AJMERA REALTY 2018-19 Annual Report Analysis

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AJMERA REALTY 2018-19 Annual Report Analysis
Tue, 24 Sep

AJMERA REALTY 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.

AJMERA REALTY Income Statement Analysis

  • Operating income during the year rose 3.2% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 8.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 33.3% in FY19 as against 37.4% in FY18.
  • Depreciation charges decreased by 12.4% and finance costs increased by 8.5% YoY, respectively.
  • Other income grew by 13.1% YoY.
  • Net profit for the year declined by 8.6% YoY.
  • Net profit margins during the year declined from 21.3% in FY18 to 18.8% in FY19.

AJMERA REALTY Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 3,696 3,815 3.2%
Other income Rs m 172 195 13.1%
Total Revenues Rs m 3,868 4,010 3.7%
Gross profit Rs m 1,383 1,272 -8.1%
Depreciation Rs m 28 24 -12.4%
Interest Rs m 463 503 8.5%
Profit before tax Rs m 1,065 940 -11.8%
Tax Rs m 220 177 -19.7%
Profit after tax Rs m 823 752 -8.6%
Gross profit margin % 37.4 33.3
Effective tax rate % 20.7 18.8
Net profit margin % 21.3 18.8
* 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 FY19 down at Rs 2 billion as compared to Rs 3 billion in FY18, thereby witnessing an decrease of -33.7%.
  • Long-term debt stood at Rs 8 billion as compared to Rs 4 billion during FY18, a growth of 123.8%.
  • Current assets rose 25% and stood at Rs 14 billion, while fixed assets rose 3% and stood at Rs 709 million in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 19 billion as against Rs 15 billion during FY18, thereby witnessing a growth of 22%.

AJMERA REALTY Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 5,629 6,112 8.6
 
Current Liabilities Rs m 2,652 1,759 -33.7
Long-term Debt Rs m 3,553 7,951 123.8
Total Liabilities Rs m 15,360 18,797 22.4
 
Current assets Rs m 11,128 13,900 24.9
Fixed Assets Rs m 687 709 3.2
Total Assets Rs m 15,360 18,797 22.4
* 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 FY19 stood at Rs -3 billion, an improvement of 197.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -50 million, an improvement of 29.5% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 4 billion, an improvement of 232% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 108 million from the Rs -112 million net cash flows seen during FY18.

AJMERA REALTY 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 -1,160 -3,455 -
Cash Flow from Investing Activities Rs m -39 -50 -
Cash Flow from Financing Activities Rs m 1,087 3,613 232.3%
Net Cash Flow Rs m -112 108 -
* 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 21.2, an decline from the EPS of Rs 23.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 150.8, stands at 7.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.2 times, while the price to sales ratio stands at 1.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.8 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 104.2 107.5
TTM Earnings per share Rs 23.2 21.2
Diluted earnings per share Rs 23.2 21.2
Price to Cash Flow x 6.1 6.8
TTM P/E ratio x 7.3 7.3
Price / Book Value ratio x 1.7 1.2
Market Cap Rs m 5,349 5,349
Dividends per share (Unadj.) Rs 3.3 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 7.9x during FY19, from 4.2x 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 deteriorated and stood at 2.9x during FY19, from 3.3x 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 12.3% during FY19, from 14.6% 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 10.2% during FY19, from 16.4% 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 6.7% during FY19, from 8.4% 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 4.2 7.9
Debtors’ Days Days 176 184
Interest coverage x 3.3 2.9
Debt to equity ratio x 0.6 1.3
Return on assets % 8.4 6.7
Return on equity % 14.6 12.3
Return on capital employed % 16.4 10.2
* 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 down from Rs 176.1 to Rs 150.8, registering a loss of Rs 25.4 or around 14.4%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,089.3 (down 0.2%). Over the last one year it has moved up from 1,841.3 to 2,089.3, a gain of 248 points (up 13.5%).

Overall, the S&P BSE SENSEX is up 8.0% over the year.

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

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For the quarter ended June 2019, AJMERA REALTY has posted a net profit of Rs 103 m (down 17.1% YoY). Sales on the other hand came in at Rs 949 m (up 141.2% YoY). Read on for a complete analysis of AJMERA REALTY's quarterly results.

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