SPML INFRA 2017-18 Annual Report Analysis

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SPML INFRA 2017-18 Annual Report Analysis
Fri, 21 Dec

SPML INFRA 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.

SPML INFRA Income Statement Analysis

  • Operating income during the year fell 9.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 37.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.3% in FY18 as against 7.4% in FY17.
  • Depreciation charges decreased by 20.4% and finance costs decreased by 18.0% YoY, respectively.
  • Other income declined by 37.8% YoY.
  • Net profit for the year declined by 690.2% YoY.
  • Net profit margins during the year grew from 0.4% in FY17 to 2.4% in FY18.

SPML INFRA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 22,758 20,495 -9.9%
Other income Rs m 976 607 -37.8%
Total Revenues Rs m 23,734 21,102 -11.1%
Gross profit Rs m 1,689 2,314 37.1%
Depreciation Rs m 211 168 -20.4%
Interest Rs m 2,604 2,136 -18.0%
Profit before tax Rs m -150 618 -511.1%
Tax Rs m -65 114 -275.2%
Profit after tax Rs m -85 504 -690.2%
Gross profit margin % 7.4 11.3
Effective tax rate % 43.1 18.4
Net profit margin % -0.4 2.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SPML INFRA Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 19 billion as compared to Rs 21 billion in FY17, thereby witnessing an decrease of -6.2%.
  • Long-term debt stood at Rs 7 billion as compared to Rs 3 billion during FY17, a growth of 155.0%.
  • Current assets rose 22% and stood at Rs 21 billion, while fixed assets fell 3% and stood at Rs 4 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 34 billion as against Rs 30 billion during FY17, thereby witnessing a growth of 12%.

SPML INFRA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 3,804 4,649 22.2
 
Current Liabilities Rs m 20,704 19,428 -6.2
Long-term Debt Rs m 2,881 7,348 155.0
Total Liabilities Rs m 29,987 33,672 12.3
 
Current assets Rs m 16,993 20,742 22.1
Fixed Assets Rs m 3,622 3,514 -3.0
Total Assets Rs m 29,987 33,672 12.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SPML INFRA Cash Flow Statement Analysis

  • SPML INFRA's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 676 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -3 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -181 million from the Rs -30 million net cash flows seen during FY17.

SPML INFRA 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 -1,609 2,343 -
Cash Flow from Investing Activities Rs m 1,083 676 -37.6%
Cash Flow from Financing Activities Rs m 688 -3,303 -
Net Cash Flow Rs m -30 -181 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SPML INFRA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.8, an improvement from the EPS of Rs -2.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 40.2, stands at 2.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 0.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 2.2 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 621.0 559.2
TTM Earnings per share Rs -2.3 13.8
Diluted earnings per share Rs -2.3 13.8
Price to Cash Flow x 11.7 2.2
TTM P/E ratio x 2.7 2.7
Price / Book Value ratio x 0.8 1.0
Market Cap Rs m 1,473 1,473
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SPML INFRA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY18, from 0.8x 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 1.3x during FY18, from 0.9x 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 improved and stood at 10.8% during FY18, from -2.2% 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 22.9% during FY18, from 36.7% 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 7.8% during FY18, from 8.4% 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 0.8 1.1
Debtors’ Days Days 104 153
Interest coverage x 0.9 1.3
Debt to equity ratio x 0.8 1.6
Return on assets % 8.4 7.8
Return on equity % -2.2 10.8
Return on capital employed % 36.7 22.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

SPML INFRA Share Price Performance

Over the last one year, SPML INFRA share price has moved up from Rs 149.8 to Rs 40.2, registering a loss of Rs 109.6 or around 73.2%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,863.5 (down 1.2%). Over the last one year it has moved down from 2,499.6 to 1,863.5, a loss of 636 points (down 25.4%).

Overall, the S&P BSE SENSEX is up 6.8% over the year.

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

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