DILIP BUILDCON 2021-22 Annual Report Analysis

Sat, 17 Sep

DILIP BUILDCON has announced its results for the year ended March 2022. Let us have a look at the detailed performance review of the company during FY21-22.

DILIP BUILDCON Income Statement Analysis

• Operating income during the year fell 5.9% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 66.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.5% in FY22 as against 21.2% in FY21.
• Depreciation charges decreased by 9.7% and finance costs decreased by 9.9% YoY, respectively.
• Other income declined by 9.1% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 4.1% in FY21 to 5.7% in FY22.

DILIP BUILDCON Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	101,683	95,664	-5.9%
Other income	Rs m	422	384	-9.1%
Total Revenues	Rs m	102,105	96,048	-5.9%
Gross profit	Rs m	21,608	7,149	-66.9%
Depreciation	Rs m	4,429	3,998	-9.7%
Interest	Rs m	11,736	10,570	-9.9%
Profit before tax	Rs m	5,865	-7,035	NA
Tax	Rs m	1,681	-1,539	NA
Profit after tax	Rs m	4,183	-5,497	NA
Gross profit margin	%	21.2	7.5
Effective tax rate	%	28.7	21.9
Net profit margin	%	4.1	-5.7

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DILIP BUILDCON Balance Sheet Analysis

• The company's current liabilities during FY22 down at Rs 62 billion as compared to Rs 69 billion in FY21, thereby witnessing an decrease of -9.9%.
• Long-term debt down at Rs 60 billion as compared to Rs 70 billion during FY21, a fall of 14.9%.
• Current assets rose 6% and stood at Rs 89 billion, while fixed assets fell 28% and stood at Rs 72 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 162 billion as against Rs 183 billion during FY21, thereby witnessing a fall of 12%.

DILIP BUILDCON Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	33,998	35,507	4.4
Current Liabilities	Rs m	68,912	62,069	-9.9
Long-term Debt	Rs m	70,087	59,640	-14.9
Total Liabilities	Rs m	183,307	161,515	-11.9
Current assets	Rs m	83,213	88,612	6.5
Fixed Assets	Rs m	99,854	72,206	-27.7
Total Assets	Rs m	183,307	161,515	-11.9

DILIP BUILDCON Cash Flow Statement Analysis

• DILIP BUILDCON's cash flow from operating activities (CFO) during FY22 stood at Rs 16 billion, an improvement of 50.1% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs 4 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -23 billion on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -2 billion from the Rs 202 million net cash flows seen during FY21.

DILIP BUILDCON Cash Flow Statement 2021-22

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-21	Mar-22
Cash Flow from Operating Activities	Rs m	10,820	16,240	50.1%
Cash Flow from Investing Activities	Rs m	-13,225	4,454	-
Cash Flow from Financing Activities	Rs m	2,607	-22,953	-
Net Cash Flow	Rs m	202	-2,260	-

Current Valuations for DILIP BUILDCON

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -37.6, an decline from the EPS of Rs 30.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 233.6, stands at -5.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 0.4 times.
• The company's price to cash flow (P/CF) ratio stood at -47.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*
Sales per share (Unadj.)	Rs	743.5	654.2
TTM Earnings per share	Rs	30.6	-37.6
Diluted earnings per share	Rs	28.6	-37.6
Price to Cash Flow	x	9.8	-47.9
TTM P/E ratio	x	20.3	-5.4
Price / Book Value ratio	x	1.8	2.0
Market Cap	Rs m	62,887	71,872
Dividends per share (Unadj.)	Rs	1.0	0.1

Ratio Analysis for DILIP BUILDCON

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.4x during FY22, from 1.2x during FY21. 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 0.3x during FY22, from 1.5x during FY21. 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 -15.5% during FY22, from 12.3% during FY22. 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 3.7% during FY22, from 16.9% during FY21. 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 3.1% during FY22, from 8.7% during FY21. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*
Current ratio	x	1.2	1.4
Debtors’ Days	Days	416	365
Interest coverage	x	1.5	0.3
Debt to equity ratio	x	2.1	1.7
Return on assets	%	8.7	3.1
Return on equity	%	12.3	-15.5
Return on capital employed	%	16.9	3.7

To see how DILIP BUILDCON has performed over the last 5 years, please visit here.

DILIP BUILDCON Share Price Performance

Over the last one year, DILIP BUILDCON share price has moved down from Rs 516.5 to Rs 233.6, registering a loss of Rs 282.9 or around 54.8%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 3,622.1 (down 3.5%). Over the last one year it has moved up from 3,299.3 to 3,622.1, a gain of 323 points (up 9.8%).

Overall, the S&P BSE SENSEX is up 0.2% over the year.

(To know more, check out historical annual results for DILIP BUILDCON and quarterly results for DILIP BUILDCON)

Read: Latest Annual Report Analysis of DILIP BUILDCON