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PENINSULA LAND 2017-18 Annual Report Analysis

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PENINSULA LAND 2017-18 Annual Report Analysis
Tue, 18 Dec

PENINSULA LAND 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.

PENINSULA LAND Income Statement Analysis

  • Operating income during the year rose 143.9% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 3.0% YoY during the fiscal. Operating profit margins witnessed a growth and down at 18.0% in FY18 as against 45.4% in FY17.
  • Depreciation charges decreased by 6.0% and finance costs increased by 28.2% YoY, respectively.
  • Other income declined by 52.8% YoY.
  • Net profit for the year grew by 108.6% YoY.
  • Net profit margins during the year declined from 56.3% in FY17 to 64.1% in FY18.

PENINSULA LAND Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 2,697 6,579 143.9%
Other income Rs m 1,206 569 -52.8%
Total Revenues Rs m 3,904 7,148 83.1%
Gross profit Rs m -1,224 -1,187 -3.0%
Depreciation Rs m 50 47 -6.0%
Interest Rs m 1,704 2,184 28.2%
Profit before tax Rs m -1,771 -2,848 60.8%
Tax Rs m 425 38 -91.0%
Profit after tax Rs m -2,197 -4,582 108.6%
Gross profit margin % -45.4 -18.0
Effective tax rate % -24.0 -1.3
Net profit margin % -56.3 -64.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PENINSULA LAND Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 14 billion as compared to Rs 14 billion in FY17, thereby witnessing an increase of 4.0%.
  • Long-term debt stood at Rs 18 billion as compared to Rs 14 billion during FY17, a growth of 24.8%.
  • Current assets rose 6% and stood at Rs 35 billion, while fixed assets fell 2% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 45 billion as against Rs 45 billion during FY17, thereby witnessing a fall of 1%.

PENINSULA LAND Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 15,098 10,660 -29.4
 
Current Liabilities Rs m 13,602 14,140 4.0
Long-term Debt Rs m 14,296 17,838 24.8
Total Liabilities Rs m 45,145 44,856 -0.6
 
Current assets Rs m 32,729 34,709 6.1
Fixed Assets Rs m 1,838 1,809 -1.6
Total Assets Rs m 45,145 44,856 -0.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PENINSULA LAND Cash Flow Statement Analysis

  • PENINSULA LAND'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 35 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -4 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -432 million from the Rs 444 million net cash flows seen during FY17.

PENINSULA LAND 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 -1,777 3,429 -
Cash Flow from Investing Activities Rs m 1,842 35 -98.1%
Cash Flow from Financing Activities Rs m 378 -3,896 -
Net Cash Flow Rs m 444 -432 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for PENINSULA LAND

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -16.4, an decline from the EPS of Rs -7.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 10.5, stands at -0.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.8 times, while the price to sales ratio stands at 1.3 times.
  • The company's price to cash flow (P/CF) ratio stood at -0.6 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 9.7 23.6
TTM Earnings per share Rs -7.9 -16.4
Diluted earnings per share Rs -7.9 -16.4
Price to Cash Flow x -1.4 -0.6
TTM P/E ratio x -0.5 -0.5
Price / Book Value ratio x 0.3 0.8
Market Cap Rs m 2,934 2,934
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 PENINSULA LAND

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.5x during FY18, from 2.4x 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 -0.3x 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 declined and down at -43.0% during FY18, from -14.5% 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 -8.3% during FY18, from -0.2% 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 -5.3% during FY18, from -1.1% 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 2.4 2.5
Debtors’ Days Days 66 64
Interest coverage x 0.0 -0.3
Debt to equity ratio x 0.9 1.7
Return on assets % -1.1 -5.3
Return on equity % -14.5 -43.0
Return on capital employed % -0.2 -8.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how PENINSULA LAND has performed over the last 5 years, please visit here.

PENINSULA LAND Share Price Performance

Over the last one year, PENINSULA LAND share price has moved up from Rs 34.2 to Rs 10.5, registering a loss of Rs 23.7 or around 69.3%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,832.7 (up 0.0%). Over the last one year it has moved down from 2,378.1 to 1,832.7, a loss of 545 points (down 22.9%).

Overall, the S&P BSE SENSEX is up 7.3% over the year.

(To know more, check out historical annual results for PENINSULA LAND and quarterly results for PENINSULA LAND)

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For the quarter ended March 2019, PENINSULA LAND has posted a net profit of Rs 4 bn (down 73.0% YoY). Sales on the other hand came in at Rs 127 m (down 87.1% YoY). Read on for a complete analysis of PENINSULA LAND's quarterly results.

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