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MADHUCON PROJECTS 2017-18 Annual Report Analysis
Sat, 31 Mar

MADHUCON PROJECTS 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.

MADHUCON PROJECTS Income Statement Analysis

  • Operating income during the year fell 34.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 93.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 2.5% in FY18 as against 23.1% in FY17.
  • Depreciation charges decreased by 7.6% and finance costs increased by 11.2% YoY, respectively.
  • Other income grew by 89.9% YoY.
  • Net profit for the year grew by 50.0% YoY.
  • Net profit margins during the year declined from 40.9% in FY17 to 93.3% in FY18.

MADHUCON PROJECTS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 15,764 10,355 -34.3%
Other income Rs m 254 482 89.9%
Total Revenues Rs m 16,018 10,837 -32.3%
Gross profit Rs m 3,645 255 -93.0%
Depreciation Rs m 2,692 2,488 -7.6%
Interest Rs m 7,509 8,348 11.2%
Profit before tax Rs m -6,302 -10,098 60.2%
Tax Rs m 139 -437 -413.2%
Profit after tax Rs m -6,442 -9,661 50.0%
Gross profit margin % 23.1 2.5
Effective tax rate % -2.2 4.3
Net profit margin % -40.9 -93.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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MADHUCON PROJECTS Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 49 billion as compared to Rs 39 billion in FY17, thereby witnessing an increase of 23.8%.
  • Long-term debt down at Rs 45 billion as compared to Rs 48 billion during FY17, a fall of 5.2%.
  • Current assets fell 23% and stood at Rs 7 billion, while fixed assets fell 2% and stood at Rs 72 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 79 billion as against Rs 82 billion during FY17, thereby witnessing a fall of 4%.

MADHUCON PROJECTS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m -8,219 -17,676 115.1
 
Current Liabilities Rs m 39,274 48,626 23.8
Long-term Debt Rs m 47,640 45,164 -5.2
Total Liabilities Rs m 82,294 78,690 -4.4
 
Current assets Rs m 8,688 6,698 -22.9
Fixed Assets Rs m 73,606 71,991 -2.2
Total Assets Rs m 82,294 78,690 -4.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



MADHUCON PROJECTS Cash Flow Statement Analysis

  • MADHUCON PROJECTS's cash flow from operating activities (CFO) during FY18 stood at Rs 6 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -19 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -6 billion, an improvement of 31% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -195 million from the Rs -679 million net cash flows seen during FY17.

MADHUCON PROJECTS 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 6,834 5,708 -16.5%
Cash Flow from Investing Activities Rs m 1,072 -19 -
Cash Flow from Financing Activities Rs m -8,586 -5,884 -
Net Cash Flow Rs m -679 -195 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for MADHUCON PROJECTS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -130.9, an decline from the EPS of Rs -87.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 19.0, stands at 11.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at -0.1 times, while the price to sales ratio stands at 0.1 times.
  • The company's price to cash flow (P/CF) ratio stood at -0.4 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 213.6 140.3
TTM Earnings per share Rs -87.3 -130.9
Diluted earnings per share Rs -87.3 -130.9
Price to Cash Flow x -0.8 -0.4
TTM P/E ratio x 10.5 11.8
Price / Book Value ratio x -0.4 -0.2
Market Cap Rs m 3,350 3,107
Dividends per share (Unadj.) Rs 0.1 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for MADHUCON PROJECTS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.1x during FY18, from 0.2x 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 0.2x 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 declined and down at 54.7% during FY18, from 78.4% 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 declined and down at -6.4% during FY18, from 3.1% 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 -1.7% during FY18, from 1.3% 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 0.2 0.1
Debtors’ Days Days 487 110
Interest coverage x 0.2 -0.2
Debt to equity ratio x -5.8 -2.6
Return on assets % 1.3 -1.7
Return on equity % 78.4 54.7
Return on capital employed % 3.1 -6.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how MADHUCON PROJECTS has performed over the last 5 years, please visit here.

MADHUCON PROJECTS Share Price Performance

Over the last one year, MADHUCON PROJECTS share price has moved down from Rs 42.7 to Rs 19.0, registering a loss of Rs 23.7 or around 55.6%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,229.9 (down 1.1%). Over the last one year it has moved up from 1,600.0 to 2,229.9, a gain of 630 points (up 39.4%).

Overall, the S&P BSE SENSEX is up 12.1% over the year.

(To know more, check out historical annual results for MADHUCON PROJECTS and quarterly results for MADHUCON PROJECTS)

Annual Report FAQs

What is the current share price of MADHUCON PROJECTS?

MADHUCON PROJECTS currently trades at Rs 7.0 per share. You can check out the latest share price performance of MADHUCON PROJECTS here...

What was the revenue of MADHUCON PROJECTS in FY18? How does it compare to earlier years?

The revenues of MADHUCON PROJECTS stood at Rs 10,837 m in FY18, which was down -32.3% compared to Rs 16,018 m reported in FY17.

MADHUCON PROJECTS' revenue has fallen from Rs 27,007 m in FY16 to Rs 10,837 m in FY18.

Over the past 3 years, the revenue of MADHUCON PROJECTS has grown at a CAGR of -36.7%.

What was the net profit of MADHUCON PROJECTS in FY18? How does it compare to earlier years?

The net loss of MADHUCON PROJECTS stood at Rs -9,661 m in FY18, which was up 50.0% compared to Rs -6,442 m reported in FY17.

This compares to a net profit of Rs 247 m in FY16.

Over the past 3 years, MADHUCON PROJECTS net profit has grown at a CAGR of NaN%.

What does the cash flow statement of MADHUCON PROJECTS reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of MADHUCON PROJECTS reveals:

  • Cash flow from operations decreased in FY18 and stood at Rs 5,708 m as compared to Rs 6,834 m in FY17.
  • Cash flow from investments decreased in FY18 and stood at Rs -19 m as compared to Rs 1,072 m in FY17.
  • Cash flow from financial activity increased in FY18 and stood at Rs -5,884 m as compared to Rs -8,586 m in FY17.

Here's the cash flow statement of MADHUCON PROJECTS for the past 3 years.

(Rs m)FY16FY17FY18
From Operations-3,0096,8345,708
From Investments4,6561,072-19
From Financial Activity-1,624-8,586-5,884
Net Cashflow22-679-195

What does the Key Ratio analysis of MADHUCON PROJECTS reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of MADHUCON PROJECTS reveals:

  • Operating profit margins witnessed a fall and stood at 2.5% in FY18 as against 23.1% in FY17.
  • Net profit margins declined from 40.9% in FY17 to 93.3% in FY18.
  • Debt to Equity ratio for FY18 stood at -2.6 as compared to -5.8 in FY17.

Here's the ratio/financial analysis of MADHUCON PROJECTS for the past 3 years.

 FY16FY17FY18
Operating Profit Margin (%)36.423.12.5
Net Profit Margin (%)0.9-40.9-93.3
Debt to Equity Ratio (x)-15.8-5.8-2.6

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