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PURAVANKARA 2017-18 Annual Report Analysis

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PURAVANKARA 2017-18 Annual Report Analysis
Fri, 14 Sep

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 and finance costs decreased by 9.2% YoY and 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 Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m14,07114,1490.6%
Other incomeRs m60590048.8%
Total RevenuesRs m14,67615,0492.5%
Gross profitRs m4,0923,075-24.8%
DepreciationRs m165150-9.2%
InterestRs m2,8952,513-13.2%
Profit before taxRs m1,6371,312-19.8%
TaxRs m419361-13.8%
Profit after taxRs m1,289914-29.1%
Gross profit margin%29.121.7
Effective tax rate%25.627.5
Net profit margin%8.86.1
* 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 Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m23,66223,9321.1
 
Current LiabilitiesRs m35,59742,31218.9
Long-term DebtRs m3,0321,380-54.5
Total LiabilitiesRs m62,58967,9138.5
 
Current assetsRs m55,90259,5276.5
Fixed AssetsRs m 1,1411,60740.7
Total AssetsRs m62,58967,9138.5
* 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

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m-2,773-290-
Cash Flow from Investing ActivitiesRs m5,208558-89.3%
Cash Flow from Financing ActivitiesRs m-4,318108-
Net Cash FlowRs m-1,883376-
* 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 90.0, stands at 21.1 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 19.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Sales per share (Unadj.)Rs59.359.7
TTM Earnings per shareRs5.43.9
Diluted earnings per shareRs5.43.9
Price to Cash Flow x15.419.4
TTM P/E ratiox21.121.1
Price / Book Value ratiox0.61.1
Market CapRs m21,34421,344
Dividends per share (Unadj.)Rs2.31.6
* 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 Ending12 Mar-17*12 Mar-18*
Current ratiox1.61.4
Debtors’ DaysDays10071
Interest coveragex1.61.5
Debt to equity ratiox0.10.1
Return on assets%6.75.0
Return on equity%5.43.8
Return on capital employed%17.215.0
* 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 80.2 to Rs 90.0, registering a gain of Rs 9.9 or around 12.3%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,067.3 (up 3.3%). Over the last one year it has moved down from 2,200.9 to 2,067.3, a loss of 134 points (down 6.1%).

Overall, the S&P BSE SENSEX is up 18.4% over the year.

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

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