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BRIGADE ENTERPRISES 2017-18 Annual Report Analysis

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BRIGADE ENTERPRISES 2017-18 Annual Report Analysis
Thu, 20 Dec

BRIGADE ENTERPRISES 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.

BRIGADE ENTERPRISES Income Statement Analysis

  • Operating income during the year fell 6.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 3.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 29.2% in FY18 as against 28.4% in FY17.
  • Depreciation charges increased by 12.3% and finance costs increased by 5.1% YoY, respectively.
  • Other income grew by 41.1% YoY.
  • Net profit for the year declined by 20.5% YoY.
  • Net profit margins during the year declined from 8.1% in FY17 to 6.8% in FY18.

BRIGADE ENTERPRISES Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 20,241 18,972 -6.3%
Other income Rs m 342 483 41.1%
Total Revenues Rs m 20,584 19,455 -5.5%
Gross profit Rs m 5,748 5,545 -3.5%
Depreciation Rs m 1,226 1,377 12.3%
Interest Rs m 2,469 2,594 5.1%
Profit before tax Rs m 2,396 2,057 -14.1%
Tax Rs m 732 628 -14.1%
Profit after tax Rs m 1,672 1,329 -20.5%
Gross profit margin % 28.4 29.2
Effective tax rate % 30.5 30.5
Net profit margin % 8.1 6.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BRIGADE ENTERPRISES Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 25 billion as compared to Rs 27 billion in FY17, thereby witnessing an decrease of -7.4%.
  • Long-term debt stood at Rs 26 billion as compared to Rs 16 billion during FY17, a growth of 65.8%.
  • Current assets rose 11% and stood at Rs 31 billion, while fixed assets rose 31% and stood at Rs 39 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 78 billion as against Rs 64 billion during FY17, thereby witnessing a growth of 23%.

BRIGADE ENTERPRISES Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 16,949 22,870 34.9
 
Current Liabilities Rs m 26,645 24,681 -7.4
Long-term Debt Rs m 15,885 26,331 65.8
Total Liabilities Rs m 63,520 78,219 23.1
 
Current assets Rs m 28,000 31,048 10.9
Fixed Assets Rs m 29,943 39,256 31.1
Total Assets Rs m 63,520 78,219 23.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BRIGADE ENTERPRISES Cash Flow Statement Analysis

  • BRIGADE ENTERPRISES's cash flow from operating activities (CFO) during FY18 stood at Rs 487 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -11 billion, an improvement of 224.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 10 billion, an improvement of 1,883% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -38 million from the Rs 54 million net cash flows seen during FY17.

BRIGADE ENTERPRISES 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 3,978 487 -87.8%
Cash Flow from Investing Activities Rs m -3,346 -10,842 -
Cash Flow from Financing Activities Rs m -579 10,317 -
Net Cash Flow Rs m 54 -38 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BRIGADE ENTERPRISES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.8, an decline from the EPS of Rs 14.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 206.1, stands at 11.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.6 times, while the price to sales ratio stands at 2.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 8.6 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 178.1 139.5
TTM Earnings per share Rs 14.7 9.8
Diluted earnings per share Rs 14.8 11.8
Price to Cash Flow x 8.1 8.6
TTM P/E ratio x 11.2 11.1
Price / Book Value ratio x 1.3 1.6
Market Cap Rs m 23,420 23,212
Dividends per share (Unadj.) Rs 2.5 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BRIGADE ENTERPRISES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY18, from 1.1x 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 1.8x during FY18, from 2.0x 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 5.8% during FY18, from 9.9% 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 declined and down at 9.2% during FY18, from 14.8% 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 5.0% during FY18, from 6.5% 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 1.1 1.3
Debtors’ Days Days 7 34
Interest coverage x 2.0 1.8
Debt to equity ratio x 0.9 1.2
Return on assets % 6.5 5.0
Return on equity % 9.9 5.8
Return on capital employed % 14.8 9.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how BRIGADE ENTERPRISES has performed over the last 5 years, please visit here.

BRIGADE ENTERPRISES Share Price Performance

Over the last one year, BRIGADE ENTERPRISES share price has moved up from Rs 300.3 to Rs 206.1, registering a loss of Rs 94.3 or around 31.4%.

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 BRIGADE ENTERPRISES and quarterly results for BRIGADE ENTERPRISES)

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Feb 13, 2019 | Updated on Feb 13, 2019

For the quarter ended December 2018, BRIGADE ENTERPRISES has posted a net profit of Rs 594 m (up 30.4% YoY). Sales on the other hand came in at Rs 7 bn (up 62.2% YoY). Read on for a complete analysis of BRIGADE ENTERPRISES's quarterly results.

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