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JAIPRAKASH ASSO. 2017-18 Annual Report Analysis

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JAIPRAKASH ASSO. 2017-18 Annual Report Analysis
Tue, 18 Dec

JAIPRAKASH ASSO. 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.

JAIPRAKASH ASSO. Income Statement Analysis

  • Operating income during the year fell 44.4% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 98.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 0.4% in FY18 as against 11.9% in FY17.
  • Depreciation charges decreased by 58.6% and finance costs decreased by 67.0% YoY, respectively.
  • Other income grew by 0.9% YoY.
  • Net profit for the year declined by 72.4% YoY.
  • Net profit margins during the year grew from 67.7% in FY17 to 33.3% in FY18.

JAIPRAKASH ASSO. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 137,590 76,445 -44.4%
Other income Rs m 1,443 1,456 0.9%
Total Revenues Rs m 139,034 77,901 -44.0%
Gross profit Rs m 16,377 326 -98.0%
Depreciation Rs m 18,883 7,821 -58.6%
Interest Rs m 74,065 24,405 -67.0%
Profit before tax Rs m -75,128 -30,444 -59.5%
Tax Rs m -11,901 -8 -99.9%
Profit after tax Rs m -94,126 -25,966 -72.4%
Gross profit margin % 11.9 0.4
Effective tax rate % 15.8 0.0
Net profit margin % -67.7 -33.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



JAIPRAKASH ASSO. Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 147 billion as compared to Rs 264 billion in FY17, thereby witnessing an decrease of -44.3%.
  • Long-term debt down at Rs 257 billion as compared to Rs 266 billion during FY17, a fall of 3.3%.
  • Current assets rose 14% and stood at Rs 209 billion, while fixed assets fell 6% and stood at Rs 109 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 496 billion as against Rs 614 billion during FY17, thereby witnessing a fall of 19%.

JAIPRAKASH ASSO. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 38,103 46,787 22.8
 
Current Liabilities Rs m 263,608 146,869 -44.3
Long-term Debt Rs m 265,779 257,059 -3.3
Total Liabilities Rs m 613,536 496,259 -19.1
 
Current assets Rs m 183,033 208,554 13.9
Fixed Assets Rs m 116,482 109,304 -6.2
Total Assets Rs m 613,536 496,259 -19.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



JAIPRAKASH ASSO. Cash Flow Statement Analysis

  • JAIPRAKASH ASSO.'s cash flow from operating activities (CFO) during FY18 stood at Rs -9 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 151 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -142 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 470 million from the Rs -2 billion net cash flows seen during FY17.

JAIPRAKASH ASSO. 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 57,932 -8,553 -
Cash Flow from Investing Activities Rs m -12,921 151,220 -
Cash Flow from Financing Activities Rs m -45,544 -142,197 -
Net Cash Flow Rs m -1,872 470 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for JAIPRAKASH ASSO.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -10.7, an improvement from the EPS of Rs -38.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 7.2, stands at -3.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 0.6 times.
  • The company's price to cash flow (P/CF) ratio stood at -1.5 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 56.6 31.4
TTM Earnings per share Rs -38.7 -10.7
Diluted earnings per share Rs -38.7 -10.7
Price to Cash Flow x -0.2 -1.5
TTM P/E ratio x -3.2 -3.2
Price / Book Value ratio x 0.7 1.0
Market Cap Rs m 17,562 17,562
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 JAIPRAKASH ASSO.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x 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 -0.2x during FY18, from 0.0x 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 -55.5% during FY18, from -247.0% 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 -0.5% during FY18, from -10.5% 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 -0.3% during FY18, from -3.3% 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 0.7 1.4
Debtors’ Days Days 49 92
Interest coverage x 0.0 -0.2
Debt to equity ratio x 7.0 5.5
Return on assets % -3.3 -0.3
Return on equity % -247.0 -55.5
Return on capital employed % -10.5 -0.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how JAIPRAKASH ASSO. has performed over the last 5 years, please visit here.

JAIPRAKASH ASSO. Share Price Performance

Over the last one year, JAIPRAKASH ASSO. share price has moved up from Rs 17.1 to Rs 7.2, registering a loss of Rs 9.8 or around 57.7%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,835.2 (up 0.2%). Over the last one year it has moved down from 2,378.1 to 1,835.2, a loss of 543 points (down 22.8%).

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

(To know more, check out historical annual results for JAIPRAKASH ASSO. and quarterly results for JAIPRAKASH ASSO.)

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