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INDIABULLS HOU. FIN. 2017-18 Annual Report Analysis

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INDIABULLS HOU. FIN. 2017-18 Annual Report Analysis
Tue, 28 Aug

INDIABULLS HOU. FIN. 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.

INDIABULLS HOU. FIN. Income Statement Analysis

  • Operating income during the year rose 25.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 24.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 84.9% in FY18 as against 85.7% in FY17.
  • Depreciation charges and finance costs increased by 60.3% YoY and 19.4% YoY, respectively.
  • Other income grew by 22.2% YoY.
  • Net profit for the year grew by 32.4% YoY.
  • Net profit margins during the year grew from 24.9% in FY17 to 26.3% in FY18.

INDIABULLS HOU. FIN. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 103,990 130,619 25.6%
Other income Rs m 12,915 15,785 22.2%
Total Revenues Rs m 116,906 146,404 25.2%
Gross profit Rs m 89,142 110,880 24.4%
Depreciation Rs m 231 371 60.3%
Interest Rs m 64,108 76,539 19.4%
Profit before tax Rs m 37,718 49,756 31.9%
Tax Rs m 8,633 11,501 33.2%
Profit after tax Rs m 29,064 38,474 32.4%
Gross profit margin % 85.7 84.9
Effective tax rate % 22.9 23.1
Net profit margin % 24.9 26.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INDIABULLS HOU. FIN. Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 478 billion as compared to Rs 364 billion in FY17, thereby witnessing an increase of 31.2%.
  • Long-term debt stood at Rs 691 billion as compared to Rs 541 billion during FY17, a growth of 27.7%.
  • Current assets rose 1% and stood at Rs 284 billion, while fixed assets rose 10% and stood at Rs 1 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 1,319 billion as against Rs 1,037 billion during FY17, thereby witnessing a growth of 27%.

INDIABULLS HOU. FIN. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 121,082 134,235 10.9
 
Current Liabilities Rs m 364,044 477,638 31.2
Long-term Debt Rs m 541,160 691,039 27.7
Total Liabilities Rs m 1,037,054 1,319,028 27.2
 
Current assets Rs m 281,917 283,864 0.7
Fixed Assets Rs m 1,011 1,110 9.8
Total Assets Rs m 1,037,054 1,319,028 27.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INDIABULLS HOU. FIN. Cash Flow Statement Analysis

  • INDIABULLS HOU. FIN.'s cash flow from operating activities (CFO) during FY18 stood at Rs -240 billion, an improvement of 34.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 5 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 226 billion, an improvement of 0% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -9 billion from the Rs 26 billion net cash flows seen during FY17.

INDIABULLS HOU. FIN. 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 -178,452 -239,542 -
Cash Flow from Investing Activities Rs m -21,072 4,728 -
Cash Flow from Financing Activities Rs m 225,909 225,989 0.0%
Net Cash Flow Rs m 26,385 -8,825 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for INDIABULLS HOU. FIN.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 90.2, an improvement from the EPS of Rs 68.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,295.6, stands at 13.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.8 times, while the price to sales ratio stands at 3.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 14.3 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 245.3 306.2
TTM Earnings per share Rs 68.6 90.2
Diluted earnings per share Rs 68.1 90.2
Price to Cash Flow x 18.7 14.3
TTM P/E ratio x 13.5 13.5
Price / Book Value ratio x 2.8 3.8
Market Cap Rs m 549,132 552,604
Dividends per share (Unadj.) Rs 27.0 61.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for INDIABULLS HOU. FIN.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.6x during FY18, from 0.8x 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 1.7x during FY18, from 1.6x 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 improved and stood at 28.7% during FY18, from 24.0% 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 15.3% during FY18, from 15.4% 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 8.7% during FY18, from 9.0% 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 0.8 0.6
Debtors’ Days Days 1 1
Interest coverage x 1.6 1.7
Debt to equity ratio x 4.5 5.1
Return on assets % 9.0 8.7
Return on equity % 24.0 28.7
Return on capital employed % 15.4 15.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how INDIABULLS HOU. FIN. has performed over the last 5 years, please visit here.

INDIABULLS HOU. FIN. Share Price Performance

Over the last one year, INDIABULLS HOU. FIN. share price has moved up from Rs 1,225.8 to Rs 1,295.6, registering a gain of Rs 69.8 or around 5.7%.

Overall, the S&P BSE SENSEX is up 22.3% over the year.

(To know more, check out historical annual results for INDIABULLS HOU. FIN. and quarterly results for INDIABULLS HOU. FIN.)

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