GODREJ PROPERTIES 2018-19 Annual Report Analysis

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GODREJ PROPERTIES 2018-19 Annual Report Analysis
Wed, 25 Sep

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 191.3% YoY.
  • Net profit margins during the year grew from 4.1% in FY18 to 7.9% 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 869 2,532 191.3%
Gross profit margin % -11.2 6.3
Effective tax rate % 19.5 28.4
Net profit margin % 4.1 7.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 125% and stood at Rs 9 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 81 billion as against Rs 83 billion during FY18, thereby witnessing a fall of 2%.

GODREJ PROPERTIES Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 12,104 24,690 104.0
 
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 82,719 80,927 -2.2
 
Current assets Rs m 63,214 55,199 -12.7
Fixed Assets Rs m 4,081 9,191 125.2
Total Assets Rs m 82,719 80,927 -2.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for GODREJ PROPERTIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.0, 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 1,010.9, stands at 73.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.3 times, while the price to sales ratio stands at 5.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 79.5 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 4.0 11.0
Diluted earnings per share Rs 4.4 12.7
Price to Cash Flow x 156.8 79.5
TTM P/E ratio x 79.4 73.1
Price / Book Value ratio x 11.5 6.3
Market Cap Rs m 218,829 201,513
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 improved and stood at 10.3% during FY19, from 7.2% 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 19.6% during FY19, from 15.6% 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 6.0% during FY19, from 2.9% 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 36 21
Interest coverage x 2.0 2.4
Debt to equity ratio x 0.4 0.2
Return on assets % 2.9 6.0
Return on equity % 7.2 10.3
Return on capital employed % 15.6 19.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 574.5 to Rs 1,010.9, registering a gain of Rs 436.4 or around 76.0%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,044.3 (down 1.3%). Over the last one year it has moved up from 1,810.5 to 2,044.3, a gain of 234 points (up 12.9%).

Overall, the S&P BSE SENSEX is up 6.7% over the year.

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

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