ANSAL HOUSING 2018-19 Annual Report Analysis

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ANSAL HOUSING 2018-19 Annual Report Analysis
Tue, 24 Sep

ANSAL HOUSING 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.

ANSAL HOUSING Income Statement Analysis

  • Operating income during the year fell 21.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 15.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 18.0% in FY19 as against 12.2% in FY18.
  • Depreciation charges increased by 6.7% and finance costs decreased by 5.3% YoY, respectively.
  • Other income grew by 18.4% YoY.
  • Net profit for the year declined by 79.3% YoY.
  • Net profit margins during the year grew from 6.9% in FY18 to 1.7% in FY19.

ANSAL HOUSING Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 2,492 1,949 -21.8%
Other income Rs m 262 310 18.4%
Total Revenues Rs m 2,754 2,259 -18.0%
Gross profit Rs m 305 351 15.3%
Depreciation Rs m 16 18 6.7%
Interest Rs m 823 779 -5.3%
Profit before tax Rs m -272 -135 -50.5%
Tax Rs m -81 -95 17.3%
Profit after tax Rs m -191 -39 -79.3%
Gross profit margin % 12.2 18.0
Effective tax rate % 29.9 70.7
Net profit margin % -6.9 -1.7
* 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 FY19 stood at Rs 20 billion as compared to Rs 10 billion in FY18, thereby witnessing an increase of 96.4%.
  • Long-term debt down at Rs 1 billion as compared to Rs 4 billion during FY18, a fall of 70.1%.
  • Current assets rose 29% and stood at Rs 23 billion, while fixed assets fell 19% and stood at Rs 493 million in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 24 billion as against Rs 19 billion during FY18, thereby witnessing a growth of 29%.

ANSAL HOUSING Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 4,205 2,884 -31.4
 
Current Liabilities Rs m 10,101 19,839 96.4
Long-term Debt Rs m 3,835 1,146 -70.1
Total Liabilities Rs m 18,780 24,216 28.9
 
Current assets Rs m 18,053 23,305 29.1
Fixed Assets Rs m 611 493 -19.3
Total Assets Rs m 18,780 24,216 28.9
* 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 FY19 stood at Rs 557 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 267 million, an improvement of 250.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -827 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -3 million from the Rs 2 million net cash flows seen during FY18.

ANSAL HOUSING 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 718 557 -22.5%
Cash Flow from Investing Activities Rs m 76 267 250.7%
Cash Flow from Financing Activities Rs m -793 -827 -
Net Cash Flow Rs m 2 -3 -
* 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 -0.7, an improvement from the EPS of Rs -3.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 5.6, stands at -3.0 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 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at -15.2 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 42.0 32.8
TTM Earnings per share Rs -3.2 -0.7
Diluted earnings per share Rs -3.2 -0.7
Price to Cash Flow x -1.9 -15.2
TTM P/E ratio x -3.0 -3.0
Price / Book Value ratio x 0.4 0.3
Market Cap Rs m 333 333
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 deteriorated and stood at 1.2x during FY19, from 1.8x 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 0.8x during FY19, from 0.7x 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 improved and stood at -1.4% during FY19, from -4.5% 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 improved and stood at 16.0% during FY19, from 6.8% 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 3.1% during FY19, from 3.4% 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 1.8 1.2
Debtors’ Days Days 133 167
Interest coverage x 0.7 0.8
Debt to equity ratio x 0.9 0.4
Return on assets % 3.4 3.1
Return on equity % -4.5 -1.4
Return on capital employed % 6.8 16.0
* 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 down from Rs 12.8 to Rs 5.6, registering a loss of Rs 7.2 or around 56.1%.

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 ANSAL HOUSING and quarterly results for ANSAL HOUSING)

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ANSAL HOUSING Announces Quarterly Results (4QFY19); Net Profit Up 99.5% (Quarterly Result Update)

Jun 14, 2019 | Updated on Jun 14, 2019

For the quarter ended March 2019, ANSAL HOUSING has posted a net profit of Rs 0 m (up 99.5% YoY). Sales on the other hand came in at Rs 241 m (down 52.5% YoY). Read on for a complete analysis of ANSAL HOUSING's quarterly results.

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