J KUMAR INFRA 2017-18 Annual Report Analysis

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J KUMAR INFRA 2017-18 Annual Report Analysis
Fri, 21 Dec

J KUMAR 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.

J KUMAR INFRA Income Statement Analysis

  • Operating income during the year rose 27.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 28.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.7% in FY18 as against 15.6% in FY17.
  • Depreciation charges increased by 30.8% and finance costs increased by 6.3% YoY, respectively.
  • Other income declined by 8.3% YoY.
  • Net profit for the year grew by 27.2% YoY.
  • Net profit margins during the year grew from 6.6% in FY17 to 6.6% in FY18.

J KUMAR INFRA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 16,043 20,507 27.8%
Other income Rs m 311 285 -8.3%
Total Revenues Rs m 16,354 20,793 27.1%
Gross profit Rs m 2,506 3,212 28.2%
Depreciation Rs m 556 727 30.8%
Interest Rs m 662 703 6.3%
Profit before tax Rs m 1,599 2,067 29.3%
Tax Rs m 525 701 33.5%
Profit after tax Rs m 1,073 1,365 27.2%
Gross profit margin % 15.6 15.7
Effective tax rate % 32.9 33.9
Net profit margin % 6.6 6.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



J KUMAR INFRA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 17 billion as compared to Rs 13 billion in FY17, thereby witnessing an increase of 29.6%.
  • Long-term debt stood at Rs 1 billion as compared to Rs 334 million during FY17, a growth of 240.0%.
  • Current assets rose 16% and stood at Rs 22 billion, while fixed assets rose 45% and stood at Rs 8 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 34 billion as against Rs 28 billion during FY17, thereby witnessing a growth of 22%.

J KUMAR INFRA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 13,908 15,088 8.5
 
Current Liabilities Rs m 13,203 17,105 29.6
Long-term Debt Rs m 334 1,134 240.0
Total Liabilities Rs m 27,633 33,616 21.6
 
Current assets Rs m 19,322 22,325 15.5
Fixed Assets Rs m 5,826 8,423 44.6
Total Assets Rs m 27,633 33,616 21.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



J KUMAR INFRA Cash Flow Statement Analysis

  • J KUMAR INFRA's cash flow from operating activities (CFO) during FY18 stood at Rs 3 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -3 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 550 million, an improvement of 434% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -31 million from the Rs 529 million net cash flows seen during FY17.

J KUMAR 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 -222 2,648 -
Cash Flow from Investing Activities Rs m 648 -3,229 -
Cash Flow from Financing Activities Rs m 103 550 434.4%
Net Cash Flow Rs m 529 -31 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for J KUMAR INFRA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 18.0, an improvement from the EPS of Rs 14.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 137.5, stands at 2.7 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 1.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 2.1 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 212.0 271.0
TTM Earnings per share Rs 14.2 18.0
Diluted earnings per share Rs 33.3 42.4
Price to Cash Flow x 6.4 2.1
TTM P/E ratio x 6.4 2.7
Price / Book Value ratio x 1.1 1.4
Market Cap Rs m 10,401 4,430
Dividends per share (Unadj.) Rs 2.0 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for J KUMAR INFRA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY18, from 1.5x 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 3.9x during FY18, from 3.4x 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 9.1% during FY18, from 7.7% 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 17.1% during FY18, from 15.9% 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 6.2% during FY18, from 6.3% 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 1.5 1.3
Debtors’ Days Days 111 94
Interest coverage x 3.4 3.9
Debt to equity ratio x 0.0 0.1
Return on assets % 6.3 6.2
Return on equity % 7.7 9.1
Return on capital employed % 15.9 17.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

J KUMAR INFRA Share Price Performance

Over the last one year, J KUMAR INFRA share price has moved up from Rs 317.2 to Rs 137.5, registering a loss of Rs 179.8 or around 56.7%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,878.9 (down 0.4%). Over the last one year it has moved down from 2,499.6 to 1,878.9, a loss of 621 points (down 24.8%).

Overall, the S&P BSE SENSEX is up 7.8% over the year.

(To know more, check out historical annual results for J KUMAR INFRA and quarterly results for J KUMAR INFRA)

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