DILIP BUILDCON 2022-23 Annual Report Analysis

Wed, 30 Aug

DILIP BUILDCON has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

DILIP BUILDCON Income Statement Analysis

• Operating income during the year rose 11.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 60.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.8% in FY23 as against 7.5% in FY22.
• Depreciation charges decreased by 0.3% and finance costs decreased by 14.7% YoY, respectively.
• Other income grew by 562.7% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 5.7% in FY22 to 0.0% in FY23.

DILIP BUILDCON Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	95,664	106,436	11.3%
Other income	Rs m	384	2,544	562.7%
Total Revenues	Rs m	96,048	108,980	13.5%
Gross profit	Rs m	7,149	11,489	60.7%
Depreciation	Rs m	3,998	3,985	-0.3%
Interest	Rs m	10,570	9,014	-14.7%
Profit before tax	Rs m	-7,035	1,034	NA
Tax	Rs m	-1,539	1,048	NA
Profit after tax	Rs m	-5,497	-14	NA
Gross profit margin	%	7.5	10.8
Effective tax rate	%	21.9	101.3
Net profit margin	%	-5.7	0.0

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DILIP BUILDCON Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 69 billion as compared to Rs 62 billion in FY22, thereby witnessing an increase of 12.6%.
• Long-term debt down at Rs 40 billion as compared to Rs 60 billion during FY22, a fall of 33.6%.
• Current assets fell 5% and stood at Rs 84 billion, while fixed assets fell 6% and stood at Rs 68 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 154 billion as against Rs 162 billion during FY22, thereby witnessing a fall of 5%.

DILIP BUILDCON Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	35,507	40,016	12.7
Current Liabilities	Rs m	61,514	69,294	12.6
Long-term Debt	Rs m	59,640	39,613	-33.6
Total Liabilities	Rs m	161,515	153,653	-4.9
Current assets	Rs m	88,612	84,266	-4.9
Fixed Assets	Rs m	72,206	67,823	-6.1
Total Assets	Rs m	161,515	153,653	-4.9

DILIP BUILDCON Cash Flow Statement Analysis

• DILIP BUILDCON's cash flow from operating activities (CFO) during FY23 stood at Rs 28 billion, an improvement of 75.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 258 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -30 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -2 billion from the Rs -2 billion net cash flows seen during FY22.

DILIP BUILDCON Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-22	Mar-23
Cash Flow from Operating Activities	Rs m	16,237	28,452	75.2%
Cash Flow from Investing Activities	Rs m	4,454	258	-94.2%
Cash Flow from Financing Activities	Rs m	-22,951	-30,277	-
Net Cash Flow	Rs m	-2,260	-1,568	-

Current Valuations for DILIP BUILDCON

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -0.1, an improvement from the EPS of Rs -37.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 306.8, stands at 67.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 0.4 times.
• The company's price to cash flow (P/CF) ratio stood at 8.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Sales per share (Unadj.)	Rs	654.2	727.9
TTM Earnings per share	Rs	-37.6	-0.1
Diluted earnings per share	Rs	-37.6	-0.1
Price to Cash Flow	x	-23.5	8.9
TTM P/E ratio	x	-6.4	67.9
Price / Book Value ratio	x	2.0	0.9
Market Cap	Rs m	71,872	35,296
Dividends per share (Unadj.)	Rs	0.1	0.1

Ratio Analysis for DILIP BUILDCON

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY23, from 1.4x during FY22. 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 1.1x during FY23, from 0.3x during FY22. 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 0.0% during FY23, from -15.5% during FY23. 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 12.6% during FY23, from 3.7% during FY22. 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 5.9% during FY23, from 3.1% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Current ratio	x	1.4	1.2
Debtors’ Days	Days	365	476
Interest coverage	x	0.3	1.1
Debt to equity ratio	x	1.7	1.0
Return on assets	%	3.1	5.9
Return on equity	%	-15.5	0.0
Return on capital employed	%	3.7	12.6

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 up from Rs 241.7 to Rs 306.8, registering a gain of Rs 65.1 or around 26.9%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 4,413.3 (up 0.8%). Over the last one year it has moved up from 3,690.8 to 4,413.3, a gain of 723 points (up 19.6%).

Overall, the S&P BSE SENSEX is up 12.8% over the year.

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