 2,768 4,147 14,090
Net Other Assets/ Revenue 43.7% 88.1% 13032.6%
Net Other Operating Assets /Revenue 28.4% 74.2% 12873.1%
Capital Turnover (ROCE) 0.44 0.28 0.01
Capital Turnover (ROIC) 0.47 0.29 0.01

Current Tax 0 0 0
Total Tax -752 -545 -248
PBT -2,171 -2,470 -1,132
Tax Rate (Current Tax) 0.0% 0.0% 0.0%

NOPAT -378 -807 -429

NOPAT / Revenue -3.9% -14.4% -392.3%

Post-Tax ROCE -1.7% -4.0% -2.3%

Post-Tax ROIC -1.8% -4.2% -2.3%
Pre-Tax ROCE -1.7% -4.0% -2.3%
Pre-Tax ROIC -1.8% -4.2% -2.3%

Material (Includes raw materials and

construction materials) 5,975 3,602 655
Materials / Revenue 61.4% 64.4% 598.0%
Sub-contracting charges 0 0 0
Sub-contracting charges / Revenue 0.0% 0.0% 0.0%
Stores, spares and tools consumed 0 0 0
Stores, spares and tools consumed/ R 0.0% 0.0% 0.0%
Change in inventory 195 -246 -666
Change in inventory/ Revenue 2.0% -4.4% -608.8%
Other Operating Expense (Includes
other op expenses and excise duty) 0 0 0
Other Operating Expense / Revenue 0.0% 0.0% 0.0%
COGS 6170.12 3355.4 -11.8
COGS / Revenue 63% 60% -11%

Salaries & Wages 118 102 76

Salaries & Wages/ Revenue 1.2% 1.8% 69.5%
Welfare Expenses 6 3 2
Welfare Expenses/ Revenue 0.1% 0.0% 1.4%

Other Employee Benefit Expense

(Includes contribution to PF,
superannuation, gratuity, expense on
ESOPs, insurance expenses) -2 -1 -61
Other Employee Benefit Expense/
Revenue 0.0% 0.0% -55.9%
Travelling Expense 10 7 11
Travelling Expense / Revenue 0.1% 0.1% 10.3%
Miscellenous Expenses 13 17 9
Miscellenous Expenses / Revenue 0.1% 0.3% 8.2%
Other SG&A expense 2,602 1,765 171
Other SG&A expense / Revenue 26.7% 31.6% 156.4%
SG&A / Revenue 28.2% 33.8% 189.9%
27.0% 32.0% 120.4%

Receivables 174 131 34

Net receivables 152 83 17
Unbilled Revenue
Revenue Per day 27 15 0
Days of Receivables 6 5 58

Inventory 1,579 1,789 956

Avg Inventory 1,684 1,372 496
COGS per day 17 9 0
Days of inventory 100 149 -15338

Trade Payables 953 860 418

Avg Payables 907 639 209
Days of Payables 53.6 69.5 -6469.5

Cash cycle 52 85 -8810

Interest 0 0 0
Interest Coverage Ratio #DIV/0! #DIV/0! #DIV/0!
2016.0

68

46

8623

2758

22469
22571

3.8%
3.4%
 3.9%

8623
25294
16671

1 Does not include non-current trade receivables

36

0
OPAL ROCE Tree
 Operating Expense /
Revenue
179.2%

1-sum of
93.8% 91.6%

Operating Margin %
2017 2018 2019
2017 2018 2019

-14.4% -3.9%

-392.3% Depreciation / Revenue

20.6%
Pre-Tax ROCE 12.3%
313.1%
2017 2018 2019

Net Working Capital/ Revenue

2017 2018
-147.6% 2019

-2.3% -4.0% -1.7% -63.5%

2017 2018 2019

1 / sum of

Capital Turnover
0.44 -7532.3%

0.28

Net PPE / Revenue

0.01 11493.6%
2017 2018 2019

419.7% 247.6%
2017 2018 2019
 419.7% 247.6%
2017 2018 2019

Net Other Assets / Revenue

13032.6%

88.1% 43.7%
2017 2018 2019
 Materials / Revenue

64.4% 61.4%

598.0%
2017 2018 2019

Subcontracting charges/
Revenue

0.0% 0.0% 0.0%

2017 2018 2019

Stores, Spares, Tools /

Revenue

0.0% 0.0% 0.0%

2017 2018 2019

COGS/Revenue
Change in inventory /
Revenue
60% 63%
2.0%
2017 2018
-4.4% 2019

-11%
2017 2018 2019
-608.8%

Other Operating Expense / Revenue

 Other Operating Expense / Revenue

ng Expense /
e

93.8% 91.6%
0.0% 0.0% 0.0%
2017 2018 2019

2018 2019

SG&A/revenue Salaries & Wages/ Revenue

69.5%
tion / Revenue

33.8%
28.2%

189.9% 1.8% 1.2%

20.6% 2017 2018 2019 2017 2018 2019

12.3%

2018 2019

Welfare Expenses/
Revenue

t Working Capital/ Revenue

2018 2019 Net Working Capital/
-147.6%
2017 2018
-147.6%
-63.5%
1.4% 0.0% 0.1%
2017 2018 2019

% Other Employee Benefit Expense/

Revenue -7532.3%

Net PPE / Revenue

2017 2018
0.0% 2019
0.0%
%
-55.9%

419.7% 247.6% Travelling Expense /

Revenue
2018 2019
 419.7% 247.6% Travelling Expense /
Revenue
2018 2019

10.3%
0.1% 0.1%

Assets / Revenue 2017 2018 2019

Miscellenous Expenses /
Revenue

88.1% 43.7%
2018 2019

8.2%
0.3% 0.1%
2017 2018 2019

Other SG&A expense /

Revenue

156.4% 31.6% 26.7%

2017 2018 2019
61.4%

2019
 Cash / Revenue

5% 0% 0%
2017 2018 2019

Net Receivables / Revenue

31%
1% 2%
2017 2018 2019
Current Assets / Revenue

Inventory / Revenue
30%
22%
595%
24.5% 17.3%
2017 2018 2019
873.0%
2017 2018 2019

Net Working Capital/ Revenue

2017 2018
-147.6% 2019

-63.5%
Other CA / Revenue

219% 4% 3%
-7532.3%
2017 2018 2019

Current Liabilities / Short Term Borrowings/Revenue

Revenue
178%

85%
6215.4% 138.1% 27.6%
2017 2018 2019
8127%
2017 2018 2019
 178%

85%
6215.4% 138.1% 27.6%
2017 2018 2019
8127%
2017 2018 2019

Net Other Current Liabilities

38%
23%
1779%
2017 2018 2019

Net Trade Payables/Revenue

11% 9%
382%
2017 2018 2019

Days of Receivables
58

5 6

2017 2018 2019

Cash Conversion Cycle

85 52
2017 2018 2019 Days of inventory
149 100
2017 2018 2019

-8810

-15338
 -15338

Days of Payable

2017 2018 2019

-6469.5
 Cash / Revenue

0% 0%
7 2018 2019

Net Receivables / Revenue

1% 2%
7 2018 2019

Inventory / Revenue

24.5% 17.3%
%
7 2018 2019

Other CA / Revenue

% 4% 3%
7 2018 2019

ort Term Borrowings/Revenue

4% 138.1% 27.6%
7 2018 2019
4% 138.1% 27.6%
7 2018 2019

Net Other Current Liabilities

38%
23%
%
7 2018 2019

et Trade Payables/Revenue

11% 9%
%
7 2018 2019

ivables

2019

entory
100
2019
yable

2019
OPAL ROIC Tree
 Operating Expense /
Revenue
179.2%

1-sum of
93.8% 91.6%

Operating Margin%

2017 2018 2019

2017 2018
-14.4% 2019
-3.9%

-392.3%
Depreciation / Revenue

20.6%
Pre-Tax ROIC 12.3%
313.1%
2017 2018 2019

Net Operating Working

Capital/ Revenue
-2.3% -4.2% -1.8%
2017 2018
-147.8% 2019
-63.7%
2017 2018 2019

1 / sum of

Capital Turnover
0.47 -7545.5%

0.29

Net PPE / Revenue

0.01
2017 2018 2019 11493.6%

419.7% 247.6%
2017 2018 2019
 419.7% 247.6%
2017 2018 2019

Net Other Operating Assets /

Revenue
12873.1%

74.2% 28.4%
2017 2018 2019
 Materials / Revenue

64.4% 61.4%

598.0%
2017 2018 2019

Subcontracting charges/
Revenue

0.0% 0.0% 0.0%

2017 2018 2019

Stores, Spares, Tools /

Revenue

0.0% 0.0% 0.0%

2017 2018 2019

COGS/Revenue
Change in inventory /
Revenue
60% 63%
2.0%
2017 2018
-4.4% 2019

-11%
2017 2018 2019
-608.8%

Other Operating Expense /

Revenue
 Other Operating Expense /
Revenue
ng Expense /
e

93.8% 91.6%
0.0% 0.0% 0.0%
2017 2018 2019

2018 2019

SG&A/revenue
189.9% Salaries & Wages/ Revenue

69.5%
tion / Revenue

33.8%
28.2%

1.8% 1.2%

20.6% 2017 2018 2019 2017 2018 2019

12.3%

2018 2019

Welfare Expenses/
Revenue

erating Working
Revenue
2018
-147.8% 2019
-63.7%
1.4% 0.0% 0.1%
2017 2018 2019

Other Employee Benefit

Expense/ Revenue

et PPE / Revenue 2017 2018

0.0% 2019
0.0%

-55.9%

Travelling Expense /
419.7% 247.6% Revenue
2018 2019
 Travelling Expense /
419.7% 247.6% Revenue
2018 2019

10.3%
0.1% 0.1%

Operating Assets / 2017 2018 2019

Miscellenous Expenses /
Revenue

74.2% 28.4%
2018 2019

8.2%
0.3% 0.1%
2017 2018 2019

Other SG&A expense /

Revenue
156.4%

31.6% 26.7%

2017 2018 2019