IVRCL LTD 2017-18 Annual Report Analysis

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IVRCL LTD 2017-18 Annual Report Analysis
Tue, 18 Dec

IVRCL LTD 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.

IVRCL LTD Income Statement Analysis

  • Operating income during the year fell 26.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 42.8% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 12.6% in FY18 as against 6.5% in FY17.
  • Depreciation charges increased by 54.8% and finance costs increased by 11.0% YoY, respectively.
  • Other income grew by 98.3% YoY.
  • Net profit for the year grew by 160.4% YoY.
  • Net profit margins during the year declined from 31.8% in FY17 to 107.7% in FY18.

IVRCL LTD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 25,892 19,034 -26.5%
Other income Rs m 698 1,384 98.3%
Total Revenues Rs m 26,590 20,419 -23.2%
Gross profit Rs m -1,683 -2,404 42.8%
Depreciation Rs m 1,833 2,837 54.8%
Interest Rs m 11,940 13,250 11.0%
Profit before tax Rs m -14,758 -17,106 15.9%
Tax Rs m -9,553 126 -101.3%
Profit after tax Rs m -8,443 -21,986 160.4%
Gross profit margin % -6.5 -12.6
Effective tax rate % 64.7 -0.7
Net profit margin % -31.8 -107.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



IVRCL LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 113 billion as compared to Rs 105 billion in FY17, thereby witnessing an increase of 7.6%.
  • Long-term debt down at Rs 14 billion as compared to Rs 45 billion during FY17, a fall of 68.3%.
  • Current assets fell 13% and stood at Rs 45 billion, while fixed assets fell 43% and stood at Rs 40 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 116 billion as against Rs 150 billion during FY17, thereby witnessing a fall of 22%.

IVRCL LTD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m -7,902 -16,664 110.9
 
Current Liabilities Rs m 105,030 113,040 7.6
Long-term Debt Rs m 45,216 14,323 -68.3
Total Liabilities Rs m 149,602 116,432 -22.2
 
Current assets Rs m 52,069 45,138 -13.3
Fixed Assets Rs m 69,780 39,583 -43.3
Total Assets Rs m 149,602 116,432 -22.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



IVRCL LTD Cash Flow Statement Analysis

  • IVRCL LTD's cash flow from operating activities (CFO) during FY18 stood at Rs 4 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -132 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -1 billion, an improvement of 91% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 2 billion from the Rs -6 million net cash flows seen during FY17.

IVRCL LTD 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 14,745 3,558 -75.9%
Cash Flow from Investing Activities Rs m -3,440 -132 -
Cash Flow from Financing Activities Rs m -11,310 -1,003 -
Net Cash Flow Rs m -6 2,382 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for IVRCL LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -28.1, an decline from the EPS of Rs -10.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1.0, stands at 0.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at -0.3 times, while the price to sales ratio stands at 0.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 0.0 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 33.1 24.3
TTM Earnings per share Rs -10.8 -28.1
Diluted earnings per share Rs -21.4 -55.7
Price to Cash Flow x -0.1 0.0
TTM P/E ratio x 0.0 0.0
Price / Book Value ratio x -0.4 -0.3
Market Cap Rs m 814 411
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 IVRCL LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.4x during FY18, from 0.5x 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 -0.3x during FY18, from -0.2x 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 131.9% during FY18, from 106.8% 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 367.9% during FY18, from -16.2% 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 -7.5% during FY18, from 2.3% 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 0.5 0.4
Debtors’ Days Days 220 246
Interest coverage x -0.2 -0.3
Debt to equity ratio x -5.7 -0.9
Return on assets % 2.3 -7.5
Return on equity % 106.8 131.9
Return on capital employed % -16.2 367.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how IVRCL LTD has performed over the last 5 years, please visit here.

IVRCL LTD Share Price Performance

Over the last one year, IVRCL LTD share price has moved up from Rs 4.2 to Rs 1.0, registering a loss of Rs 3.1 or around 75.0%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,833.2 (up 0.1%). Over the last one year it has moved down from 2,378.1 to 1,833.2, a loss of 545 points (down 22.9%).

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for IVRCL LTD and quarterly results for IVRCL LTD)

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