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ASHIANA HOUSING 2018-19 Annual Report Analysis

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ASHIANA HOUSING 2018-19 Annual Report Analysis
Thu, 20 Jun

ASHIANA 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.

ASHIANA HOUSING Income Statement Analysis

  • Operating income during the year rose 7.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 37.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.4% in FY19 as against 17.8% in FY18.
  • Depreciation charges increased by 11.3% and finance costs increased by 27.1% YoY, respectively.
  • Other income declined by 3.8% YoY.
  • Net profit for the year declined by 64.0% YoY.
  • Net profit margins during the year declined from 11.9% in FY18 to 4.0% in FY19.

ASHIANA HOUSING Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 3,064 3,298 7.6%
Other income Rs m 136 131 -3.8%
Total Revenues Rs m 3,200 3,429 7.2%
Gross profit Rs m 544 342 -37.2%
Depreciation Rs m 73 82 11.3%
Interest Rs m 119 152 27.1%
Profit before tax Rs m 487 240 -50.9%
Tax Rs m 105 102 -3.2%
Profit after tax Rs m 382 138 -64.0%
Gross profit margin % 17.8 10.4
Effective tax rate % 21.6 42.5
Net profit margin % 11.9 4.0
* 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 FY19 down at Rs 2 billion as compared to Rs 4 billion in FY18, thereby witnessing an decrease of -36.2%.
  • Long-term debt stood at Rs 1 billion as compared to Rs 634 million during FY18, a growth of 125.2%.
  • Current assets fell 4% and stood at Rs 10 billion, while fixed assets rose 1% and stood at Rs 1 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 12 billion as against Rs 12 billion during FY18, thereby witnessing a fall of 3%.

ASHIANA HOUSING Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 7,658 7,818 2.1
 
Current Liabilities Rs m 3,732 2,381 -36.2
Long-term Debt Rs m 634 1,427 125.2
Total Liabilities Rs m 12,319 11,940 -3.1
 
Current assets Rs m 10,881 10,455 -3.9
Fixed Assets Rs m 1,196 1,204 0.6
Total Assets Rs m 12,319 11,940 -3.1
* 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 FY19 stood at Rs -103 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 307 million, an improvement of 178.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 19 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 223 million from the Rs -110 million net cash flows seen during FY18.

ASHIANA 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 -543 -103 -
Cash Flow from Investing Activities Rs m 110 307 178.3%
Cash Flow from Financing Activities Rs m 322 19 -94.1%
Net Cash Flow Rs m -110 223 -
* 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 1.3, an decline from the EPS of Rs 3.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 120.6, stands at 10.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at 4.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 56.3 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 29.9 32.2
TTM Earnings per share Rs 3.7 1.3
Diluted earnings per share Rs 3.7 1.3
Price to Cash Flow x 27.1 56.3
TTM P/E ratio x 10.4 10.4
Price / Book Value ratio x 2.7 1.8
Market Cap Rs m 12,338 12,338
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 4.4x during FY19, from 2.9x 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 deteriorated and stood at 2.6x during FY19, from 5.1x 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 declined and down at 1.8% during FY19, from 5.0% 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 declined and down at 4.2% during FY19, from 7.3% 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 declined and down at 2.4% during FY19, from 4.1% 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 2.9 4.4
Debtors’ Days Days 30 25
Interest coverage x 5.1 2.6
Debt to equity ratio x 0.1 0.2
Return on assets % 4.1 2.4
Return on equity % 5.0 1.8
Return on capital employed % 7.3 4.2
* 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 134.9 to Rs 120.6, registering a loss of Rs 14.3 or around 10.6%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,130.1 (up 1.7%). Over the last one year it has moved down from 2,168.5 to 2,130.1, a loss of 38 points (down 1.8%).

Overall, the S&P BSE SENSEX is up 12.0% over the year.

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

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