BSEL INFRASTRUCTURE 2017-18 Annual Report Analysis

Tue, 18 Dec

BSEL INFRASTRUCTURE 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.

BSEL INFRASTRUCTURE Income Statement Analysis

• Operating income during the year fell 10.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 17.9% YoY during the fiscal. Operating profit margins witnessed a growth and down at 160.5% in FY18 as against 175.0% in FY17.
• Depreciation charges increased by 0.0% increased by 0.0% YoY, respectively.
• Other income declined by 71.7% YoY.
• Net profit for the year declined by 81.2% YoY.
• Net profit margins during the year declined from 51.4% in FY17 to 28.9% in FY18.

BSEL INFRASTRUCTURE Income Statement 2017-18

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Net Sales	Rs m	5	4	-10.4%
Other income	Rs m	52	15	-71.7%
Total Revenues	Rs m	57	19	-66.5%
Gross profit	Rs m	-8	-7	-17.9%
Depreciation	Rs m	2	2	0.0%
Interest	Rs m	0	0	0.0%
Profit before tax	Rs m	42	6	-85.0%
Tax	Rs m	13	1	-93.8%
Profit after tax	Rs m	29	6	-81.2%
Gross profit margin	%	-175.0	-160.5
Effective tax rate	%	30.6	12.7
Net profit margin	%	51.4	28.9

BSEL INFRASTRUCTURE Balance Sheet Analysis

• The company's current liabilities during FY18 stood at Rs 4 billion as compared to Rs 4 billion in FY17, thereby witnessing an increase of 0.5%.
• Current assets rose 0% and stood at Rs 7 billion, while fixed assets fell 8% and stood at Rs 18 million in FY18.
• Overall, the total assets and liabilities for FY18 stood at Rs 7 billion as against Rs 7 billion during FY17, thereby witnessing a growth of 0%.

BSEL INFRASTRUCTURE Balance Sheet as on March 2018

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Networth	Rs m	3,511	3,525	0.4
Current Liabilities	Rs m	3,694	3,714	0.5
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	7,209	7,242	0.5
Current assets	Rs m	6,923	6,929	0.1
Fixed Assets	Rs m	19	18	-8.3
Total Assets	Rs m	7,209	7,242	0.5

BSEL INFRASTRUCTURE Cash Flow Statement Analysis

• BSEL INFRASTRUCTURE's cash flow from operating activities (CFO) during FY18 stood at Rs 51 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY18 stood at Rs -62 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY18 stood at Rs 0 million, an improvement of 0% on a YoY basis.
• Overall, net cash flows for the company during FY18 stood at Rs -11 million from the Rs 10 million net cash flows seen during FY17.

BSEL INFRASTRUCTURE 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	185	51	-72.4%
Cash Flow from Investing Activities	Rs m	-175	-62	-
Cash Flow from Financing Activities	Rs m	0	0	0.0%
Net Cash Flow	Rs m	10	-11	-

Current Valuations for BSEL INFRASTRUCTURE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.1, an decline from the EPS of Rs 0.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2.2, stands at -4.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.1 times, while the price to sales ratio stands at 105.7 times.
• The company's price to cash flow (P/CF) ratio stood at 26.0 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	0.1	0.1
TTM Earnings per share	Rs	0.4	0.1
Diluted earnings per share	Rs	0.4	0.1
Price to Cash Flow	x	5.9	26.0
TTM P/E ratio	x	-4.3	-4.3
Price / Book Value ratio	x	0.1	0.1
Market Cap	Rs m	182	182
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BSEL INFRASTRUCTURE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.9x during FY18, from 1.9x during FY17. The current ratio measures the company's ability to pay short-term and long-term obligations.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 0.2% during FY18, from 0.8% 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 0.2% during FY18, from 1.2% 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 0.1% during FY18, from 0.4% 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	1.9	1.9
Debtors’ Days	Days	269,918	301,889
Interest coverage	x	0.0	0.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	0.4	0.1
Return on equity	%	0.8	0.2
Return on capital employed	%	1.2	0.2

To see how BSEL INFRASTRUCTURE has performed over the last 5 years, please visit here.

BSEL INFRASTRUCTURE Share Price Performance

Over the last one year, BSEL INFRASTRUCTURE share price has moved up from Rs 4.6 to Rs 2.2, registering a loss of Rs 2.4 or around 52.1%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,836.8 (up 0.3%). Over the last one year it has moved down from 2,378.1 to 1,836.8, a loss of 541 points (down 22.8%).

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for BSEL INFRASTRUCTURE and quarterly results for BSEL INFRASTRUCTURE)