NOIDA TOLL BRIDGE 2017-18 Annual Report Analysis

Sat, 31 Mar

NOIDA TOLL BRIDGE 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.

NOIDA TOLL BRIDGE Income Statement Analysis

• Operating income during the year fell 81.3% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 121.5% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 58.3% in FY18 as against 50.8% in FY17.
• Depreciation charges increased by 11.4% and finance costs increased by 18.7% YoY, respectively.
• Other income declined by 55.4% YoY.
• Net profit for the year declined by 2635.0% YoY.
• Net profit margins during the year declined from 2.6% in FY17 to 355.6% in FY18.

NOIDA TOLL BRIDGE Income Statement 2017-18

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Net Sales	Rs m	870	163	-81.3%
Other income	Rs m	32	14	-55.4%
Total Revenues	Rs m	902	177	-80.4%
Gross profit	Rs m	442	-95	-121.5%
Depreciation	Rs m	380	423	11.4%
Interest	Rs m	59	70	18.7%
Profit before tax	Rs m	35	-573	-1,748.3%
Tax	Rs m	12	5	-56.0%
Profit after tax	Rs m	23	-579	-2,635.0%
Gross profit margin	%	50.8	-58.3
Effective tax rate	%	34.4	-0.9
Net profit margin	%	2.6	-355.6

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NOIDA TOLL BRIDGE Balance Sheet Analysis

• The company's current liabilities during FY18 stood at Rs 599 million as compared to Rs 337 million in FY17, thereby witnessing an increase of 77.4%.
• Long-term debt down at Rs 347 million as compared to Rs 446 million during FY17, a fall of 22.1%.
• Current assets rose 6% and stood at Rs 230 million, while fixed assets fell 7% and stood at Rs 5 billion in FY18.
• Overall, the total assets and liabilities for FY18 stood at Rs 6 billion as against Rs 6 billion during FY17, thereby witnessing a fall of 6%.

NOIDA TOLL BRIDGE Balance Sheet as on March 2018

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Networth	Rs m	4,765	4,187	-12.1
Current Liabilities	Rs m	337	599	77.4
Long-term Debt	Rs m	446	347	-22.1
Total Liabilities	Rs m	5,931	5,567	-6.1
Current assets	Rs m	217	230	6.0
Fixed Assets	Rs m	5,714	5,337	-6.6
Total Assets	Rs m	5,931	5,567	-6.1

NOIDA TOLL BRIDGE Cash Flow Statement Analysis

• NOIDA TOLL BRIDGE's cash flow from operating activities (CFO) during FY18 stood at Rs -30 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY18 stood at Rs 24 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY18 stood at Rs 1 million, an improvement of 100% on a YoY basis.
• Overall, net cash flows for the company during FY18 stood at Rs -6 million from the Rs -258 million net cash flows seen during FY17.

NOIDA TOLL BRIDGE 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	332	-30	-
Cash Flow from Investing Activities	Rs m	-324	24	-
Cash Flow from Financing Activities	Rs m	-265	1	-
Net Cash Flow	Rs m	-258	-6	-

Current Valuations for NOIDA TOLL BRIDGE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.1, an decline from the EPS of Rs 0.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 11.9, stands at -3.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.5 times, while the price to sales ratio stands at 13.7 times.
• The company's price to cash flow (P/CF) ratio stood at -15.1 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	4.7	0.9
TTM Earnings per share	Rs	0.1	-3.1
Diluted earnings per share	Rs	0.1	-3.1
Price to Cash Flow	x	5.2	-15.1
TTM P/E ratio	x	128.4	-3.8
Price / Book Value ratio	x	0.7	0.6
Market Cap	Rs m	3,378	2,349
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for NOIDA TOLL BRIDGE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.4x during FY18, from 0.6x 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 -7.2x during FY18, from 1.6x 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 -13.8% during FY18, from 0.5% 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 -11.1% during FY18, from 1.8% 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 -9.1% during FY18, from 1.4% 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	0.6	0.4
Debtors’ Days	Days	216	1,621
Interest coverage	x	1.6	-7.2
Debt to equity ratio	x	0.1	0.1
Return on assets	%	1.4	-9.1
Return on equity	%	0.5	-13.8
Return on capital employed	%	1.8	-11.1

To see how NOIDA TOLL BRIDGE has performed over the last 5 years, please visit here.

NOIDA TOLL BRIDGE Share Price Performance

Over the last one year, NOIDA TOLL BRIDGE share price has moved up from Rs 11.3 to Rs 11.9, registering a gain of Rs 0.7 or around 6.1%.

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 NOIDA TOLL BRIDGE and quarterly results for NOIDA TOLL BRIDGE)