DLF LTD 2017-18 Annual Report Analysis

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DLF LTD 2017-18 Annual Report Analysis
Wed, 19 Dec

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 decreased by 6.8% and finance costs decreased by 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 Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 82,212 67,068 -18.4%
Other income Rs m 7,193 9,569 33.0%
Total Revenues Rs m 89,405 76,637 -14.3%
Gross profit Rs m 34,333 23,774 -30.8%
Depreciation Rs m 5,725 5,335 -6.8%
Interest Rs m 29,798 29,507 -1.0%
Profit before tax Rs m 6,003 -1,499 -125.0%
Tax Rs m 2,293 43,230 1,785.6%
Profit after tax Rs m 7,080 44,768 532.3%
Gross profit margin % 41.8 35.4
Effective tax rate % 38.2 -2,884.3
Net profit margin % 7.9 58.4
* 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 Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 245,728 345,603 40.6
 
Current Liabilities Rs m 135,377 170,858 26.2
Long-term Debt Rs m 232,553 62,389 -73.2
Total Liabilities Rs m 639,867 626,562 -2.1
 
Current assets Rs m 297,001 294,547 -0.8
Fixed Assets Rs m 247,930 82,196 -66.8
Total Assets Rs m 639,867 626,562 -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

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m -8,979 72,445 -
Cash Flow from Investing Activities Rs m 8,716 -35,782 -
Cash Flow from Financing Activities Rs m 7,871 -57,226 -
Net Cash Flow Rs m 7,608 -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 189.7, stands at 8.0 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 7.0 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 45.9 37.4
TTM Earnings per share Rs 4.0 25.0
Diluted earnings per share Rs 4.0 25.1
Price to Cash Flow x 24.8 7.0
TTM P/E ratio x 8.1 8.0
Price / Book Value ratio x 1.0 1.1
Market Cap Rs m 339,882 338,032
Dividends per share (Unadj.) Rs 2.0 2.0
* 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 Ending 12 Mar-17* 12 Mar-18*
Current ratio x 2.2 1.7
Debtors’ Days Days 63 70
Interest coverage x 1.2 0.9
Debt to equity ratio x 0.9 0.2
Return on assets % 5.8 11.9
Return on equity % 2.9 13.0
Return on capital employed % 8.2 28.8
* 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 234.1 to Rs 189.7, registering a loss of Rs 44.4 or around 19.0%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,889.2 (up 2.8%). Over the last one year it has moved down from 2,411.2 to 1,889.2, a loss of 522 points (down 21.7%).

Overall, the S&P BSE SENSEX is up 8.6% over the year.

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

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