OMAXE LTD 2018-19 Annual Report Analysis

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OMAXE LTD 2018-19 Annual Report Analysis
Wed, 25 Sep

OMAXE LTD has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

OMAXE LTD Income Statement Analysis

  • Operating income during the year fell 36.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 50.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.0% in FY19 as against 14.1% in FY18.
  • Depreciation charges increased by 2.6% and finance costs decreased by 56.1% YoY, respectively.
  • Other income declined by 42.5% YoY.
  • Net profit for the year declined by 42.9% YoY.
  • Net profit margins during the year declined from 4.5% in FY18 to 4.1% in FY19.

OMAXE LTD Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 18,391 11,665 -36.6%
Other income Rs m 587 337 -42.5%
Total Revenues Rs m 18,978 12,002 -36.8%
Gross profit Rs m 2,600 1,281 -50.7%
Depreciation Rs m 88 90 2.6%
Interest Rs m 1,693 743 -56.1%
Profit before tax Rs m 1,407 786 -44.2%
Tax Rs m 555 299 -46.1%
Profit after tax Rs m 852 487 -42.9%
Gross profit margin % 14.1 11.0
Effective tax rate % 39.5 38.1
Net profit margin % 4.5 4.1
* 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 FY19 stood at Rs 77 billion as compared to Rs 47 billion in FY18, thereby witnessing an increase of 64.6%.
  • Long-term debt stood at Rs 12 billion as compared to Rs 11 billion during FY18, a growth of 9.2%.
  • Current assets rose 33% and stood at Rs 96 billion, while fixed assets fell 1% and stood at Rs 6 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 108 billion as against Rs 81 billion during FY18, thereby witnessing a growth of 32%.

OMAXE LTD Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 21,969 17,404 -20.8
 
Current Liabilities Rs m 46,637 76,770 64.6
Long-term Debt Rs m 10,560 11,536 9.2
Total Liabilities Rs m 81,280 107,601 32.4
 
Current assets Rs m 72,501 96,201 32.7
Fixed Assets Rs m 6,037 5,986 -0.9
Total Assets Rs m 81,280 107,601 32.4
* 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 FY19 stood at Rs 4 billion, an improvement of 2,000.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 164 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -4 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -181 million from the Rs 43 million net cash flows seen during FY18.

OMAXE LTD Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 191 4,005 2,000.1%
Cash Flow from Investing Activities Rs m 207 164 -20.6%
Cash Flow from Financing Activities Rs m -355 -4,350 -
Net Cash Flow Rs m 43 -181 -
* 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 2.7, an decline from the EPS of Rs 4.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 193.4, stands at 64.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.3 times, while the price to sales ratio stands at 3.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 61.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 100.6 63.8
TTM Earnings per share Rs 4.7 2.7
Diluted earnings per share Rs 4.7 2.7
Price to Cash Flow x 37.7 61.4
TTM P/E ratio x 64.4 64.4
Price / Book Value ratio x 1.7 2.3
Market Cap Rs m 35,373 35,373
Dividends per share (Unadj.) Rs 0.1 0.7
* 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 deteriorated and stood at 1.3x during FY19, from 1.6x during FY18. 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 2.1x during FY19, from 1.8x during FY18. 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 2.8% during FY19, from 3.9% during FY19. 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 5.3% during FY19, from 9.5% during FY18. 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 1.1% during FY19, from 3.1% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 1.6 1.3
Debtors’ Days Days 157 110
Interest coverage x 1.8 2.1
Debt to equity ratio x 0.5 0.7
Return on assets % 3.1 1.1
Return on equity % 3.9 2.8
Return on capital employed % 9.5 5.3
* 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 down from Rs 217.0 to Rs 193.4, registering a loss of Rs 23.6 or around 10.9%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,045.7 (down 1.3%). Over the last one year it has moved up from 1,810.5 to 2,045.7, a gain of 235 points (up 13.0%).

Overall, the S&P BSE SENSEX is up 6.7% over the year.

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

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