Minor Project Report

On
(A STUDY ON FINANCIAL PERFORMANCE OF DMRC)

Submitted in Partial Fulfillment for the Award of the

Degree of BBA 2023-2026

Under the Guidance of: ANJALI GOEL Submitted By:SACHIN KASANIA

(ASSISTANT
PROFESSER) University Enrollment 06561101723

Maharaja Agrasen Institute of Management Studies

(A unit of Maharaja Agrasen Technical Education Society)
Affiliated to GGSIP University; Recognized u/s 2(f) of UGC
Recognized by Bar Council of India; ISO 9001 : 2015 Certified Institution
Maharaja Agrasen Chowk, Sector 22, Rohini, Delhi-110086
 CERTIFICATE FROM THE INSTITUTE GUIDE

This is to certify that the minor project titled (A STUDY ON FINANCIAL PERFORMANCE OF

DMRC )”is an academic work done by “___SACHIN __KASANIA___” submitted in the partial fulfilment

of the requirement for the award of the degree of BBA at Maharaja Agrasen Institute of Management

Studies, Delhi, under my guidance & direction.

To the best of my knowledge and belief the data & information presented by him/her in the project has not

been submitted earlier.

Signature :

Name of the Guide :ANJALI GOEL

Designation : ASSISTANT PROFESSER

 STUDENT DECLARATION

This is to certify that I have completed the Minor Project report titled” (A STUDY ON FINANCIAL

PERFORMANCE OF DMRC)” under the guidance of “( MS ANGALI GOEL)” in partial fulfilment of

the requirement for the award of Degree of (BBA PROGRAME)at Maharaja Agrasen Institute of

Management Studies, Delhi. This is an original piece of work & I have not submitted it earlier elsewhere.

Date: Signature:

Place: Name: SACHIN KASANIA

University Enrollment No.:065611017223

 CONTENTS

Page No.
Particulars
Acknowledgement 2

Student undertaking 3

Certificate 4

List of tables 6

List of figures 7

Executive Summary 8

Introduction 11

Objectives 15

Literature review 17

Company profile 20

Research methodology 28

Analysis & interpretation 37

Findings and inferences 51

Limitations 55

Recommendations and Conclusion 57

Bibliography 61

Appendices 64

4
 LIST OF TABLES

S. Particulars Description Page

no. no.

1 Table 4.1 Company profile 22

2 Table 4.2 SWOT analysis of DMRC 27

3 Table 5.1 Difference between Primary and 34

secondary data
5 Table 6.1 Standalone Balance Sheet as at 31st 39
March 2021
6 Table 6.2 Standalone statement of cash flows 49
for the year ended 31st march 2021

7 Table 6.3 Standalone statement of profit 50

and loss for the year ended 31st
march 2021
8 Table 11.1 10 years digest at a glance 66

5
 LIST OF FIGURES

S.No Particul Description Page

ars no.
1 Figure 1.1 Revenue earned by DMRC 13

2 Figure 5.1 Primary and secondary 31

data

3 Figure 6.1 Current Ratio 40

4 Figure 6.2 Debt to Equity ratio 41

5 Figure 6.3 Quick ratio 42

6 Figure 6.4 Return on Equity ratio 43

7 Figure 6.5 Gross profit ratio 44

8 Figure 6.6 Inventory turnover ratio 45

9 Figure 6.7 Working capital ratio 46

10 Figure 6.8 Debt to asset ratio 47

6
EXECUTIVE
SUMMARY

7
 EXECUTIVE SUMMARY

The growing demand for public transport in mega cities has serious effects on
urban ecosystems, especially due to the increased atmospheric pollution and
changes in land use patterns. An ecologically sustainable urban transport system
could be obtained by an appropriate mix of alternative modes of transport
resulting in the use of environmentally friendly fuels and land use patterns.

The introduction of CNG in certain vehicles and switching of some portion of the
transport demand to the metro rail have resulted in a significant reduction of
atmospheric pollution in Delhi. The Delhi Metro provides multiple benefits:
reduction in air pollution, time saving to passengers, reduction in accidents,
reduction in traffic congestion and fuel savings.

There are incremental benefits and costs to a number of economic agents:

government, private transporters, passengers, general public and unskilled labour.

Delhi Metro has literally broken grounds in the field of urban transportation
when it had begun tunnelling work on the country’s first metro project, the
number of rapid transit networks in India has grown manifold since then.

Clearly, as Delhi’s population boomed, the metro rail came as a boon for
thousands of its residents. DMRC resolved last-minute connectivity hiccups by
introducing feeder buses. In 2018-19, DMRC decided to monetize last-mile
connectivity by launching a separate subsidiary that would operate electric buses
and three wheelers to connect its stations with residential areas. As more people
use the metro, DMRC’s fare box revenue collections—money earned from ticket
sales—have gone up and

8
it is also using the ‘consumer in the commuter’ to boost its non-fare box
revenues, which includes earnings from rentals and advertisement.

Since 2008, DMRC’s fare-box revenues and its non-fare box revenues have
grown at the same pace. In 2017-18, DMRC earned almost Rs 2600 crore in
ticket sales and Rs 3600 as non-fare box revenue. DMRC created an ecosystem
that has generated thousands of jobs not just in construction of railway lines but
also in encouraging ancillary services around the infrastructure created over the
years. DMRC’s ongoing works are valued at almost Rs 19,000 crore, and the
network aims to cover the entire Delhi-NCR region by 2021.

An impediment to Delhi Metro’s future could be the rise in ticket prices. When
fares were hiked in 2017, ridership fell by more than two lakh the next year – the
first time ever in the network’s 17-year operational history.

For this research, methodology adopted was to study the research papers in the
area of FINANCIAL management In PSU’s DMRC.

The financial performance of Delhi Metro done in this paper tries to measure all
the findings and suggestions to enhance the financial performance of Delhi Metro
Rail Corporation.

9
 Chapter 1
INTRODUCTION

10
 INTRODUCTION TO TOPIC

What is Financial performance?

Financial performance is a subjective measure of how well a firm can use assets from
its primary mode of business and generate revenues. The term is also used as a
general measure of a firm's overall financial health over a given period. There are
many stakeholders in a company, including trade creditors, bondholders, investors,
employees, and management. Each group has an interest in tracking the financial
performance of a company. The financial performance identifies how well a company
generates revenues and manages its assets, liabilities, and the financial interests of its
stakeholders and stockholders.

There are many ways to measure financial performance, but all measures should be
taken in aggregate. Line items, such as revenue from operations, operating
income, or cash flow from operations can be used, as well as total unit sales.
Furthermore, the analyst or investor may wish to look deeper into financial statements
and seek out margin growth rates or any declining debt. Six Sigma methods focus on
this aspect.

11
 Figure 1.1

The pandemic resulted in DMRC’s revenue nosediving from Rs 3,897.3 crore in

2019-2020 to Rs 895.9 crore in 2020-2021. While DMRC had a surplus of Rs 758
crore in 2019-2021, the last fiscal saw the train company recording a deficit of Rs
1,784.9 crore. The first quarter of the current financial year coincided with the second
wave of Covid – 19 and saw train services being closed to the general public for 48
days.

The Delhi Metro has also contributed tremendously on the environment front by
becoming the first ever railway project in the world to claim carbon credits for
regenerative braking. DMRC has also been certified by the United Nations (UN) as
the first Metro Rail and Rail based system in the world to get carbon Credits for
reducing Green House gas emissions as it has helped to reduce

12
pollution levels in the city by 6.3 lakh tons every year thus helping in reducing global
warming.

It has also set up roof top solar power plants at many of its stations. All stations of the
presently under construction corridors are being constructed as green buildings. Apart
from providing Delhites with a comfortable public transport option, the Delhi Metro
is also contributing significantly towards controlling pollution as well as reducing
vehicular congestion on the roads.

AVERAGE NUMBER OF PEOPLE WHO TRAVEL IN DELHI

METRO
The Delhi Metro network recorded 60 lakhs ‘passenger trips’ on average daily before
the Covid-19 outbreak and despite no standing passengers allowed in its trains
recently, the average passengers trips on weekdays was around 30 lakhs on average.

OWNERSHIP

Delhi Metro Rail Corporation Limited (DMRC) is a centre-state joint venture

that operates the Delhi Metro. The DMRC is also involved in the planning and
implementation of metro rail, monorail, and high-speed rail projects in India and
abroad.

13
 Chapter 2
OBJECTIVES

14
 OBJECTIVES

• To study the financial performance of Delhi Metro Rail Corporation

using ratios.
• To study the financial performance of Delhi Metro Rail Corporation
using cash flow statements.
• To know the profitability position of Delhi Metro Rail Corporation.

Scope of the study

This project will also help to understand the financial performance of Delhi Metro
Rail Corporation. This study will throw light on the different aspects where the Delhi
Metro Rail Corporation stand out.

15
 Chapter 3
LITERATURE REVIEW

16
 Literature review

I. Parveen Kumar (JULY 2012)

A public sector undertaking may be defined as a business undertaking, which is

owned managed and controlled by the State, on behalf of public at large. These
undertakings have come to enjoy a unique position in the Indian economy in the post-
independence era.

They have been responsible for forming a strong industrial base and providing the
basic infrastructure for development in the country. From an investment in 5
enterprises of Rs. 29 crores in 1950-51.

Investment in 242 Central PSUs has gone up to a staggering Rs. 2.04.054 crores, the
net profit they made was just Rs. 13.725 crores – a return of 6.7 per cent only.

Financial is the most crucial component of the working capital of a firm. Its effective
management is the key determinant of efficient working capital management. It is the
most unproductive of all assets while fixed assets like machinery and plant, etc., and
current assets such as inventory help the business in increasing its earning capacity,
Financial in hand does not add anything to the business concern.

I. Mitashi Singh & Rohit Sharma (2012)

Metro rail projects in India that are currently on sprawl across the states majorly have
a social bent. These generally require heavy investments and often have long recovery
periods. State governments are tied to increase the fares after a point in order to
recover the cost. Therefore, the developer of project has to come up with a model or a
policy that could generate the desired resource. That model utilizes the transit
system as a catalyst and

17
policies as a tool to generate funds which is termed as “real estate levy”. Example of
such models is property development as done by Delhi Metro Rail Corporation Ltd.
(DMRC). Built up area on the Metro stations or on acquired land is sold to private
investors by the Corporation.

DMRC has been mandated to incur initial 7% cost of the project through property
development, 30 years concession and long- term lease for commercial development
on vacant lands and development on vacant pockets respectively.

II. Mohana R. Killada & GVR Raju (2018)

India, much like China, is witnessing a rapid growth in urban population. Almost 60%
of Indians are estimated to be living in urban areas by 2050. India saw its first metro
system open in Kolkata in 1984.

Delhi metro was the next to open in 2002 and has now become the longest metro
system in the country and the 10th longest in the world. Indian cities have operational
metro systems.

III. Kumar V. Pratap (2021)

Financial year 2020–2021 is likely to be disastrous for the financials of metro rail
JVCs as metros were locked down for more than 6 months because of the COVID-19
pandemic. Even though the metro services had been resumed in October 2020, the
ridership had been adversely affected by social distancing requirements. Estimates
suggest that instead of 1,800–2,000 passengers, a typical metro train in Delhi is
carrying 350–400 passengers to ensure social distancing, implying a carrying capacity
of metros of about a fifth of the business-as-usual levels.

18
 Chapter 4
COMPANY PROFILE

19
 Company profile

Delhi Metro Rail Corporation Limited (DMRC) is a centre-state joint venture that
operates the Delhi Metro. The DMRC is also involved in the planning and
implementation of metro rail, monorail, and high-speed rail projects in India and
abroad.

The work of DMRC is broadly fragmented into various parts namely Projects,
Operation and Maintenance, Finance, Human Resources etc. which are controlled by
the respective directors under the direction of managing director. Delhi Metro is the
largest and the busiest transit system in India connecting the country’s capital
region with satellite cities.

The metro system is operated by Delhi Metro Rail Corporation (DMRC), a public
sector company established by the Government of India and Government of Delhi in
May 1995.

Type Centre-State owned

Industry Public transport

Founded 3 May 1995; 27 years ago,

New Delhi, Delhi, India

Headquarters New Delhi, Delhi

India

Key people Manoj Joshi (secretary of MoHUA & Chairman)

Vikas Kumar (managing director)

Services Delhi Metro, consultancy and implementation of metro

rail, monorail and high-speed rail

20
Owner Government of India (50%)
Government of Delhi (50%)

Website www.delhimetrorail.com

Table 4.1
Vision and mission

Vision

Commuting experience in Delhi Metro to be customer’s delight.

Mission

• To cover the whole of Delhi and adjoining areas with a Metro Network by the
year 2021.
• To serve customers including ‘differently abled’ commuters with passion.
• To sustain the image of being Number One in the transportation sector in India
and to be among the top three Metro Rail Systems in Asia with regard to:

Safety
Reliability
Punctuality
Quality and
Responsiveness to customer

• To make Delhi Metro self- sustainable.

Culture

• Be committed to DMRC’s Mission and provide a secure commuting

experience.
• Ensure optimal and smooth waiting transition at stations.

21
 • To serve all our stakeholders with pride, perfection, and dignity and make
it easier to do business with DMRC.
• To sustain ‘Leaner the better’ and ‘we mean business’ attitude by being
effective, responsive, transparent and courteous.
• To ensure that their ‘trains’ and ‘premises shall be spotlessly clean.
• To ensure their staff having public interface shall be

I. Smartly dressed
II. Punctual
III. Polite
IV. Empathic

To maintain full transparency in all our decisions and transactions.

During construction, they should neither inconvenience nor endanger public
life nor should their work lead to ecological or environmental degradation.
All structures of DMRC aesthetically planned and well maintained. To
cut waste relentlessly.
DMRC is a learning organization. They strive to improve in whatever they
do.

FACILITIES

Facilities for Women passengers

I. First coach of train in moving direction is reserved.
II. Signage have been provided at platform to indicate where the reserved coach
normally stops.
III. Reserved seats in every coach.
IV. For Checking male passengers travelling in women’s coach
V. Quick reaction teams have been deployed.
VI. Special drives are carried out
VII. Offenders will be penalized for 250/-
VIII. Zero tolerance for drunkards and trouble makers.

22
 IX. CCTV surveillance in DMRC premises.
X. Patrolling of the platform after sunset hours have been intensified.
XI. Female CISF staff has been deployed at stations for frisking.

Facilities for Divyangjan

I. Extra Wide Automatic flap gates for wheelchairs
II. Provision of wheelchair at stations
III. Reserved spaces for wheelchair in trains
IV. Tactile paths for visually impaired
V. Separate toilets.
VI. Ramps for change in the level
VII. Handrails alongside stairs
VIII. Lifts are provided with
IX. Wide access doors
X. Hand rails
XI. Audio-visual indications
XII. Telephone buttons
XIII. Call buttons in braille.
XIV. Signage at prominent locations for guidance
XV. Seats reserved in trains
XVI. Audio/visual indication while closing of train doors
XVII. Station staff provides personal assistance

Parking Facilities
I. Provided at Metro stations for commuters to park their vehicles and use metro
service.
II. Parking lots have been outsourced
III. Responsibilities of parking contractor
IV. Safety and security parked vehicles parked
V. Pay compensation in case of theft or damage to vehicles
VI. DMRC supervises smooth operations and adherence to provisions made in
contract by the contractors.

23
About the founder

Elattuvalapil Sreedharan (born 12 June 1932) is an Indian engineer and politician

from the Indian state of Kerala. He is credited with changing the face of public
transport in India with his leadership in building the Konkan Railway and the
Delhi Metro while he served as the managing director of Delhi Metro Rail
Corporation (DMRC) between 1995 and 2012.

Known as the Metro Man, he was awarded the Padma Shri by the Government of
India in 2001, the Padma Vibhushan in 2008, the Chevalier de la Légion d’honneur in
2005 by the French government and was named one of Asia’s Heroes by Time
magazine in 2003.

Sreedharan was appointed by the former UN Secretary General Ban Ki- moon to
serve on the United Nation’s High Level Advisory Group on Sustainable Transport
(HLAG-ST) for a period of three years in 2015.

He is a member of Mata Vaishno Devi Shrine Board. Currently he serves as a national

executive council member of BJP. He quit from active politics on 16 December 2021.

24
SWOT ANALYSIS OF DMRC

UN has certified The Delhi Metro Rail

Corporation as the first metro rail and rail-
based system in the world to get “carbon
credits for reducing greenhouse gas
emissions”

STRENGTHS Entries and exit doors to metro stations

are controlled by flap-doors operated by
‘smart-cards’ and contact less tokens

It is a monopoly and acts as a pro-active

government

It helps reducing traffic and pollution in Delhi

Carries 26 approx. 2 million passengers

daily

Approx. 200 km of connectivity in NCR

region

It had too much cost

It costs more than bus travelling

WEAKNESSES Lot of difficulties like various government

norms while acquiring land

25
 The growing demand for public
transport

World famous tourist place attracting both

OPPORTUNITIES domestic as well as international tourists

It has no close substitutes

Lack of adequate infrastructure in city

It has a threat of security

Less ridership than that what estimated can

THREATS
affect further estimated revenue which can
affect adversely in future
plans

Competitors like Buses, Taxis, Public

Transport

Table 4.2

26
 Chapter 5
RESEARCH
METHODOLOGY

27
 Research methodology

Researcher adopt different available research methodologies that suits their study
better. Research as a scientific tool helps these researchers to measure sample data
with as minimum as possible biases and much higher accuracy rate. This helps them
to confidently put forth a conclusion to the society knowing that the data gathered is
legit and the results drawn from the studies are systematic and statistically sensible.
Researchers adopt various methods of research which best suits their study. Research
is a creative and systematic work undertaken to increase the stock of knowledge, including
knowledge of humans, culture, and society, and the use of this stock of knowledge to devise
new applications, or on the other hand. Research is a process of steps used to collect and
analyze information to increase our understanding of a topic or issue. At a general level, the
research consists of three steps:

1. Pose a question.

2. Collect data to answer the question.

3. Present an answer to the question.

These are basics three steps to do one’s research and present it and collect the
data recorded. If the research has to be more intense and bigger the following
steps can be followed by the researchers:
4. Identification of research problem

5. Literature review

6. Specifying the purpose of research

7. Determining specific research questions

8. Specification of a conceptual framework, sometimes

including a set of hypotheses
9. Choice of a methodology(for data collection)

10. Data collection

11. Verifying data

28
 12. Analysing and interpreting the data

13. Reporting and evaluating research

14. Communicating the research findings and possibly recommendations

The above steps are in systematic order to help the researcher collect data and
understand it. The steps generally represent the overall process; however, they
should be viewed as an ever-changing iterative process rather than a fixed set of
steps.

Different types of Sources of collecting data

We have learned about what is research, how it is done and the right ethics do it.
Now, is the time to learn about the different sources of collection of data;
Most research begins with a general statement of the problem, or rather, the
purpose for engaging in the study. In a time when data is becoming easily
accessible to researchers all over the world, the practicality of utilizing
secondary data for research is becoming more prevalent, same as its questionable
authenticity when compared with primary data.
These 2 types of data, when considered for research is a double-edged sword
because it can equally make a research project as well as it can mar it.
In a nutshell, primary data and secondary data both have their advantages and
disadvantages.
Therefore, when carrying out research, it is left for the researcher to weigh these
factors and choose the better one.
It is therefore important for one to study the similarities and differences between
these data types so as to make proper decisions when choosing a better data type
for research work.

29
 Figure 5.1

Source: GitHub pages

The above figure shows us the different sources of data collection that is,
primary
data and secondary data. The process of collecting them is different as shown
in the above figure, but these data are very important for carrying out the
research and completing this project.
Hence, these data are very important for any researcher.

Primary Data

Primary data is the kind of data that is collected directly from the data source without
going through any existing sources. It is mostly collected specially for a research
project and may be shared publicly to be used for another research. Primary data is
often reliable, authentic, and objective in as much as it was collected with the
purpose of addressing a particular research problem. It is noteworthy that primary
data is not commonly collected because of the high cost of implementation. A
common example of primary data is the data collected by organizations during market
research, product research, and competitive analysis.

30
This data is collected directly from its original source which in most cases are the
existing and potential customers. Most of the people who collect primary data are
government authorized agencies, investigators, research-based private institutions,
etc.

Pros

Primary data is specific to the needs of the researcher at the moment of data
collection. The researcher is able to control the kind of data that
is being collected.
It is accurate compared to secondary data. The data is not subjected to
personal bias and as such the authenticity can be trusted.
The researcher exhibits ownership of the data collected through
primary research. He or she may choose to make it available
publicly, patent it, or even sell it.
Primary data is usually up to date because it collects data in real-time
and does not collect data from old sources.
The researcher has full control over the data collected through primary
research. He can decide which design, method, and data analysis techniques to
be used.

Cons

Primary data is very expensive compared to secondary data.

Therefore, it might be difficult to collect primary data.
It is time-consuming.
It may not be feasible to collect primary data in some cases due to its complexity and
required commitment.

Secondary Data

Secondary data is the data that has been collected in the past by someone else but
made available for others to use. They are usually once primary data but become
secondary when used by a third party.

31
Secondary data are usually easily accessible to researchers and individuals because
they are mostly shared publicly. This, however, means that the data are usually
general and not tailored specifically to meet the researcher’s needs as primary data
does. For example, when conducting a research thesis, researchers need to consult
past works done in this field and add findings to the literature review. Some other
things like definitions and theorems are secondary data that are added to the thesis to
be properly referenced and cited accordingly. Some common sources of secondary
data include trade publications, government statistics, journals, etc. In most cases,
these sources cannot be trusted as authentic.

Pros
Secondary data is easily accessible compared to primary data. Secondary data
is available on different platforms that can be accessed by the researcher.
Secondary data is very affordable. It requires little to no cost to acquire them
because they are sometimes given out for free.
The time spent on collecting secondary data is usually very little compared to
that of primary data.
Secondary data makes it possible to carry out longitudinal studies without
having to wait for a long time to draw conclusions.
It helps to generate new insights into existing primary data.

Cons
Secondary data may not be authentic and reliable. A researcher may need to
further verify the data collected from the available sources.
Researchers may have to deal with irrelevant data before finally finding the
required data.
Some of the data is exaggerated due to the personal bias of the data source.
Secondary data sources are sometimes outdated with no new data to replace
the old ones.

32
BASIS FOR PRIMARY DATA SECONDARY
COMPARISON DATA
Meaning Primary data refers to the Secondary data means
first-hand data gathered data collected by someone
by the else earlier.
researcher himself.
Data Real time data Past data

Process Very involved Quick and easy

Source Surveys, observations, Government publications,

experiments, websites,
questionnaire, personal books, journal articles,
interview, etc. internal records etc.
Cost Effectiveness Expensive Economical

Collection Time Long Short

Specific Always specific to the May or may not be

researcher’s needs. specific to the researcher’s
need.
Available in Crude form Refined form

Accuracy and More Relatively less

reliability

Table 5.1

33
IN THIS PROJECT SECONDARY DATA IS USED

In this project, secondary data is collected as it is economical. It saves efforts

and expenses and is time saving. It helps to make primary data collection
more specific since with the help of secondary data, we are able to make out
what are the gaps and deficiencies and what additional information needs to
be collected. It helps to improve the understanding of the problem.

It provides a basis for comparison for the data that is collected by the
researcher. But also, Secondary data is something that seldom fits in the
framework of the marketing research factors. Accuracy of secondary data is
not known and Data maybe outdated.

With the onset of the pandemic, it is difficult to meet people and listen to their
ideologies, as there are fewer people in the streets. These secondary data have
been presented in this project and also explained side by side.

Comparing both the advantages and disadvantages, it was clear that the project
has to be made through the method of secondary data. As convenient as it may
sound, the first-hand information was tough or nearly impossible to get for the
project and hence, the whole project is based on secondary data.

Methods used:

I. Before beginning secondary research, the topic that needs research was
identified. Once that was done, the research attributes and its purpose
were listed down.

II. Next, the information sources that will provide most relevant data

34
 and information applicable to the research were narrowed down.

III. Once the data collection sources were narrowed down, a check was
conducted for any previous data that is available which is closely
related to the topic. Data related to research can be obtained from
various sources like newspapers, public libraries, government and non-
government agencies etc.

One of the most popular ways of collecting secondary data is using the
internet. Data is readily available on the internet and can be
downloaded at the click of a button.

This data is practically free of cost or one may have to pay a negligible
amount to download the already existing data. Moreover, only
authentic and trusted websites are used to collect information in this
project.

Local newspapers, journals, magazines, radio and TV stations are a

great source to obtain data for secondary research. These commercial
information sources have first-hand information on economic
developments, political agenda, market research, demographic
segmentation and similar subjects.

IV. Once data was collected, the data was combined and compared for any
duplication and was assembled into a usable format. Make sure to
collect data from authentic sources. Incorrect data can hamper research
severely.

V. Collected data was analyzed and identification was done to make sure
if all questions are answered. If not, the process was repeated in case
there was a need to dwell further into actionable insights.

35
 Chapter 6
Analysis and
interpretation

36
 Analysis and interpretation
STANDALONE BALANCE SHEET AS AT 31st MARCH 2021

( ₹ in lakh)

PARTICULARS As at As at
31st March, 2021 31st March, 2020*
NON-CURRENT ASSETS
(a) Property, Plant and Equipment 6,072,771.05 6,099,504.78
(b) Intangible assets 82,800.22 83,615.23
(c) Capital work-in-progress 267,076.13 197,035.16
(d) Intangible assets under development 11,042.79 7,367.03
(e) Financial assets
(i) Investments 10.00 1.00
(ii) Loans 9,665.86 10,540.64
(iii) Other financial assets 1,980.43 313.28
(f) Deferred tax assets (Net) 182,996.38 65,797.70
(g) Other non-current assets 144,417.92 110,636.82
CURRENT ASSETS
(a) Inventories 24,628.46 19,410.66
(b) Financial assets
(i) Trade receivables 51,537.38 75,436.56
(ii) Cash & cash equivalents 1,342.80 372.95
(iii) Other bank balances 719,214.87 1,028,011.09
(iv) Loans 2,142.00 2,301.28
(v) Other financial assets 12,239.96 29,083.97
(c) Current tax assets (Net) 2,127.12 13,262.64
(d) Other current assets 99,241.61 105,078.01
TOTAL ASSETS 7,685,234.98 7,847,768.80
(a) Equity share capital 1,987,625.04 1,957,624.04
(b) Other equity 685,906.97 895,012.56
NON-CURRENT LIABILITIES
(a) Financial liabilities
(i) Borrowings 4,189,383.78 4,235,039.74
(ii) Other financial liabilities 8,269.68 10,200.05
(b) Provisions-Non current 49,903.51 46,314.74
(c) Other non-current liabilities 27,352.37 27,716.16
CURRENT LIABILITIES
(a) Financial liabilities
(i) Trade payables

37
 4,139.20 12,362.51

38,530.18 34,357.94

(ii) Other financial liabilities 462,914.17 474,435.38

(b) Other current liabilities 176,430.03 138,828.93
(c) Provisions-current 54,780.05 15,876.75
7,685,234.98 7,847,768.80

Table 6.1

38
 RATIO ANALYSIS

1. Current Ratio

Year 2021,
Current Ratio= Current Asset /Current Liability
1272957.16/3528492.11= 0.36

Year 2020,
Current Ratio= Current Asset /Current Liability
943037.64/3430565.97= 0.27

Current Ratio Comparison (2021-2020)

Current Ratio

0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4

2020 2021

Figure 6.1

39
 2. Debt to Equity Ratio

Year 2021
Debt Equity Ratio= Debt/Equity
4315908.50/2811841.05= 1.53

Year 2020
Debt Equity Ratio= Debt/Equity
4136126.08/274899.17 = 1.50

Debt Equity Ratio for the year 2021 is 1.53.

Debt Equity Ratio for the year 2020 is 1.50.

Debt Equity Ratio Comparison

Debt Equity Ratio

1.4851.491.4951.51.5051.511.5151.521.5251.531.535

20202021

Figure 6.2

40
 3. Quick Ratio

Quick assets/Current liabilities

2020,

Quick Assets = Current assets - Inventories

943037.64-19410.66 = 923626.98

923628.98/3430565.97 = 0.26

2021,

Quick Assets = 1272957.16 – 24628.46

Quick Assets = 1248328.7

Quick Ratio = 1246328.7/3528492.11 = 0.35

Quick ratio

Quick ratio

0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4

20202021

Figure 6.3

41
 4. Return on Equity Ratio
Return on Equity Ratio- Net Income/Shareholder’s Funds

2021,

Net Income= 328919.84-684226.96 = (355306.22)

Shareholder’s Funds = 2673532.01

(355306.22)/2673532.01 = (0.132)

2020,

Return on Equity Ratio = Net Income/Shareholder’s Funds

(61001.57)/2852722.16 = (0.021)

Return on equity ratio

Return on equity Ratio

-0.14 -0.12 -0.1 -0.08 -0.06 -0.04 -0.02 0

20202021

Figure 6.4

42
 5. Gross Profit Ratio

2021,

Gross Profit Ratio= (Gross Profit/Net Sales) x 100

Gross Loss = 355306.22

Net Sales= 328919.81

Gross Profit Ratio = ((355306.22)/328919.81)) x 100

= (108.022)

2020,

Gross Profit Ratio= (Gross Profit/Net Sales) x 100

(61001.57)/703091.61 = (8.67)

Gross profit ratio

Gross Profit Ratio

-120 -100 -80 -60 -40 -20 0

20202021

Figure 6.5

43
 6. Inventory Turnover Ratio
2021,
Inventory Turnover Ratio = Cost Of Goods Sold /Inventories
250229.03/24628.46 = 10.16

2020,
COGS/Inventories
596722.47/19410.60 = 30.74

Inventory turnover ratio

Inventory turnover ratio

0 5 10 15 20 25 30 35

2020 2021

Figure 6.6

44
 7. Working Capital Turnover Ratio

Working Capital Turnover Ratio= Net Sales/Working Capital

2021,

Working Capital = Current Assets – Current Liabilities

1272957.16-3528492.11 = (2255534.95)

(0.145)

2020,

Net Sales/Working Capital

Working Capital = Current Assets – Current Liabilities

94307.64 – 3436565.97 = (2493528.33)

= 0.28

Working Caital turnover ratio

Working Capital Turnover Ratio

-0.2-0.15-0.1-0.05 0 0.050.10.150.20.250.30.35

20202021

Figure 6.7

45
 8. Debt to Asset Ratio

Year 2021
Debt to Asset Ratio= Total Debt/ Total Assets
5071702.97/7685234.98= 0.065

Year 2020
Debt to Asset Ratio= Total Debt/ Total Assets
4995132.2/7847768.80= 0.636

The total debt to asset ratio has decreased from 0.636 to 0.065. This dictates
the firm’s ability of decreasing its loans and expenditure.

Debt to asset ratio Comparison

Debt to asset ratio

0 0.1 0.2 0.3 0.4 0.5 0.6 0.7

20202021

Figure 6.8

46
STANDALONE STATEMENT OF CASH FLOWS FOR THE
YEAR ENDED 31st March 2021
( ₹ in lakh)
Particulars For the Year For the
Ended 31.03.2021 Year Ended
31.03.2020*
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit/(Loss) before tax (355,306.22) (61,001.57)

Adjustment for:-
Loss on sale of assets 16.77 2.74
Loss of assets due to fire 222.76 -
Depreciation 240,520.59 238,284.50
Interest income (41,451.57) (68,980.68)
Finance costs 44,360.08 43,973.99
Deferred income (27,852.15) (29,487.46)
Excess provision written back (3,216.76) (563.56)
Expected credit loss on trade receivables 1,637.75 1,534.03
Provision against inventories 116.40 73.10
Net loss/(gain) on financial asset/liabilities (210.26) 801.00
Foreign exchange variation (860.46) 770.15
Operating Profit before Working Capital Changes (142,023.07) 125,406.24
Adjustment for:-
Inventories (5,334.19) (838.32)
Trade Receivables 25,478.19 (8,308.74)
Loans and Other Assets 9,916.35 68,769.87
Trade Payables (4,051.07) (1,598.45)
Provisions and Other Liabilities 55,092.45 53,296.05
Net Cash From Operating Activities (60,921.34) 236,726.65
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant & Equipment (including Capital work-in- (209,019.60)
progress) andIntangible Assets (including Intangible assets under
development) (288,793.71)
Proceeds from disposal of Property, Plant & Equipment and Intangible 85.15 13.33
Assets
Capital Advances (27,240.88) (46,852.50)
Interest Income 58,388.10 61,115.19
Investment in subsidiary (9.00) -
Other bank balances 308,796.22 (328,929.93)
Net Cash From Investing Activities 51,225.88 (523,673.51)
CASH FLOW FROM FINANCING ACTIVITIES
Share Capital & Share Application Money 50,000.00 89,531.50
Grants received during the year 32,900.00 56,903.00
Borrowings raised during the year 52,820.20 256,259.09
Borrowings repaid during the year (80,868.76) (76,476.67)
Finance costs (44,186.13) (42,884.82)
Net Cash From Financing Activities 10,665.31 283,332.10

Net changes in Cash & Cash equivalents ( A+B+C) 969.85 (3,614.76)

47
 Cash & Cash Equivalents** (Opening Balance) (Note No 9.1) 372.95 3,987.71

Cash & Cash Equivalents** (Closing Balance) (Note No 9.1) 1,342.80 372.95

Table 6.2

Cash Flow from operating activities

Cash flow from operating activities has decreased from (69211.34) lakhs in the
year ended 31st March 2021 from 236726.65. By this, we get to know the company
has degraded in complying with its operating activities which mans the revenue from
operations is decreasing.

Cash flow from investing activities

Cash flow from investing activities signifies that the Delhi metro railway corporation
of India has invested in fixed assets. Investment in terms of purchasing fixed assets
and investing and non- current trade receivables, which helps the government owned
business to earn more profit.

Net Cash has increased from (523673.51) to 51225.88 lakhs from the year 2020 to
2021.

Cash Flow from financing activities

There is a decrease in the cash used in financing activities by the Delhi Metro Rail
Corporation of India from 283332.10 to 10665.31 in the years 2020 and 2021
respectively.

This shows the decrease in issue of shares by the company and also the company is
more prone to debt as its long- term borrowings have reasonably increased.

This will decrease the shareholder satisfaction and make them invest less in the
company.

48
 STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE
YEAR ENDED 31st MARCH 2021
( ₹ in lakh)

PARTICULARS For For the

Year Ended
the Year 31.03.2020*
Ended
31.03.2021
i) Revenue from operations 250,229.93 596,722.47
ii) Other income 78,689.91 106,369.14
TOTAL INCOME 328,919.84 703,091.61
i) Operating expenses 211,576.35 294,407.28
ii) Employee benefits expense 126,603.72 127,118.90
iii) Finance costs 45,210.83 45,189.32
iv) Depreciation & amortisation expense 240,520.59 238,284.50
v) Other expenses 60,314.57 59,093.18
TOTAL EXPENSES 684,226.06 764,093.18
PROFIT / (LOSS) BEFORE TAX (355,306.22) (61,001.57)
Tax (expense)/income
i) Current tax - -
ii) Deferred tax 118,432.6 118,432.67 15,290.76 15,290.76
7
PROFIT / (LOSS) FOR THE YEAR (236,873.55) (45,710.81)
i) Items that will not be reclassified to profit
& loss
Remeasurement of defined benefit plans 3,955.10 (10,577.35)
Deferred tax relating to items that will not be
reclassified to profit and loss
(1,233.99) 2,721.11 3,300.13 (7,277.22)
ii) Items that will be classified to profit & loss - -

OTHER COMPREHENSIVE INCOME / 2,721.11 (7,277.22)

(LOSS) FOR THE YEAR

TOTAL COMPREHENSIVE INCOME / (234,152.44) (52,988.03)

(LOSS)FOR THE YEAR

Earning Per Share (Equity Shares of

` 1000/- each)
Basic (`) (120.01) (23.45)
Diluted (`) (120.01) (23.45)

Table 6.3

49
 Chapter 7
FINDINGS AND
INFERENCES

50
 FINDINGS AND INFERENCES

I. The current ratio compares a firm’s current assets with its current liabilities. It
measures, whether the firm has enough resources for the next 12 months to
pay its debts. Here the current ratio has increased from 0.27 to 0.36.
II. Debt Equity Ratio increased in the year 2021. A high debt equity ratio
generally means that a company has been aggressive in financing it’s growth
with debt. This can result in volatile earnings as a result of additional interest
expense.
III. The quick ratio is an indicator of a company’s short – term liquidity position
and measures a company’s ability to meet its short -term obligations with its
most liquid assets.
The quick ratio is considered a more conservative measure then the current
ratio which includes all current assets as coverage for current liabilities.
The quick ratio in the year 2020 was 0.26 and in the year 2021 was
0.35. This indicates that the company’s liquidity position in the year 2021 has
seen a decline as compared to the year 2020.
IV. Return Equity Ratio is an important ratio that financial investors can use
to determine how efficient management is at utilizing equity financing
provided by the shareholders. It compares the net income to the equity of the
firm.
The higher the number the better but it is important to compare the companies
that operate in the same industry.
The ROI in the year 2021 was higher at (0.021) as compared to (0.132) in the
year 2020 which shows that the company showed greater efficiency in
management in the year 2021.
V. Gross Profit Ratio helps to measure how much profit a company makes from
the sale of goods and services after deducting the direct costs. It is a simple
method to measure the company’s profitability. A higher ratio indicates that
the company is producing more efficiently.

51
 Any significant changes in this ratio can sometimes indicate poor company
management.
In the year 2021, the gross profit ratio was (108.022) and in the year 2020,
was (8.67). This shows that the company showed a higher profitability margin
in the year 2020 and suffered a significant decline in the year 2021.
VI. Inventory turnover ratio is a measure of how many times the inventory is
sold and replaced over a given period. In general, the higher the ratio number
the better as it often indicates strong sales. Similarly, a lower ratio can point to
weak sales and / or decreasing market demand for goods.
The inventory turnover ratio in the year 2021 has rapidly declined to
10.16 as compared to 30.74 in the year 2020.
This signifies that the sales in the year 2021 were heavily affected due to the
pandemic and various other factors and have reasonably declined.
VII. Working capital turnover ratio is a ratio that measures how efficiently
company is using its working capital to support sales and growth.
A higher turnover ratio shows that management is being very efficient in
using a company’s short- term assets and liabilities for supporting sales. The
working capital turnover ratio has seen a steady decline in the DMRC from
0.28 in 2020 to (0.145) in 2021.
This further shows that the company hasn’t been very efficient in using its
short- term assets and liabilities to contribute to its revenue.
VIII. The total debt to asset ratio has decreased from 0.636 to 0.065. This dictates
the firm’s ability of decreasing its loans and expenditure.
IX. Cash flow from operating activities has decreased from (69211.34) lakhs
in the year ended 31st March 2021 from 236726.65.
By this, we get to know the company has degraded in complying with its
operating activities which mans the revenue from operations is decreasing.
X. Cash flow from investing activities signifies that the Delhi metro railway
corporation of India has invested in fixed assets.

52
 Investment in terms of purchasing fixed assets and investing and non- current
trade receivables, which helps the government owned business to earn more
profit. Net Cash has increased from (523673.51) to 51225.88 lakhs from the
year 2020 to 2021.
XI. There is a decrease in the cash used in financing activities by the Delhi Metro
Rail Corporation of India from 283332.10 to 10665.31 in the years 2020 and
2021 respectively.
This shows the decrease in issue of shares by the company and also the
company is more prone to debt as its long- term borrowings have reasonably
increased. This will decrease the shareholder satisfaction and make them
invest less in the company.

53
 Chapter 8
LIMITATIONS OF THE
STUDY

54
 Limitations of the study

Time constraint

In its essence time is a limited resource and in a project setting this could not be any
truer. The time constraint limits the project in two ways – deadlines and resources.
Firstly, the project had a set timeline and a date when it has to be submitted.

While cost and scope constraints can be adjusted a little more easily, moving the
deadline or finding more people to work on your project can be challenging. This is
why keeping to the time constraint has played such a big role in this project’s success.

Time factor has been a very big limitation in the research like this. The time provided

To do the project wasn't enough and more time could have been given.

Vast Data
There was too much data, hence it was difficult to fit everything and explain
everything i n this project. Due to this limited access, you might need to redesign
or restructure your research in a different way.

Access
It was difficult to access most of the data, as some of the data was restricted or
the site didn't let open the information. Hence, some data could not be found
because of the restrictions.

55
 Chapter 9
RECOMMENDATIONS
AND CONCLUSIONS

56
 Recommendations and conclusions

CONCLUSIONS

The study on the topic 'A study on financial performance of DMRC' is done and it is
important to summarize it and help our readers understand the topic in a
comprehensive way.

Delhi is the capital of India and has a population of around 16 million people
and until recently this huge cosmopolitan city had to rely on the existing roads
for transport. The total length of roads in Delhi was around 1623 kilometres in
2005. There was always a problem from the ever-increasing number of
vehicles plying on its roads.
The number of personal motor vehicles has increased rapidly to 4 million by
2005. The public transport already in place couldn’t cope with the growing
number of vehicles.
This existing mass transport system was found to be inadequate to tackle the
congestion on roads and the ever-increasing pollution caused by automobiles.
Stifling road traffic congestion, large population, had become an economic
liability. With more motor vehicles than Mumbai, Calcutta and Chennai
combined, overcrowding and pollution was threatening the capital’s ability to
reach its potential in the rapidly expanding Indian economy.
Thus, the Delhi Metro Rail Corporation (DMRC) was set up. Government of
India joined hands with Government of its capital city, Delhi to establish
DMRC on 5 March 1995, to build a rail-based metro transport system in the
city that will alleviate Delhi’s ever growing transport congestion and vehicular
pollution.

57
 Construction started on this project in October 1998 after more than forty
years of studies into a rail-based mass transit system and the first phase was
completed in December 2004.
It was designed to integrate with other public transport. It is to be constructed
in four phases which will cover approximately 245 kilometres and is
scheduled to be finished in year 2021.
The Delhi Metro Rail Corporation is one of the four metros in the world to
have operating profits among 135 metros globally.
It started generating profits ever since it became operational. Building the
metro rail system in Delhi has been a massive construction project drawing
workers from across India. DMRC’s responsibility not only consists of
construction but also of its operation and maintenance.
It employs 350 staff in its construction department and 3000 personnel in
operation and maintenance. Led by the understated Elattuvalapil Sreedharan, a
77-year-old civil engineer, the subway enjoys strong government support and
is not shackled by the delays, cost-overruns and red tape that have plagued big
projects in India for decades.

Recommendations

I. DMRC may enhance its efforts to increase operating efficiency by reducing

the operating ratio and also estimate more realistic ridership for future detailed
project reports (DPR).
II. The success of Delhi Metro Project has triggered off a rush for setting up
similar networks across the major cities in India to ease out transportation
problems.
III. Delhi Metro is the world’s first metro system to be awarded ISO 14001
certificate of environment friendly construction and operation.
IV. Other aim for the metro should be to have world class standards in regard to
safety, reliability, punctuality, comfort and customer satisfaction.
V. It managed to achieve what it was planned to developed and much more:
Saving commuters hours and reduced journey times, annual fee

58
 saving, reduction in pollution, road accidents decreased, safe and comfortable
travel for passengers.
VI. Almost 100% of trains arrive on time at platforms, quite strange in
Indian environment.
VII. The stations are cool, quiet and there is no vendor operating his unlicensed
stall and shouting as seen in almost all stations in India.

59
 Chapter 10
Bibliography

60
 Bibliography

1. https://stg-
wedocs.unep.org/bitstream/handle/20.500.11822/16886/Metro_Systems_i
n_India_Case_Study_DMRC_Tiwari.pdf?sequence=1
2. https://blog.wordvice.com/how-to-present-study-limitations-and-
alternatives/
3. https://teamhood.com/project-management-resources/time-
constraint/#:~:text=Time%20Constraint%20is%20a%20term,when%20it%
20came%20to%20execution.
4. https://www.formpl.us/blog/primary-secondary-data
5. https://economictimes.indiatimes.com/industry/transportation/railways/metr o-
projects-get-rs-19130-crore-in-union-budget/articleshow/89279011.cms
6. https://www.questionpro.com/blog/secondary-research/
7. https://www.business-standard.com/article/current-affairs/tube-tales-
inspired-by-delhi-s-success-indian-cities-take-the-metro-
119100900271_1.html
8. https://timesofindia.indiatimes.com/city/delhi/back-at-100-after-2-months-
metro-records-over-33-lakh-passenger-trips/articleshow/89908634.cms
9. Essay Sauce, Delhi metro rail project. Available
from:<https://www.essaysauce.com/business-essays/delhi-metro-rail- project/>
[Accessed 24-05-22].
10. https://www.hindustantimes.com/cities/delhi-news/delhi-metro-ridership- only-
half-of-the-figure-projected-by-dmrc-cag-report-
101638469842598.html#:~:text=The%20report%20said%20that%20thoug
h,76.06%20crore%20during%20this%20period.
11. http://www.millenniumpost.in/dmrc-chief-calls-for-fare-hike-to-improve-
financial-condition-173941
12. https://economictimes.indiatimes.com/industry/transportation/railways/india s-
metro-system-might-have-to-look-at-a-sound-financing-model-to-stem-
losses/articleshow/91217195.cms?utm_source=contentofinterest&utm_me
dium=text&utm_campaign=cppst

61
13. https://www.investopedia.com/terms/f/financialperformance.asp#:~:text=Fi
nancial%20performance%20is%20a%20subjective,health%20over%20a%
20given%20period.
14. https://corporatefinanceinstitute.com/resources/knowledge/finance/financia l-
performance/
15. Kumar, P. (2012). Financial Management in PSU’s: DMRC, A Case Study.
International Journal of Computer Applications in Engineering Sciences, 2.
16. Pratap, K. V. (2021). Are We Creating Outcomes Similar to Power Sector by
Proliferating Metro Rail Across Cities in India?.Vikalpa, 46(1), 7-12.
17. Killada, M. R., & Raju, G. V. R. (2018). World’s top economies and their metro
systems’ ridership and financial performance. International Journal of Traffic
and Transportation Engineering, 7(4), 91-97.
18. Singh, M., & Sharma, R. (2012). Financing options for transit system through real
estate-Case of Rohini subcity, Delhi.

62
Chapter 11
Appendices

63
 10 YEARS DIGEST AT A GLANCE

Particulars 2011-12 2012-13 2013-14 2014-15 2015-16*

Revenue from Fare Box 101,630.40 122,300.25 136,483.66 150,574.62 164,918.79
Collection
Other Revenue 123,147.07 146,447.77 183,294.35 206,521.90 270,563.45
Total Revenue 224,777.47 268,748.02 319,778.01 357,096.52 435,482.24
Earning before Interest, 93,335.20 102,783.76 106,208.29 123,990.05 128,173.90
Depreciation & Tax (EBIDT)
Interest & Finance Cost 20,057.86 21,655.76 22,204.21 22,681.34 27,147.13
Depreciation & amortisation 80,087.22 81,922.32 90,077.75 128,855.03 148,100.58
Profit before Tax (PBT) (6,809.88) (794.32) (6,073.67) (27,546.32) (47,073.81)
Profit after Tax (PAT) (18,514.96) (9,090.90) (9,980.01) (10,478.68) (29,676.98)
Other Comprehensive Income* - - - - 249.09
Total Comprehensive Income* - - - - (29,427.89)
Gross Property, Plant and Equipment 3,169,576.13 3,292,663.77 3,438,595.13 3,582,047.85 3,987,147.43
and Intangible Assets
Net Property, Plant and Equipment 2,887,323.18 2,928,194.60 2,983,911.17 2,998,443.78 3,255,880.67
and Intangible Assets
Current Assets, Loans 590,084.61 750,708.31 776,896.38 745,565.27 517,469.04
& Advances
Current Liabilities and 178,627.98 219,809.02 240,917.94 302,132.19 168,477.55
Provisions
Borrowings 1,776,325.39 1,917,570.30 2,194,146.43 2,455,307.03 2,914,785.28
Current maturities of borrowings 12,903.06 21,826.94 29,159.31 32,263.42 34,831.00
Net Worth 1,456,672.85 1,682,262.02 1,883,913.72 2,136,320.94 2,555,927.05
Key Indicators
EBIDT/Total Revenue (%) 41.52% 38.25% 33.21% 34.72% 29.43%
Debt/Equity 1.23 1.15 1.18 1.16 1.15
Current Ratio 3.30 3.42 3.22 2.47 3.07

*Figures have been prepared as per Indian Accounting Standards (Ind-AS)

64
Particulars 2016-17* 2017-18* 2018-19* 2019-20* 2020-
21*
Revenue from Fare BoxCollection 178,039.89 261,280.34 311,902.15 338,913.37 63,245.7
5
Other Revenue 360,753.27 359,824.92 334,250.06 362,555.46 265,674.
09
Total Revenue 538,793.16 621,105.26 646,152.21 701,468.83 328,919.
84
Earning before Interest, Depreciation & 143,309.36 183,571.57 196,274.52 220,849.47 (69,574.
Tax (EBIDT) 80)
Interest & Finance Cost 24,012.98 26,250.34 31,167.79 45,189.32 45,210.8
3
Depreciation & amortisation 154,111.80 171,819.54 241,539.01 238,284.50 240,520.
59
Profit before Tax (PBT) (34,815.42) (14,498.31) (76,432.28) (62,624.35) (355,306
.22)
Profit after Tax (PAT) (22,935.48) (9,498.85) (46,403.89) (46,827.28) (236,873
.55)
Other Comprehensive Income* (1,940.46) 185.19 180.49 (7,277.22) 2,721.11
Total Comprehensive Income* (24,875.94) (9,313.66) (46,223.40) (54,104.50) (234,152
.44)
Gross Property, Plant and Equipment and 4,137,322.77 5,401,116.41 7,530,717.14 7,722,843.36 7,935,42
Intangible Assets 2.05
Net Property, Plant and Equipment and 3,251,371.95 4,342,475.16 6,229,743.12 6,183,120.01 6,155,57
Intangible Assets 1.27
Current Assets, Loans &Advances 795,856.03 682,187.25 937,488.98 1,250,619.50 912,474.
20
Current Liabilities andProvisions 606,480.13 692,337.48 694,011.39 712,817.49 736,793.
63
Borrowings 3,417,364.07 3,790,236.73 4,059,649.42 4,235,039.74 4,189,38
3.78
Current maturities of borrowings 44,265.69 62,270.64 76,476.66 80,868.76 98,476.1
6
Net Worth 2,615,538.33 2,690,313.10 2,749,000.04 2,811,842.58 2,673,53
2.01
Key Indicators
EBIDT/Total Revenue (%) 26.60% 29.56% 30.38% 31.48% -21.15%
Debt/Equity 1.32 1.43 1.50 1.53 1.60
Current Ratio 1.31 0.99 1.35 1.75 1.24
*Figures have been prepared as per Indian Accounting Standards (Ind-AS)

Figure 11.1

65