IRB INFRA. 2017-18 Annual Report Analysis

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IRB INFRA. 2017-18 Annual Report Analysis
Tue, 25 Sep

IRB 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.

IRB INFRA. Income Statement Analysis

  • Operating income during the year fell 2.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 12.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 47.1% in FY18 as against 52.1% in FY17.
  • Depreciation charges and finance costs decreased by 36.4% YoY and 27.5% YoY, respectively.
  • Other income grew by 36.9% YoY.
  • Net profit for the year grew by 28.5% YoY.
  • Net profit margins during the year grew from 12.0% in FY17 to 15.7% in FY18.

IRB INFRA. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 58,459 56,941 -2.6%
Other income Rs m 1,232 1,687 36.9%
Total Revenues Rs m 59,691 58,628 -1.8%
Gross profit Rs m 30,483 26,794 -12.1%
Depreciation Rs m 8,548 5,441 -36.4%
Interest Rs m 13,327 9,667 -27.5%
Profit before tax Rs m 9,839 13,373 35.9%
Tax Rs m 2,685 5,444 102.7%
Profit after tax Rs m 7,154 9,197 28.5%
Gross profit margin % 52.1 47.1
Effective tax rate % 27.3 40.7
Net profit margin % 12.0 15.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



IRB INFRA. Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 72 billion as compared to Rs 31 billion in FY17, thereby witnessing an increase of 131.8%.
  • Long-term debt down at Rs 118 billion as compared to Rs 121 billion during FY17, a fall of 2.1%.
  • Current assets rose 12% and stood at Rs 25 billion, while fixed assets fell 19% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 404 billion as against Rs 466 billion during FY17, thereby witnessing a fall of 13%.

IRB INFRA. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 52,716 56,925 8.0
 
Current Liabilities Rs m 31,140 72,187 131.8
Long-term Debt Rs m 120,897 118,313 -2.1
Total Liabilities Rs m 466,409 404,032 -13.4
 
Current assets Rs m 22,525 25,166 11.7
Fixed Assets Rs m 3,022 2,451 -18.9
Total Assets Rs m 466,409 404,032 -13.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



IRB INFRA. Cash Flow Statement Analysis

  • IRB INFRA.'s cash flow from operating activities (CFO) during FY18 stood at Rs 21 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -26 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 4 billion, an improvement of 303% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -790 million from the Rs 95 million net cash flows seen during FY17.

IRB 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 31,921 21,323 -33.2%
Cash Flow from Investing Activities Rs m -29,810 -26,215 -
Cash Flow from Financing Activities Rs m -2,016 4,102 -
Net Cash Flow Rs m 95 -790 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for IRB INFRA.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 26.2, an improvement from the EPS of Rs 20.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 134.0, stands at 4.8 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 3.0 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 166.3 162.0
TTM Earnings per share Rs 20.4 26.2
Diluted earnings per share Rs 21.5 27.7
Price to Cash Flow x 3.0 3.0
TTM P/E ratio x 5.1 4.8
Price / Book Value ratio x 1.5 1.4
Market Cap Rs m 47,094 44,536
Dividends per share (Unadj.) Rs 5.0 5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for IRB INFRA.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.3x during FY18, from 0.7x 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 2.4x during FY18, from 1.7x 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 16.2% during FY18, from 13.6% 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 improved and stood at 13.9% during FY18, from 13.3% 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 4.7% during FY18, from 4.4% 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 0.7 0.3
Debtors’ Days Days 4 9
Interest coverage x 1.7 2.4
Debt to equity ratio x 2.3 2.1
Return on assets % 4.4 4.7
Return on equity % 13.6 16.2
Return on capital employed % 13.3 13.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

IRB INFRA. Share Price Performance

Over the last one year, IRB INFRA. share price has moved up from Rs 210.0 to Rs 134.0, registering a loss of Rs 76.0 or around 36.2%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,752.4 (down 4.8%). Over the last one year it has moved down from 2,000.4 to 1,752.4, a gain of 248 points (down 12.4%).

Overall, the S&P BSE SENSEX is up 15.0% over the year.

(To know more, check out historical annual results for IRB INFRA. and quarterly results for IRB INFRA.)

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