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INDIABULLS REAL EST 2017-18 Annual Report Analysis

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INDIABULLS REAL EST 2017-18 Annual Report Analysis
Thu, 20 Dec

INDIABULLS REAL EST 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 REAL EST Income Statement Analysis

  • Operating income during the year rose 155.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 344.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 48.4% in FY18 as against 27.8% in FY17.
  • Depreciation charges increased by 35.1% and finance costs increased by 32.7% YoY, respectively.
  • Other income declined by 56.3% YoY.
  • Net profit for the year grew by 455.2% YoY.
  • Net profit margins during the year grew from 12.5% in FY17 to 32.2% in FY18.

INDIABULLS REAL EST Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 23,203 59,265 155.4%
Other income Rs m 5,240 2,292 -56.3%
Total Revenues Rs m 28,443 61,557 116.4%
Gross profit Rs m 6,454 28,659 344.1%
Depreciation Rs m 714 965 35.1%
Interest Rs m 5,608 7,442 32.7%
Profit before tax Rs m 5,371 22,543 319.7%
Tax Rs m 1,826 2,693 47.5%
Profit after tax Rs m 3,567 19,802 455.2%
Gross profit margin % 27.8 48.4
Effective tax rate % 34.0 11.9
Net profit margin % 12.5 32.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INDIABULLS REAL EST Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 63 billion as compared to Rs 54 billion in FY17, thereby witnessing an increase of 15.1%.
  • Long-term debt down at Rs 30 billion as compared to Rs 75 billion during FY17, a fall of 59.5%.
  • Current assets fell 6% and stood at Rs 127 billion, while fixed assets fell 16% and stood at Rs 32 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 168 billion as against Rs 186 billion during FY17, thereby witnessing a fall of 9%.

INDIABULLS REAL EST Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 40,430 60,309 49.2
 
Current Liabilities Rs m 54,393 62,582 15.1
Long-term Debt Rs m 74,917 30,331 -59.5
Total Liabilities Rs m 185,676 168,085 -9.5
 
Current assets Rs m 134,807 126,525 -6.1
Fixed Assets Rs m 37,874 31,970 -15.6
Total Assets Rs m 185,676 168,085 -9.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INDIABULLS REAL EST Cash Flow Statement Analysis

  • INDIABULLS REAL EST's cash flow from operating activities (CFO) during FY18 stood at Rs -9 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 2 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 21 billion, an improvement of 347% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 13 billion from the Rs -7 billion net cash flows seen during FY17.

INDIABULLS REAL EST 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 6,394 -8,906 -
Cash Flow from Investing Activities Rs m -8,744 2,218 -
Cash Flow from Financing Activities Rs m -8,337 20,573 -
Net Cash Flow Rs m -7,345 13,215 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for INDIABULLS REAL EST

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 41.7, an improvement from the EPS of Rs 7.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 92.8, stands at 2.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 1.9 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 48.5 124.9
TTM Earnings per share Rs 7.5 41.7
Diluted earnings per share Rs 8.4 46.6
Price to Cash Flow x 10.4 1.9
TTM P/E ratio x 2.3 2.1
Price / Book Value ratio x 0.9 1.4
Market Cap Rs m 44,396 39,438
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 INDIABULLS REAL EST

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.0x during FY18, from 2.5x 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 4.0x during FY18, from 2.0x 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 32.8% during FY18, from 8.8% 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 improved and stood at 33.0% during FY18, from 9.5% 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 improved and stood at 16.2% during FY18, from 4.9% 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 2.5 2.0
Debtors’ Days Days 602 173
Interest coverage x 2.0 4.0
Debt to equity ratio x 1.9 0.5
Return on assets % 4.9 16.2
Return on equity % 8.8 32.8
Return on capital employed % 9.5 33.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

INDIABULLS REAL EST Share Price Performance

Over the last one year, INDIABULLS REAL EST share price has moved up from Rs 217.9 to Rs 92.8, registering a loss of Rs 125.1 or around 57.4%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,902.8 (up 0.5%). Over the last one year it has moved down from 2,483.9 to 1,902.8, a loss of 581 points (down 23.4%).

Overall, the S&P BSE SENSEX is up 7.5% over the year.

(To know more, check out historical annual results for INDIABULLS REAL EST and quarterly results for INDIABULLS REAL EST)

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