IRB INFRA. 2018-19 Annual Report Analysis

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IRB INFRA. 2018-19 Annual Report Analysis
Wed, 25 Sep

IRB INFRA. 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.

IRB INFRA. Income Statement Analysis

  • Operating income during the year rose 17.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 9.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 43.8% in FY19 as against 47.1% in FY18.
  • Depreciation charges decreased by 0.8% and finance costs increased by 15.9% YoY, respectively.
  • Other income grew by 16.0% YoY.
  • Net profit for the year declined by 7.6% YoY.
  • Net profit margins during the year declined from 15.7% in FY18 to 12.3% in FY19.

IRB INFRA. Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 56,941 67,070 17.8%
Other income Rs m 1,687 1,956 16.0%
Total Revenues Rs m 58,628 69,026 17.7%
Gross profit Rs m 26,794 29,373 9.6%
Depreciation Rs m 5,441 5,395 -0.8%
Interest Rs m 9,667 11,201 15.9%
Profit before tax Rs m 13,373 14,733 10.2%
Tax Rs m 5,444 6,234 14.5%
Profit after tax Rs m 9,197 8,500 -7.6%
Gross profit margin % 47.1 43.8
Effective tax rate % 40.7 42.3
Net profit margin % 15.7 12.3
* 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 FY19 down at Rs 62 billion as compared to Rs 72 billion in FY18, thereby witnessing an decrease of -14.7%.
  • Long-term debt stood at Rs 144 billion as compared to Rs 118 billion during FY18, a growth of 21.8%.
  • Current assets rose 15% and stood at Rs 29 billion, while fixed assets rose 0% and stood at Rs 367 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 405 billion as against Rs 404 billion during FY18, thereby witnessing a growth of 0%.

IRB INFRA. Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 56,925 63,152 10.9
 
Current Liabilities Rs m 72,187 61,540 -14.7
Long-term Debt Rs m 118,313 144,076 21.8
Total Liabilities Rs m 404,032 404,961 0.2
 
Current assets Rs m 25,166 28,830 14.6
Fixed Assets Rs m 367,193 367,398 0.1
Total Assets Rs m 404,032 404,961 0.2
* 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 FY19 stood at Rs 27 billion, an improvement of 27.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -41 billion, an improvement of 55.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 14 billion, an improvement of 250% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 661 million from the Rs -790 million net cash flows seen during FY18.

IRB INFRA. 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 21,323 27,099 27.1%
Cash Flow from Investing Activities Rs m -26,215 -40,814 -
Cash Flow from Financing Activities Rs m 4,102 14,376 250.5%
Net Cash Flow Rs m -790 661 -
* 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 24.2, an decline from the EPS of Rs 26.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 91.0, stands at 3.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 1.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 2.2 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 162.0 190.8
TTM Earnings per share Rs 26.2 24.2
Diluted earnings per share Rs 27.7 25.6
Price to Cash Flow x 2.2 2.2
TTM P/E ratio x 4.0 3.8
Price / Book Value ratio x 1.4 1.1
Market Cap Rs m 31,982 30,245
Dividends per share (Unadj.) Rs 5.0 2.5
* 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 0.5x during FY19, from 0.3x 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 2.3x during FY19, from 2.4x 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 13.5% during FY19, from 16.2% 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 12.5% during FY19, from 13.9% 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 improved and stood at 4.9% during FY19, from 4.7% 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 0.3 0.5
Debtors’ Days Days 9 618
Interest coverage x 2.4 2.3
Debt to equity ratio x 2.1 2.3
Return on assets % 4.7 4.9
Return on equity % 16.2 13.5
Return on capital employed % 13.9 12.5
* 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 down from Rs 137.6 to Rs 91.0, registering a loss of Rs 46.6 or around 33.8%.

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 IRB INFRA. and quarterly results for IRB INFRA.)

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