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AJMERA REALTY 2017-18 Annual Report Analysis
Sat, 31 Mar

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 40.6% and finance costs increased by 27.7% YoY, respectively.
  • Other income grew by 17.9% YoY.
  • Net profit for the year grew by 27.5% YoY.
  • Net profit margins during the year declined from 23.9% in FY17 to 22.8% 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 146 172 17.9%
Total Revenues Rs m 2,921 3,868 32.4%
Gross profit Rs m 1,070 1,383 29.3%
Depreciation Rs m 20 27 40.6%
Interest Rs m 363 463 27.7%
Profit before tax Rs m 834 1,065 27.7%
Tax Rs m 171 220 28.7%
Profit after tax Rs m 662 844 27.5%
Gross profit margin % 38.6 37.4
Effective tax rate % 20.5 20.7
Net profit margin % 23.9 22.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Read Now: We're Bullish on 2 Non-Nifty Stocks

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 6% and stood at Rs 4 billion 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 4,508 4,232 -6.1
Total Assets Rs m 14,164 15,360 8.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 45 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 45 -112 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for AJMERA REALTY

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 23.8, an improvement from the EPS of Rs 18.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 240.6, stands at 10.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 2.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.0 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 18.7 23.8
Diluted earnings per share Rs 18.7 23.8
Price to Cash Flow x 10.6 11.0
TTM P/E ratio x 11.3 10.4
Price / Book Value ratio x 1.1 1.7
Market Cap Rs m 5,576 9,592
Dividends per share (Unadj.) Rs 3.0 3.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 improved 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 15.0% during FY18, from 13.1% 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 16.6% during FY18, from 18.6% 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 8.5% 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 1,713 1,761
Interest coverage x 3.3 3.3
Debt to equity ratio x 0.3 0.6
Return on assets % 7.2 8.5
Return on equity % 13.1 15.0
Return on capital employed % 18.6 16.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 203.6 to Rs 240.6, registering a gain of Rs 37.1 or around 18.2%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,229.9 (down 1.1%). Over the last one year it has moved up from 1,600.0 to 2,229.9, a gain of 630 points (up 39.4%).

Overall, the S&P BSE SENSEX is up 12.1% over the year.

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

Annual Report FAQs

What is the current share price of AJMERA REALTY?

AJMERA REALTY currently trades at Rs 724.8 per share. You can check out the latest share price performance of AJMERA REALTY here...

What was the revenue of AJMERA REALTY in FY18? How does it compare to earlier years?

The revenues of AJMERA REALTY stood at Rs 3,868 m in FY18, which was up 32.4% compared to Rs 2,921 m reported in FY17.

AJMERA REALTY's revenue has grown from Rs 3,251 m in FY16 to Rs 3,868 m in FY18.

Over the past 3 years, the revenue of AJMERA REALTY has grown at a CAGR of 9.1%.

What was the net profit of AJMERA REALTY in FY18? How does it compare to earlier years?

The net profit of AJMERA REALTY stood at Rs 844 m in FY18, which was up 27.5% compared to Rs 662 m reported in FY17.

This compares to a net profit of Rs 456 m in FY16.

Over the past 3 years, AJMERA REALTY net profit has grown at a CAGR of 36.1%.

What does the cash flow statement of AJMERA REALTY reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of AJMERA REALTY reveals:

  • Cash flow from operations decreased in FY18 and stood at Rs -1,160 m as compared to Rs 594 m in FY17.
  • Cash flow from investments decreased in FY18 and stood at Rs -39 m as compared to Rs 144 m in FY17.
  • Cash flow from financial activity increased in FY18 and stood at Rs 1,087 m as compared to Rs -693 m in FY17.

Here's the cash flow statement of AJMERA REALTY for the past 3 years.

(Rs m)FY16FY17FY18
From Operations1,188594-1,160
From Investments-94144-39
From Financial Activity-982-6931,087
Net Cashflow11145-112

What does the Key Ratio analysis of AJMERA REALTY reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of AJMERA REALTY reveals:

  • Operating profit margins witnessed a fall and stood at 37.4% in FY18 as against 38.6% in FY17.
  • Net profit margins declined from 23.9% in FY17 to 22.8% in FY18.
  • Debt to Equity ratio for FY18 stood at 0.6 as compared to 0.3 in FY17.

Here's the ratio/financial analysis of AJMERA REALTY for the past 3 years.

 FY16FY17FY18
Operating Profit Margin (%)26.238.637.4
Net Profit Margin (%)14.423.922.8
Debt to Equity Ratio (x)0.40.30.6

Read: Latest Annual Report Analysis of AJMERA REALTY

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