ASHIANA HOUSING 2017-18 Annual Report Analysis

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

ASHIANA 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.

ASHIANA HOUSING Income Statement Analysis

  • Operating income during the year fell 14.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 40.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 17.8% in FY18 as against 25.4% in FY17.
  • Depreciation charges decreased by 7.1% and finance costs increased by 79.0% YoY, respectively.
  • Other income declined by 7.9% YoY.
  • Net profit for the year declined by 42.9% YoY.
  • Net profit margins during the year declined from 17.9% in FY17 to 11.9% in FY18.

ASHIANA HOUSING Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 3,586 3,064 -14.6%
Other income Rs m 148 136 -7.9%
Total Revenues Rs m 3,734 3,200 -14.3%
Gross profit Rs m 913 544 -40.4%
Depreciation Rs m 79 73 -7.1%
Interest Rs m 67 119 79.0%
Profit before tax Rs m 915 487 -46.7%
Tax Rs m 245 105 -57.0%
Profit after tax Rs m 670 382 -42.9%
Gross profit margin % 25.4 17.8
Effective tax rate % 26.8 21.6
Net profit margin % 17.9 11.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ASHIANA HOUSING Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 4 billion as compared to Rs 4 billion in FY17, thereby witnessing an decrease of -4.0%.
  • Long-term debt down at Rs 634 million as compared to Rs 781 million during FY17, a fall of 18.9%.
  • Current assets fell 2% and stood at Rs 11 billion, while fixed assets rose 41% and stood at Rs 1 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 12 billion as against Rs 12 billion during FY17, thereby witnessing a growth of 1%.

ASHIANA HOUSING Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 7,227 7,658 6.0
 
Current Liabilities Rs m 3,887 3,732 -4.0
Long-term Debt Rs m 781 634 -18.9
Total Liabilities Rs m 12,203 12,319 0.9
 
Current assets Rs m 11,125 10,881 -2.2
Fixed Assets Rs m 851 1,196 40.5
Total Assets Rs m 12,203 12,319 0.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ASHIANA HOUSING Cash Flow Statement Analysis

  • ASHIANA HOUSING's cash flow from operating activities (CFO) during FY18 stood at Rs -543 million, an improvement of 38.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 110 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 322 million, an improvement of 119% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -110 million from the Rs -484 million net cash flows seen during FY17.

ASHIANA 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 -393 -543 -
Cash Flow from Investing Activities Rs m -237 110 -
Cash Flow from Financing Activities Rs m 147 322 119.3%
Net Cash Flow Rs m -484 -110 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ASHIANA HOUSING

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.7, an decline from the EPS of Rs 6.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 118.0, stands at 10.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.7 times, while the price to sales ratio stands at 6.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 26.5 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 35.0 29.9
TTM Earnings per share Rs 6.5 3.7
Diluted earnings per share Rs 6.5 3.7
Price to Cash Flow x 16.1 26.5
TTM P/E ratio x 10.1 10.1
Price / Book Value ratio x 2.4 2.7
Market Cap Rs m 12,077 12,077
Dividends per share (Unadj.) Rs 0.3 0.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ASHIANA HOUSING

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.9x during FY18, from 2.9x 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 5.1x during FY18, from 14.7x 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 5.0% during FY18, from 9.3% 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 7.3% during FY18, from 12.3% 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 4.1% during FY18, from 6.0% 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 2.9 2.9
Debtors’ Days Days 24 30
Interest coverage x 14.7 5.1
Debt to equity ratio x 0.1 0.1
Return on assets % 6.0 4.1
Return on equity % 9.3 5.0
Return on capital employed % 12.3 7.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

ASHIANA HOUSING Share Price Performance

Over the last one year, ASHIANA HOUSING share price has moved up from Rs 180.9 to Rs 118.0, registering a loss of Rs 62.9 or around 34.8%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,900.7 (up 0.4%). Over the last one year it has moved down from 2,483.9 to 1,900.7, a loss of 583 points (down 23.5%).

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

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

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