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Analyzing The Financial Performance and Ratios of Macquarie Group Ltd
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Macquarie is an eminent player in the financial services group having a presence in 31 markets and covering areas such as asset management, banking, financing, investment and other premier services. The company consists of a sound capital structure with the risk management framework that has helped the company to ensure the profitability trend. It operates through various wings that is theBanking and Financial Services,Macquarie Capital and Macquarie Asset Management (MAM)
MAM operates as the asset management business, and the business pertains to full-service asset manager hence it can meet the need of the customers through investment solution that consists of real estate, private credit, fixed income and agriculture. On 31 March 2020, the company projected $A597.7 billion of assets. The division consists of 1890 staffs and presence in 22 markets.
Macquarie Banking and financial services is another retail base of the company that provides services relating to management of wealth, finance, banking and other services in respect to brokers, clients and advisers. On 31 March the group comprised of deposits amounting to $A63.9 billion and home loan amounting to $A52.1 billion. The third is the Macquarie capital that provides specialist expertise and helps in giving advise together with the capital solution that helps the client (Macquarie 2020).
Company Analysis
The net profit margin of Macquarie amounted to $A2,31 million in 2020 that happened to be 8% lowered as compared to 2019. The higher performance of 2019 was offset by the credit increment and other relevant charges of impairment hence projecting deterioration in the present situation. The net operating income dropped a decline of 3% from $A12,754 million in the past year (Macquarie).
The higher charges of credit were followed by the higher charges of impairment that led to a drop in the net profit.
The operating expense amounting to $A8871 for 2020 was in tune with the amount of last year that is $A8,887 million followed by the increment in the employment expenses and expenses of non-salary together with the drop in the trading expenses (Macquarie 2020).
As per the annual report, the fundamentals remained intact and was supported by the risks management policy that is possible through the underlying strength. It is properly disciplined and thereby provides sufficient capital that helps in growth activities. As the headquarters is located in Australia, thereby it carries the benefit of operating in a healthy financial environment that supports long term growth and success (Macquarie 2020).
The major highlight of 2020 is as follows:
The operating income of the company stood at $A12,325 million.
The operating expenses of the company were $A8871 million.
The ROE was seen at 14.5% in 2020 in comparison to 18% of 2019 (Macquarie 2020)
The EPS dropped to $A8871 million
The payment of the dividend was $A4.30
The market scenario of the company remained challenging considering the short terms scenario. The year 2020 was disturbed by COVID-19 pandemic and the aftermath will still be seen in the year 2021. Hence, instead of the same, there will be a drop in the business and drop in the customer's confidence. Further, the market scenario will be volatile and will lead to crisis.
Ratio Analysis
Ratio analysis is a primary analytical tool when it comes to an understanding the financial statements for comparison of the performance and position. This helps in getting a proper comparison with the rivals and thereby helps in understanding the overall status of the company.
Ratio analysis helps in understanding the trend and pattern of the company that leads to comparison with the predetermined or past result. This helps to make the study easier. Looking at the financial result and getting the ratio is more comfortable; thereby, the method is widely prevalent.
However, the ratio analysis is not free from shortfalls. The analysis can fetch a better result when the differentiation or comparison happens between two companies that belong to the same industry; otherwise; the result will be invalid. Secondly, different company follow the different framework and thereby difficult in evaluating because different adjustments might be needed.
Performance evaluation
Profitability ratios
Profitability is an important parameter because it denotes the ability of the company to fetch result from the sales, utilize the assets and the equity. The ratio helps in projecting the profit derived through the investment of the shareholders, asset management, and profit over sales.
Return on Assets indicates the proficiency through which the company has put the assets to use (Pucheta-Martiinez & Garcia-Meca, 2019).
As indicated by the calculation that the ratio dropped from 2% in 2019 to 1% in 2020, which is very alarming for the company. The change owes to the improper utilization of the assets. Similarly, the ROE ascertains how effectively the wealth of the shareholder is used to reap returns. In the case of MCQ. The ratio has dropped from 18% in 2019 to 14.5% in 2020. If visualized from the perspective of the investor, it can be commented that the performance has dropped in 2020 but managed to remain above the industry average. If ROE and ROA are compared it can be commented that the performance of the company has dropped.
Further, the NPM of the company has underwent a dip from 51% in 2019 to 49% in 2020 hence projecting a declining net profit margin.
The drop in the performance can be linked to the higher charges of credit followed by the high changes of impairment and drop in the operating income. The expense ratio increased from 69.7% in 2019 to 72% in 2020, that indicates the company has a potent expense ratio. The expenses are justified as per the result of 2019 and can be linked to the brokerage decline, expenses of commission and trading.
|
Profitability |
2020 |
2019 |
Industry average |
|
Return on assets |
1% |
2% |
0.73% |
|
Return on equity (reported) |
14.5% |
18.0% |
9.77% |
|
Net profit margin |
49% |
51% |
18.17% |
|
Net interest income ratio |
0.82% |
0.89% |
n/a |
|
Expense ratio or Cost to income ratio (reported) |
72% |
69.70% |
n/a |
|
Cash flow to sales |
22.27% |
19.78% |
n/a |
Market-based ratio
The company's EPS has dropped from m$8.33 in 2019 to $7.910 in 2020 that projects a drop in the profitability. The drop in the performance was the primary reason for the PE ratio decline. As the profitability was less thereby, the dividend policy of the company was disturbed because the company pays dividend only when it earn a profit. A drop in the dividend was noticed from $4.30 per share as compared to $5.75 per share. Marginal dip in the profitability ratio was witnessed; however, the overall fundamentals remained intact.
|
Earnings per share |
AUD$7.910 |
AUD$8.833 |
n/a |
|
Dividends per share |
AUD$4.30 |
AUD$5.75 |
n/a |
|
Dividend payout ratio |
54% |
69% |
n/a |
|
Price earnings ratio |
10.84 times |
XX times |
16.72 times |
Efficiency ratios
The efficiency ratio projects how efficiently the company can use the assets to generate revenue and the company's ability to manage the assets (Sherman 2015). The efficiency of MQG is known through Asset turnover, fixed asset turnover and times receivable. The asset turnover and FTO projects the company's ability in using the assets and fixed assets. As seen from the performance, the ratio is weak and projects the weakness in the company utilization of the resources. Hence, it is an indicator that the company failed to use the resources effectively. The day's receivables remained unchanged, indicating that 235 days will be needed to transform the inventory into sales.
|
2020 |
2019 |
Industry average |
|
|
Asset turnover |
0.024367282 |
0.029516022 |
n/a |
|
Fixed asset turnover |
0.043210359 |
0.055755086 |
n/a |
|
Days receivables |
235 |
232 |
n/a |
|
Times receivables turnover |
1.55 |
1.56 |
n/a |
Solvency ratio
Short term solvency
Short term solvency or Liquidity is a significant factor because it pertains to the ability of the company in honouring the obligations of the company. Further it denotes the ability of the cash when required so that the company does have a deficiency. The presence of cash for any organization is vital because that determines how the company take care of the current and upcoming obligations (Smith & Venter 2020).
Current ratio projects the presence of an excess of current assets over the current liabilities. The sound current ratio denotes that the working capital is balanced, and hence the payment can be meeting effectively. Current ratio will guide the company to a better level of efficiency and risk. the company reduce the cost or use the funs elsewhere when more funds are attached to current assets. From the computation, it can be commented that the year 2019 is projecting a lower level of current assets in comparison to current liabilities. At present, the company has $0.88 current assets for every $1 of current liabilities. The reason for the ratio betterment in 2020 can be linked to the addition of more current assets to the organization.
The cash flow ratio further indicates the number of times the company will be able to repay the current debt with the cash level.
As seen from the computation, the ratio ranked lower in both the year and hence this will be a challenging part of the company to repay the money. thereby, it can be commented that the company will face a liquidity problem if the management does not sort the liquidity woes.
|
2020 |
2019 |
Industry average |
|
|
Current ratio |
0.883880017 |
0.789211696 |
n/a |
|
Cashflow ratio |
0.018967531 |
0.021395136 |
n/a |
Long term Solevncy
Solvency helps in telling about the ability of the company to survive and succeed in the business. The main aim of the company is to conduct business and expand for expansion it requires debt, and hence opting for debt is useful for the business. If the debt is adequately used it leads to growth and creation of more project (Chen & Gong 2019). However, if used negatively it will cost the company and leads to insolvency. The debt ratio of the company remain undisturbed in both the years hence signifying that the company has higher debt component as it is 91% which is an indictor of higher interest payment. The equity ratio of the company stands at 9% which is very low, comparing the operations of the company. Hence, in this regard, it can be commented that the reliance on debt is high, which might lead to erosion of profit in the long run.
New Investment
MQG can open another stock market financial service that will boost the company's income and expand the business.
WACC is influenced by the external scenario and not by the company's management. It projects the minimum return a company will earn on the base of the asset to satisfy the owners, creditors, and the capital providers; otherwise, the investment will be made elsewhere (Deegan 2016). Here it is noted that MQG has various sources of capital that the regular debt, common stock, and liabilities. It will only capitalize 40% through their capital. Hence considering it, the WACC seems a good option as the usage will help in telling the different sources of finance and the returns generated by them. However, the complicated capital structure will make the scenario difficult in computing the WACC.
Going by the capital structure and performance of the company, it can be commented that the company should use retained earnings because it has earned profit and has built a strong retained earnings base. Some cash portion can be infused into the system. This means the money that was saved is now being used to generated return. Hence, this policy can be used in expansion and growing the business.
Using of cash can be dangerous because the current ratio of the company is weak and hence requirement of cash is mandate for the smooth performance of the business. If the business fails to gather the desired cash, then it will not be able for the business to perform uninterrupted. Thereby, the usage of retained earnings best suits the business.
Conclusion
MQG is aware of the responsibility as a corporate citizen, and the performance indicates a drop but the overall fundamentals remain intact. The group operates both nationally and internationally, and hence it needs to develop significant infrastructure that will help in the expansion of the business. If the ratio of the year 2019 is contrasted with 2020, then it comes to the limelight that the ROA and ROE have dropped in the year 2020. The NPM has reduced in 2020 to 49%. Similarly, the EPS has dropped to $7.33 per share in 2020, which denotes light weakness. Further, the management needs to check the liquidity pattern because the liquidity and solvency of the company are weak, thereby projecting weakness in the performance. Weak liquidity can hamper the ability of the company in repayment of the debt, and the weak debt can lead to more interest payment.
References
Chen, A., & Gong, J. (2019). Accounting comparability, financial reporting quality, and the pricing of accruals.Advances in Accounting, Incorporating Advances in International Accounting,45. doi:10.1016/j.adiac.2019.03.003
Deegan, C. M. (2016).Financial accounting(8e ed.). McGraw-Hill Education.
Macquarie. (2020). Macquarie 2020 annual report & accounts. Retrieved from: https://www.macquarie.com/au/en/investors/reports/full-year-2020.html
Pucheta-Martiinez, M. & Garcia-Meca, E. (2019). Monitoring, corporate performance and institutional directors.Australian Accounting Review,29(1), 208-219. doi:10.1111/auar.12262
Sherman, E. (2015).A manager's guide to financial analysis : Powerful tools for analyzing the numbers and making the best decisions for your business (6th ed) Ama Self-Study
Smith, C., & Venter, E. R. (2020). Financial statement comparability in the extractive industry.Accounting Research Journal,33(3), 523–541. https://doi.org/10.1108/ARJ-08-2019-0161
Appendix
|
MACQUARIE GROUP LTD (MQG) CashFlowFlag BALANCE SHEET |
|||||
|
Fiscal year ends in March. AUD in millions except per share data. |
2016-03 |
2017-03 |
2018-03 |
2019-03 |
2020-03 |
|
Assets |
|||||
|
Current assets |
|||||
|
Cash |
- |
- |
- |
- |
- |
|
Cash and cash equivalents |
- |
- |
- |
8,643 |
9,717 |
|
Short-term investments |
29,136 |
33,826 |
21,751 |
17,446 |
16,855 |
|
Total cash |
29,136 |
33,826 |
21,751 |
26,089 |
26,572 |
|
Receivables |
59,447 |
27,471 |
38,559 |
4,285 |
3,405 |
|
Deferred income taxes |
- |
- |
376 |
- |
- |
|
Other current assets |
30,082 |
28,664 |
30,931 |
62,693 |
97,939 |
|
Total current assets |
1,18,665 |
89,961 |
91,617 |
93,067 |
1,27,916 |
|
Non-current assets |
|||||
|
Property, plant and equipment |
14,371 |
14,301 |
15,695 |
7,142 |
8,034 |
|
Accumulated Depreciation |
- 2,850 |
- 3,292 |
- 4,269 |
- 2,441 |
- 2,990 |
|
Net property, plant and equipment |
11,521 |
11,009 |
11,426 |
4,701 |
5,044 |
|
Equity and other investments |
10,197 |
3,597 |
5,489 |
11,380 |
17,249 |
|
Goodwill |
525 |
442 |
469 |
1,032 |
1,717 |
|
Intangible assets |
553 |
567 |
524 |
999 |
1,551 |
|
Deferred income taxes |
850 |
638 |
650 |
1,031 |
1,340 |
|
Other long-term assets |
54,444 |
76,663 |
81,150 |
85,547 |
1,00,985 |
|
Total non-current assets |
78,090 |
92,916 |
99,708 |
1,04,690 |
1,27,886 |
|
Total assets |
1,96,755 |
1,82,877 |
1,91,325 |
1,97,757 |
2,55,802 |
|
Liabilities and stockholders' equity |
|||||
|
Liabilities |
|||||
|
Current liabilities |
|||||
|
Short-term debt |
52245 |
60112 |
61775 |
56191 |
67342 |
|
Capital leases |
- |
- |
- |
- |
1038 |
|
Accounts payable |
2203 |
3103 |
3329 |
1745 |
1716 |
|
Deferred income taxes |
469 |
212 |
262 |
413 |
- |
|
Other current liabilities |
54065 |
44983 |
32481 |
59575 |
74625 |
|
Total current liabilities |
1,08,982 |
1,08,410 |
97,847 |
1,17,924 |
1,44,721 |
|
Non-current liabilities |
|||||
|
Long-term debt |
71566 |
56576 |
59109 |
66469 |
89063 |
|
Deferred taxes liabilities |
543 |
621 |
749 |
425 |
234 |
|
Minority interest |
- |
- |
- |
- |
- |
|
Other long-term liabilities |
- |
- |
15440 |
- |
- |
|
Total non-current liabilities |
72,109 |
57,197 |
75,298 |
66,894 |
89,297 |
|
Total liabilities |
1,81,091 |
1,65,607 |
1,73,145 |
1,84,818 |
2,34,018 |
|
Stockholders' equity |
|||||
|
Common stock |
6422 |
6290 |
6243 |
6181 |
7851 |
|
Other Equity |
1152 |
2462 |
2745 |
1552 |
1478 |
|
Retained earnings |
7158 |
7877 |
8817 |
9807 |
10439 |
|
Accumulated other comprehensive income |
932 |
641 |
375 |
824 |
2016 |
|
Total stockholders' equity |
15,664 |
17,270 |
18,180 |
18,364 |
21,784 |
|
Total liabilities and stockholders' equity |
1,96,755 |
1,82,877 |
1,91,325 |
2,03,182 |
2,55,802 |
Income Statement
|
MACQUARIE GROUP LTD (MQG) CashFlowFlag INCOME STATEMENT |
|||||
|
Fiscal year ends in March. AUD in millions except per share data. |
2016-03 |
2017-03 |
2018-03 |
2019-03 |
2020-03 |
|
Revenue |
4862 |
4331 |
4670 |
5526 |
5837 |
|
Cost of revenue |
- |
- |
- |
- |
- |
|
Gross profit |
4,862 |
4,331 |
4,670 |
5,526 |
5,837 |
|
Operating expenses |
|||||
|
Sales, General and administrative |
4656 |
5030 |
4903 |
5673 |
5594 |
|
Other operating expenses |
3758 |
2603 |
3776 |
4874 |
5085 |
|
Total operating expenses |
8414 |
7633 |
8679 |
10547 |
10679 |
|
Operating income |
- 3,552 |
- 3,302 |
- 4,009 |
- 5,021 |
- 4,842 |
|
Interest Expense |
3182 |
2953 |
2957 |
3595 |
3297 |
|
Other income (expense) |
9749 |
9359 |
10430 |
12483 |
11593 |
|
Income before taxes |
3,015 |
3,104 |
3,464 |
3,867 |
3,454 |
|
Provision for income taxes |
927 |
868 |
883 |
879 |
728 |
|
Net income from continuing operations |
2,088 |
2,236 |
2,581 |
2,988 |
2,726 |
|
Other |
-25 |
-19 |
-24 |
-6 |
5 |
|
Net income |
2,063 |
2,217 |
2,557 |
2,982 |
2,731 |
|
Net income available to common shareholders |
2,063 |
2,217 |
2,557 |
2,982 |
2,731 |
|
Earnings per share |
|||||
|
Basic |
6.55 |
6.57 |
7.58 |
8.83 |
7.91 |
|
Diluted |
5.83 |
6.45 |
7.43 |
8.68 |
7.64 |
|
Weighted average shares outstanding |
|||||
|
Basic |
315 |
321 |
322 |
324 |
333 |
|
Diluted |
354 |
344 |
344 |
344 |
357 |
|
EBITDA |
7032 |
6208 |
7553 |
8980 |
8116 |
|
Profitability and Market Ratios - MQG |
||||
|
2020 |
2019 |
Average for Industry |
||
|
Return on Assets |
Net Profit / Average Total Assets |
2732/ ((255802 + 197757)/2) |
2982 /197757 |
|
|
0.012046944 |
0 |
|||
|
1% |
2% |
0.73% |
||
|
Return on Equity |
Net Profit / Average Equity |
2732/ ((21784 + 18364)/2) |
2982 /18364 |
|
|
0.136096443 |
0.162382923 |
|||
|
14% |
16% |
|||
|
Return on Equity taken from Annual Report 2020 p102 |
14.50% |
18.00% |
9.77% |
|
|
Net Profit Margin |
Net Profit / Revenue |
2732 / 5526 |
2982 /5837 |
|
|
0.494390156 |
0.510878876 |
|||
|
49% |
51% |
18.17% |
||
|
Net Interest Income |
Net Interest Income / Average Earning Assets |
1,859,000,000 / ((255,802,000,000 + 197,757,000,000)/2) |
1760000000/ 197,757,000,000 |
|
|
0.00819739 |
0.008899811 |
|||
|
0.82% |
0.89% |
result% |
||
|
Expense ratio |
Expenses (excluding tax) / Revenue |
8,871,000,000 / 12,325,000,000 |
8887000000 / 12,754,000,000 |
|
|
Expenses = Total Operating Expenses (see below) |
0.719756592 |
0.696801004 |
||
|
Reveue = Net Operating Income |
72% |
69.68% |
result% |
|
|
Expense to income ratio taken from Management Discussion 2020 p11 |
72.00% |
69.70% |
||
|
Cash flow to sales |
Net cash flow from operating activity / Revenue |
2745 / 12325 |
2523/ 12754 |
|
|
0.222718053 |
0.197820292 |
|||
|
51.00% |
19.78% |
result% |
||
|
Earnings per share |
Profit for shareholders / Number of ordinary shares |
AUD$7.910 per share |
AUD$8.833 per share |
$xx per share |
|
Basic EPS taken from Annual Report 2020 p102 |
||||
|
Dividends per share |
Dividends - Special dividends/ No of shares |
AUD$4.30 per share |
AUD$5.75 per share |
$xx per share |
|
DPS taken from annual report 2020 p102 |
||||
|
Share price |
share price taken from Annual Report 2020 p102 |
AUD$85.75 |
AUD$129.40 |
|
|
Dividend payout ratio |
DPS/EPS |
4.30 / $7.910 |
5.75/8.33 |
|
|
DPS & Basic EPS taken from Annual Report 2020 p102 |
0.543615676 |
0.69027611 |
||
|
54% |
69% |
result% |
||
|
Price earnings ratio |
Share price last day of reporting year / EPS |
AUD$85.75 / 7.910 |
AUD$129.40 / 8.833 |
|
|
share price taken from Annual Report 2020 p102 |
10.8407 |
14.6496 |
||
|
10.84 times |
result times |
16.72 times |
||
|
Efficiency Ratios - MQG |
||||
|
2020 |
2019 |
Average for Industry |
||
|
Asset turnover |
Sales or Revenue / Average Total Assets |
5526 / ((255802 + 197757)/2) |
5837 / 197757 |
|
|
0.024367282 |
0.029516022 |
|||
|
result times |
result times |
result times |
||
|
Fixed-Asset Turnover Ratio |
Sales or Revenue / Total Non Current Assets |
5526 / 127886 |
5837 / 104,690 |
|
|
Non Current Assets figures provided by Morning Star |
0.043210359 |
0.055755086 |
||
|
http://financials.morningstar.com/balance-sheet/bs.html?t=MQG®ion=aus&culture=en-US |
result times |
result times |
result times |
|
|
Days receivables |
(Average Receivables / Sales or Revenue) x 365 |
(((3405+ 3719)/2)/5526) x 365 |
(3719/5837)*365 |
|
|
Accounts Receivables = Debtors and Prepayments Annual report p175 |
(((3405+ 3719)/2)/5526) x 365 |
232.5569642 |
||
|
235.2750633 |
result days |
result days |
||
|
Times receivables turnover |
Sales or Revenue/Average Receivables |
5526/((3,405 + 3,719)/2) |
5837/3719 |
|
|
Accounts Receivables = Debtors and Prepayments Annual report p175 |
5526/3562 |
1.569507932 |
||
|
1.551375632 |
result times |
result times |
||
|
Short term solvency Ratios - MQG |
||||
|
2020 |
2019 |
Average for Industry |
||
|
Current Ratio |
Total Current Assets / Total Current Liabilities |
127,916,000,000 / 144,721,000,000 |
93,067,000,000 / 117,924,000,000 |
|
|
Current Assets and Current Liabilities figures provided by Morning Star |
0.883880017 |
0.789211696 |
||
|
http://financials.morningstar.com/balance-sheet/bs.html?t=MQG®ion=aus&culture=en-US |
result:1 |
result:1 |
XX:1 |
|
|
Cashflow Ratio |
Net Cash from Operating Activities / Total Current Liabilities |
2745000000 / 144,721,000,000 |
2523000000/ 117,924,000,000 |
|
|
Current Liabilities figures provided by Morning Star |
0.018967531 |
0.021395136 |
||
|
http://financials.morningstar.com/balance-sheet/bs.html?t=MQG®ion=aus&culture=en-US |
result times |
result times |
result times |
|
|
Long term solvency Ratios - MQG |
||||
|
2020 |
2019 |
Average for Industry |
||
|
Debt to Equity |
Total Debt / Total Equity |
64,556 / 21,784 |
51,389 / 18364 |
|
|
Debt issued taken from Annual Report 2020 p133 |
2.96345942 |
2.798355478 |
||
|
296% |
280% |
332.99% |
||
|
Debt ratio |
Total Liabilities / Total Assets |
234,018/ 255,802 |
179393 / 197757 |
|
|
0 |
0 |
|||
|
91% |
91% |
24.92% |
||
|
Equity Ratio |
Total Equity / Total Assets |
21,784 / 255,802 |
18364 / 197757 |
|
|
0 |
0 |
|||
|
9% |
9% |
result% |
||
|
Cash debt coverage |
Non Current Liabilities / Net Cash from Operating Activities |
89,297,000,000 / 2745000000 |
66,894,000,000 / 2523000000 |
|
|
Non Current Liabilities figures provided by Morning Star |
32.53078324 |
26.5136742 |
||
|
http://financials.morningstar.com/balance-sheet/bs.html?t=MQG®ion=aus&culture=en-US |
result times |
result times |
result times |
|
|
Interest coverage ratio |
EBIT / Interest expense |
5,313,000,000 / 3,297,000,000 |
5,627,000,000 /3,595,000,000 |
|
|
EBIT (see below) |
1.611464968 |
1.565229485 |
||
|
Interest expense taken from Annual Report 2020 p131 |
1.61 times |
1.57 times |
result times |
|
|
(figures from www.macquarie.com 2020 annual report) |
||||
|
https://www.macquarie.com/assets/macq/investor/reports/2020/Macquarie-Group-FY20-Annual-Report.pdf |
||||
|
Industry averages taken from Bloomberg |
||||
|
MQG 2020 annual report |
||||
|
Profit/(Loss) before taxation |
3,45,40,00,000 |
3,86,70,00,000 |
p131 |
|
|
Adjust for interest income and expense |
1,85,90,00,000 |
1,76,00,00,000 |
(see below) |
|
|
EBIT |
5,31,30,00,000 |
5,62,70,00,000 |
||
|
interest income |
5,15,60,00,000 |
5,35,50,00,000 |
p131 |
|
|
interest expense |
3,29,70,00,000 |
3,59,50,00,000 |
p131 |
|
|
Interest capitalised |
- |
- |
p |
|
|
Total interest income/(expense) |
1,85,90,00,000 |
1,76,00,00,000 |
||
