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GODREJ PROPERTIES 2018-19 Annual Report Analysis
Sun, 31 Mar

GODREJ PROPERTIES has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

GODREJ PROPERTIES Income Statement Analysis

  • Operating income during the year rose 75.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 199.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 6.3% in FY19 as against 11.2% in FY18.
  • Depreciation charges decreased by 11.1% and finance costs increased by 55.9% YoY, respectively.
  • Other income declined by 18.9% YoY.
  • Net profit for the year grew by 93.7% YoY.
  • Net profit margins during the year grew from 7.7% in FY18 to 8.5% in FY19.

GODREJ PROPERTIES Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 16,037 28,174 75.7%
Other income Rs m 4,986 4,046 -18.9%
Total Revenues Rs m 21,024 32,220 53.3%
Gross profit Rs m -1,790 1,780 -199.5%
Depreciation Rs m 161 143 -11.1%
Interest Rs m 1,501 2,340 55.9%
Profit before tax Rs m 1,534 3,343 117.9%
Tax Rs m 300 951 217.2%
Profit after tax Rs m 1,235 2,392 93.7%
Gross profit margin % -11.2 6.3
Effective tax rate % 19.5 28.4
Net profit margin % 7.7 8.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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GODREJ PROPERTIES Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 51 billion as compared to Rs 65 billion in FY18, thereby witnessing an decrease of -22.0%.
  • Long-term debt down at Rs 5 billion as compared to Rs 5 billion during FY18, a fall of 0.0%.
  • Current assets fell 13% and stood at Rs 55 billion, while fixed assets rose 57% and stood at Rs 21 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 76 billion as against Rs 76 billion during FY18, thereby witnessing a fall of 1%.

GODREJ PROPERTIES Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 12,058 24,637 104.3
 
Current Liabilities Rs m 65,495 51,115 -22.0
Long-term Debt Rs m 5,000 5,000 0.0
Total Liabilities Rs m 76,313 75,772 -0.7
 
Current assets Rs m 63,214 55,199 -12.7
Fixed Assets Rs m 13,099 20,573 57.1
Total Assets Rs m 76,313 75,772 -0.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



GODREJ PROPERTIES Cash Flow Statement Analysis

  • GODREJ PROPERTIES's cash flow from operating activities (CFO) during FY19 stood at Rs 5 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -10 billion, an improvement of 0.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 10 billion, an improvement of 297% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 5 billion from the Rs -3 billion net cash flows seen during FY18.

GODREJ PROPERTIES Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 11,548 4,781 -58.6%
Cash Flow from Investing Activities Rs m -9,734 -9,806 -
Cash Flow from Financing Activities Rs m -4,929 9,698 -
Net Cash Flow Rs m -3,115 4,765 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for GODREJ PROPERTIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.4, an improvement from the EPS of Rs 5.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 814.4, stands at 100.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 9.2 times, while the price to sales ratio stands at 6.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 62.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 74.1 122.9
TTM Earnings per share Rs 5.7 10.4
Diluted earnings per share Rs 4.4 8.6
Price to Cash Flow x 144.6 62.4
TTM P/E ratio x 84.8 100.4
Price / Book Value ratio x 11.6 6.4
Market Cap Rs m 140,458 158,119
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for GODREJ PROPERTIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY19, from 1.0x during FY18. 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 improved and stood at 2.4x during FY19, from 2.0x during FY18. 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 9.7% during FY19, from 10.2% during FY19. 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 19.2% during FY19, from 17.8% during FY18. 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 6.2% during FY19, from 3.6% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 1.0 1.1
Debtors’ Days Days 4 2
Interest coverage x 2.0 2.4
Debt to equity ratio x 0.4 0.2
Return on assets % 3.6 6.2
Return on equity % 10.2 9.7
Return on capital employed % 17.8 19.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how GODREJ PROPERTIES has performed over the last 5 years, please visit here.

GODREJ PROPERTIES Share Price Performance

Over the last one year, GODREJ PROPERTIES share price has moved up from Rs 725.9 to Rs 814.4, registering a gain of Rs 88.5 or around 12.2%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,077.1 (up 0.6%). Over the last one year it has moved down from 2,229.9 to 2,077.1, a loss of 153 points (down 6.9%).

Overall, the S&P BSE SENSEX is up 16.3% over the year.

(To know more, check out historical annual results for GODREJ PROPERTIES and quarterly results for GODREJ PROPERTIES)

Annual Report FAQs

What is the current share price of GODREJ PROPERTIES?

GODREJ PROPERTIES currently trades at Rs 2,134.2 per share. You can check out the latest share price performance of GODREJ PROPERTIES here...

What was the revenue of GODREJ PROPERTIES in FY19? How does it compare to earlier years?

The revenues of GODREJ PROPERTIES stood at Rs 32,220 m in FY19, which was up 53.3% compared to Rs 21,024 m reported in FY18.

GODREJ PROPERTIES' revenue has grown from Rs 19,266 m in FY15 to Rs 32,220 m in FY19.

Over the past 5 years, the revenue of GODREJ PROPERTIES has grown at a CAGR of 13.7%.

What was the net profit of GODREJ PROPERTIES in FY19? How does it compare to earlier years?

The net profit of GODREJ PROPERTIES stood at Rs 2,392 m in FY19, which was up 93.7% compared to Rs 1,235 m reported in FY18.

This compares to a net profit of Rs 1,751 m in FY17 and a net profit of Rs 1,434 m in FY16.

Over the past 5 years, GODREJ PROPERTIES net profit has grown at a CAGR of 0.4%.

What does the cash flow statement of GODREJ PROPERTIES reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of GODREJ PROPERTIES reveals:

  • Cash flow from operations decreased in FY19 and stood at Rs 4,781 m as compared to Rs 11,548 m in FY18.
  • Cash flow from investments decreased in FY19 and stood at Rs -9,806 m as compared to Rs -9,734 m in FY18.
  • Cash flow from financial activity increased in FY19 and stood at Rs 9,698 m as compared to Rs -4,929 m in FY18.

Here's the cash flow statement of GODREJ PROPERTIES for the past 5 years.

(Rs m)FY15FY16FY17FY18FY19
From Operations-9,4084,898-3,44011,5484,781
From Investments-9611,861-1,959-9,734-9,806
From Financial Activity8,524-5,5443,147-4,9299,698
Net Cashflow-1,8441,261-2,252-3,1154,765

What does the Key Ratio analysis of GODREJ PROPERTIES reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of GODREJ PROPERTIES reveals:

  • Operating profit margins witnessed a fall and down at 6.3% in FY19 as against 11.2% in FY18.
  • Net profit margins grew from 7.7% in FY18 to 8.5% in FY19.
  • Debt to Equity ratio for FY19 stood at 0.2 as compared to 0.4 in FY18.

Here's the ratio/financial analysis of GODREJ PROPERTIES for the past 5 years.

 FY15FY16FY17FY18FY19
Operating Profit Margin (%)14.06.416.0-11.26.3
Net Profit Margin (%)12.86.811.17.78.5
Debt to Equity Ratio (x)0.30.30.20.40.2

Read: Latest Annual Report Analysis of GODREJ PROPERTIES

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