SPML INFRA 2018-19 Annual Report Analysis

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SPML INFRA 2018-19 Annual Report Analysis
Mon, 30 Sep

SPML INFRA 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.

SPML INFRA Income Statement Analysis

  • Operating income during the year fell 1.9% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 26.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.5% in FY19 as against 11.3% in FY18.
  • Depreciation charges decreased by 35.4% and finance costs decreased by 24.8% YoY, respectively.
  • Other income grew by 7.3% YoY.
  • Net profit for the year declined by 21.2% YoY.
  • Net profit margins during the year declined from 2.4% in FY18 to 1.9% in FY19.

SPML INFRA Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 20,495 20,115 -1.9%
Other income Rs m 607 651 7.3%
Total Revenues Rs m 21,102 20,766 -1.6%
Gross profit Rs m 2,314 1,710 -26.1%
Depreciation Rs m 168 109 -35.4%
Interest Rs m 2,136 1,606 -24.8%
Profit before tax Rs m 618 646 4.6%
Tax Rs m 114 249 118.9%
Profit after tax Rs m 504 397 -21.2%
Gross profit margin % 11.3 8.5
Effective tax rate % 18.4 38.5
Net profit margin % 2.4 1.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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SPML INFRA Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 20 billion as compared to Rs 19 billion in FY18, thereby witnessing an increase of 4.8%.
  • Long-term debt down at Rs 7 billion as compared to Rs 7 billion during FY18, a fall of 8.0%.
  • Current assets rose 1% and stood at Rs 21 billion, while fixed assets fell 4% and stood at Rs 3 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 35 billion as against Rs 34 billion during FY18, thereby witnessing a growth of 4%.

SPML INFRA Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 4,649 4,201 -9.6
 
Current Liabilities Rs m 19,428 20,351 4.8
Long-term Debt Rs m 7,348 6,762 -8.0
Total Liabilities Rs m 33,672 34,956 3.8
 
Current assets Rs m 20,742 21,031 1.4
Fixed Assets Rs m 3,514 3,374 -4.0
Total Assets Rs m 33,672 34,956 3.8
* 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 FY19 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -290 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -2 billion, an improvement of 49% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 120 million from the Rs -181 million net cash flows seen during FY18.

SPML INFRA 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 2,343 1,777 -24.2%
Cash Flow from Investing Activities Rs m 676 -290 -
Cash Flow from Financing Activities Rs m -3,303 -1,681 -
Net Cash Flow Rs m -181 120 -
* 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 10.8, an decline from the EPS of Rs 13.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 11.0, stands at 0.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.7 times, while the price to sales ratio stands at 0.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 0.8 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 559.2 548.8
TTM Earnings per share Rs 13.8 10.8
Diluted earnings per share Rs 13.8 10.8
Price to Cash Flow x 0.6 0.8
TTM P/E ratio x 0.9 0.9
Price / Book Value ratio x 1.0 0.7
Market Cap Rs m 404 404
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 deteriorated and stood at 1.0x during FY19, from 1.1x 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 1.4x during FY19, from 1.3x 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 declined and down at 9.5% during FY19, from 10.8% 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 declined and down at 20.5% during FY19, from 22.9% 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 declined and down at 5.7% during FY19, from 7.8% 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 1.1 1.0
Debtors’ Days Days 116 123
Interest coverage x 1.3 1.4
Debt to equity ratio x 1.6 1.6
Return on assets % 7.8 5.7
Return on equity % 10.8 9.5
Return on capital employed % 22.9 20.5
* 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 down from Rs 45.5 to Rs 11.0, registering a loss of Rs 34.5 or around 75.8%.

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 SPML INFRA and quarterly results for SPML INFRA)

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