J KUMAR INFRA 2018-19 Annual Report Analysis

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J KUMAR INFRA 2018-19 Annual Report Analysis
Tue, 17 Dec

J KUMAR 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.

J KUMAR INFRA Income Statement Analysis

  • Operating income during the year rose 35.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 35.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 15.7% in FY19 as against 15.7% in FY18.
  • Depreciation charges increased by 40.5% and finance costs increased by 33.5% YoY, respectively.
  • Other income declined by 1.4% YoY.
  • Net profit for the year grew by 29.7% YoY.
  • Net profit margins during the year declined from 6.6% in FY18 to 6.3% in FY19.

J KUMAR INFRA Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 20,507 27,871 35.9%
Other income Rs m 285 281 -1.4%
Total Revenues Rs m 20,793 28,152 35.4%
Gross profit Rs m 3,212 4,363 35.8%
Depreciation Rs m 727 1,022 40.5%
Interest Rs m 703 939 33.5%
Profit before tax Rs m 2,067 2,683 29.8%
Tax Rs m 701 912 30.1%
Profit after tax Rs m 1,365 1,771 29.7%
Gross profit margin % 15.7 15.7
Effective tax rate % 33.9 34.0
Net profit margin % 6.6 6.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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J KUMAR INFRA Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 17 billion as compared to Rs 17 billion in FY18, thereby witnessing an decrease of -3.4%.
  • Long-term debt stood at Rs 1 billion as compared to Rs 1 billion during FY18, a growth of 24.0%.
  • Current assets rose 2% and stood at Rs 23 billion, while fixed assets rose 2% and stood at Rs 9 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 35 billion as against Rs 34 billion during FY18, thereby witnessing a growth of 4%.

J KUMAR INFRA Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 15,088 16,675 10.5
 
Current Liabilities Rs m 17,105 16,522 -3.4
Long-term Debt Rs m 1,134 1,407 24.0
Total Liabilities Rs m 33,616 34,974 4.0
 
Current assets Rs m 22,325 22,715 1.7
Fixed Assets Rs m 8,423 8,586 1.9
Total Assets Rs m 33,616 34,974 4.0
* 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 FY19 stood at Rs 826 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -15 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -271 million from the Rs -31 million net cash flows seen during FY18.

J KUMAR 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 2,648 826 -68.8%
Cash Flow from Investing Activities Rs m -3,229 -1,082 -
Cash Flow from Financing Activities Rs m 550 -15 -
Net Cash Flow Rs m -31 -271 -
* 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 23.4, an improvement from the EPS of Rs 18.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 140.0, stands at 2.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 0.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 1.6 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 271.0 368.3
TTM Earnings per share Rs 18.0 23.4
Diluted earnings per share Rs 42.4 54.9
Price to Cash Flow x 5.1 1.6
TTM P/E ratio x 5.3 2.3
Price / Book Value ratio x 1.4 0.9
Market Cap Rs m 10,590 4,511
Dividends per share (Unadj.) Rs 2.0 2.3
* 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 1.4x during FY19, from 1.3x 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 3.9x during FY19, from 3.9x 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 improved and stood at 10.6% during FY19, from 9.1% 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 improved and stood at 20.0% during FY19, from 17.1% 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 7.7% during FY19, from 6.2% 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 1.3 1.4
Debtors’ Days Days 94 65
Interest coverage x 3.9 3.9
Debt to equity ratio x 0.1 0.1
Return on assets % 6.2 7.7
Return on equity % 9.1 10.6
Return on capital employed % 17.1 20.0
* 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 115.6 to Rs 140.0, registering a gain of Rs 24.4 or around 21.1%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,208.7 (down 0.2%). Over the last one year it has moved up from 1,832.2 to 2,208.7, a gain of 377 points (up 20.6%).

Overall, the S&P BSE SENSEX is up 13.8% 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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