ANSAL PROPERTIES 2017-18 Annual Report Analysis

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ANSAL PROPERTIES 2017-18 Annual Report Analysis
Tue, 18 Dec

ANSAL PROPERTIES has announced its results for the year ended March 2018. Let us have a look at the detailed performance review of the company during FY17-18.

ANSAL PROPERTIES Income Statement Analysis

  • Operating income during the year fell 19.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 104.7% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 0.6% in FY18 as against 9.7% in FY17.
  • Depreciation charges increased by 44.5% and finance costs increased by 55.9% YoY, respectively.
  • Other income grew by 76.5% YoY.
  • Net profit for the year grew by 335.8% YoY.
  • Net profit margins during the year declined from 4.6% in FY17 to 24.6% in FY18.

ANSAL PROPERTIES Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 8,357 6,701 -19.8%
Other income Rs m 163 288 76.5%
Total Revenues Rs m 8,520 6,989 -18.0%
Gross profit Rs m 808 -38 -104.7%
Depreciation Rs m 164 237 44.5%
Interest Rs m 1,093 1,704 55.9%
Profit before tax Rs m -285 -1,691 492.6%
Tax Rs m 81 -277 -442.0%
Profit after tax Rs m -394 -1,717 335.8%
Gross profit margin % 9.7 -0.6
Effective tax rate % -28.3 16.4
Net profit margin % -4.6 -24.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ANSAL PROPERTIES Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 46 billion as compared to Rs 50 billion in FY17, thereby witnessing an decrease of -7.3%.
  • Long-term debt down at Rs 9 billion as compared to Rs 11 billion during FY17, a fall of 14.7%.
  • Current assets fell 11% and stood at Rs 61 billion, while fixed assets fell 8% and stood at Rs 8 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 74 billion as against Rs 81 billion during FY17, thereby witnessing a fall of 8%.

ANSAL PROPERTIES Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 16,088 15,452 -4.0
 
Current Liabilities Rs m 50,073 46,397 -7.3
Long-term Debt Rs m 10,589 9,034 -14.7
Total Liabilities Rs m 81,186 74,409 -8.3
 
Current assets Rs m 68,448 61,190 -10.6
Fixed Assets Rs m 8,299 7,648 -7.8
Total Assets Rs m 81,186 74,409 -8.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ANSAL PROPERTIES Cash Flow Statement Analysis

  • ANSAL PROPERTIES's cash flow from operating activities (CFO) during FY18 stood at Rs 5 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 658 million, an improvement of 100.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -6 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -167 million from the Rs 65 million net cash flows seen during FY17.

ANSAL PROPERTIES Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m -4,202 4,887 -
Cash Flow from Investing Activities Rs m 328 658 100.7%
Cash Flow from Financing Activities Rs m 3,939 -5,712 -
Net Cash Flow Rs m 65 -167 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ANSAL PROPERTIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -10.9, an decline from the EPS of Rs -2.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 10.8, stands at -10.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 0.6 times.
  • The company's price to cash flow (P/CF) ratio stood at -1.1 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Sales per share (Unadj.) Rs 53.1 42.6
TTM Earnings per share Rs -2.5 -10.9
Diluted earnings per share Rs -2.5 -10.9
Price to Cash Flow x -8.4 -1.1
TTM P/E ratio x -10.1 -10.1
Price / Book Value ratio x 0.2 0.3
Market Cap Rs m 1,700 1,700
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ANSAL PROPERTIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY18, from 1.4x during FY17. 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 deteriorated and stood at 0.0x during FY18, from 0.7x during FY17. 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 -11.1% during FY18, from -2.4% during FY18. 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 -1.2% during FY18, from 2.9% during FY17. 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 0.0% during FY18, from 0.9% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Current ratio x 1.4 1.3
Debtors’ Days Days 322 316
Interest coverage x 0.7 0.0
Debt to equity ratio x 0.7 0.6
Return on assets % 0.9 0.0
Return on equity % -2.4 -11.1
Return on capital employed % 2.9 -1.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how ANSAL PROPERTIES has performed over the last 5 years, please visit here.

ANSAL PROPERTIES Share Price Performance

Over the last one year, ANSAL PROPERTIES share price has moved up from Rs 21.4 to Rs 10.8, registering a loss of Rs 10.6 or around 49.5%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,836.8 (up 0.3%). Over the last one year it has moved down from 2,378.1 to 1,836.8, a loss of 541 points (down 22.8%).

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for ANSAL PROPERTIES and quarterly results for ANSAL PROPERTIES)

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