Tata Teleservices Mah. Ltd. (HUGTEL)

Financial summary
Profit and loss statement
(| Crore)
(Year-end March) FY10 FY11 FY12 FY13E
Total operating Income 2,098.3 2,303.1 2,488.4 2,489.3
Growth (%) 7.8 9.8 8.0 0.0
Network Operating Costs 506.5 631.2 787.4 738.4
Employee Expenses 440.9 457.0 475.4 427.9
Marketing Expenses 371.9 322.0 259.7 271.6
Other Expenses 393.6 591.3 436.1 432.1
Total Operating Expenditure 1,713.0 2,001.5 1,958.6 1,870.0
EBITDA 385.3 301.6 529.8 619.2
Growth (%) -21.0 -21.7 75.7 16.9
Depreciation 564.0 757.6 543.4 572.4
Interest 350.5 351.7 521.2 542.2
Other Income 211.2 888.0 17.3 12.9
PBT -318.0 80.2 -517.6 -482.5
Total Tax 0.0 0.0 0.0 0.0
PAT -318.0 80.2 -517.6 -482.5
Growth (%) NM NM NM NM
EPS (|) -1.7 0.4 -2.7 -2.5
Source: Company, ICICIdirect.com Research
Balance sheet
(Year-end March)
Liabilities
FY10 FY11 FY12
(| Crore)
FY13E
Equity Capital 1,897.2 1,897.2 1,897.2 1,897.2
Reserve and Surplus 583.2 583.2 583.2 583.2
Total Shareholders funds 2,480.4 2,480.4 2,480.4 2,480.4
Total Debt 3,940.0 4,652.6 5,607.6 5,707.6
Others 0.0 0.0 4.5 4.5
Total Liabilities 6,420.3 7,133.0 8,092.5 8,192.5
Assets
Gross Block 6,163.6 7,840.4 8,298.7 8,636.9
Less: Acc Depreciation 2,212.4 2,947.7 3,491.1 4,063.6
Net Block 3,951.2 4,892.7 4,807.5 4,573.3
Capital WIP 204.7 63.2 243.1 243.1
Total Fixed Assets 4,155.9 4,955.9 5,050.6 4,816.4
Inventories 6.4 3.8 3.8 3.8
Debtors 292.4 295.0 304.8 254.4
Cash 23.0 74.7 138.0 152.3
Loans and Advances 331.1 517.5 460.5 460.6
Other Current Assets 0.0 0.0 172.1 172.2
Total Current Assets 653.0 890.9 1,079.2 1,043.3
Creditors 1,552.9 1,619.1 1,451.0 1,549.8
Provisions 12.7 191.6 200.7 214.4
Total Current Liabilities 1,565.6 1,810.6 1,651.7 1,764.1
Net Current Assets -912.6 -919.7 -572.5 -720.8
P&L Account Balance 3,177.0 3,096.8 3,614.3 4,096.8
Application of Funds 6,420.3 7,133.0 8,092.5 8,192.5
Source: Company, ICICIdirect.com Research
Cash flow statement
(Year-end March) FY10 FY11 FY12
(| Crore)
FY13E
Profit after Tax -318.0 80.2 -517.6 -482.5
Add: Depreciation 564.0 757.6 543.4 572.4
(Inc)/dec in Current Assets -66.5 -186.3 -125.0 50.2
Inc/(dec) in CL and Provisions 504.7 245.0 -159.0 112.5
CF from operating activities 684.2 896.6 -258.1 252.6
(Inc)/dec in Investments 10.0 0.0 0.0 0.0
(Inc)/dec in Fixed Assets -1,294.3 -1,557.6 -638.2 -338.2
Others 0.0 0.0 4.5 0.0
CF from investing activities -1,284.3 -1,557.6 -633.6 -338.2
Inc/(dec) in Unsecured loan 130.8 673.8 -1,206.6 0.0
Inc/(dec) in Secured loans 464.8 38.8 2,161.6 100.0
CF from financing activities 595.7 712.6 955.0 100.0
Net Cash flow -4.5 51.7 63.3 14.4
Opening Cash 27.5 23.0 74.7 138.0
Closing Cash 23.0 74.7 138.0 152.3
Source: Company, ICICIdirect.com Research
Key ratios
(Year-end March)
Per share data (|)
FY10 FY11 FY12 FY13E
EPS -1.7 0.4 -2.7 -2.5
Cash EPS 1.3 4.4 0.1 0.5
BV 13.1 13.1 13.1 13.1
DPS 0.0 0.0 0.0 0.0
Cash Per Share
Operating Ratios (%)
0.1 0.4 0.7 0.8
EBITDA Margin 18.4 13.1 21.3 24.9
PBT / Total Operating income -15.2 3.5 -20.8 -19.4
PAT Margin -15.2 3.5 -20.8 -19.4
Inventory days - - - -
Debtor days 47.4 46.5 44.0 41.0
Creditor days
Return Ratios (%)
224.1 251.4 225.2 220.0
RoE -12.8 3.2 -20.9 -19.5
RoCE -2.8 -6.4 -0.2 0.6
RoIC
Valuation Ratios (x)
-2.8 -6.5 -0.2 0.6
P/E 0.0 31.5 0.0 0.0
EV / EBITDA 16.7 23.5 15.1 13.0
EV / Net Sales 3.1 3.1 3.2 3.2
Market Cap / Sales 1.2 1.1 1.0 1.0
Price to Book Value
Solvency Ratios
1.0 1.0 1.0 1.0
Debt/EBITDA 10.2 15.4 10.6 9.2
Debt / Equity 1.6 1.9 2.3 2.3
Current Ratio 0.4 0.5 0.7 0.6
Quick Ratio 0.4 0.5 0.6 0.5
Source: Company, ICICIdirect.com Research
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