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PURAVANKARA 2017-18 Annual Report Analysis

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PURAVANKARA 2017-18 Annual Report Analysis
Thu, 20 Dec

PURAVANKARA 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.

PURAVANKARA Income Statement Analysis

  • Operating income during the year rose 0.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 24.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 21.7% in FY18 as against 29.1% in FY17.
  • Depreciation charges decreased by 9.2% and finance costs decreased by 13.2% YoY, respectively.
  • Other income grew by 48.8% YoY.
  • Net profit for the year declined by 29.1% YoY.
  • Net profit margins during the year declined from 8.8% in FY17 to 6.1% in FY18.

PURAVANKARA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 14,071 14,149 0.6%
Other income Rs m 605 900 48.8%
Total Revenues Rs m 14,676 15,049 2.5%
Gross profit Rs m 4,092 3,075 -24.8%
Depreciation Rs m 165 150 -9.2%
Interest Rs m 2,895 2,513 -13.2%
Profit before tax Rs m 1,637 1,312 -19.8%
Tax Rs m 419 361 -13.8%
Profit after tax Rs m 1,289 914 -29.1%
Gross profit margin % 29.1 21.7
Effective tax rate % 25.6 27.5
Net profit margin % 8.8 6.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PURAVANKARA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 42 billion as compared to Rs 36 billion in FY17, thereby witnessing an increase of 18.9%.
  • Long-term debt down at Rs 1 billion as compared to Rs 3 billion during FY17, a fall of 54.5%.
  • Current assets rose 6% and stood at Rs 60 billion, while fixed assets rose 41% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 68 billion as against Rs 63 billion during FY17, thereby witnessing a growth of 9%.

PURAVANKARA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 23,662 23,932 1.1
 
Current Liabilities Rs m 35,597 42,312 18.9
Long-term Debt Rs m 3,032 1,380 -54.5
Total Liabilities Rs m 62,589 67,913 8.5
 
Current assets Rs m 55,902 59,527 6.5
Fixed Assets Rs m 1,141 1,607 40.7
Total Assets Rs m 62,589 67,913 8.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PURAVANKARA Cash Flow Statement Analysis

  • PURAVANKARA's cash flow from operating activities (CFO) during FY18 stood at Rs -290 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 558 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 108 million, an improvement of 103% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 376 million from the Rs -2 billion net cash flows seen during FY17.

PURAVANKARA 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 -2,773 -290 -
Cash Flow from Investing Activities Rs m 5,208 558 -89.3%
Cash Flow from Financing Activities Rs m -4,318 108 -
Net Cash Flow Rs m -1,883 376 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for PURAVANKARA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.9, an decline from the EPS of Rs 5.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 78.6, stands at 18.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 1.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 16.9 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 59.3 59.7
TTM Earnings per share Rs 5.4 3.9
Diluted earnings per share Rs 5.4 3.9
Price to Cash Flow x 13.5 16.9
TTM P/E ratio x 18.4 18.4
Price / Book Value ratio x 0.6 1.1
Market Cap Rs m 18,640 18,640
Dividends per share (Unadj.) Rs 2.3 1.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for PURAVANKARA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x 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 1.5x 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 3.8% during FY18, from 5.4% 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 15.0% during FY18, from 17.2% 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 5.0% during FY18, from 6.7% 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 1.4
Debtors’ Days Days 100 71
Interest coverage x 1.6 1.5
Debt to equity ratio x 0.1 0.1
Return on assets % 6.7 5.0
Return on equity % 5.4 3.8
Return on capital employed % 17.2 15.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

PURAVANKARA Share Price Performance

Over the last one year, PURAVANKARA share price has moved up from Rs 162.9 to Rs 78.6, registering a loss of Rs 84.3 or around 51.7%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,902.7 (up 0.5%). Over the last one year it has moved down from 2,483.9 to 1,902.7, a loss of 581 points (down 23.4%).

Overall, the S&P BSE SENSEX is up 7.5% over the year.

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

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For the quarter ended December 2018, PURAVANKARA has posted a net profit of Rs 276 m (up 7.8% YoY). Sales on the other hand came in at Rs 5 bn (up 23.9% YoY). Read on for a complete analysis of PURAVANKARA's quarterly results.

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