HOUSING DEV. INFRA 2017-18 Annual Report Analysis

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HOUSING DEV. INFRA 2017-18 Annual Report Analysis
Wed, 19 Dec

HOUSING DEV. INFRA 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.

HOUSING DEV. INFRA Income Statement Analysis

  • Operating income during the year fell 46.4% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 34.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 103.8% in FY18 as against 84.7% in FY17.
  • Depreciation charges decreased by 8.9% and finance costs decreased by 18.5% YoY, respectively.
  • Other income declined by 59.8% YoY.
  • Net profit for the year declined by 46.5% YoY.
  • Net profit margins during the year grew from 23.6% in FY17 to 23.8% in FY18.

HOUSING DEV. INFRA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 7,238 3,878 -46.4%
Other income Rs m 345 139 -59.8%
Total Revenues Rs m 7,583 4,016 -47.0%
Gross profit Rs m 6,129 4,026 -34.3%
Depreciation Rs m 75 68 -8.9%
Interest Rs m 4,282 3,492 -18.5%
Profit before tax Rs m 2,117 604 -71.4%
Tax Rs m 328 -352 -207.4%
Profit after tax Rs m 1,790 957 -46.5%
Gross profit margin % 84.7 103.8
Effective tax rate % 15.5 -58.3
Net profit margin % 23.6 23.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HOUSING DEV. INFRA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 61 billion as compared to Rs 51 billion in FY17, thereby witnessing an increase of 19.2%.
  • Long-term debt down at Rs 7 billion as compared to Rs 16 billion during FY17, a fall of 54.5%.
  • Current assets rose 1% and stood at Rs 181 billion, while fixed assets fell 3% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 185 billion as against Rs 183 billion during FY17, thereby witnessing a growth of 1%.

HOUSING DEV. INFRA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 114,760 116,146 1.2
 
Current Liabilities Rs m 51,371 61,252 19.2
Long-term Debt Rs m 16,251 7,395 -54.5
Total Liabilities Rs m 182,827 185,190 1.3
 
Current assets Rs m 179,394 181,449 1.1
Fixed Assets Rs m 2,250 2,180 -3.1
Total Assets Rs m 182,827 185,190 1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HOUSING DEV. INFRA Cash Flow Statement Analysis

  • HOUSING DEV. INFRA 's cash flow from operating activities (CFO) during FY18 stood at Rs 4 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 176 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -5 billion, an improvement of 34% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -119 million from the Rs -353 million net cash flows seen during FY17.

HOUSING DEV. INFRA 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 6,158 4,235 -31.2%
Cash Flow from Investing Activities Rs m 367 176 -51.9%
Cash Flow from Financing Activities Rs m -6,878 -4,530 -
Net Cash Flow Rs m -353 -119 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for HOUSING DEV. INFRA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.2, an decline from the EPS of Rs 4.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 24.4, stands at 9.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 7.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.0 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 16.7 8.9
TTM Earnings per share Rs 4.1 2.2
Diluted earnings per share Rs 4.3 2.3
Price to Cash Flow x 5.7 10.0
TTM P/E ratio x 9.9 9.6
Price / Book Value ratio x 0.3 0.3
Market Cap Rs m 10,568 10,203
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 HOUSING DEV. INFRA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.0x during FY18, from 3.5x 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 1.2x during FY18, from 1.5x 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 declined and down at 0.8% during FY18, from 1.6% 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 declined and down at 3.3% during FY18, from 4.9% 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 declined and down at 2.4% during FY18, from 3.3% 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 3.5 3.0
Debtors’ Days Days 155 403
Interest coverage x 1.5 1.2
Debt to equity ratio x 0.1 0.1
Return on assets % 3.3 2.4
Return on equity % 1.6 0.8
Return on capital employed % 4.9 3.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how HOUSING DEV. INFRA has performed over the last 5 years, please visit here.

HOUSING DEV. INFRA Share Price Performance

Over the last one year, HOUSING DEV. INFRA share price has moved up from Rs 53.1 to Rs 24.4, registering a loss of Rs 28.7 or around 54.1%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,888.9 (up 2.8%). Over the last one year it has moved down from 2,411.2 to 1,888.9, 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 HOUSING DEV. INFRA and quarterly results for HOUSING DEV. INFRA )

Equitymaster requests your view! Post a comment on "HOUSING DEV. INFRA 2017-18 Annual Report Analysis". Click here!

2 Responses to "HOUSING DEV. INFRA 2017-18 Annual Report Analysis"

thomas joseph

Aug 27, 2020

More than for public use, appreciate receiving your specific recommendation as to how to handle the 3500 shares held with me. Under which Service this share was recommended by you please ? Thank You.

Like 

thomas joseph

Aug 27, 2020

00971 50 562 7051

Analysis is good, very well done in the usual format. But the company"s predicament is not usual. Some comments - remarks as to what has lead to this unusual situation and what to expect etc would be would have been useful otherwise a reader like me is left to guess. Remember one day this share was bought by me upon your recommendation (possibly in between you people would have posted Sell advise which i did not notice. Appreciate receiving a recommendation as I have 3500 shares (lot money lost). Thank you.

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Equitymaster requests your view! Post a comment on "HOUSING DEV. INFRA 2017-18 Annual Report Analysis". Click here!

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