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OMAXE LTD 2017-18 Annual Report Analysis

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OMAXE LTD 2017-18 Annual Report Analysis
Tue, 18 Dec

OMAXE LTD 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.

OMAXE LTD Income Statement Analysis

  • Operating income during the year rose 13.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 8.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 14.1% in FY18 as against 17.4% in FY17.
  • Depreciation charges decreased by 1.5% and finance costs increased by 9.5% YoY, respectively.
  • Other income declined by 0.4% YoY.
  • Net profit for the year declined by 19.1% YoY.
  • Net profit margins during the year declined from 6.2% in FY17 to 4.5% in FY18.

OMAXE LTD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 16,268 18,391 13.1%
Other income Rs m 589 587 -0.4%
Total Revenues Rs m 16,857 18,978 12.6%
Gross profit Rs m 2,836 2,600 -8.3%
Depreciation Rs m 89 88 -1.5%
Interest Rs m 1,545 1,693 9.5%
Profit before tax Rs m 1,791 1,407 -21.5%
Tax Rs m 739 555 -24.8%
Profit after tax Rs m 1,053 852 -19.1%
Gross profit margin % 17.4 14.1
Effective tax rate % 41.2 39.5
Net profit margin % 6.2 4.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



OMAXE LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 47 billion as compared to Rs 46 billion in FY17, thereby witnessing an increase of 0.9%.
  • Long-term debt stood at Rs 11 billion as compared to Rs 8 billion during FY17, a growth of 40.2%.
  • Current assets fell 0% and stood at Rs 73 billion, while fixed assets fell 0% and stood at Rs 5 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 81 billion as against Rs 83 billion during FY17, thereby witnessing a fall of 2%.

OMAXE LTD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 21,186 21,969 3.7
 
Current Liabilities Rs m 46,206 46,637 0.9
Long-term Debt Rs m 7,534 10,560 40.2
Total Liabilities Rs m 83,259 81,280 -2.4
 
Current assets Rs m 72,834 72,501 -0.5
Fixed Assets Rs m 5,309 5,307 0.0
Total Assets Rs m 83,259 81,280 -2.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



OMAXE LTD Cash Flow Statement Analysis

  • OMAXE LTD's cash flow from operating activities (CFO) during FY18 stood at Rs 191 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 207 million, an improvement of 3.9% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -355 million, an improvement of 80% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 43 million from the Rs -324 million net cash flows seen during FY17.

OMAXE LTD 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 1,209 191 -84.2%
Cash Flow from Investing Activities Rs m 199 207 3.9%
Cash Flow from Financing Activities Rs m -1,731 -355 -
Net Cash Flow Rs m -324 43 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for OMAXE LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.7, an decline from the EPS of Rs 5.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 215.6, stands at 64.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 2.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 42.0 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 88.9 100.6
TTM Earnings per share Rs 5.8 4.7
Diluted earnings per share Rs 5.8 4.7
Price to Cash Flow x 34.5 42.0
TTM P/E ratio x 64.9 64.9
Price / Book Value ratio x 1.4 1.7
Market Cap Rs m 39,424 39,424
Dividends per share (Unadj.) Rs 0.7 0.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for OMAXE LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.6x during FY18, from 1.6x 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 1.8x during FY18, from 2.2x 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 3.9% during FY18, from 5.0% 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 9.5% during FY18, from 11.6% 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 improved and stood at 3.1% during FY18, from 3.1% 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 1.6 1.6
Debtors’ Days Days 235 157
Interest coverage x 2.2 1.8
Debt to equity ratio x 0.4 0.5
Return on assets % 3.1 3.1
Return on equity % 5.0 3.9
Return on capital employed % 11.6 9.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how OMAXE LTD has performed over the last 5 years, please visit here.

OMAXE LTD Share Price Performance

Over the last one year, OMAXE LTD share price has moved up from Rs 214.1 to Rs 215.6, registering a gain of Rs 1.5 or around 0.7%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,837.0 (up 0.3%). Over the last one year it has moved down from 2,378.1 to 1,837.0, a loss of 541 points (down 22.8%).

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for OMAXE LTD and quarterly results for OMAXE LTD)

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For the quarter ended September 2018, OMAXE LTD has posted a net profit of Rs 107 m (down 43.2% YoY). Sales on the other hand came in at Rs 5 bn (up 25.7% YoY). Read on for a complete analysis of OMAXE LTD's quarterly results.

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