OBEROI REALTY 2020-21 Annual Report Analysis

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OBEROI REALTY 2020-21 Annual Report Analysis
Thu, 21 Oct

OBEROI REALTY has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

OBEROI REALTY Income Statement Analysis

  • Operating income during the year fell 8.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 4.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 48.7% in FY21 as against 46.8% in FY20.
  • Depreciation charges decreased by 8.2% and finance costs decreased by 14.1% YoY, respectively.
  • Other income declined by 21.4% YoY.
  • Net profit for the year grew by 7.7% YoY.
  • Net profit margins during the year grew from 29.9% in FY20 to 35.2% in FY21.

OBEROI REALTY Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 22,376 20,526 -8.3%
Other income Rs m 484 380 -21.4%
Total Revenues Rs m 22,860 20,906 -8.5%
Gross profit Rs m 10,480 10,004 -4.5%
Depreciation Rs m 449 412 -8.2%
Interest Rs m 885 760 -14.1%
Profit before tax Rs m 9,630 9,212 -4.3%
Tax Rs m 2,796 1,851 -33.8%
Profit after tax Rs m 6,834 7,360 7.7%
Gross profit margin % 46.8 48.7
Effective tax rate % 29.0 20.1
Net profit margin % 29.9 35.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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OBEROI REALTY Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 21 billion as compared to Rs 24 billion in FY20, thereby witnessing an decrease of -12.5%.
  • Long-term debt stood at Rs 4 billion as compared to Rs 0 million during FY20, a fall of 0.0%.
  • Current assets fell 1% and stood at Rs 68 billion, while fixed assets rose 21% and stood at Rs 52 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 120 billion as against Rs 111 billion during FY20, thereby witnessing a growth of 8%.

OBEROI REALTY Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 86,295 93,691 8.6
 
Current Liabilities Rs m 23,830 20,840 -12.5
Long-term Debt Rs m 0 3,590 0.0
Total Liabilities Rs m 111,282 119,657 7.5
 
Current assets Rs m 68,460 67,652 -1.2
Fixed Assets Rs m 42,823 52,006 21.4
Total Assets Rs m 111,282 119,657 7.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



OBEROI REALTY Cash Flow Statement Analysis

  • OBEROI REALTY's cash flow from operating activities (CFO) during FY21 stood at Rs 7 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -6 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -1 billion, an improvement of 62% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -113 million from the Rs -2 billion net cash flows seen during FY20.

OBEROI REALTY Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m -2,820 7,025 -
Cash Flow from Investing Activities Rs m 3,584 -5,975 -
Cash Flow from Financing Activities Rs m -3,095 -1,164 -
Net Cash Flow Rs m -2,330 -113 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for OBEROI REALTY

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 20.2, an improvement from the EPS of Rs 18.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 889.7, stands at 41.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at 8.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 41.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 61.5 56.5
TTM Earnings per share Rs 18.8 20.2
Diluted earnings per share Rs 18.8 20.2
Price to Cash Flow x 44.4 41.6
TTM P/E ratio x 41.0 41.0
Price / Book Value ratio x 2.0 1.8
Market Cap Rs m 323,497 323,497
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for OBEROI REALTY

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.2x during FY21, from 2.9x during FY20. 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 improved and stood at 13.1x during FY21, from 11.9x during FY20. 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 7.9% during FY21, from 7.9% during FY21. 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 10.3% during FY21, from 12.2% during FY20. 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 6.8% during FY21, from 6.9% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 2.9 3.2
Debtors’ Days Days 188 228
Interest coverage x 11.9 13.1
Debt to equity ratio x 0.0 0.0
Return on assets % 6.9 6.8
Return on equity % 7.9 7.9
Return on capital employed % 12.2 10.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how OBEROI REALTY has performed over the last 5 years, please visit here.

OBEROI REALTY Share Price Performance

Over the last one year, OBEROI REALTY share price has moved up from Rs 471.4 to Rs 889.7, registering a gain of Rs 418.3 or around 88.7%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 3,983.2 (down 1.3%). Over the last one year it has moved up from 1,866.1 to 3,983.2, a gain of 2,117 points (up 113.5%).

Overall, the S&P BSE SENSEX is up 50.7% over the year.

(To know more, check out historical annual results for OBEROI REALTY and quarterly results for OBEROI REALTY)

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