AHLUWALIA CONTRACTS 2018-19 Annual Report Analysis

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AHLUWALIA CONTRACTS 2018-19 Annual Report Analysis
Tue, 24 Sep

AHLUWALIA CONTRACTS has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

AHLUWALIA CONTRACTS Income Statement Analysis

  • Operating income during the year rose 6.4% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 1.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 12.3% in FY19 as against 13.3% in FY18.
  • Depreciation charges increased by 7.5% and finance costs decreased by 23.4% YoY, respectively.
  • Other income grew by 54.8% YoY.
  • Net profit for the year grew by 1.5% YoY.
  • Net profit margins during the year declined from 7.0% in FY18 to 6.7% in FY19.

AHLUWALIA CONTRACTS Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 16,466 17,522 6.4%
Other income Rs m 63 98 54.8%
Total Revenues Rs m 16,529 17,620 6.6%
Gross profit Rs m 2,192 2,162 -1.4%
Depreciation Rs m 256 276 7.5%
Interest Rs m 251 192 -23.4%
Profit before tax Rs m 1,748 1,792 2.5%
Tax Rs m 594 620 4.4%
Profit after tax Rs m 1,154 1,172 1.5%
Gross profit margin % 13.3 12.3
Effective tax rate % 34.0 34.6
Net profit margin % 7.0 6.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



AHLUWALIA CONTRACTS Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 7 billion as compared to Rs 6 billion in FY18, thereby witnessing an increase of 13.4%.
  • Long-term debt down at Rs 6 million as compared to Rs 7 million during FY18, a fall of 13.7%.
  • Current assets rose 24% and stood at Rs 11 billion, while fixed assets rose 1% and stood at Rs 2 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 15 billion as against Rs 13 billion during FY18, thereby witnessing a growth of 18%.

AHLUWALIA CONTRACTS Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 6,213 7,343 18.2
 
Current Liabilities Rs m 5,997 6,802 13.4
Long-term Debt Rs m 7 6 -13.7
Total Liabilities Rs m 12,521 14,825 18.4
 
Current assets Rs m 9,100 11,270 23.8
Fixed Assets Rs m 1,900 1,919 1.0
Total Assets Rs m 12,521 14,825 18.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



AHLUWALIA CONTRACTS Cash Flow Statement Analysis

  • AHLUWALIA CONTRACTS's cash flow from operating activities (CFO) during FY19 stood at Rs 857 million, an improvement of 5.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -426 million, an improvement of 114.9% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 191 million, an improvement of 127% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 622 million from the Rs -85 million net cash flows seen during FY18.

AHLUWALIA CONTRACTS Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 810 857 5.9%
Cash Flow from Investing Activities Rs m -198 -426 -
Cash Flow from Financing Activities Rs m -696 191 -
Net Cash Flow Rs m -85 622 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for AHLUWALIA CONTRACTS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 17.5, an improvement from the EPS of Rs 17.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 320.0, stands at 20.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.1 times, while the price to sales ratio stands at 1.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 14.8 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 245.8 261.6
TTM Earnings per share Rs 17.2 17.5
Diluted earnings per share Rs 17.2 17.5
Price to Cash Flow x 15.2 14.8
TTM P/E ratio x 20.0 20.0
Price / Book Value ratio x 3.6 3.1
Market Cap Rs m 21,437 21,437
Dividends per share (Unadj.) Rs 0.3 0.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for AHLUWALIA CONTRACTS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY19, from 1.5x during FY18. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 10.3x during FY19, from 8.0x during FY18. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 16.0% during FY19, from 18.6% during FY19. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 27.0% during FY19, from 32.1% during FY18. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company declined and down at 9.2% during FY19, from 11.2% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 1.5 1.7
Debtors’ Days Days 125 135
Interest coverage x 8.0 10.3
Debt to equity ratio x 0.0 0.0
Return on assets % 11.2 9.2
Return on equity % 18.6 16.0
Return on capital employed % 32.1 27.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how AHLUWALIA CONTRACTS has performed over the last 5 years, please visit here.

AHLUWALIA CONTRACTS Share Price Performance

Over the last one year, AHLUWALIA CONTRACTS share price has moved up from Rs 282.0 to Rs 320.0, registering a gain of Rs 38.0 or around 13.5%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,089.3 (down 0.2%). Over the last one year it has moved up from 1,841.3 to 2,089.3, a gain of 248 points (up 13.5%).

Overall, the S&P BSE SENSEX is up 8.0% over the year.

(To know more, check out historical annual results for AHLUWALIA CONTRACTS and quarterly results for AHLUWALIA CONTRACTS)

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