ASHOKA BUILDCON 2018-19 Annual Report Analysis

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ASHOKA BUILDCON 2018-19 Annual Report Analysis
Wed, 25 Sep

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 36.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 22.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 28.3% in FY19 as against 31.6% 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 66.0% YoY.
  • Net profit margins during the year grew from 3.2% 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 36,010 49,301 36.9%
Other income Rs m 516 771 49.5%
Total Revenues Rs m 36,526 50,072 37.1%
Gross profit Rs m 11,395 13,943 22.4%
Depreciation Rs m 2,914 2,582 -11.4%
Interest Rs m 9,938 10,213 2.8%
Profit before tax Rs m -942 1,918 -303.7%
Tax Rs m 837 1,709 104.2%
Profit after tax Rs m -1,187 -403 -66.0%
Gross profit margin % 31.6 28.3
Effective tax rate % -88.9 89.1
Net profit margin % -3.2 -0.8
* 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 FY19 stood at Rs 43 billion as compared to Rs 33 billion in FY18, thereby witnessing an increase of 32.8%.
  • Long-term debt stood at Rs 54 billion as compared to Rs 49 billion during FY18, a growth of 11.1%.
  • Current assets rose 43% and stood at Rs 34 billion, while fixed assets rose 10% and stood at Rs 87 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 131 billion as against Rs 116 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 43,326 32.8
Long-term Debt Rs m 48,704 54,099 11.1
Total Liabilities Rs m 115,503 131,014 13.4
 
Current assets Rs m 23,817 34,164 43.4
Fixed Assets Rs m 79,212 87,321 10.2
Total Assets Rs m 115,503 131,014 13.4
* 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 FY19 stood at Rs -2 billion 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 -1,611 -
Cash Flow from Investing Activities Rs m -3,148 -1,736 -
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: Company Reports, Regulatory Filings, 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 -6.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 106.5, stands at 6.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 19.0 times, while the price to sales ratio stands at 1.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.1 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 192.4 175.6
TTM Earnings per share Rs -6.3 -1.4
Diluted earnings per share Rs -6.3 -2.2
Price to Cash Flow x 17.5 9.1
TTM P/E ratio x 6.9 6.9
Price / Book Value ratio x 13.0 19.0
Market Cap Rs m 19,931 19,931
Dividends per share (Unadj.) Rs 0.8 0.0
* 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 0.8x 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 1.2x 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 -14.0% during FY19, from -37.6% 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 18.5% 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 7.5% during FY19, from 7.6% 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 13 20
Interest coverage x 0.9 1.2
Debt to equity ratio x 15.4 18.9
Return on assets % 7.6 7.5
Return on equity % -37.6 -14.0
Return on capital employed % 18.5 20.2
* 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 down from Rs 116.1 to Rs 106.5, registering a loss of Rs 9.6 or around 8.3%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,044.3 (down 1.3%). Over the last one year it has moved up from 1,810.5 to 2,044.3, a gain of 234 points (up 12.9%).

Overall, the S&P BSE SENSEX is up 6.7% over the year.

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

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