GMR Prowess Income Stmt
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Sector 2010 2011
Airports 14,013.40 26,953.70
Epc 4,008.50 5,155.80
Others 3,200.30 4,923.70
Power 20,254.70 22,358.40
Road 3,060.70 3,929.50Total sales 44,537.60 63,321.10
Sales growth assumption
Power sector lectricit! pro"uction to grow at
ence, we assume the "eman" wil
(s a result, we are assuming a agg
FY15 FY16 FY17
40# 20# 20#
(irports elhi & 2000 per passenger at 7
elhi passenger )oot)all to rise !
clu"ing :; 14, which was a one *thers ?he P' sector contriutes er! lit
ith the same reason, we are con
FY15 FY16 FY17
5.00# 5.00# 5.00#
15# 15# 15#
&oa" ?he one
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Selling, $eneral > ("mn. penses 38.8#
epreciation
*ther et -ncome/ 25.0#
*ther et penses 11.0#
nterest ncome 3.6#
nterest pense 21.7#
ncome ?aes
Balance Sheet
Assets
'ash an" %ar@etale Securities 5.0# o) sales ase" on hist
(ccounts &eceiale 6.5# o) sales, ase" on his
nentories 0.4# o) sales, ase" on his
*ther 'urrent (ssets 2.0# o) sales, ase" on his
Propert!, Plant an" uipment, $ross
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44,537.60
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2012 2013 2014 A!R 2015 2016 2017
25,609.40 41,730.20 51,513.00 43.82# 74693.85 110546.9 165820.3
11,749.90 13,606.20 4,687.00 3.99# 4921.35 5167.418 5425.788
6,008.70 5,852.40 5,710.00 15.57# 6566.5 7551.475 8684.196
22,024.90 22,321.20 32,713.00 12.73# 45798.2 54957.84 65949.41
3,316.50 4,070.90 1,759.00 9.97# 2022.85 2326.278 2675.21968,709.40 87,580.90 96,382.00 21.29# 134002.8 180549.9 248555
0.39033 0.34736 0.376655
.5# an" "eman" to grow at 7.5#. $%& growing at a '($& o) 12.73#. %'* an"
l e meet in the net e !ears ! the re)orms o) the new goernment.
ressie growth rate o) 30# )or the !ear 2015 an" then 13# )or the suseuent !
mn passengers, h!"eraa" & 1650 per passenger at 30 mn passengers.
6# !o! an" h!"eraa" at 10# !o!
=, the '($& is at 43#. (lso, with the new airport contract )rom philipines will co
in the passenger )oot)all we are assuming that the reenues )rom the airport will
le to the oerall reenues. oweer, consi"ering the optimistic )uture )or the po
i"ering a growth rate o) 12# as the growth rate )or others segment
P'
*thers
14 was ecause o) the 74# sta@e "iestment in two epresswa!s.
ie growth o) aroun" 15
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o) sales, ase" on historical aerage
calculate" ase" on others
o) sales, ase" on historical aerage
o) sales, ase" on historical aerage
'alculate ase" on aerage alance an" interest rate specie"
:or S? calculate ase" on aerage alance an" interest rate specie"
:or ? interest epense will remain unchange" at F13.5 milliono) pre
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F44,528.4 F63,321.4 F68,704.3 F87,580.0
9.20
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r
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'onsoli"ate" iailities Summar!
$ % & n)rastructure t". %ar )un"s ! got., others
'onertile warrants
Share application mone! > suspense account 2,000.00 18,148.90
%inorit! interest reseres 17,901.50 19,981.20
&eseres an" )un"s 63,003.20 72,780.10 :ree reseres 9,141.20
Specic reseres 53,862.00 73,571.60
&ealuation reseres
(ccumulate" losses 791.5
Dorrowings 211,746.10 233,441.90
Dorrowing )rom an@s 106,757.80 135,062.50
Dorrowing )rom nancial institutions 27,944.40 39,143.70
Dorrowings )rom central > state got 3,150.50 3,150.50
Dorrowings s!n"icate" across an@s > institutions
eentures an" on"s 15,750.00 11,090.00
:oreign currenc! orrowings 36,849.80 40,881.00
oans )rom promoters, "irectors an" sharehol"ers
nter
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Share application mone! < re)un"ale 0.5 0.5
*ther current liailities 1,383.20 19,835.00
Proisions 3,889.90 2,403.60
?otal liailities 323,161.50 421,542.40
%emoran"um ?angile net worth 39,119.40 46,629.20
?otal outsi"e liailities 227,487.60 296,141.30
?otal term liailities 187,075.20 188,180.50
'ontingent liailities 203,870.20 225,134.20
(uthorise" euit! capital 7,500.00 7,500.00
ssue" euit! capital 3,667.40 3,892.40
ong term orrowings 187,075.20 188,180.50 Short term orrowings 24,670.90 45,261.40
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%ar
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0.5 0.5
34,798.30 43,023.50
3,496.60 4,422.90
573,550.40 650,600.00
15,853.00
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Financial Statements for #M$ Infrastructure
Income Statement%istoric
&(( &(&
Sales F44,528.4 F63,321.4
'ost o) Sales F18,531.6 F24,871.7$ross *perating ncome F25,996.8 F38,449.7
traor"inar! *ther ncome F2,134.0 F3,547.2
Selling, $eneral > ("mn. penses F13,190.2 F23,617.2
epreciation > (mortisation F6,416.3 F7,890.0
*ther et penses F857.6 F12,106.9
D? F7,666.7 -F1,617.2/
nterest -ncome/ $2,54. $2,!12.4nterest pense F8,250.6 F12,120.9
Pre
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?otal on
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l period Forecast 4eriod
&(, &(. &(+ &(0 &(1 &(5
F68,704.3 F87,580.0 F96,382.0 F134,002.8 F180,549.9 F248,555.0
F25,715.8 F22,307.2 F24,549.1 F34,131.4 F45,987.2 F63,308.6F42,988.5 F65,272.8 F71,832.9 F99,871.4 F134,562.7 F185,246.4
F16,507.9 F25,535.3 F31,919.1 F39,898.9 F49,873.6 F62,342.0
F28,856.5 F40,685.1 F56,488.7 F78,431.1 F108,896.7 F151,196.3
F6,838.8 F8,030.4 -F343.3/ -F336.5/ -F329.7/ -F323.1/
F18,559.4 F22,508.6 F24,362.7 F30,453.3 F38,066.7 F47,583.3
F5,241.7 F19,584.0 F23,243.9 F31,222.3 F37,802.7 F49,132.0
$1,4!.4 $2,002.0 $2,074.5 $2,14. $2,227.5 $2,!0.1F18,062.1 F20,054.3 F24,409.0 F29,709.4 F36,160.6 F44,012.8
-F10,877.0/ F1,531.7 F909.4 F3,662.6 F3,869.5 F7,427.3
F1,901.7 F2,477.6 F0.0 F1,098.8 F1,160.9 F2,228.2
/)(*+55-.2 )(*,+.-( )66-. )&*+0,-5 )&*15-1 )+*(66-(
F0.0 F0.0 F0.0 F0.0 F0.0 F0.0
F909.4 F2,563.8 F2,708.7 F5,199.1
l period Forecast 4eriod
&(, &(. &(+ &(0 &(1 &(5
F46,984.7 F69,306.0 F72,771.3 F76,409.9 F80,230.4 F84,241.9
F37,477.5 F43,552.0 F46,382.9 F49,397.8 F52,608.6 F56,028.2
F2,594.5 F2,704.3 F2,715.6 F2,726.9 F2,738.2 F2,749.6
F46,984.7 F54,466.7 F55,556.0 F56,667.2 F57,800.5 F58,956.5F134,041.4 F170,029.0 F177,425.8 F185,201.6 F193,377.7 F201,976.2
F274,430.7 F325,131.2 F318,628.6 F312,256.0 F306,010.9 F299,890.7
F41,154.2 F49,804.3 F49,461.0 F49,124.5 F48,794.7 F48,471.6
F233,276.5 F273,352.2 F269,167.6 F263,131.5 F257,216.1 F251,419.1
F206,232.5 F207,218.8 F196,857.9 F187,015.0 F177,664.2 F168,781.0
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F439,509.0 F480,571.0 F466,025.5 F450,146.5 F434,880.4 F420,200.1
)+1,*++-. )0+*0- )0.,*.+(-& )0,+*,.5-( )0&5*&+5- )0&&*(10-&
F49,732.5 F57,379.1 F63,117.0 F69,428.7 F76,371.6 F114,008.7
F72,155.8 F52,022.5 F124,198.0 F129,641.1 F135,364.4 F141,383.3F38,294.9 F47,446.4 F52,191.0 F57,410.1 F63,151.2 F69,466.3
F160,183.2 F156,848.0 F239,506.1 F256,480.0 F274,887.1 F324,858.3
F288,809.5 F371,478.7 F221,478.7 F199,330.8 F169,431.2 F144,016.5
F11,461.4 F12,580.5 F12,816.0 F13,056.0 F13,300.4 F13,549.4
F465,517.4 F544,643.7 F536,585.5 F525,918.6 F516,119.8 F504,838.9
F3,892.4 F3,892.4 F3,892.4 F3,892.4 F3,892.4 F3,892.4
F104,140.6 F102,063.9 F102,973.3 F105,537.1 F108,245.8 F113,444.9
F108,033.0 F105,956.3 F106,865.7 F109,429.5 F112,138.2 F117,337.3
)+1,*++-. )0+*0- )0.,*.+(-& )0,+*,.5-& )0&5*&+5- )0&&*(10-&
(*0+0) (*0+0) (*0+0) *0+0
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&(
Sales 100.00#
'ost o) Sales 41.62# $ross *perating ncome 58.38#
*ther et ncome 4.79#
Selling, $eneral > ("mn. penses 29.62#
epreciation > (mortisation 14.41#
*ther et penses 1.93#
D? 17.22#
nterest -ncome/ 5.72%nterest pense 18.53#
Pre
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?otal on
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%istorical period Forecast 4eriod
&(( &(& &(, &(. &(+ &(0 &(1
100.00# 100.00# 100.00# 100.00# 100.00# 100.00# 100.00#
39.28# 37.43# 25.47#60.72# 62.57# 74.53#
5.60# 24.03# 29.16#
37.30# 42.00# 46.45#
12.46# 9.95# 9.17#
19.12# 27.01# 25.70#
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75.14# 76.63# 73.87#
0.00# 0.00# 0.00#
100.00# 100.00# 100.00#
0.00# 0.00# 0.00#
0.00# 0.00# 0.00#
10.17# 8.67# 8.82#
10.74# 12.58# 8.00#5.28# 6.68# 7.29#
26.18# 27.93# 24.11#
0.00# 0.00# 0.00#
44.64# 50.35# 57.10#
1.94# 2.00# 1.93#
72.91# 81.16# 83.71#
0.00# 0.00# 0.00#
0.92# 0.68# 0.60#
26.16# 18.16# 15.69#
27.09# 18.84# 16.29#0.00# 0.00# 0.00#
100.00# 100.00# 100.00#
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323161.5 421542.4
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44528.4 63321.4 68704.3
573550.4 650600
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:; 08
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'onsoli"ate" (ssets Summar!
$ % & n)rastructure t". %ar commn euipment an" in)rastructure 19,020.40
:urniture, social amenities an" other e" assets 5,626.90
et lease resere a"Custment
'apital wor@
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%iscellaneous epenses not written o=
?otal assets 323,161.50
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%ar
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617.3 5,063.30 3,736.50
421,542.40 573,550.40 650,600.00
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Consoli&ate& 'n(ome ) *+en&iture Summar
istorical perio"
# M $ Infrastructure Ltd- Mar8( Mar8(( Mar8(&
Curren( /s. "illion on-nnualise&3 (& mths (& mths (& mths
-
3otal income 4,21.20 ,1.0 7,14.50
Sales 44,52.40 !,!21.40 ,704.!0
'n&ustrial sales 25,!.40 2,20!.70 1,7.0
'n(ome #rom non-#inan(ial seri(es 1,1!2.00 !5,117.70 4,07.70
'n(ome #rom #inan(ial seri(es !,25.20 !,!0.0 !,54.0
'nterest in(ome 2,54.0 2,!12.40 1,4!.40
Dii&en&s (+-5 .4
'n(ome #rom treasur oerations 05+-0 1,01.0 1,25.0
Other in(ome +&+-+ 514.2 17.5
rior erio& an& e+tra-or&inar in(ome 61-( 1,2.40 14,.10
9hange in stoc: &5-+ 5.! 27.7
3otal e;penses 47,24.!0 0,511.0 ,0!2.0 Oeratin6 e+enses !2,02.10 4,5.!0 55,5!.10
/a materials, stores ) sares 1!,.20 1,0.70 !,47.50
ur(hase o# #inishe& 6oo&s 4,042.40 ,5!.10 ,10.!0
a(8a6in6 an& a(8in6 e+enses
oer, #uel ) ater (har6es 20 14,11.0 1,1!1.00
Comensation to emloees !,10.50 4,21.0 5,517.0
'n&ire(t ta+es !1!.4 !4.4 42.7
/oalties, te(hni(al 8no-ho #ees, et( 2. 74.1 14.!
/ent ) lease rent 50.2 !. 41.1
/eairs ) maintenan(e 1,!47.10 2,711.10 !,17.!0
'nsuran(e remium ai& 2!7.2 !07. !5.
Outsour(e& manu#a(turin6 9obs 4,!.50 ,207.00
Outsour(e& ro#essional 9obs 1,0.!0 2,0!!.!0 2,4!2.00
Dire(tors: #ees .! 14 .1
Sellin6 ) &istribution e+enses 7.5 770 1,00.0
Trael e+enses 15. 4!. 52
Communi(ations e+enses 4. 117.2 114.7
rintin6 ) stationer e+enses .1 77.4 5.4
"is(ellaneous e+en&iture 5. 7!5 54.1
Other oerational e+ o# in&ustrial ent 5,2!2.20 ,770.!0 7,0!.!0
Other oerational e+ o# non-#in seri(es ent 55.7 42.2 47
Share o# loss in other enterrises
;inan(ial (har6es ,502.0 1!,211.!0 1,2.70
;ee base& #inan(ial seri(es e+enses 252.! 1,00.40 1,2!4.0
;un& base& #inan(ial seri(es e+enses ,250.0 12,120.0 1,02.10
'nterest ai& 7,1.20 11,7.10 17,172.0
;inan(ial (har6es on instruments 4.
roisions . ,552.00 51.
on-(ash (har6es ,41.!0 7,0.00 ,!.0
Dere(iation ,122.40 7,0.00 ,4.50
mortisation 4!4.7
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4rofit after ta; 2,25!.40 -10,4.70 -10,5.40
"inorit interest -45!. 1,12!.!0 4,555.00
Share in ro#it or loss in asso(iate an& 9 -215. -!4. 0
=D'T 1,0.20 20,424.0 20,.0
=T 1,7.40 -10,22.70 -,.70
2,547.80
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Mar8(,
(& mths
115,14.70
7,50.00
20,24.20
7,25.0
!,1!1.0
2,002.00
0.4
1,100.10
1
24,2!.0
-207
11!,55.0
4,244.70
2,!!.40
7,77.00
12,15.0
5,01.0
55.
147.
1,24.50
!,554.0
!0.1
,52.70
2,57.0017.7
1,50.0
41.1
10.7
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1,!54.10 1,972.90
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2013 2012 2011 2010 2009 2008
+e! &atios
et
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(ssets &ates -S%/
Plant an" euipments 4.75# 4.75#
*Ace euipments 4.75# 4.75#
:urniture an" tures 6.33# 6.33#
Hehicles 9.50# 9.50#
'omputers 16.21# 16.21#
epreciation on plant an" machiner! is proi"e" using straight line metho" a
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the rate o) 5.28# per annum
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Financial Statements for #M$ Infrastructure
Income Statement%istoric
&(( &(&
Sales F44,528.4 F63,321.4
'ost o) Sales F18,531.6 F24,871.7$ross *perating ncome F25,996.8 F38,449.7
traor"inar! *ther ncome F2,134.0 F3,547.2
Selling, $eneral > ("mn. penses F13,190.2 F23,617.2
epreciation > (mortisation F6,416.3 F7,890.0
*ther et penses F857.6 F12,106.9
D? F7,666.7 -F1,617.2/
nterest -ncome/ $2,54. $2,!12.4nterest pense F8,250.6 F12,120.9
Pre
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?otal on
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l period Forecast 4eriod
&(, &(. &(+ &(0 &(1
F68,704.3 F87,580.0 F96,382.0 F134,002.8 F180,549.9
F25,715.8 F22,307.2 F24,549.1 F34,131.4 F45,987.2F42,988.5 F65,272.8 F71,832.9 F99,871.4 F134,562.7
F16,507.9 F25,535.3 F31,919.1 F39,898.9 F49,873.6
F28,856.5 F40,685.1 F56,488.7 F78,431.1 F108,896.7
F6,838.8 F8,030.4 -F343.3/ -F336.5/ -F329.7/
F18,559.4 F22,508.6 F24,362.7 F30,453.3 F38,066.7
F5,241.7 F19,584.0 F23,243.9 F31,222.3 F37,802.7
$1,4!.4 $2,002.0 $2,074.5 $2,14. $2,227.5F18,062.1 F20,054.3 F24,409.0 F29,709.4 F36,160.6
-F10,877.0/ F1,531.7 F909.4 F3,662.6 F3,869.5
F1,901.7 F2,477.6 F0.0 F1,098.8 F1,160.9
/)(*+55-.2 )(*,+.-( )66-. )&*+0,-5 )&*15-1
F0.0 F0.0 F0.0 F0.0 F0.0
F0.0 F2,563.8 F2,708.7
l period Forecast 4eriod
&(, &(. &(+ &(0 &(1
F46,984.7 F69,306.0 F72,771.3 F76,409.9 F80,230.4
F37,477.5 F43,552.0 F46,382.9 F49,397.8 F52,608.6
F2,594.5 F2,704.3 F2,715.6 F2,726.9 F2,738.2
F46,984.7 F54,466.7 F55,556.0 F56,667.2 F57,800.5F134,041.4 F170,029.0 F177,425.8 F185,201.6 F193,377.7
F274,430.7 F325,131.2 F318,628.6 F312,256.0 F306,010.9
F41,154.2 F49,804.3 F49,461.0 F49,124.5 F48,794.7
F233,276.5 F273,352.2 F269,167.6 F263,131.5 F257,216.1
F206,232.5 F207,218.8 F196,857.9 F187,015.0 F177,664.2
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F439,509.0 F480,571.0 F466,025.5 F450,146.5 F434,880.4
)+1,*++-. )0+*0- )0.,*.+(-& )0,+*,.5-( )0&5*&+5-
F49,732.5 F57,379.1 F63,117.0 F69,428.7 F76,371.6
F72,155.8 F52,022.5 F187,892.2 F187,602.3 F194,774.9F38,294.9 F47,446.4 F52,191.0 F57,410.1 F63,151.2
F160,183.2 F156,848.0 F303,200.2 F314,441.2 F334,297.6
F288,809.5 F371,478.7 F221,478.7 F199,330.8 F169,431.2
F11,461.4 F12,580.5 F12,816.0 F13,056.0 F13,300.4
F465,517.4 F544,643.7 F537,494.9 F526,828.0 F517,029.2
F3,892.4 F3,892.4 F3,892.4 F3,892.4 F3,892.4
F104,140.6 F102,063.9 F102,063.9 F104,627.7 F107,336.4
F108,033.0 F105,956.3 F105,956.3 F108,520.1 F111,228.8
)+1,*++-. )0+*0- )0.,*.+(-& )0,+*,.5-( )0&5*&+5-
*0+0 *0+0 *0+0
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&(5
F248,555.0
F63,308.6F185,246.4
F62,342.0
F151,196.3
-F323.1/
F47,583.3
F49,132.0
$2,!0.1F44,012.8
F7,427.3
F2,228.2
)+*(66-(
F0.0
F5,199.1
&(5
F84,241.9
F56,028.2
F2,749.6
F58,956.5F201,976.2
F299,890.7
F48,471.6
F251,419.1
F168,781.0
-
8/10/2019 GMR Prowess Income Stmt
45/53
-
8/10/2019 GMR Prowess Income Stmt
46/53
-
8/10/2019 GMR Prowess Income Stmt
47/53
?otal on
-
8/10/2019 GMR Prowess Income Stmt
48/53
l period Forecast 4eriod
&(& &(, &(. &(+ &(0 &(1
100.00# 100.00#
37.43# 25.47#62.57# 74.53#
24.03# 29.16#
42.00# 46.45#
9.95# 9.17#
27.01# 25.70#
7.63# 22.36#
2.!% 2.2%26.29# 22.90#
-
8/10/2019 GMR Prowess Income Stmt
49/53
76.63# 73.87#
0.00# 0.00#
100.00# 100.00#
0.00# 0.00#
0.00# 0.00#
8.67# 8.82#
12.58# 8.00#6.68# 7.29#
27.93# 24.11#
0.00# 0.00#
50.35# 57.10#
2.00# 1.93#
81.16# 83.71#
0.00# 0.00#
0.68# 0.60#
18.16# 15.69#
18.84# 16.29#0.00# 0.00#
100.00# 100.00#
-
8/10/2019 GMR Prowess Income Stmt
50/53
323161.5 421542.4 573550.4 650600
-
8/10/2019 GMR Prowess Income Stmt
51/53
-
8/10/2019 GMR Prowess Income Stmt
52/53
44528.4 63321.4 68704.3 87580
-
8/10/2019 GMR Prowess Income Stmt
53/53