BRIGADE ENTERPRISES 2018-19 Annual Report Analysis

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BRIGADE ENTERPRISES 2018-19 Annual Report Analysis
Wed, 25 Sep

BRIGADE ENTERPRISES 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.

BRIGADE ENTERPRISES Income Statement Analysis

  • Operating income during the year rose 56.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 42.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 26.6% in FY19 as against 29.2% in FY18.
  • Depreciation charges increased by 1.7% and finance costs increased by 7.4% YoY, respectively.
  • Other income grew by 12.8% YoY.
  • Net profit for the year grew by 112.1% YoY.
  • Net profit margins during the year grew from 6.8% in FY18 to 9.3% in FY19.

BRIGADE ENTERPRISES Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 18,972 29,728 56.7%
Other income Rs m 483 545 12.8%
Total Revenues Rs m 19,455 30,273 55.6%
Gross profit Rs m 5,545 7,897 42.4%
Depreciation Rs m 1,377 1,400 1.7%
Interest Rs m 2,594 2,785 7.4%
Profit before tax Rs m 2,057 4,257 106.9%
Tax Rs m 628 1,455 131.6%
Profit after tax Rs m 1,329 2,819 112.1%
Gross profit margin % 29.2 26.6
Effective tax rate % 30.5 34.2
Net profit margin % 6.8 9.3
* 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 FY19 stood at Rs 50 billion as compared to Rs 25 billion in FY18, thereby witnessing an increase of 100.9%.
  • Long-term debt stood at Rs 33 billion as compared to Rs 26 billion during FY18, a growth of 25.9%.
  • Current assets rose 86% and stood at Rs 58 billion, while fixed assets fell 22% and stood at Rs 31 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 108 billion as against Rs 78 billion during FY18, thereby witnessing a growth of 38%.

BRIGADE ENTERPRISES Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 22,870 21,694 -5.1
 
Current Liabilities Rs m 24,681 49,579 100.9
Long-term Debt Rs m 26,331 33,156 25.9
Total Liabilities Rs m 78,219 107,999 38.1
 
Current assets Rs m 31,048 57,618 85.6
Fixed Assets Rs m 39,256 30,764 -21.6
Total Assets Rs m 78,219 107,999 38.1
* 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 FY19 stood at Rs 5 billion, an improvement of 858.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -5 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 448 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 600 million from the Rs -38 million net cash flows seen during FY18.

BRIGADE ENTERPRISES 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 487 4,672 858.8%
Cash Flow from Investing Activities Rs m -10,842 -4,520 -
Cash Flow from Financing Activities Rs m 10,317 448 -95.7%
Net Cash Flow Rs m -38 600 -
* 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 20.7, an improvement from the EPS of Rs 9.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 197.7, stands at 10.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 1.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.4 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 139.5 218.4
TTM Earnings per share Rs 9.8 20.7
Diluted earnings per share Rs 9.8 20.7
Price to Cash Flow x 10.0 6.4
TTM P/E ratio x 10.2 10.2
Price / Book Value ratio x 1.6 1.5
Market Cap Rs m 26,880 26,916
Dividends per share (Unadj.) Rs 2.0 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 deteriorated and stood at 1.2x during FY19, from 1.3x 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 2.5x during FY19, from 1.8x 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 13.0% during FY19, from 5.8% 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 12.9% during FY19, from 9.2% 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 5.2% during FY19, from 5.0% 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 1.3 1.2
Debtors’ Days Days 34 52
Interest coverage x 1.8 2.5
Debt to equity ratio x 1.2 1.5
Return on assets % 5.0 5.2
Return on equity % 5.8 13.0
Return on capital employed % 9.2 12.9
* 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 130.0 to Rs 197.7, registering a gain of Rs 67.6 or around 52.0%.

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 BRIGADE ENTERPRISES and quarterly results for BRIGADE ENTERPRISES)

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BRIGADE ENTERPRISES Announces Quarterly Results (2QFY20); Net Profit Down 57.1% (Quarterly Result Update)

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For the quarter ended September 2019, BRIGADE ENTERPRISES has posted a net profit of Rs 372 m (down 57.1% YoY). Sales on the other hand came in at Rs 7 bn (down 11.0% YoY). Read on for a complete analysis of BRIGADE ENTERPRISES's quarterly results.

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