Column1 Column2

2020

Non-current assets

Property, plant and equipment 4,932,529,642

Intangible assets 344,797

Long-term Investments 158,738,930

Long-term loans 7,261,530

Deferred tax assets 9,501,130
5,108,376,029

Current assets

Stores, spares and loose tools 76,560,562

Stock-in-trade 1,381,183,851

Trade debts - net 328,704,079

Loans and advances 67,822,902

Due from related party 1,150,380

Deposits, prepayments and other receivables 575,981,421

Taxation - net 163,120,742

Short-term Investments 9,001,861

Cash and bank balances 95,281,712

2,698,807,510

Total assets 7,807,183,539

EQUITY AND LIABILITIES

Share capital and reserves

Authorised capital 400,000,000 ordinary shares of Rs.10

4,000,000,000
each

Issued, subscribed and paid up capital 1,512,500,000

Share premium 1,095,352,578

Fair value reserve -1,815,876

Unappropriated profit 231,917,852

Equity attributable to owners of the Parent Company 2,837,954,554

Non controlling Interests 259,467,794

3,097,422,348

LIABILITIES

Non-current liabilities

Lease liabilities 663,416

Defined benefit obligation - net 16,149,322

Long term loans 1,730,349,971

Deferred tax liabilities -

Deferred grant 2,646,769

Gas Infrastructure Development Cess -

 1,749,809,478

Current liabilities

Current maturity of lease liabilities 1,077,125

Current portion of long-term loans 43,170,962

Current portion of deferred grant 4,829,455

Short-term borrowings 2,088,194,296

Trade and other payables 491,985,880

Due to related party 162,803,871

Unclaimed dividend 3,526,379
Accrued mark-up on short-term financing 164,363,745

Total equity and liabilities 2,959,951,713

CONTINGENCIES AND COMMITMENTS 7,807,183,539

Column1 2020
Revenue - net 2,778,630,637
Cost of revenue -2,726,360,719

Gross profit 52,269,918

Administrative, selling and general expenses -239,016,127

Reversal / (impairment loss) on trade receivables -12,347,172

-199,093,381
Other expenses -3,044,586
Other income 15,905,563
12,860,977
Operating profit / (loss) -186,232,404
Finance costs -235,609,302
Share of profit / (loss) in associate - net -172,850,982

Provision for reversal / (Impairment) against associate -122,991,403

Profit / (loss) before taxation -717,684,091

Taxation 70,955,369

Loss for the year -646,728,722

Profit / (loss) attributable to:Owners of the Parent

-576,081,019
Company
Non-controlling interests -70,647,703

-646,728,722

Earning / (loss) per share - basic and diluted -3

Revenue - net
9,000,000,000
0
0.5 1
8,000,000,000
-500,000,000

7,000,000,000
-1,000,000,000

6,000,000,000
-1,500,000,000

5,000,000,000
-2,000,000,000

4,000,000,000
-2,500,000,000

3,000,000,000
-3,000,000,000
2,000,000,000
-3,500,000,000
1,000,000,000
-4,000,000,000
0
0.5 1 1.5 2 2.5 3 3.5
-4,500,000,000

Administrati ve, selling and general Reversal /

expenses
0
2019.5 2020 2020.5 2021 2021.5 2022 2022.5 15,000,000
 Administrati ve, selling and general Reversal /
expenses
0
2019.5 2020 2020.5 2021 2021.5 2022 2022.5 15,000,000
-50,000,000
10,000,000
-100,000,000
5,000,000
-150,000,000
0
-200,000,000 2019.5 2020

-250,000,000 -5,000,000

-300,000,000 -10,000,000

-350,000,000 -15,000,000

Operati ng profi t/loss-Finance cost- Profi t/loss b

Share profi t / loss in associate net
800,000,000 400,000,000
600,000,000
200,000,000
400,000,000
0
200,000,000 2019.5 2020
0 -200,000,000
2019.5 2020 2020.5 2021 2021.5 2022 2022.5
-200,000,000 -400,000,000
-400,000,000
-600,000,000
-600,000,000
-800,000,000
Operating profit / (loss) Finance costs
Share of profit / (loss) in associate - net Profit / (loss

Column1 Column2
Earnings
Latest EPS Upto 2023 2Q      Rs. 0.11
EPS Last Quarter 2023 2Q Rs. 0.16
Last Annual EPS Upto 2022 4Q     Rs. 1.06

Price To Earning P/E Upto 2022 4Q 6.09 x

Exp Price To Earning P/E Upto 2023 2Q      29.36 x
Exp Earning Gowth Upto 2023 2Q      -79.25%
Price Earning Growth Upto 2023 2Q      -0.37 x
Column3 Column4

2021 2022

5,255,653,540 5,270,345,813

2,879,505
.
-327,621,735 149,238,235

8,303,878 7,644,157
.
-5,591,579,153 5,430,107,710

70,811,900 55,063,066

1,3,87,034,758 1,618,931,498

476,303,736 909,494,124

132,827,429 253,365,717

1,150,380 1,150,380

512,011,961 495,687,252

206,232,180 317,350,627

925,552 922,502

25,171,42 30,371,640
2,812,469,318 3,682,336,806

8,404,048,471 9,112,444,516
4,000,000,000 4,000,000,000

2,512,500,000 2,512,500,000

1,070,065,433 1,070,065,433

-1,819,906 -1,818,044

288,483,538 269,956,095

3,869,229,065 3,850,703,484

197,754,752 110,305,074
4,066,983,817 3,961,008,558

910,322 23,828,164

4,535,710 35,100,894

1,301,462,356 1,229,817,007

17,053,867 24,389,285

424,227

.
1,668,081 47239
1,326,054,563 1,313,182,589

839,504 6,500,095

543,658,900 433,625,552

5,770,074 424,227

1,844,976,781 2,226,407,411

513,330,155 1,064,498,286

22,048,871 22,048,871
3,527,781 4,000,000
76,858,025 3,527,781

77,221,146

3,011,010,091 3,838,253,369

8,404,048,471 9,112,444,516

2021 2022
4,717,228,398 7,791,955,309
-4,218,274,392 (6,844,515,665
498,954,006 947,439,644
-256,180,587 -306,958,075

12,347,172 .
255,120,591 640,481,569
-38,095,825 -46,401,555
49,191,548 84,734,309
11,095,723 38,332,754
266,216,314 678,814,323
 -340,314,043 -492,756,160
26,197,334 -8,370,342

138,198,148 -21,888,597
155,799,224
90,297,753
-93,855,526 -242,054,431

-3,557,773 -86,255,207

58,155,269 1,194,471

-61,713,042 -87,449,678

-3,557,773 -86,255,207

0.29 0.005

Cost of revenue
0
0.5 1 1.5 2 2.5 3 3.5

-500,000,000

-1,000,000,000

-1,500,000,000

-2,000,000,000

-2,500,000,000

-3,000,000,000

-3,500,000,000

-4,000,000,000

-4,500,000,000

Reversal / (impairment loss) on trade re -

ceivables
15,000,000
 Reversal / (impairment loss) on trade re -
ceivables
15,000,000

10,000,000

5,000,000

0
2019.5 2020 2020.5 2021 2021.5 2022 2022.5

-5,000,000

-10,000,000

-15,000,000

Profi t/loss before taxati on-Taxati on-Loss for

the year
400,000,000

200,000,000

0
2019.5 2020 2020.5 2021 2021.5 2022 2022.5
-200,000,000

-400,000,000

-600,000,000

-800,000,000

Profit / (loss) before taxation Taxation Loss for the year

Column3 Column4
Important Ratios
Gross Margin Upto 2022 4Q     10.41%
Sales Growth (YoY) 2021 to 2022 65.18%
Sales Growth (QoQ) 1Q 2023 to 2Q 2023 16.51%

Enterprise Value Per Share Upto 2023 1Q Rs. 7.82

    
Book Value Per Share Upto 2023 1Q      Rs. 16.94
Debt to Equity Ratio Upto 0     65.94%
xPrice Date Right: 66.11% 12-Jan-21
 REVENUE, COST OF REVENUE, A,S,G
EXPENSE, ONTRADE RECEIVABLES
10,000,000,000
8,000,000,000
6,000,000,000
4,000,000,000
2,000,000,000
0
0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5
-2,000,000,000
-4,000,000,000
-6,000,000,000

2020 2021 2022

Column1 2020 2021 2022

GROSS PROFIT 52,269,918 498,954,006 947,439,644
2020 2021 2022
Administrative, selling
-239,016,127 -256,180,587 -306,958,075
and general expenses
2020 2021 2022
Reversal / (impairment
loss) on trade -12,347,172
receivables 12,347,172 .
-199,093,381 255,120,591 640,481,569
2020 2021 2022
Other expenses -3,044,586 -38,095,825 -46,401,555
Other income 15,905,563 49,191,548 84,734,309
12,860,977 11,095,723 38,332,754
 2020 2021 2022
Operating profit /
-186,232,404 266,216,314 678,814,323
(loss)
Finance costs -235,609,302 -340,314,043 -492,756,160
Share of profit / (loss) in
-172,850,982 26,197,334 -8,370,342
associate - net
2020 2021 2022
Profit / (loss) before
-717,684,091 155,799,224
taxation 90,297,753
Taxation 70,955,369 -93,855,526 -242,054,431
Loss for the year -646,728,722
-3,557,773 -86,255,207
2020 2021 2022

Profit / (loss)
attributable to:Owners -576,081,019 58,155,269 1,194,471
of the Parent Company

Non-controlling interests -70,647,703

-61,713,042 -87,449,678
-646,728,722 -3,557,773 -86,255,207

GROSS PROFIT
1,000,000,000
3.5
900,000,000

800,000,000

700,000,000 Earning / (loss

600,000,000
2

500,000,000

400,000,000
0
2019.5 2020 2020.5
300,000,000

200,000,000
-2

100,000,000

0
0.5 1 1.5 2 2.5 3 3.5 -4

Other Expenses & Other Income

100,000,000

80,000,000
 Other Expenses & Other Income
100,000,000

80,000,000

60,000,000

40,000,000

20,000,000

0
2022.5 2019.5 2020 2020.5 2021 2021.5 2022 2022.5
-20,000,000

-40,000,000

-60,000,000

Other expenses Other income Row 68

Profi t/loss att ribute-Non controlling

interests
100,000,000
0
2019.5 2020 2020.5 2021 2021.5 2022 2022.5
-100,000,000
-200,000,000
2022.5
-300,000,000
-400,000,000
-500,000,000
-600,000,000
-700,000,000

Profit / (loss) attributable to:Owners of the Parent Company

Non-controlling interests
Row 80
 2020 2021 2022

Earning / (loss)
per share -
-3
basic and
diluted

0.29 0.005
Earning / (loss) per share - basic and
diluted
2

0
2019.5 2020 2020.5 2021 2021.5 2022 2022.5

-2

-4