SIMPLEX INFRA 2017-18 Annual Report Analysis

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SIMPLEX INFRA 2017-18 Annual Report Analysis
Thu, 20 Dec

SIMPLEX 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.

SIMPLEX INFRA Income Statement Analysis

  • Operating income during the year rose 2.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 5.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.6% in FY18 as against 11.3% in FY17.
  • Depreciation charges decreased by 7.5% and finance costs increased by 5.8% YoY, respectively.
  • Other income declined by 16.1% YoY.
  • Net profit for the year declined by 15.9% YoY.
  • Net profit margins during the year declined from 2.3% in FY17 to 1.9% in FY18.

SIMPLEX INFRA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 56,125 57,669 2.8%
Other income Rs m 1,616 1,356 -16.1%
Total Revenues Rs m 57,741 59,024 2.2%
Gross profit Rs m 6,366 6,689 5.1%
Depreciation Rs m 1,990 1,840 -7.5%
Interest Rs m 4,450 4,709 5.8%
Profit before tax Rs m 1,542 1,496 -3.0%
Tax Rs m 191 340 77.6%
Profit after tax Rs m 1,342 1,128 -15.9%
Gross profit margin % 11.3 11.6
Effective tax rate % 12.4 22.7
Net profit margin % 2.3 1.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SIMPLEX INFRA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 69 billion as compared to Rs 62 billion in FY17, thereby witnessing an increase of 11.4%.
  • Long-term debt down at Rs 6 billion as compared to Rs 6 billion during FY17, a fall of 5.1%.
  • Current assets rose 12% and stood at Rs 80 billion, while fixed assets fell 7% and stood at Rs 11 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 92 billion as against Rs 84 billion during FY17, thereby witnessing a growth of 9%.

SIMPLEX INFRA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 15,324 16,305 6.4
 
Current Liabilities Rs m 61,942 68,991 11.4
Long-term Debt Rs m 5,804 5,511 -5.1
Total Liabilities Rs m 84,226 92,081 9.3
 
Current assets Rs m 70,929 79,528 12.1
Fixed Assets Rs m 11,937 11,151 -6.6
Total Assets Rs m 84,226 92,081 9.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SIMPLEX INFRA Cash Flow Statement Analysis

  • SIMPLEX INFRA's cash flow from operating activities (CFO) during FY18 stood at Rs 4 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion, an improvement of 23.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -2 billion, an improvement of 61% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 581 million from the Rs 249 million net cash flows seen during FY17.

SIMPLEX 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 6,733 4,202 -37.6%
Cash Flow from Investing Activities Rs m -1,330 -1,635 -
Cash Flow from Financing Activities Rs m -5,141 -1,983 -
Net Cash Flow Rs m 249 581 133.9%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SIMPLEX INFRA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 22.8, an decline from the EPS of Rs 27.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 201.6, stands at 8.8 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 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 3.3 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 1,134.5 1,165.7
TTM Earnings per share Rs 27.1 22.8
Diluted earnings per share Rs 27.1 22.8
Price to Cash Flow x 3.0 3.3
TTM P/E ratio x 8.8 8.8
Price / Book Value ratio x 1.0 1.5
Market Cap Rs m 9,973 9,973
Dividends per share (Unadj.) Rs 0.5 0.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SIMPLEX INFRA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.2x during FY18, from 1.1x 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 1.3x 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 declined and down at 6.9% during FY18, from 8.8% 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 28.3% during FY18, from 28.3% 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 6.3% during FY18, from 6.9% 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 1.1 1.2
Debtors’ Days Days 99 92
Interest coverage x 1.3 1.3
Debt to equity ratio x 0.4 0.3
Return on assets % 6.9 6.3
Return on equity % 8.8 6.9
Return on capital employed % 28.3 28.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

SIMPLEX INFRA Share Price Performance

Over the last one year, SIMPLEX INFRA share price has moved up from Rs 581.7 to Rs 201.6, registering a loss of Rs 380.1 or around 65.3%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,902.7 (up 0.5%). Over the last one year it has moved down from 2,483.9 to 1,902.7, a loss of 581 points (down 23.4%).

Overall, the S&P BSE SENSEX is up 7.5% over the year.

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

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