Consolidated Balance Sheet of Adani power

------------------- in Rs. Cr. -------------------

Mar 19 Mar-18 Mar-17 Mar-16

12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 3,857 3,857 3,857 3,334
Total Share Capital 3,857 3,857 3,857 3,334
Reserves and Surplus -4,145 -2,968 -857 4,134
Total Reserves and Surplus -4,145 -2,968 -857 4,134
Total Shareholders Funds -288 889 3,000 7,468
Hybrid/Debt/Other Securities 8,000 - - -
NON-CURRENT LIABILITIES
Long Term Borrowings 36,410 34,560 36,651 35,418
Deferred Tax Liabilities [Net] 178 213 225 323
Other Long Term Liabilities 5,462 5,782 5,942 6,510
Long Term Provisions 61 46 32 30
Total Non-Current Liabilities 42,113 40,601 42,850 42,280
CURRENT LIABILITIES
Short Term Borrowings 7,074 14,560 12,580 13,436
Trade Payables 6,362 7,626 7,400 6,232
Other Current Liabilities 4,713 5,841 5,672 6,370
Short Term Provisions 11 10 10 8
Total Current Liabilities 18,160 28,038 25,662 26,046
Total Capital And Liabilities 67,985 69,528 71,511 75,794
ASSETS
NON-CURRENT ASSETS
Tangible Assets 50,224 51,940 54,193 56,744
Intangible Assets 4 6 7 7
Capital Work-In-Progress 350 120 125 88
Fixed Assets 50,578 52,066 54,325 56,839
Non-Current Investments 0 0 0 0
Long Term Loans And Advances 1,584 1,390 1,250 -
Other Non-Current Assets 2,429 1,925 2,215 2,540
Total Non-Current Assets 54,782 55,572 57,980 59,569
CURRENT ASSETS
Current Investments 3 - 164 0
Inventories 1,224 874 1,760 1,619
Trade Receivables 8,551 6,070 7,704 12,477
Cash And Cash Equivalents 916 857 604 869
Short Term Loans And Advances 6 4 2 705
OtherCurrentAssets 2,503 6,152 3,296 556
Total Current Assets 13,203 13,957 13,531 16,225
Total Assets 67,985 69,528 71,511 75,794
 Common Size analysis/ Vertical analysis Horizontal analysis/ Trend Analysis

Mar-15 Mar 19 Mar-18 Mar-17 Mar-16 Mar-15 Mar 19 Mar-18 Mar-17

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

2,872 5.67 5.55 5.39 4.40 4.91 134.30 134.30 134.30

2,872 5.67 5.55 5.39 4.40 4.91 134.30 134.30 134.30
2,853 -6.10 -4.27 -1.20 5.45 4.88 -145.29 -104.03 -30.06
2,853 -6.10 -4.27 -1.20 5.45 4.88 -145.29 -104.03 -30.06
5,725 -0.42 1.28 4.19 9.85 9.79 -5.03 15.54 52.40
- 11.77 0.00 0.00 0.00 0.00

35,090 53.56 49.71 51.25 46.73 60.01 103.76 98.49 104.45

- 0.26 0.31 0.31 0.43 0.00
61 8.03 8.32 8.31 8.59 0.10 9024.07 9552.59 9816.87
159 0.09 0.07 0.05 0.04 0.27 38.74 29.03 20.41
35,309 61.94 58.40 59.92 55.78 60.38 119.27 114.99 121.36

6,295 10.40 20.94 17.59 17.73 10.77 112.37 231.31 199.85

5,685 9.36 10.97 10.35 8.22 9.72 111.91 134.16 130.17
5,190 6.93 8.40 7.93 8.40 8.88 90.81 112.54 109.28
271 0.02 0.01 0.01 0.01 0.46 4.14 3.63 3.59
17,441 26.71 40.33 35.88 34.36 29.83 104.12 160.76 147.14
58,474 100.00 100.00 100.00 100.00 100.00 116.26 118.90 122.30

45,065 73.9 74.7 75.8 74.9 77.1 111.45 115.26 120.26

8 0.0 0.0 0.0 0.0 0.0 47.62 74.60 87.55
191 0.5 0.2 0.2 0.1 0.3 182.96 62.64 65.12
45,264 74.4 74.9 76.0 75.0 77.4 111.74 115.03 120.02
0 0.0 0.0 0.0 0.0 0.0 100.00 100.00 100.00
581 2.3 2.0 1.7 0.0 1.0 272.63 239.20 215.03
2,430 3.6 2.8 3.1 3.4 4.2 99.96 79.20 91.16
48,282 80.6 79.9 81.1 78.6 82.6 113.46 115.10 120.09

357 0.0 0.0 0.2 0.0 0.6 0.76 0.00 45.99

1,629 1.8 1.3 2.5 2.1 2.8 75.14 53.65 108.06
3,490 12.6 8.7 10.8 16.5 6.0 245.05 173.94 220.78
856 1.3 1.2 0.8 1.1 1.5 106.96 100.04 70.56
601 0.0 0.0 0.0 0.9 1.0 0.95 0.61 0.33
3,259 3.7 8.8 4.6 0.7 5.6 76.82 188.80 101.14
10,192 19.4 20.1 18.9 21.4 17.4 129.54 136.93 132.76
58,474 100.0 100.0 100.0 100.0 100.0 116.26 118.90 122.30
analysis/ Trend Analysis Horizontal analysis/
Base Year Base Year
Mar-16 Mar-15 Mar-19 Mar-18

12 mths 12 mths 12 mths 12 mths CAGR

116.09 100.00 100.00 100.00 0.08

116.09 100.00 100.00 100.00 0.08
144.91 100.00 139.66 100.00
144.91 100.00 139.66 100.00
130.45 100.00 -32.35 100.00

100.93 100.00 105.35 100.00 0.01

83.87 100.00
10754.75 100.00 94.47 100.00 2.08
18.65 100.00 133.45 100.00 -0.21
119.74 100.00 103.72 100.00 0.05

213.44 100.00 48.58 100.00 0.03

109.63 100.00 83.42 100.00 0.03
122.72 100.00 80.69 100.00 -0.02
3.10 100.00 114.05 100.00 -0.55
149.34 100.00 64.77 100.00 0.01
129.62 100.00 97.78 100.00 0.04

125.92 100.00 96.70 100.00 0.03

80.22 100.00 63.83 100.00 -0.17
45.95 100.00 292.07 100.00 0.16
125.57 100.00 97.14 100.00 0.03
100.00 100.00 100.00 100.00 0.00
0.00 100.00 113.97 100.00 0.28
104.52 100.00 126.2 100.0 0.00
123.38 100.00 98.6 100.0 0.03

0.01 100.00 -0.70

99.40 100.00 140.06 100.00 -0.07
357.54 100.00 140.88 100.00 0.25
101.45 100.00 106.92 100.00 0.02
117.24 100.00 155.74 100.00 -0.69
17.05 100.00 40.69 100.00 -0.06
159.19 100.00 94.6 100.0 0.07
129.62 100.00 97.8 100.0 0.04
 Consolidated Profit & Loss account of Adani power
------------------- in Rs. Cr. -------------------
Mar 19 Mar-18 Mar-17 Mar-16

12 mths 12 mths 12 mths 12 mths

INCOME

Revenue From Operations [Gross] 23,843.44 20,271.82 22,271.42 25,188.08

Revenue From Operations [Net] 23,843.44 20,271.82 22,271.42 25,188.08
Other Operating Revenues 40.74 32.46 344.09 344.09
Total Operating Revenues 23,884.18 20,304.28 22,615.51 25,532.17
Other Income 2,477.45 789.15 418.96 201.58
Total Revenue 26,361.63 21,093.43 23,034.47 25,733.75
EXPENSES
Purchase Of Stock-In Trade 809.91 337.93 215.68 189.55
Cost Of Fuel 15,949.28 12,531.95 14,623.61 14,726.31
Employee Benefit Expenses 363.28 353.74 360.89 358.75
Finance Costs 5,656.52 5,570.23 5,901.73 5,963.17
Depreciation And Amortisation
Expenses 2,750.62 2,698.72 2,672.36 2,665.82
Other Expenses 1,807.88 1,679.78 1,443.68 1,455.43
Total Expenses 27,337.49 23,172.35 25,217.95 25,359.03
Profit/Loss Before Exceptional,
ExtraOrdinary Items And Tax -975.86 -2,078.92 -2,183.48 374.72
Exceptional Items - - -4,076.69 -
Profit/Loss Before Tax -975.86 -2,078.92 -6,260.17 374.72
Tax Expenses-Continued
Operations
Current Tax 68.26 6.88 12.50 -0.30
Deferred Tax -34.34 -12.03 -98.57 -175.78
Tax For Earlier Years -25.38 - - -
Total Tax Expenses 212.44 253.23 269.01 556.26
Profit/Loss After Tax And Before
ExtraOrdinary Items -984.40 -2,073.77 -6,174.10 550.80
Profit/Loss From Continuing
Operations -984.40 -2,073.77 -6,174.10 550.80
Profit Loss From Discontinuing
Operations - - - -
Net Profit Loss From
Discontinuing Operations - - - -
Profit/Loss For The Period -984.40 -2,073.77 -6,174.10 550.80

Share Of Profit/Loss Of Associates - -29.18 - -

Consolidated Profit/Loss After
MI And Associates -984.40 -2,102.95 -6,174.10 550.80
OTHER ADDITIONAL
INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) -3.00 -5.00 -18.00 2.00
Diluted EPS (Rs.) -3.00 -5.00 -18.00 2.00

0.8389211389 1

-0.037342152 -0.0996969198

-0.014317226
 Common Size analysis/ Vertical analysis Horizontal analysis/ Trend Analysis

Mar-15 Mar 19 Mar-18 Mar-17 Mar-16 Mar-15 Mar 19 Mar-18 Mar-17

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

18,796.17 90.45 96.10 96.69 97.88 98.59 126.85 107.85 118.49

18,796.17 90.45 96.10 96.69 97.88 98.59 126.85 107.85 118.49
27.56 0.15 0.15 1.49 1.34 0.14 147.82 117.78 1248.51
18,823.73 90.60 96.26 98.18 99.22 98.73 126.88 107.87 120.14
241.41 9.40 3.74 1.82 0.78 1.27 1026.24 326.89 173.55
19,065.14 100.00 100.00 100.00 100.00 100.00 138.27 110.64 120.82

290.60 3.07 1.60 0.94 0.74 1.52 278.70 116.29 74.22

11,613.70 60.50 59.41 63.49 57.23 60.92 137.33 107.91 125.92
320.59 1.38 1.68 1.57 1.39 1.68 113.32 110.34 112.57
4,863.53 21.46 26.41 25.62 23.17 25.51 116.30 114.53 121.35

1,818.19 10.43 12.79 11.60 10.36 9.54 151.28 148.43 146.98

1,439.47 6.86 7.96 6.27 5.66 7.55 125.59 116.69 100.29
20,346.08 103.70 109.86 109.48 98.54 106.72 134.36 113.89 123.95

-1,280.94 -3.70 -9.86 -9.48 1.46 -6.72 76.18 162.30 170.46

-16.85 0.00 0.00 -17.70 0.00 -0.09 0.00 0.00 24194.01
-1,297.79 -3.70 -9.86 -27.18 1.46 -6.81 75.19 160.19 482.37

- 0.26 0.03 0.05 0.00 0.00 #DIV/0! #DIV/0! #DIV/0!

- -0.13 -0.06 -0.43 -0.68 0.00 #DIV/0! #DIV/0! #DIV/0!
- -0.10 0.00 0.00 0.00 0.00 #DIV/0! #DIV/0! #DIV/0!
514.99 0.81 1.20 1.17 2.16 2.70 41.25 49.17 52.24

-1,297.79 -3.73 -9.83 -26.80 2.14 -6.81 75.85 159.79 475.74

-1,297.79 -3.73 -9.83 -26.80 2.14 -6.81 75.85 159.79 475.74

482.16 0.00 0.00 0.00 0.00 2.53 0.00 0.00 0.00

482.16 0.00 0.00 0.00 0.00 2.53 0.00 0.00 0.00

-815.63 -3.73 -9.83 -26.80 2.14 -4.28 120.69 254.25 756.97

- 0.00 -0.14 0.00 0.00 0.00 #DIV/0! #DIV/0! #DIV/0!

-815.63 -3.73 -9.97 -26.80 2.14 -4.28 120.69 257.83 756.97

-3.00
-3.00
nalysis/ Trend Analysis
Base Year
Mar-16 Mar-15

12 mths 12 mths CAGR

134.01 100.00 0.0613

134.01 100.00 0.0613
1248.51 100.00 0.1026
135.64 100.00 0.0613
83.50 100.00 0.7898
134.98 100.00 0.0844

65.23 100.00 0.2921

126.80 100.00 0.0825
111.90 100.00 0.0317
122.61 100.00 0.0385

146.62 100.00 0.1090

101.11 100.00 0.0586
124.64 100.00 0.0766

-29.25 100.00 -0.0657

0.00 100.00 -1.0000
-28.87 100.00 -0.0688

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
108.01 100.00 -0.1986

-42.44 100.00 -0.0668

-42.44 100.00 -0.0668

0.00 100.00 -1.0000

0.00 100.00 -1.0000

-67.53 100.00 0.0481

#DIV/0! #DIV/0!

-67.53 100.00 0.0481

 ADANI Power - DuPont Analysis
In Millions of INR except Per Share FY 2018 FY 2019
12 Months Ending 03/31/2018 03/31/2019
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 101.16 100.88
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn
Interest Burden
Pre-Tax Profit/EBIT % -65.70 -21.78
Operating Margin
EBIT/Revenue % 15.61 18.79
Asset Turnover
Revenue/Avg Assets 0.29 0.35
Leverage Ratio
Avg Assets/Avg Equity 36.27 15.99

5 Year Average Adj ROE -48.49 -52.35

Payout Ratio 0.00 0.00
Net profit margin -0.0373422 -0.0996969
Du Pont Analysis -0.389311059 -0.5527143667
 JSW Energy Ltd (JSW IN) - Profitability
In Millions of INR except Per Share FY 2018 FY 2019
12 Months Ending 03/31/201 03/31/2019
Returns
Return on Common Equity -108.152 -22.889
Return on Assets -2.982 -1.432
Return on Capital 3.106 5.602
Return on Invested Capital 2.423 2.441

Margins
Gross Margin
EBITDA Margin 26.642 20.776
Operating Margin 13.330 9.240
Net Income Margin -10.374 -4.129
 FY 2018 FY 2019

Dividend Yield 0.69 0.78

P/E (high)
P/Book 10.28 2.41

Earnings Quality 0.16 0.17

 JSW Energy Ltd (JSW IN) - Liquidity

In Millions of INR except Per Share FY 2018 FY 2019

12 Months Ending 03/31/2018 03/31/2019
Cash Ratio 0.030552 0.050584
Current Ratio 0.497775 0.726788
Quick Ratio 0.247039 0.521458
Common Equity/Total Assets 1.279095 11.344172
Long-Term Debt/Equity 3886.05467 472.107117
Long-Term Debt/Capital 69.106542 71.11924
Long-Term Debt/Total Assets 49.706327 53.556644
Total Debt/Equity 5523.280447 563.824752
Total Debt/Capital 98.221679 84.935783
Total Debt/Total Assets 70.647999 63.96125
CFO/Total Liabilities 0.412799 0.948479
CFO/CapEx 0.300604 0.471858
Accounts Receivable Turnover 2.527261 3.261578
Days Sales Outstanding 144.425113 111.90902
Inventory Turnover 0.256553 0.772056
Days Inventory Outstanding 1422.709363 472.763579
Accounts Payable Turnover -0.07372 0.165857
Accounts Payable Turnover Days -4951.160119 2200.69661

Cash Conversion Cycle 6518.294595 -1616.024012

Inventory to Cash Days 1567.134476 584.672599
Liabilities to Equity Ratio 77.1802817852 -209.4897987557
Interest Coverage Ratio -0.3732197773 -0.1725194996
 Horizontal Analysis Adani Power JSW Energy
Consolidated Balance Sheet Base Year Base Year
------------------- in Rs. Cr.
------------------- Mar-19 Mar-18 Mar-19 Mar-18
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 100.00 100.00 100.05 100.00
Total Share Capital 100.00 100.00 100.05 100.00
Reserves and Surplus 139.66 100.00 107.52 100.00
Total Reserves and Surplus 139.66 100.00 107.52 100.00
Total Shareholders Funds -32.35 100.00 106.41 100.00
Hybrid/Debt/Other Securities
NON-CURRENT LIABILITIES
Long Term Borrowings 105.35 100.00 85.39 100.00
Deferred Tax Liabilities [Net] 83.87 100.00 106.57 100.00
Other Long Term Liabilities 94.47 100.00 90.70 100.00
Long Term Provisions 133.45 100.00 70.13 100.00
Total Non-Current Liabilities 103.72 100.00 86.06 100.00
CURRENT LIABILITIES
Short Term Borrowings 48.58 100.00 0.00 100.00
Trade Payables 83.42 100.00 79.05 100.00
Other Current Liabilities 80.69 100.00 130.62 100.00
Short Term Provisions 114.05 100.00 99.65 100.00
Total Current Liabilities 64.77 100.00 101.96 100.00
Total Capital And Liabilities 97.78 100.00 97.03 100.00
ASSETS
NON-CURRENT ASSETS
Tangible Assets 96.70 100.00 94.18 100.00
Intangible Assets 63.83 100.00 95.13 100.00
Capital Work-In-Progress 292.07 100.00 136.26 100.00
Fixed Assets 97.14 100.00 94.89 100.00
Non-Current Investments 100.00 100.00 101.45 100.00

Long Term Loans And Advances 113.97 100.00 126.11 100.00

Other Non-Current Assets 126.2 100.0 80.6 100.0
Total Non-Current Assets 98.6 100.0 95.0 100.0
CURRENT ASSETS
Current Investments 101.62 100.00
Inventories 140.06 100.00 84.91 100.00
Trade Receivables 140.88 100.00 124.02 100.00
Cash And Cash Equivalents 106.92 100.00 65.45 100.00

Short Term Loans And Advances 155.74 100.00 100.04 100.00

OtherCurrentAssets 40.69 100.00 253.83 100.00
Total Current Assets 94.6 100.0 114.7 100.0
Total Assets 97.8 100.0 97.0 100.0
 Horizontal Analysis Adani Power JSW Energy
Consolidated Profit & Loss account Base Year Base Year
------------------- in Rs. Cr. -------------------Mar-19 Mar-18 Mar-19 Mar-18
INCOME
Revenue From Operations
[Gross] 117.62 100.00 113.50 100.00
Revenue From Operations [Net]
117.62 100.00 113.50 100.00
Other Operating Revenues 125.51 100.00 189.19 100.00
Total Operating Revenues 117.63 100.00 113.53 100.00
Other Income 313.94 100.00 79.13 100.00
Total Revenue 124.98 100.00 111.65 100.00
EXPENSES
Purchase Of Stock-In Trade 239.67 100.00
Cost of Power Purchased 7181.84 100.00
Cost Of Fuel 127.27 100.00 1.81 100.00
Employee Benefit Expenses 102.70 100.00 113.25 100.00
Finance Costs 101.55 100.00 81.90 100.00
Depreciation And Amortisation
Expenses 101.92 100.00 120.45 100.00
Other Expenses 107.63 100.00 92.14 100.00
Total Expenses 117.97 100.00 112.09 100.00

Profit/Loss Before Exceptional,

ExtraOrdinary Items And Tax
46.94 100.00 107.38 100.00
Exceptional Items 0.00 100.00
Profit/Loss Before Tax 46.94 100.00 223.15 100.00
Tax Expenses-Continued
Operations
Current Tax 992.15 100.00 85.12 100.00
Deferred Tax 285.45 100.00 77.82 100.00
Tax For Earlier Years
Total Tax Expenses 83.89 100.00 83.89 100.00
Profit/Loss After Tax And Before
ExtraOrdinary Items 47.47 100.00 485.54 100.00
Profit/Loss From Continuing
Operations 47.47 100.00 485.54 100.00
Profit Loss From Discontinuing
Operations
Net Profit Loss From
Discontinuing Operations
Profit/Loss For The Period 47.47 100.00 485.54 100.00
Share Of Profit/Loss Of
Associates 0.00 100.00 0.00 100.00
Consolidated Profit/Loss After
MI And Associates 46.81 100.00 891.54 100.00
OTHER ADDITIONAL
INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.)
Diluted EPS (Rs.)