EXCEL REALTY 2021-22 Annual Report Analysis

Mon, 26 Sep

EXCEL REALTY has announced its results for the year ended March 2022. Let us have a look at the detailed performance review of the company during FY21-22.

EXCEL REALTY Income Statement Analysis

• Operating income during the year rose 14.8% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 44.3% in FY22 as against 6.9% in FY21.
• Depreciation charges decreased by 1.4% and finance costs decreased by 26.3% YoY, respectively.
• Other income declined by 84.3% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 10.3% in FY21 to 45.1% in FY22.

EXCEL REALTY Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	76	87	14.8%
Other income	Rs m	17	3	-84.3%
Total Revenues	Rs m	93	90	-3.0%
Gross profit	Rs m	-5	-39	NA
Depreciation	Rs m	2	2	-1.4%
Interest	Rs m	1	0	-26.3%
Profit before tax	Rs m	9	-39	NA
Tax	Rs m	1	1	1.2%
Profit after tax	Rs m	8	-39	NA
Gross profit margin	%	-6.9	-44.3
Effective tax rate	%	9.6	-2.2
Net profit margin	%	10.3	-45.1

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EXCEL REALTY Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 101 million as compared to Rs 50 million in FY21, thereby witnessing an increase of 101.2%.
• Long-term debt down at Rs 2 million as compared to Rs 3 million during FY21, a fall of 30.9%.
• Current assets rose 10% and stood at Rs 504 million, while fixed assets fell 3% and stood at Rs 1 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 2 billion as against Rs 2 billion during FY21, thereby witnessing a growth of 1%.

EXCEL REALTY Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	1,721	1,684	-2.2
Current Liabilities	Rs m	50	101	101.2
Long-term Debt	Rs m	3	2	-30.9
Total Liabilities	Rs m	1,778	1,791	0.7
Current assets	Rs m	457	504	10.3
Fixed Assets	Rs m	1,321	1,287	-2.6
Total Assets	Rs m	1,778	1,791	0.7

EXCEL REALTY Cash Flow Statement Analysis

• EXCEL REALTY's cash flow from operating activities (CFO) during FY22 stood at Rs 7 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs 0 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -3 million, an improvement of 0% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 4 million from the Rs -2 million net cash flows seen during FY21.

EXCEL REALTY Cash Flow Statement 2021-22

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-21	Mar-22
Cash Flow from Operating Activities	Rs m	-3	7	-
Cash Flow from Investing Activities	Rs m	4	0	-
Cash Flow from Financing Activities	Rs m	-3	-3	-
Net Cash Flow	Rs m	-2	4	-

Current Valuations for EXCEL REALTY

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -0.4, an decline from the EPS of Rs 0.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 9.0, stands at -26.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.5 times, while the price to sales ratio stands at 9.7 times.
• The company's price to cash flow (P/CF) ratio stood at -19.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*
Sales per share (Unadj.)	Rs	0.8	0.9
TTM Earnings per share	Rs	0.1	-0.4
Diluted earnings per share	Rs	0.1	-0.4
Price to Cash Flow	x	22.6	-19.0
TTM P/E ratio	x	29.1	-26.8
Price / Book Value ratio	x	0.1	0.4
Market Cap	Rs m	219	711
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for EXCEL REALTY

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 5.0x during FY22, from 9.1x during FY21. 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 -90.9x during FY22, from 16.3x during FY21. 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 -2.3% during FY22, from 0.5% during FY22. 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 -2.3% during FY22, from 0.5% during FY21. 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 -2.2% during FY22, from 0.5% during FY21. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*
Current ratio	x	9.1	5.0
Debtors’ Days	Days	213,563	318,874
Interest coverage	x	16.3	-90.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	0.5	-2.2
Return on equity	%	0.5	-2.3
Return on capital employed	%	0.5	-2.3

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

EXCEL REALTY Share Price Performance

Over the last one year, EXCEL REALTY share price has moved up from Rs 3.2 to Rs 9.0, registering a gain of Rs 5.9 or around 186.1%.

Overall, the S&P BSE SENSEX is down 2.9% over the year.

(To know more, check out historical annual results for EXCEL REALTY and quarterly results for EXCEL REALTY)

Read: Latest Annual Report Analysis of EXCEL REALTY