MARATHON NEXTGEN REALTY LTD 2017-18 Annual Report Analysis

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MARATHON NEXTGEN REALTY LTD 2017-18 Annual Report Analysis
Tue, 18 Dec

MARATHON NEXTGEN REALTY 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.

MARATHON NEXTGEN REALTY LTD Income Statement Analysis

  • Operating income during the year fell 93.2% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 122.7% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 98.3% in FY18 as against 29.4% in FY17.
  • Depreciation charges increased by 406.7% and finance costs increased by 1420.0% YoY, respectively.
  • Other income grew by 14.5% YoY.
  • Net profit for the year declined by 66.7% YoY.
  • Net profit margins during the year grew from 34.7% in FY17 to 40.0% in FY18.

MARATHON NEXTGEN REALTY LTD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 1,931 132 -93.2%
Other income Rs m 496 568 14.5%
Total Revenues Rs m 2,427 699 -71.2%
Gross profit Rs m 568 -129 -122.7%
Depreciation Rs m 2 8 406.7%
Interest Rs m 3 46 1,420.0%
Profit before tax Rs m 1,060 385 -63.6%
Tax Rs m 218 105 -51.8%
Profit after tax Rs m 842 280 -66.7%
Gross profit margin % 29.4 -98.3
Effective tax rate % 20.6 27.3
Net profit margin % 34.7 40.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MARATHON NEXTGEN REALTY LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 2 billion as compared to Rs 77 million in FY17, thereby witnessing an increase of 2740.5%.
  • Long-term debt stood at Rs 1 billion as compared to Rs 113 million during FY17, a growth of 930.4%.
  • Current assets rose 10% and stood at Rs 3 billion, while fixed assets rose 36,565% and stood at Rs 1 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 9 billion as against Rs 7 billion during FY17, thereby witnessing a growth of 27%.

MARATHON NEXTGEN REALTY LTD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 6,760 5,495 -18.7
 
Current Liabilities Rs m 77 2,182 2,740.5
Long-term Debt Rs m 113 1,165 930.4
Total Liabilities Rs m 6,955 8,853 27.3
 
Current assets Rs m 3,037 3,345 10.2
Fixed Assets Rs m 3 1,159 36,564.6
Total Assets Rs m 6,955 8,853 27.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MARATHON NEXTGEN REALTY LTD Cash Flow Statement Analysis

  • MARATHON NEXTGEN REALTY LTD's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 401 million, an improvement of 422% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 112 million from the Rs -32 million net cash flows seen during FY17.

MARATHON NEXTGEN REALTY 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 -556 1,132 -
Cash Flow from Investing Activities Rs m 448 -1,422 -
Cash Flow from Financing Activities Rs m 77 401 422.1%
Net Cash Flow Rs m -32 112 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for MARATHON NEXTGEN REALTY LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 12.2, an decline from the EPS of Rs 29.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 105.0, stands at 8.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 81.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.4 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 67.9 5.7
TTM Earnings per share Rs 29.6 12.2
Diluted earnings per share Rs 29.6 9.9
Price to Cash Flow x 3.5 10.4
TTM P/E ratio x 8.0 8.0
Price / Book Value ratio x 0.9 1.9
Market Cap Rs m 2,986 2,982
Dividends per share (Unadj.) Rs 1.0 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for MARATHON NEXTGEN REALTY LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.5x during FY18, from 39.5x 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 9.4x during FY18, from 354.3x 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 5.1% during FY18, from 12.4% 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 6.5% during FY18, from 15.5% 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 3.7% during FY18, from 12.1% 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 39.5 1.5
Debtors’ Days Days 497 1
Interest coverage x 354.3 9.4
Debt to equity ratio x 0.0 0.2
Return on assets % 12.1 3.7
Return on equity % 12.4 5.1
Return on capital employed % 15.5 6.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

MARATHON NEXTGEN REALTY LTD Share Price Performance

Over the last one year, MARATHON NEXTGEN REALTY LTD share price has moved up from Rs 581.3 to Rs 105.0, registering a loss of Rs 476.3 or around 81.9%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,836.8 (up 0.3%). Over the last one year it has moved down from 2,378.1 to 1,836.8, 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 MARATHON NEXTGEN REALTY LTD and quarterly results for MARATHON NEXTGEN REALTY LTD)

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