AJMERA REALTY 2017-18 Annual Report Analysis

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AJMERA REALTY 2017-18 Annual Report Analysis
Tue, 18 Dec

AJMERA REALTY 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.

AJMERA REALTY Income Statement Analysis

  • Operating income during the year rose 33.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 29.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 37.4% in FY18 as against 38.6% in FY17.
  • Depreciation charges increased by 40.3% and finance costs increased by 27.7% YoY, respectively.
  • Other income grew by 18.9% YoY.
  • Net profit for the year grew by 26.2% YoY.
  • Net profit margins during the year declined from 22.3% in FY17 to 21.3% in FY18.

AJMERA REALTY Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 2,775 3,696 33.2%
Other income Rs m 145 172 18.9%
Total Revenues Rs m 2,920 3,868 32.5%
Gross profit Rs m 1,070 1,383 29.3%
Depreciation Rs m 20 28 40.3%
Interest Rs m 363 463 27.7%
Profit before tax Rs m 832 1,065 28.0%
Tax Rs m 171 220 28.7%
Profit after tax Rs m 652 823 26.2%
Gross profit margin % 38.6 37.4
Effective tax rate % 20.6 20.7
Net profit margin % 22.3 21.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



AJMERA REALTY Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 3 billion as compared to Rs 4 billion in FY17, thereby witnessing an decrease of -36.3%.
  • Long-term debt stood at Rs 4 billion as compared to Rs 1 billion during FY17, a growth of 155.1%.
  • Current assets rose 15% and stood at Rs 11 billion, while fixed assets fell 1% and stood at Rs 687 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 15 billion as against Rs 14 billion during FY17, thereby witnessing a growth of 8%.

AJMERA REALTY Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 5,048 5,629 11.5
 
Current Liabilities Rs m 4,166 2,652 -36.3
Long-term Debt Rs m 1,393 3,553 155.1
Total Liabilities Rs m 14,164 15,360 8.4
 
Current assets Rs m 9,656 11,128 15.3
Fixed Assets Rs m 695 687 -1.2
Total Assets Rs m 14,164 15,360 8.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



AJMERA REALTY Cash Flow Statement Analysis

  • AJMERA REALTY's cash flow from operating activities (CFO) during FY18 stood at Rs -1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -39 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 1 billion, an improvement of 257% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -112 million from the Rs 46 million net cash flows seen during FY17.

AJMERA REALTY 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 594 -1,160 -
Cash Flow from Investing Activities Rs m 144 -39 -
Cash Flow from Financing Activities Rs m -693 1,087 -
Net Cash Flow Rs m 46 -112 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for AJMERA REALTY

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 23.2, an improvement from the EPS of Rs 18.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 142.5, stands at 6.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 2.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.8 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 78.2 104.2
TTM Earnings per share Rs 18.4 23.2
Diluted earnings per share Rs 18.4 23.2
Price to Cash Flow x 7.4 5.8
TTM P/E ratio x 6.1 6.1
Price / Book Value ratio x 1.1 1.7
Market Cap Rs m 5,056 5,056
Dividends per share (Unadj.) Rs 3.0 3.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for AJMERA REALTY

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 4.2x during FY18, from 2.3x 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 3.3x during FY18, from 3.3x 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 14.6% during FY18, from 12.9% 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 16.4% during FY18, from 18.4% 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 improved and stood at 8.4% during FY18, from 7.2% 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 2.3 4.2
Debtors’ Days Days 171 176
Interest coverage x 3.3 3.3
Debt to equity ratio x 0.3 0.6
Return on assets % 7.2 8.4
Return on equity % 12.9 14.6
Return on capital employed % 18.4 16.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

AJMERA REALTY Share Price Performance

Over the last one year, AJMERA REALTY share price has moved up from Rs 328.2 to Rs 142.5, registering a loss of Rs 185.7 or around 56.6%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,835.2 (up 0.2%). Over the last one year it has moved down from 2,378.1 to 1,835.2, a loss of 543 points (down 22.8%).

Overall, the S&P BSE SENSEX is up 7.4% over the year.

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

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