GODREJ PROPERTIES 2020-21 Annual Report Analysis

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GODREJ PROPERTIES 2020-21 Annual Report Analysis
Tue, 26 Oct

GODREJ PROPERTIES has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

GODREJ PROPERTIES Income Statement Analysis

  • Operating income during the year fell 68.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 196.5% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 43.6% in FY21 as against 14.1% in FY20.
  • Depreciation charges decreased by 4.8% and finance costs decreased by 16.0% YoY, respectively.
  • Other income grew by 20.1% YoY.
  • Net profit for the year declined by 120.4% YoY.
  • Net profit margins during the year declined from 12.3% in FY20 to 5.5% in FY21.

GODREJ PROPERTIES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 24,414 7,649 -68.7%
Other income Rs m 4,732 5,682 20.1%
Total Revenues Rs m 29,146 13,331 -54.3%
Gross profit Rs m 3,454 -3,334 -196.5%
Depreciation Rs m 205 195 -4.8%
Interest Rs m 2,201 1,849 -16.0%
Profit before tax Rs m 5,780 304 -94.7%
Tax Rs m 2,190 1,038 -52.6%
Profit after tax Rs m 3,591 -734 -120.4%
Gross profit margin % 14.1 -43.6
Effective tax rate % 37.9 341.2
Net profit margin % 12.3 -5.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ALERT: Top Investment Recommendation for 2022

GODREJ PROPERTIES Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 68 billion as compared to Rs 53 billion in FY20, thereby witnessing an increase of 28.4%.
  • Long-term debt stood at Rs 10 billion as compared to Rs 0 million during FY20, a fall of 0.0%.
  • Current assets rose 71% and stood at Rs 131 billion, while fixed assets rose 37% and stood at Rs 29 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 160 billion as against Rs 97 billion during FY20, thereby witnessing a growth of 64%.

GODREJ PROPERTIES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 48,018 83,145 73.2
 
Current Liabilities Rs m 52,645 67,618 28.4
Long-term Debt Rs m 0 10,000 0.0
Total Liabilities Rs m 97,416 159,560 63.8
 
Current assets Rs m 76,446 130,735 71.0
Fixed Assets Rs m 20,970 28,825 37.5
Total Assets Rs m 97,416 159,560 63.8
* 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 FY21 stood at Rs -7 billion, an improvement of 189.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -33 billion, an improvement of 93.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 43 billion, an improvement of 116% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 3 billion from the Rs 216 million net cash flows seen during FY20.

GODREJ PROPERTIES Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m -2,317 -6,712 -
Cash Flow from Investing Activities Rs m -17,212 -33,219 -
Cash Flow from Financing Activities Rs m 19,742 42,590 115.7%
Net Cash Flow Rs m 216 2,707 1,156.1%
* 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 -2.6, an decline from the EPS of Rs 14.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,347.4, stands at -1,744.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.6 times, while the price to sales ratio stands at 39.0 times.
  • The company's price to cash flow (P/CF) ratio stood at -1,212.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 96.9 27.5
TTM Earnings per share Rs 14.2 -2.6
Diluted earnings per share Rs 12.9 -2.6
Price to Cash Flow x 155.9 -1,212.2
TTM P/E ratio x -1,581.4 -1,744.0
Price / Book Value ratio x 4.4 3.6
Market Cap Rs m 591,588 652,430
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 1.9x during FY21, from 1.5x during FY20. 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 1.2x during FY21, from 3.6x during FY20. 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 -0.9% during FY21, from 7.5% during FY21. 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 FY21, from 16.6% during FY20. 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 0.7% during FY21, from 5.9% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 1.5 1.9
Debtors’ Days Days 6 11
Interest coverage x 3.6 1.2
Debt to equity ratio x 0.0 0.1
Return on assets % 5.9 0.7
Return on equity % 7.5 -0.9
Return on capital employed % 16.6 2.3
* 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 1,020.0 to Rs 2,347.4, registering a gain of Rs 1,327.4 or around 130.1%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 4,092.1 (up 2.9%). Over the last one year it has moved up from 1,817.6 to 4,092.1, a gain of 2,275 points (up 125.1%).

Overall, the S&P BSE SENSEX is up 50.8% over the year.

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

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