SIMPLEX INFRA 2018-19 Annual Report Analysis

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

SIMPLEX 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.

SIMPLEX INFRA Income Statement Analysis

  • Operating income during the year rose 6.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 9.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.6% in FY19 as against 11.3% in FY18.
  • Depreciation charges decreased by 8.5% and finance costs increased by 4.2% YoY, respectively.
  • Other income declined by 17.4% YoY.
  • Net profit for the year grew by 8.1% YoY.
  • Net profit margins during the year grew from 1.9% in FY18 to 2.0% in FY19.

SIMPLEX INFRA Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 57,669 61,172 6.1%
Other income Rs m 1,356 1,120 -17.4%
Total Revenues Rs m 59,024 62,292 5.5%
Gross profit Rs m 6,496 7,092 9.2%
Depreciation Rs m 1,840 1,683 -8.5%
Interest Rs m 4,516 4,707 4.2%
Profit before tax Rs m 1,496 1,822 21.8%
Tax Rs m 340 609 79.2%
Profit after tax Rs m 1,128 1,220 8.1%
Gross profit margin % 11.3 11.6
Effective tax rate % 22.7 33.4
Net profit margin % 1.9 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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SIMPLEX INFRA Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 71 billion as compared to Rs 69 billion in FY18, thereby witnessing an increase of 3.0%.
  • Long-term debt down at Rs 4 billion as compared to Rs 6 billion during FY18, a fall of 32.6%.
  • Current assets rose 5% and stood at Rs 84 billion, while fixed assets fell 7% and stood at Rs 11 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 96 billion as against Rs 92 billion during FY18, thereby witnessing a growth of 4%.

SIMPLEX INFRA Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 16,305 20,459 25.5
 
Current Liabilities Rs m 68,991 71,075 3.0
Long-term Debt Rs m 5,511 3,713 -32.6
Total Liabilities Rs m 92,081 95,938 4.2
 
Current assets Rs m 79,528 83,862 5.4
Fixed Assets Rs m 12,042 11,229 -6.8
Total Assets Rs m 92,081 95,938 4.2
* 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 FY19 stood at Rs 325 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -714 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 318 million, an improvement of 118% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -55 million from the Rs 581 million net cash flows seen during FY18.

SIMPLEX 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 4,010 325 -91.9%
Cash Flow from Investing Activities Rs m -1,635 -714 -
Cash Flow from Financing Activities Rs m -1,790 318 -
Net Cash Flow Rs m 581 -55 -
* 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 21.3, an decline from the EPS of Rs 22.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 47.1, stands at 2.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 0.4 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 1,165.7 1,070.6
TTM Earnings per share Rs 22.8 21.3
Diluted earnings per share Rs 22.8 24.7
Price to Cash Flow x 0.8 0.8
TTM P/E ratio x 2.0 2.0
Price / Book Value ratio x 1.5 1.1
Market Cap Rs m 2,328 2,328
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 FY19, from 1.2x 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 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 6.0% during FY19, from 6.9% 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 27.0% during FY19, from 27.4% 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 improved and stood at 6.2% during FY19, from 6.1% 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 1.2 1.2
Debtors’ Days Days 92 8
Interest coverage x 1.3 1.4
Debt to equity ratio x 0.3 0.2
Return on assets % 6.1 6.2
Return on equity % 6.9 6.0
Return on capital employed % 27.4 27.0
* 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 down from Rs 284.5 to Rs 47.1, registering a loss of Rs 237.4 or around 83.5%.

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 SIMPLEX INFRA and quarterly results for SIMPLEX INFRA)

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For the quarter ended March 2019, SIMPLEX INFRA has posted a net profit of Rs 336 m (up 14.5% YoY). Sales on the other hand came in at Rs 16 bn (down 4.5% YoY). Read on for a complete analysis of SIMPLEX INFRA's quarterly results.

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