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MADHUCON PROJECTS 2017-18 Annual Report Analysis

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MADHUCON PROJECTS 2017-18 Annual Report Analysis
Tue, 18 Dec

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 89.8% YoY.
  • Net profit for the year grew by 50.0% YoY.
  • Net profit margins during the year declined from 40.2% in FY17 to 89.2% 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 89.8%
Total Revenues Rs m 16,018 10,837 -32.3%
Gross profit Rs m 3,645 255 -93.0%
Depreciation Rs m 2,693 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 140 -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 % -40.2 -89.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 17% and stood at Rs 7 billion, while fixed assets fell 28% and stood at Rs 34 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 -8,218 -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 78,920 -4.1
 
Current assets Rs m 8,688 7,169 -17.5
Fixed Assets Rs m 47,914 34,312 -28.4
Total Assets Rs m 82,294 78,920 -4.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 -680 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 -680 -195 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for MADHUCON PROJECTS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -130.1, an decline from the EPS of Rs -86.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 7.1, stands at -8.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at -0.2 times, while the price to sales ratio stands at 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at -0.1 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 212.3 139.4
TTM Earnings per share Rs -86.7 -130.1
Diluted earnings per share Rs -87.3 -130.9
Price to Cash Flow x -0.1 -0.1
TTM P/E ratio x -8.9 -8.8
Price / Book Value ratio x -0.4 -0.2
Market Cap Rs m 527 523
Dividends per share (Unadj.) Rs 0.1 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for MADHUCON PROJECTS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved 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 49 11
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: Company Reports, Regulatory Filings, 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 up from Rs 31.0 to Rs 7.1, registering a loss of Rs 23.9 or around 77.1%.

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 MADHUCON PROJECTS and quarterly results for MADHUCON PROJECTS)

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For the quarter ended March 2019, MADHUCON PROJECTS has posted a net profit of Rs 319 m (up 1615.7% YoY). Sales on the other hand came in at Rs 2 bn (down 13.9% YoY). Read on for a complete analysis of MADHUCON PROJECTS's quarterly results.

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