PURAVANKARA 2018-19 Annual Report Analysis

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PURAVANKARA 2018-19 Annual Report Analysis
Mon, 30 Sep

PURAVANKARA 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.

PURAVANKARA Income Statement Analysis

  • Operating income during the year rose 44.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 43.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 21.4% in FY19 as against 21.6% in FY18.
  • Depreciation charges increased by 0.7% and finance costs increased by 30.5% YoY, respectively.
  • Other income declined by 15.3% YoY.
  • Net profit for the year grew by 25.1% YoY.
  • Net profit margins during the year declined from 6.1% in FY18 to 5.4% in FY19.

PURAVANKARA Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 14,149 20,505 44.9%
Other income Rs m 900 762 -15.3%
Total Revenues Rs m 15,049 21,267 41.3%
Gross profit Rs m 3,051 4,386 43.8%
Depreciation Rs m 150 151 0.7%
Interest Rs m 2,513 3,280 30.5%
Profit before tax Rs m 1,288 1,718 33.3%
Tax Rs m 374 574 53.4%
Profit after tax Rs m 914 1,144 25.1%
Gross profit margin % 21.6 21.4
Effective tax rate % 29.0 33.4
Net profit margin % 6.1 5.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PURAVANKARA Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 64 billion as compared to Rs 42 billion in FY18, thereby witnessing an increase of 51.5%.
  • Long-term debt stood at Rs 4 billion as compared to Rs 1 billion during FY18, a growth of 215.5%.
  • Current assets rose 27% and stood at Rs 76 billion, while fixed assets rose 6% and stood at Rs 2 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 87 billion as against Rs 68 billion during FY18, thereby witnessing a growth of 29%.

PURAVANKARA Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 23,932 18,568 -22.4
 
Current Liabilities Rs m 42,312 64,095 51.5
Long-term Debt Rs m 1,380 4,354 215.5
Total Liabilities Rs m 67,913 87,336 28.6
 
Current assets Rs m 59,527 75,712 27.2
Fixed Assets Rs m 1,607 1,708 6.3
Total Assets Rs m 67,913 87,336 28.6
* 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 FY19 stood at Rs -1 billion, an improvement of 353.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 47 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 2 billion, an improvement of 1,241% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 341 million from the Rs 389 million net cash flows seen during FY18.

PURAVANKARA 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 -289 -1,309 -
Cash Flow from Investing Activities Rs m 558 47 -91.6%
Cash Flow from Financing Activities Rs m 120 1,603 1,241.3%
Net Cash Flow Rs m 389 341 -12.3%
* 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 4.8, an improvement from the EPS of Rs 3.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 64.5, stands at 11.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 1.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.8 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 59.7 86.5
TTM Earnings per share Rs 3.9 4.8
Diluted earnings per share Rs 3.9 4.8
Price to Cash Flow x 14.4 11.8
TTM P/E ratio x 11.4 11.4
Price / Book Value ratio x 1.1 1.4
Market Cap Rs m 15,296 15,296
Dividends per share (Unadj.) Rs 1.6 1.0
* 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 deteriorated and stood at 1.2x during FY19, from 1.4x 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 1.5x during FY19, from 1.5x 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 improved and stood at 6.2% during FY19, from 3.8% 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 improved and stood at 21.8% during FY19, from 15.0% 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 improved and stood at 5.1% during FY19, from 5.0% 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 1.4 1.2
Debtors’ Days Days 71 45
Interest coverage x 1.5 1.5
Debt to equity ratio x 0.1 0.2
Return on assets % 5.0 5.1
Return on equity % 3.8 6.2
Return on capital employed % 15.0 21.8
* 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 63.5 to Rs 64.5, registering a gain of Rs 1.1 or around 1.7%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,974.8 (down 1.7%). Over the last one year it has moved up from 1,702.9 to 1,974.8, a gain of 272 points (up 16.0%).

Overall, the S&P BSE SENSEX is up 6.0% over the year.

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

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