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ASHOKA BUILDCON 2018-19 Annual Report Analysis
Sun, 31 Mar

ASHOKA BUILDCON 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.

ASHOKA BUILDCON Income Statement Analysis

  • Operating income during the year rose 37.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 17.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 27.1% in FY19 as against 31.7% in FY18.
  • Depreciation charges decreased by 11.4% and finance costs increased by 2.8% YoY, respectively.
  • Other income grew by 49.5% YoY.
  • Net profit for the year declined by 77.9% YoY.
  • Net profit margins during the year grew from 4.9% in FY18 to 0.8% in FY19.

ASHOKA BUILDCON Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 35,990 49,301 37.0%
Other income Rs m 516 771 49.5%
Total Revenues Rs m 36,506 50,072 37.2%
Gross profit Rs m 11,395 13,341 17.1%
Depreciation Rs m 2,914 2,582 -11.4%
Interest Rs m 9,938 10,213 2.8%
Profit before tax Rs m -942 1,317 -239.9%
Tax Rs m 837 1,709 104.2%
Profit after tax Rs m -1,779 -392 -77.9%
Gross profit margin % 31.7 27.1
Effective tax rate % -88.9 129.8
Net profit margin % -4.9 -0.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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ASHOKA BUILDCON Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 43 billion as compared to Rs 33 billion in FY18, thereby witnessing an increase of 30.5%.
  • Long-term debt stood at Rs 54 billion as compared to Rs 49 billion during FY18, a growth of 11.0%.
  • Current assets rose 43% and stood at Rs 34 billion, while fixed assets rose 5% and stood at Rs 96 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 130 billion as against Rs 115 billion during FY18, thereby witnessing a growth of 13%.

ASHOKA BUILDCON Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 3,159 2,869 -9.2
 
Current Liabilities Rs m 32,619 42,572 30.5
Long-term Debt Rs m 48,704 54,074 11.0
Total Liabilities Rs m 115,102 130,452 13.3
 
Current assets Rs m 23,817 34,164 43.4
Fixed Assets Rs m 91,285 96,288 5.5
Total Assets Rs m 115,102 130,452 13.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ASHOKA BUILDCON Cash Flow Statement Analysis

  • ASHOKA BUILDCON's cash flow from operating activities (CFO) during FY19 stood at Rs -903 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -2 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 3 billion, an improvement of 416% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -241 million from the Rs 2 billion net cash flows seen during FY18.

ASHOKA BUILDCON 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 6,211 -903 -
Cash Flow from Investing Activities Rs m -3,148 -2,444 -
Cash Flow from Financing Activities Rs m -984 3,105 -
Net Cash Flow Rs m 2,079 -241 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for ASHOKA BUILDCON

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -1.4, an improvement from the EPS of Rs -9.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 128.9, stands at 12.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 12.6 times, while the price to sales ratio stands at 0.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 24.9 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 192.3 175.6
TTM Earnings per share Rs -9.5 -1.4
Diluted earnings per share Rs -6.3 -1.4
Price to Cash Flow x 60.9 24.9
TTM P/E ratio x 27.4 12.6
Price / Book Value ratio x 13.0 19.0
Market Cap Rs m 41,187 54,474
Dividends per share (Unadj.) Rs 0.8 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for ASHOKA BUILDCON

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.8x during FY19, from 0.7x 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 1.1x during FY19, from 0.9x 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 -13.7% during FY19, from -56.3% 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 20.2% during FY19, from 17.3% 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 improved and stood at 7.5% during FY19, from 7.1% 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 0.7 0.8
Debtors’ Days Days 699 776
Interest coverage x 0.9 1.1
Debt to equity ratio x 15.4 18.8
Return on assets % 7.1 7.5
Return on equity % -56.3 -13.7
Return on capital employed % 17.3 20.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 down from Rs 246.3 to Rs 128.9, registering a loss of Rs 117.4 or around 47.7%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,077.1 (up 0.6%). Over the last one year it has moved down from 2,229.9 to 2,077.1, a loss of 153 points (down 6.9%).

Overall, the S&P BSE SENSEX is up 16.3% over the year.

(To know more, check out historical annual results for ASHOKA BUILDCON and quarterly results for ASHOKA BUILDCON)

Annual Report FAQs

What is the current share price of ASHOKA BUILDCON?

ASHOKA BUILDCON currently trades at Rs 156.7 per share. You can check out the latest share price performance of ASHOKA BUILDCON here...

What was the revenue of ASHOKA BUILDCON in FY19? How does it compare to earlier years?

The revenues of ASHOKA BUILDCON stood at Rs 50,072 m in FY19, which was up 37.2% compared to Rs 36,506 m reported in FY18.

ASHOKA BUILDCON's revenue has grown from Rs 23,139 m in FY15 to Rs 50,072 m in FY19.

Over the past 5 years, the revenue of ASHOKA BUILDCON has grown at a CAGR of 21.3%.

What was the net profit of ASHOKA BUILDCON in FY19? How does it compare to earlier years?

The net loss of ASHOKA BUILDCON stood at Rs -392 m in FY19, which was down -77.9% compared to Rs -1,779 m reported in FY18.

This compares to a net loss of Rs -2,096 m in FY17 and a net loss of Rs -2,236 m in FY16.

Over the past 5 years, ASHOKA BUILDCON net profit has grown at a CAGR of 132.2%.

What does the cash flow statement of ASHOKA BUILDCON reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of ASHOKA BUILDCON reveals:

  • Cash flow from operations decreased in FY19 and stood at Rs -903 m as compared to Rs 6,211 m in FY18.
  • Cash flow from investments increased in FY19 and stood at Rs -2,444 m as compared to Rs -3,148 m in FY18.
  • Cash flow from financial activity increased in FY19 and stood at Rs 3,105 m as compared to Rs -984 m in FY18.

Here's the cash flow statement of ASHOKA BUILDCON for the past 5 years.

(Rs m)FY15FY16FY17FY18FY19
From Operations3,8982,5078,2736,211-903
From Investments-8,122-1,043-628-3,148-2,444
From Financial Activity3,694250-8,659-9843,105
Net Cashflow-5301,715-1,0142,079-241

What does the Key Ratio analysis of ASHOKA BUILDCON reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of ASHOKA BUILDCON reveals:

  • Operating profit margins witnessed a fall and stood at 27.1% in FY19 as against 31.7% in FY18.
  • Net profit margins grew from 4.9% in FY18 to 0.8% in FY19.
  • Debt to Equity ratio for FY19 stood at 18.8 as compared to 15.4 in FY18.

Here's the ratio/financial analysis of ASHOKA BUILDCON for the past 5 years.

 FY15FY16FY17FY18FY19
Operating Profit Margin (%)20.738.832.031.727.1
Net Profit Margin (%)-0.1-10.1-7.1-4.9-0.8
Debt to Equity Ratio (x)2.62.59.715.418.8

Read: Latest Annual Report Analysis of ASHOKA BUILDCON

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