INDIABULLS REAL EST 2018-19 Annual Report Analysis

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INDIABULLS REAL EST 2018-19 Annual Report Analysis
Wed, 25 Sep

INDIABULLS REAL EST 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.

INDIABULLS REAL EST Income Statement Analysis

  • Operating income during the year rose 9.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 62.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 24.9% in FY19 as against 73.5% in FY18.
  • Depreciation charges decreased by 81.9% and finance costs decreased by 37.6% YoY, respectively.
  • Other income declined by 59.9% YoY.
  • Net profit for the year declined by 78.6% YoY.
  • Net profit margins during the year declined from 49.9% in FY18 to 10.0% in FY19.

INDIABULLS REAL EST Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 45,027 49,439 9.8%
Other income Rs m 2,292 919 -59.9%
Total Revenues Rs m 47,319 50,358 6.4%
Gross profit Rs m 33,108 12,296 -62.9%
Depreciation Rs m 965 175 -81.9%
Interest Rs m 7,442 4,643 -37.6%
Profit before tax Rs m 26,992 8,398 -68.9%
Tax Rs m 3,348 3,395 1.4%
Profit after tax Rs m 23,596 5,043 -78.6%
Gross profit margin % 73.5 24.9
Effective tax rate % 12.4 40.4
Net profit margin % 49.9 10.0
* 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 FY19 down at Rs 85 billion as compared to Rs 126 billion in FY18, thereby witnessing an decrease of -33.0%.
  • Long-term debt stood at Rs 34 billion as compared to Rs 30 billion during FY18, a growth of 13.5%.
  • Current assets fell 20% and stood at Rs 122 billion, while fixed assets fell 19% and stood at Rs 26 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 162 billion as against Rs 201 billion during FY18, thereby witnessing a fall of 19%.

INDIABULLS REAL EST Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 11,432 11,384 -0.4
 
Current Liabilities Rs m 126,486 84,695 -33.0
Long-term Debt Rs m 30,000 34,054 13.5
Total Liabilities Rs m 200,799 161,918 -19.4
 
Current assets Rs m 151,391 121,724 -19.6
Fixed Assets Rs m 31,970 25,925 -18.9
Total Assets Rs m 200,799 161,918 -19.4
* 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 FY19 stood at Rs -12 billion, an improvement of 30.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 18 billion, an improvement of 704.9% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -17 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -11 billion from the Rs 13 billion net cash flows seen during FY18.

INDIABULLS REAL EST 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 -8,906 -11,593 -
Cash Flow from Investing Activities Rs m 2,218 17,848 704.9%
Cash Flow from Financing Activities Rs m 20,573 -16,954 -
Net Cash Flow Rs m 13,215 -10,707 -
* 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 11.2, an decline from the EPS of Rs 49.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 58.5, stands at 8.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.7 times, while the price to sales ratio stands at 1.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 4.8 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 94.9 109.7
TTM Earnings per share Rs 49.7 11.2
Diluted earnings per share Rs 55.5 11.9
Price to Cash Flow x 1.1 4.8
TTM P/E ratio x 9.5 8.5
Price / Book Value ratio x 7.4 5.7
Market Cap Rs m 27,744 24,840
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 1.4x during FY19, from 1.2x 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 deteriorated and stood at 2.8x during FY19, from 4.6x 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 declined and down at 44.3% during FY19, from 206.4% 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 declined and down at 28.8% during FY19, from 83.0% 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 declined and down at 6.0% during FY19, from 15.5% 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 1.2 1.4
Debtors’ Days Days 1 20
Interest coverage x 4.6 2.8
Debt to equity ratio x 2.6 3.0
Return on assets % 15.5 6.0
Return on equity % 206.4 44.3
Return on capital employed % 83.0 28.8
* 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 down from Rs 110.3 to Rs 58.5, registering a loss of Rs 51.8 or around 47.0%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,045.7 (down 1.3%). Over the last one year it has moved up from 1,810.5 to 2,045.7, a gain of 235 points (up 13.0%).

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