national stock exchange of india ltd. - e i s … · 2017. 8. 23. · stakeholders’ education |...

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STAKEHOLDERS EMPOWERMENT SERVICES

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SECTOR: TELECOM EQUIPMENT AND INFRA SERVICES REPORTING DATE: 14TH AUGUST, 2017

GTL INFRASTRUCTURE LTD. www.gtlinfra.com

GTL Infrastructure Ltd. NSE Code - GTLINFRA TABLE 1 - MARKET DATA (STANDALONE) (AS ON 10TH AUGUST, 2017)

Sector - Telecom Equipment

& Infra Services NSE Market Price (`) 6.15 NSE Market Cap. (₹ Cr.) 2,549.81

Face Value (`) 10.00 Equity (` Cr.) 4,152.79

Business Group – Global Group 52 week High/Low (₹) 8.65/2.05 Net worth (₹ Cr.)* 18.28

Year of Incorporation - 2004 TTM P/E (TTM) N.A. Traded Volume (Shares) 74,66,185

TTM P/BV 1.56 Traded Volume (lacs) 459.17

Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. – Not Applicable. * As on 30th September, 2016

3rd Floor, Global Vision MIDC, COMPANY BACKGROUND

Electronic Sadan No II, Mahape, GTL Infrastructure Ltd, a part of the Global Group, is the pioneer in Shared Telecom

Infrastructure in India. The company is engaged in the business of providing Shared

User Infrastructure facilities on Build, Own and Operate basis. They also offer ready to

use passive infrastructure to wireless telecom operators. GTL Infrastructure Ltd was

incorporated on February 4, 2004, as GTL Engineering & Managed Network Services

Ltd.

Navi Mumbai – 400 710, Maharashtra

Company Website:

www.gtlinfra.com

Revenue and Profit Performance

The revenue of the Company increased from ₹156.81

crores to ₹264.47 crores from quarter ending Sep’15 to

quarter ending Sep’16. The Company made a loss of

₹60.43 crores in quarter ending Sep’16 vis-a-vis making a

loss of ₹167.83 crores in quarter ending Sep’15.

Source - Money Control

Performance vis-à-vis Market

TABLE 2- Returns

1-m 3-m 6-m 12-m

GTL Infrastructure Ltd. 8.85% 8.13% 50.00% 186.05%

Nifty -0.72% 3.82% 11.69% 13.63%

Source – Capitaline

264.47

155.86 156.81

-60.43 -92.75

-167.83

-200

-100

0

100

200

300

Sep'16 Mar'16 Sep'15

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17

GTL Infrastructure Ltd NIFTY None

http://www.gtlinfra.com/




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TABLE 3 – FINANCIALS

(₹ Cr.) Sep’16 Mar’16 Sep’15 % Change

Sep ’16 vs Mar’16 Mar’16 vs Sep’15

Net Worth 18.28 -121.91 45.00 N.A. -370.91%

Current Assets 281.01 304.15 354.84 -7.61% -14.29%

Non-Current Assets 5,196.94 5,200.24 5,292.86 -0.06% -1.75%

Total Assets 5,477.95 5,504.39 5,647.70 -0.48% -2.54%

Investments 1,901.63 1,825.47 1,835.70 4.17% -0.56%

Finance Cost 113.88 114.83 140.11 -0.83% -18.04%

Long Term Liabilities 4,807.71 5,057.70 5,146.37 -4.94% -1.72%

Current Liabilities 651.96 568.60 456.33 14.66% 24.60%

Turnover 264.47 155.86 156.81 69.68% -0.61%

Profit After Tax (PAT) -60.43 -92.75 -167.83 N.A. N.A.

EPS (₹) -0.26 - 0.40 -0.72 N.A. N.A.

Source - Money Control/ Stock Exchange Filing

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: No Audit Qualifications in last 3 years (viz. FY 2013-14, FY 2014-15 and FY 2015-16). However,

the Statutory Auditors has drawn attention to following matters:

Emphasis of Matter for the financial year 2015-16:

a) Note no. 11.3 regarding Company’s Investment through tower trust in its associate company Chennai Network Infrastructure

Limited amounting to ₹1815.72 Cr as at 31st March 2016. The associate’s net worth has been eroded substantially however, no

provision for diminution in the value of investment has been considered necessary by the management for the reasons stated

therein.

b) Note no. 22.1 regarding remuneration paid to a Whole-Time Director, which is subject to the approval of Central Government.

c) Note no. 30 regarding outstanding trade receivables and other current assets, which are subject to confirmation but considered

good for the reasons mentioned therein.

d) Note no. 31 regarding Scheme of Arrangement under section 391 to 394 of the Companies Act, 1956 pending for the necessary

modifications and approvals and preparation of financial statements without giving effect of this scheme and to give the effect as

and when the scheme becomes effective.

e) Note no. 32 regarding preparation of the financial statements of the Company on a going concern basis notwithstanding the

fact that the Company has incurred cash losses and its net worth has been fully eroded as on 31st March 2016. Further, the

Company’s current liabilities exceed its current assets as at the balance sheet date. These conditions indicate the existence of a

material uncertainty that may cast significant doubt over the Company’s ability to continue as a going concern. However, the

financial statements of the Company have been prepared on a going concern basis for the reasons stated in the said Note. The

appropriateness of assumption of going concern is dependent upon the Company’s ability to generate adequate cash flows in

future to meet its obligations.


a) Note no. 29 regarding outstanding trade receivables and other current assets, which are subject to confirmation but considered

good for the reasons mentioned therein.

b) Note no. 30 regarding Scheme of Arrangement under section 391 to 394 of the Companies Act, 1956 pending for the necessary

modifications and approvals and preparation of financial statements without giving any effect of this scheme and to give the

effect as and when the scheme becomes effective.

c) Note no. 31 regarding preparation of the financial statements of the Company on a going concern basis notwithstanding the

fact that the Company has been incurring cash losses and its net worth has been substantially eroded as on the Balance Sheet

date. These financial statements have been prepared on a going concern basis for the reasons stated in the said note. The




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appropriateness of assumption of going concern is critically dependent upon the Company’s ability to raise requisite

finance/generate cash flows in future to meet its obligations.

d) Note no. 22.1 regarding Managerial Remuneration, which is subject to the approval of Central Government.


a) Note No. 34 regarding Scheme of Arrangement under section 391 to 394 of the Act pending for the necessary modifications and

approvals and preparation of financial statements without giving any effect of this scheme and to give the effect as and when the

scheme becomes effective.

b) Note No. 35 regarding preparation of the financial statements of the Company on a going concern basis notwithstanding the

fact that the Company has been incurring cash losses and its net worth has been substantially eroded as on the Balance Sheet

date. These financial statements have been prepared on a going concern basis for the reasons stated in the said note. The

appropriateness of assumption of going concern is critically dependent upon the Company’s ability to raise requisite

finance/generate cash flows in future to meet its obligations.

c) Note No. 12.1 regarding capital advance given to certain vendors, in respect of which the Company is negotiating with them for

the recovery of these advances. The management is confident of recovering substantial amount out of these advances and the

provision for doubtful advances aggregating to Rs. 60 Cr. against same has been considered sufficient by them.

d) Note No. 11.3 regarding the book value of non-current investments being lower than their carrying value and non-provision for

diminution in value of these investments for the reasons mentioned therein.

e) Note No. 33 regarding outstanding trade receivables and other current assets, which are subject to confirmation but considered

good for the reasons mentioned therein. Our opinion is not qualified in respect of these matters

Response Comment

Frequency of Qualifications Not Applicable

Have the auditors made any adverse remark in last 3 years? No -

Are the material accounts audited by the Principal Auditors? Yes -

Do the financial statements include material unaudited financial

statements? No

-

TABLE 4: BOARD PROFILE (AS PER ANNUAL REPORT 2015-16)

Regulatory Norms Company

% of Independent Directors on the Board 33% 50%

% of Promoter Directors on the Board - 12.50%

Number of Women Directors on the Board At least 1 1

Classification of Chairman of the Board - Non-Executive Director

Is the post of Chairman and MD/CEO held by the same person? - No

Average attendance of Directors in the Board meetings (%) - 87.50%

Composition of Board: As per Regulation 17(1)(b) of the Listing Regulations, 2015, the Company should have at least 33%

Independent Directors as the Chairman of the Board is a Non-Executive. The Company has 50 % of Independent Directors and

hence, it meets the regulatory requirements.

Board Diversity: The Company has 8 directors out of which 1 is Women Director




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TABLE 5 - FINANCIAL RATIOS

Ratios Sep’16 Mar’16 Sep’15

% Change

Sep ’16 vs

Mar’16

Mar’16 vs

Sep’15

Turn

ove

r

Rat

ios

Inventory Turnover 755.63 338.83 320.02 123.01% 5.88%

Debtors Turnover 4.34 4.94 4.92 -12.21% 0.56%

Fixed asset Turnover 0.05 0.03 0.03 69.79% 1.16%

Current Asset Turnover 0.94 0.51 0.44 83.66% 15.96%

Ret

urn

Rat

ios Operating Profit Margin 41.86% 50.79% 20.30% -17.59% 150.21%

Net Profit Margin -22.85% -59.51% -107.03% N.A. N.A.

Return on Assets (ROA) N.A. N.A. N.A. N.A. N.A.

Return on Equity (ROE) N.A. N.A. N.A. N.A. N.A.

Return on Capital Employed (ROCE) N.A. N.A. N.A. N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 0.43 0.53 0.78 -19.42% -31.21%

Quick Ratio 0.43 0.53 0.78 -19.40% -31.22%

Cash Ratio 0.34 0.48 0.71 -29.59% -32.26%

Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.

Solv

ency

Rat

ios Debt to equity ratio 246.06 N.A. 114.36 N.A. N.A.

Interest Coverage Ratio 0.97 0.69 0.23 41.01% 203.45%

Trad

ing

Rat

ios

Market Cap / Sales 4.42 3.15 3.41 40.30% -7.69%

Market Cap/ Net Worth 63.90 N.A. 11.88 N.A. N.A.

Market Cap/PAT N.A. N.A. N.A. N.A. N.A.

Market Cap/EBITDA 10.55 6.20 16.80 70.24% -63.11%

Source - Money Control

TABLE 6 - TRADING VOLUME

Jun-17 Dec-16 Jun-16 % Change

June 17 vs Dec 16 Dec 16 Vs June 16

Trading Volume (shares) (avg. of 1 qtr) 31,60,206 61,51,281 9,89,409 -48.63% 521.71%

Trading Volume (shares) (high in 1 qtr) 1,19,91,073 3,88,65,243 47,18,088 -69.15% 723.75%

Trading Volume (shares) (low in 1 qtr) 6,19,190 3,14,142 1,58,500 97.11% 98.20%

Ratio - High/low trading volume 19.37 123.72 29.77 -84.35% 315.62%

Ratio - High/average trading volume 3.79 6.32 4.77 -39.95% 32.50%

Source - Capitaline

TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

13th Apr'17 Dec'16 Jun'16 Comments

Shar

eho

ldin

g (%

)

Promoter shareholding

15.14 25.56 26.91 • The Company issued 1,81,59,10,364 equity shares

during the period from June 2016 to 13th April, 2017.

• The promoter shareholding decreased from 25.56% to

15.14%.

• The shareholding of ‘public institution’ increased from

49.35% to 69.60% and that of ‘public others’

decreased from 23.74% to 15.26% during the same

period.

• The promoters have pledged or encumbered 100% of

their shareholding.

Public - Institutional shareholding

69.60 49.02 49.35

Public - Non-Institutional shareholding

15.26 25.42 23.74

Non-Promoter Non-Public Shareholding

0.00 0.00 0.00

Source - NSE




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MAJOR SHAREHOLDERS (AS ON 13TH APRIL 2017)

S. No. Promoters Shareholding S. No. Public Shareholders Shareholding

1 GTL Ltd. 8.33%

1 Indian Overseas Bank 10.99%

2 Global Holding Corporation Pvt. Ltd. 6.82%

2 Union Bank Of India 8.17%

3 Bank Of India 6.26%

4 Bank Of Baroda 6.06%

5 State Bank Of India 5.26%

Source - NSE

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters There was no change in shareholding of promoters during the FY 2015-16.

Preferential issue to promoters No preferential issue of shares was made to promoters during the FY 2015-16.

Preferential issue to others No preferential issue of shares was made to other shareholders during the FY 2015-

16.

GDRs issued by the Company The Company has outstanding convertible instruments (FCCBs).

Issue of ESOPs / Issue of shares other

than Preferential allotment The Company does not have any active ESOP Scheme.

Source - Annual Report 2015-16

TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Sr. No. Name and Description of main products / services % to Total turnover of the Company

1. Providing Telecom Towers on shared basis to multiple telecom operators 100%

Source - Annual Report 2015-16




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Glossary

Equity: The equity shares capital of the Company

Net Worth: The amount by which the Assets exceeds the liabilities excluding shareholders’ funds of the Company

Turnover: The revenue earned from the operations of the Company

EPS: Earning Per Share is net profit earned by the Company per share

𝐸𝑃𝑆 =Profit After Tax

Number of outstanding shares

P/E ratio: It is the ratio of the Company’s share price to earnings per share of the Company

𝑃/𝐸 𝑟𝑎𝑡𝑖𝑜 =Price of each share

Earnings per share

Current Assets: Cash and other assets that are expected to be converted to cash in one year

Fixed Assets: assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land,

buildings, and equipment

Total Assets: Current Assets + Fixed Assets

Investments: An investment is an asset or item that is purchased with the hope that it will generate income or appreciate in

the future.

Finance Cost: The Financing Cost (FC), also known as the Cost of Finances (COF), is the cost and interest and other charges

incurred during the year in relation to borrowed money.

Long Term Liabilities: Long-term liabilities are liabilities with a maturity period of over one year.

Current Liabilities: A company's debts or obligations that are due within one year.

Inventory Turnover ratio: Inventory Turnover is a ratio showing how many times a company's inventory is sold and replaced

over a period.

𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Inventory

Debtors Turnover: Accounts receivable turnover is an efficiency ratio or activity ratio that measures how many times a business

can turn its accounts receivable into cash during a period

𝐷𝑒𝑏𝑡𝑜𝑟𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Accounts recievables

Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Fixed Assets

Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Current Assets

Operating Profit Margin: Operating margin is a measurement of what proportion of a Company’s revenue is left over after

paying for variable costs of production such as wages, raw materials etc. It can be calculated by dividing a Company’s operating

income (also known as “operating profit”) during a given period by its sales during the same period.

𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Operating profit

Sales Turnover

Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales

𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Net profit

Sales Turnover




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Return on Assets: ROA tells you what earnings were generated from invested capital (assets)

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡𝑠 =Net profit

Total Assets

Return on equity/net worth: return on equity (ROE) is the amount of net income returned as a percentage of shareholders’

equity.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 =Net profit

Net worth

Return on Capital Employed: Return on capital employed (ROCE) is a financial ratio that measures a company's profitability

and the efficiency with which its capital is employed.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 =Net profit

Total Debt + Equity share capital

Current ratio: The current ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts

over the next 12 months. It compares a firm's current assets to its current liabilities.

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =Current Assets

Current Liabilities

Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories

Current Liabilities

Cash ratio: The ratio of the liquid assets of a Company to its current liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories − Account Recievables

Current Liabilities

Working Capital Turnover ratio: The working capital turnover ratio is also referred to as net sales to working capital. It indicates

a Company's effectiveness in using its working capital.

𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Current Assets − Current Liabilities

Debt to Equity ratio: The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of

shareholders' equity and debt used to finance a company's assets.

𝐷𝑒𝑏𝑡 𝑡𝑜 𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =𝑆ℎ𝑜𝑟𝑡 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡 + 𝐿𝑜𝑛𝑔 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡

𝑁𝑒𝑡 𝑊𝑜𝑟𝑡ℎ

Interest Coverage ratio: The Interest coverage ratio is a debt ratio and profitability ratio used to determine how easily a

Company can pay interest on outstanding debt.

𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐶𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑎𝑡𝑖𝑜 =𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐵𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥

𝐹𝑖𝑛𝑎𝑛𝑐𝑒 𝐶𝑜𝑠𝑡

Market Cap/Sales ratio: Market Cap/sales ratio, Price–sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is

calculated by dividing the company's market cap by the revenue in the most recent year; or, equivalently, divide the per-

share stock price by the per-share revenue.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑆𝑎𝑙𝑒𝑠 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Company’s market cap to net worth.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ

Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Company’s market cap to net profit.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑃𝐴𝑇 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡

Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Company’s market cap to EBITDA.


http://www.investopedia.com/terms/i/invested-capital.asp

http://www.investopedia.com/articles/stocks/05/04405.asp

https://en.wikipedia.org/wiki/Stock

https://en.wikipedia.org/wiki/Market_cap

https://en.wikipedia.org/wiki/Stock



8 | P A G E



𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝐸𝐵𝐼𝑇𝐷𝐴 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝐸𝐵𝐼𝑇𝐷𝐴

Trading Volume (shares) (avg. of 1 year): Average number of shares/day traded in 1 year

Trading volume (shares) (high in 1 year): Highest number of shares/day traded in 1 year

Trading volume (shares) (minimum in 1 year): Lowest number of shares traded on any one day in 1 year




9 | P A G E



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Research Analyst: Mukesh Solanki


mailto:[email protected]

mailto:[email protected]

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