BSEL INFRASTRUCTURE 2017-18 Annual Report Analysis

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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
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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)

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For the quarter ended September 2018, BSEL INFRASTRUCTURE has posted a net profit of Rs 59 m (down 252.4% YoY). Sales on the other hand came in at Rs 2 m (up 95.7% YoY). Read on for a complete analysis of BSEL INFRASTRUCTURE's quarterly results.

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