DB REALTY 2017-18 Annual Report Analysis

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DB REALTY 2017-18 Annual Report Analysis
Tue, 18 Dec

DB REALTY 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.

DB REALTY Income Statement Analysis

  • Operating income during the year fell 14.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 233.7% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 262.8% in FY18 as against 67.0% in FY17.
  • Depreciation charges decreased by 45.4% and finance costs increased by 30.4% YoY, respectively.
  • Other income grew by 6.1% YoY.
  • Net profit for the year grew by 321.1% YoY.
  • Net profit margins during the year declined from 25.8% in FY17 to 113.3% in FY18.

DB REALTY Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 1,409 1,199 -14.9%
Other income Rs m 1,475 1,566 6.1%
Total Revenues Rs m 2,884 2,764 -4.2%
Gross profit Rs m -944 -3,150 233.7%
Depreciation Rs m 108 59 -45.4%
Interest Rs m 956 1,247 30.4%
Profit before tax Rs m -533 -2,891 442.4%
Tax Rs m 270 75 -72.2%
Profit after tax Rs m -744 -3,132 321.1%
Gross profit margin % -67.0 -262.8
Effective tax rate % -50.6 -2.6
Net profit margin % -25.8 -113.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DB REALTY Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 30 billion as compared to Rs 25 billion in FY17, thereby witnessing an increase of 18.0%.
  • Long-term debt stood at Rs 12 billion as compared to Rs 11 billion during FY17, a growth of 6.5%.
  • Current assets rose 6% and stood at Rs 42 billion, while fixed assets fell 19% and stood at Rs 3 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 66 billion as against Rs 65 billion during FY17, thereby witnessing a growth of 2%.

DB REALTY Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 27,743 24,445 -11.9
 
Current Liabilities Rs m 25,239 29,791 18.0
Long-term Debt Rs m 11,119 11,841 6.5
Total Liabilities Rs m 65,116 66,333 1.9
 
Current assets Rs m 39,808 42,187 6.0
Fixed Assets Rs m 4,309 3,487 -19.1
Total Assets Rs m 65,116 66,333 1.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DB REALTY Cash Flow Statement Analysis

  • DB REALTY's cash flow from operating activities (CFO) during FY18 stood at Rs -383 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 2 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 242 million from the Rs -1 billion net cash flows seen during FY17.

DB REALTY 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 5,546 -383 -
Cash Flow from Investing Activities Rs m -5,880 1,649 -
Cash Flow from Financing Activities Rs m -935 -1,024 -
Net Cash Flow Rs m -1,269 242 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for DB REALTY

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -12.9, an decline from the EPS of Rs -3.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 25.0, stands at -7.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.6 times, while the price to sales ratio stands at 12.0 times.
  • The company's price to cash flow (P/CF) ratio stood at -2.1 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 5.8 4.9
TTM Earnings per share Rs -3.1 -12.9
Diluted earnings per share Rs -3.1 -12.9
Price to Cash Flow x -8.7 -2.1
TTM P/E ratio x -7.5 -7.5
Price / Book Value ratio x 0.4 0.6
Market Cap Rs m 6,069 6,069
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 DB REALTY

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY18, from 1.6x during FY17. 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 -1.3x during FY18, from 0.4x during FY17. 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 -12.8% during FY18, from -2.7% 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 -5.0% 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 -2.8% during FY18, from 0.3% 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 1.6 1.4
Debtors’ Days Days 203 171
Interest coverage x 0.4 -1.3
Debt to equity ratio x 0.4 0.5
Return on assets % 0.3 -2.8
Return on equity % -2.7 -12.8
Return on capital employed % 1.2 -5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how DB REALTY has performed over the last 5 years, please visit here.

DB REALTY Share Price Performance

Over the last one year, DB REALTY share price has moved up from Rs 34.8 to Rs 25.0, registering a loss of Rs 9.8 or around 28.2%.

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 DB REALTY and quarterly results for DB REALTY)

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