ASHOKA BUILDCON 2017-18 Annual Report Analysis

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ASHOKA BUILDCON 2017-18 Annual Report Analysis
Tue, 18 Dec

ASHOKA BUILDCON 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.

ASHOKA BUILDCON Income Statement Analysis

  • Operating income during the year rose 21.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 19.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 31.6% in FY18 as against 32.0% in FY17.
  • Depreciation charges increased by 10.4% and finance costs increased by 9.5% YoY, respectively.
  • Other income declined by 36.7% YoY.
  • Net profit for the year declined by 47.2% YoY.
  • Net profit margins during the year grew from 7.4% in FY17 to 3.2% in FY18.

ASHOKA BUILDCON Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 29,728 36,010 21.1%
Other income Rs m 815 516 -36.7%
Total Revenues Rs m 30,543 36,526 19.6%
Gross profit Rs m 9,506 11,395 19.9%
Depreciation Rs m 2,640 2,914 10.4%
Interest Rs m 9,078 9,938 9.5%
Profit before tax Rs m -1,398 -942 -32.6%
Tax Rs m 698 837 19.9%
Profit after tax Rs m -2,247 -1,187 -47.2%
Gross profit margin % 32.0 31.6
Effective tax rate % -50.0 -88.9
Net profit margin % -7.4 -3.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ASHOKA BUILDCON Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 33 billion as compared to Rs 28 billion in FY17, thereby witnessing an increase of 15.7%.
  • Long-term debt stood at Rs 49 billion as compared to Rs 45 billion during FY17, a growth of 7.1%.
  • Current assets rose 16% and stood at Rs 24 billion, while fixed assets fell 6% and stood at Rs 79 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 116 billion as against Rs 108 billion during FY17, thereby witnessing a growth of 7%.

ASHOKA BUILDCON Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 4,695 3,159 -32.7
 
Current Liabilities Rs m 28,203 32,619 15.7
Long-term Debt Rs m 45,488 48,704 7.1
Total Liabilities Rs m 108,058 115,503 6.9
 
Current assets Rs m 20,455 23,817 16.4
Fixed Assets Rs m 84,060 79,212 -5.8
Total Assets Rs m 108,058 115,503 6.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ASHOKA BUILDCON Cash Flow Statement Analysis

  • ASHOKA BUILDCON's cash flow from operating activities (CFO) during FY18 stood at Rs 10 billion, an improvement of 22.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion, an improvement of 183.4% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -6 billion, an improvement of 32% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 2 billion from the Rs -1 billion net cash flows seen during FY17.

ASHOKA BUILDCON 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 8,273 10,150 22.7%
Cash Flow from Investing Activities Rs m -628 -1,779 -
Cash Flow from Financing Activities Rs m -8,659 -5,917 -
Net Cash Flow Rs m -1,014 2,455 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ASHOKA BUILDCON

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -6.3, an improvement from the EPS of Rs -12.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 131.8, stands at 8.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 13.0 times, while the price to sales ratio stands at 1.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 21.7 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 158.8 192.4
TTM Earnings per share Rs -12.0 -6.3
Diluted earnings per share Rs -12.0 -6.3
Price to Cash Flow x 45.3 21.7
TTM P/E ratio x 8.7 8.7
Price / Book Value ratio x 6.2 13.0
Market Cap Rs m 24,666 24,666
Dividends per share (Unadj.) Rs 0.8 0.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ASHOKA BUILDCON

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.7x during FY18, from 0.7x 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 0.9x during FY18, from 0.8x 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 improved and stood at -37.6% during FY18, from -47.9% 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 improved and stood at 18.5% during FY18, from 15.0% 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 improved and stood at 7.6% during FY18, from 6.3% 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 0.7 0.7
Debtors’ Days Days 44 70
Interest coverage x 0.8 0.9
Debt to equity ratio x 9.7 15.4
Return on assets % 6.3 7.6
Return on equity % -47.9 -37.6
Return on capital employed % 15.0 18.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how ASHOKA BUILDCON has performed over the last 5 years, please visit here.

ASHOKA BUILDCON Share Price Performance

Over the last one year, ASHOKA BUILDCON share price has moved up from Rs 160.3 to Rs 131.8, registering a loss of Rs 28.5 or around 17.8%.

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 ASHOKA BUILDCON and quarterly results for ASHOKA BUILDCON)

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