X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2019 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
DLF LTD 2017-18 Annual Report Analysis

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

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)

Equitymaster requests your view! Post a comment on "DLF LTD 2017-18 Annual Report Analysis". Click here!

  

Related Views on News

DLF LTD 2017-18 Annual Report Analysis (Annual Result Update)

Dec 19, 2018 | Updated on Dec 19, 2018

Here's an analysis of the annual report of DLF LTD for 2017-18. It includes a full income statement, balance sheet and cash flow analysis of DLF LTD. Also includes updates on the valuation of DLF LTD.

DLF LTD Announces Quarterly Results (2QFY19); Net Profit Up 1691.9% (Quarterly Result Update)

Nov 5, 2018 | Updated on Nov 5, 2018

For the quarter ended September 2018, DLF LTD has posted a net profit of Rs 1 bn (up 1691.9% YoY). Sales on the other hand came in at Rs 21 bn (up 34.7% YoY). Read on for a complete analysis of DLF LTD's quarterly results.

DLF LTD Announces Quarterly Results (1QFY19); Net Profit Down 157.0% (Quarterly Result Update)

Aug 13, 2018 | Updated on Aug 13, 2018

For the quarter ended June 2018, DLF LTD has posted a net profit of Rs 691 m (down 157.0% YoY). Sales on the other hand came in at Rs 15 bn (down 26.4% YoY). Read on for a complete analysis of DLF LTD's quarterly results.

IRCON International IPO: Is This PSU Worth Betting On? (IPO)

Sep 17, 2018

Should you subscribe to the IPO of IRCON International Ltd?

Capacit'e Infraprojects Ltd. (IPO)

Sep 12, 2017

Should you subscribe to the IPO of Capacit'e Infraprojects Ltd?

More Views on News

Most Popular

Our First Bluechip Stock Recommendation in Smart Money Secrets(The 5 Minute Wrapup)

Jan 9, 2019

For the first time, we have recommended a bluechip stock in Smart Money Secrets.

3 Stocks in Super Investor Sumeet Nagar's Portfolio That You Can Buy Right Now(The 5 Minute Wrapup)

Jan 11, 2019

The reasons that make these six stocks in Sumeet Nagar's portfolio so compelling

This Trend Will Produce a Once in a Lifetime Opportunity to Buy Stocks(The 5 Minute Wrapup)

Jan 15, 2019

Unlike his habit of pouring out stock wisdom in his annual letters to shareholders, Buffett spoke of this trend only once every few decades.

My First Stock Trading Recommendation For 2019(Profit Hunter)

Jan 10, 2019

My first trading recommendation for 2019 is a bluechip auto stock. Find out everything about it right away.

My Next Small Cap Recommendation Is Practically a 'No Brainer'(Profit Hunter)

Jan 14, 2019

With a strong debt free balance sheet in its favour, attractive dividends and trading at almost lifetime lows, this investing idea is almost a no brainer.

More

Get the Indian Stock Market's
Most Profitable Ideas

How To Beat Sensex Guide 2019
Get our special report, How to Beat Sensex Nearly 3X Now!
We will never sell or rent your email id.
Please read our Terms

TRACK DLF LTD

  • Track your investment in DLF LTD with Equitymaster's Portfolio Tracker. Set live price alerts, get research alerts and more. Get access now...
  • Add To MyStocks

COMPARE DLF LTD WITH

MARKET STATS