ANSAL HOUSING 2017-18 Annual Report Analysis

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ANSAL HOUSING 2017-18 Annual Report Analysis
Thu, 20 Dec

ANSAL HOUSING 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 HOUSING Income Statement Analysis

  • Operating income during the year fell 20.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 40.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 12.2% in FY18 as against 16.2% in FY17.
  • Depreciation charges decreased by 23.0% and finance costs increased by 15.2% YoY, respectively.
  • Other income grew by 44.1% YoY.
  • Net profit for the year grew by 485.6% YoY.
  • Net profit margins during the year declined from 1.0% in FY17 to 6.9% in FY18.

ANSAL HOUSING Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 3,134 2,492 -20.5%
Other income Rs m 182 262 44.1%
Total Revenues Rs m 3,316 2,754 -16.9%
Gross profit Rs m 508 305 -40.0%
Depreciation Rs m 21 16 -23.0%
Interest Rs m 714 823 15.2%
Profit before tax Rs m -46 -272 495.6%
Tax Rs m -13 -81 520.6%
Profit after tax Rs m -33 -191 485.6%
Gross profit margin % 16.2 12.2
Effective tax rate % 28.7 29.9
Net profit margin % -1.0 -6.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ANSAL HOUSING Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 10 billion as compared to Rs 9 billion in FY17, thereby witnessing an increase of 7.5%.
  • Long-term debt down at Rs 4 billion as compared to Rs 4 billion during FY17, a fall of 9.2%.
  • Current assets rose 0% and stood at Rs 18 billion, while fixed assets fell 9% and stood at Rs 611 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 19 billion as against Rs 19 billion during FY17, thereby witnessing a growth of 0%.

ANSAL HOUSING Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 4,392 4,205 -4.3
 
Current Liabilities Rs m 9,395 10,101 7.5
Long-term Debt Rs m 4,222 3,835 -9.2
Total Liabilities Rs m 18,750 18,780 0.2
 
Current assets Rs m 17,979 18,053 0.4
Fixed Assets Rs m 675 611 -9.5
Total Assets Rs m 18,750 18,780 0.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ANSAL HOUSING Cash Flow Statement Analysis

  • ANSAL HOUSING's cash flow from operating activities (CFO) during FY18 stood at Rs 718 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 76 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -793 million, an improvement of 42% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 2 million from the Rs -11 million net cash flows seen during FY17.

ANSAL HOUSING 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 1,224 718 -41.3%
Cash Flow from Investing Activities Rs m 121 76 -37.0%
Cash Flow from Financing Activities Rs m -1,356 -793 -
Net Cash Flow Rs m -11 2 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ANSAL HOUSING

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.2, an decline from the EPS of Rs -0.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 11.7, stands at -4.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.4 times, while the price to sales ratio stands at 0.7 times.
  • The company's price to cash flow (P/CF) ratio stood at -4.0 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 52.8 42.0
TTM Earnings per share Rs -0.5 -3.2
Diluted earnings per share Rs -0.5 -3.2
Price to Cash Flow x -61.3 -4.0
TTM P/E ratio x -4.4 -4.4
Price / Book Value ratio x 0.3 0.4
Market Cap Rs m 692 692
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 HOUSING

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.8x during FY18, from 1.9x 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 0.7x during FY18, from 0.9x 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 -4.5% during FY18, from -0.7% 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 6.8% during FY18, from 7.8% 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 3.4% during FY18, from 3.6% 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 1.9 1.8
Debtors’ Days Days 86 133
Interest coverage x 0.9 0.7
Debt to equity ratio x 1.0 0.9
Return on assets % 3.6 3.4
Return on equity % -0.7 -4.5
Return on capital employed % 7.8 6.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

ANSAL HOUSING Share Price Performance

Over the last one year, ANSAL HOUSING share price has moved up from Rs 22.9 to Rs 11.7, registering a loss of Rs 11.2 or around 49.0%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,902.7 (up 0.5%). Over the last one year it has moved down from 2,483.9 to 1,902.7, a loss of 581 points (down 23.4%).

Overall, the S&P BSE SENSEX is up 7.5% over the year.

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

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