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DLF LTD 2017-18 Annual Report Analysis

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DLF LTD 2017-18 Annual Report Analysis
Mon, 1 Oct

DLF LTD 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.

DLF LTD Income Statement Analysis

  • Operating income during the year fell 18.4% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 30.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 35.4% in FY18 as against 41.8% in FY17.
  • Depreciation charges and finance costs decreased by 6.8% YoY and 1.0% YoY, respectively.
  • Other income grew by 33.0% YoY.
  • Net profit for the year grew by 532.3% YoY.
  • Net profit margins during the year grew from 7.9% in FY17 to 58.4% in FY18.

DLF LTD Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m82,21267,068-18.4%
Other incomeRs m7,1939,56933.0%
Total RevenuesRs m89,40576,637-14.3%
Gross profitRs m34,33323,774-30.8%
DepreciationRs m5,7255,335-6.8%
InterestRs m29,79829,507-1.0%
Profit before taxRs m6,003-1,499-125.0%
TaxRs m2,29343,2301,785.6%
Profit after taxRs m7,08044,768532.3%
Gross profit margin%41.835.4
Effective tax rate%38.2-2,884.3
Net profit margin%7.958.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DLF LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 171 billion as compared to Rs 135 billion in FY17, thereby witnessing an increase of 26.2%.
  • Long-term debt down at Rs 62 billion as compared to Rs 233 billion during FY17, a fall of 73.2%.
  • Current assets fell 1% and stood at Rs 295 billion, while fixed assets fell 67% and stood at Rs 82 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 627 billion as against Rs 640 billion during FY17, thereby witnessing a fall of 2%.

DLF LTD Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m245,728345,60340.6
 
Current LiabilitiesRs m135,377170,85826.2
Long-term DebtRs m232,55362,389-73.2
Total LiabilitiesRs m639,867626,562-2.1
 
Current assetsRs m297,001294,547-0.8
Fixed AssetsRs m 247,93082,196-66.8
Total AssetsRs m639,867626,562-2.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DLF LTD Cash Flow Statement Analysis

  • DLF LTD's cash flow from operating activities (CFO) during FY18 stood at Rs 72 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -36 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -57 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -21 billion from the Rs 8 billion net cash flows seen during FY17.

DLF LTD Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m-8,97972,445-
Cash Flow from Investing ActivitiesRs m8,716-35,782-
Cash Flow from Financing ActivitiesRs m7,871-57,226-
Net Cash FlowRs m7,608-20,564-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for DLF LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 25.0, an improvement from the EPS of Rs 4.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 155.4, stands at 6.8 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 5.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Sales per share (Unadj.)Rs45.937.4
TTM Earnings per shareRs4.025.0
Diluted earnings per shareRs4.025.1
Price to Cash Flow x20.35.7
TTM P/E ratiox6.86.8
Price / Book Value ratiox1.01.1
Market CapRs m278,427276,912
Dividends per share (Unadj.)Rs2.02.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for DLF LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY18, from 2.2x 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 0.9x during FY18, from 1.2x 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 improved and stood at 13.0% during FY18, from 2.9% 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 improved and stood at 28.8% during FY18, from 8.2% 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 improved and stood at 11.9% during FY18, from 5.8% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Current ratiox2.21.7
Debtors’ DaysDays6370
Interest coveragex1.20.9
Debt to equity ratiox0.90.2
Return on assets%5.811.9
Return on equity%2.913.0
Return on capital employed%8.228.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how DLF LTD has performed over the last 5 years, please visit here.

DLF LTD Share Price Performance

Over the last one year, DLF LTD share price has moved up from Rs 164.0 to Rs 155.4, registering a loss of Rs 8.6 or around 5.2%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,666.9 (down 2.1%). Over the last one year it has moved down from 2,065.4 to 1,666.9, a loss of 399 points (down 19.3%).

Overall, the S&P BSE SENSEX is up 15.6% over the year.

(To know more, check out historical annual results for DLF LTD and quarterly results for DLF LTD)

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