BSEL INFRASTRUCTURE 2017-18 Annual Report Analysis

Sat, 31 Mar

BSEL INFRASTRUCTURE 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.

BSEL INFRASTRUCTURE Income Statement Analysis

• Operating income during the year fell 10.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 48.5% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 286.4% in FY18 as against 173.2% in FY17.
• Depreciation charges decreased by 5.2% increased by 0.0% YoY, respectively.
• Other income declined by 61.2% YoY.
• Net profit for the year declined by 81.4% YoY.
• Net profit margins during the year declined from 605.6% in FY17 to 125.3% in FY18.

BSEL INFRASTRUCTURE Income Statement 2017-18

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Net Sales	Rs m	5	4	-10.2%
Other income	Rs m	52	20	-61.2%
Total Revenues	Rs m	57	24	-56.9%
Gross profit	Rs m	-8	-12	48.5%
Depreciation	Rs m	2	1	-5.2%
Interest	Rs m	0	0	0.0%
Profit before tax	Rs m	42	6	-85.1%
Tax	Rs m	13	1	-93.5%
Profit after tax	Rs m	29	5	-81.4%
Gross profit margin	%	-173.2	-286.4
Effective tax rate	%	30.6	13.4
Net profit margin	%	605.6	125.3

Don't Miss: Key Information for Long-term Investors

BSEL INFRASTRUCTURE Balance Sheet Analysis

• The company's current liabilities during FY18 stood at Rs 4 billion as compared to Rs 4 billion in FY17, thereby witnessing an increase of 0.5%.
• Current assets rose 0% and stood at Rs 7 billion, while fixed assets rose 10% and stood at Rs 313 million in FY18.
• Overall, the total assets and liabilities for FY18 stood at Rs 7 billion as against Rs 7 billion during FY17, thereby witnessing a growth of 0%.

BSEL INFRASTRUCTURE Balance Sheet as on March 2018

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Networth	Rs m	3,511	3,525	0.4
Current Liabilities	Rs m	3,694	3,714	0.5
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	7,209	7,242	0.5
Current assets	Rs m	6,923	6,929	0.1
Fixed Assets	Rs m	285	313	9.7
Total Assets	Rs m	7,209	7,242	0.5

BSEL INFRASTRUCTURE Cash Flow Statement Analysis

• BSEL INFRASTRUCTURE's cash flow from operating activities (CFO) during FY18 stood at Rs 51 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY18 stood at Rs -62 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY18 stood at Rs 0 million, an improvement of 0% on a YoY basis.
• Overall, net cash flows for the company during FY18 stood at Rs -11 million from the Rs 10 million net cash flows seen during FY17.

BSEL INFRASTRUCTURE 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	185	51	-72.3%
Cash Flow from Investing Activities	Rs m	-175	-62	-
Cash Flow from Financing Activities	Rs m	0	0	0.0%
Net Cash Flow	Rs m	10	-11	-

Current Valuations for BSEL INFRASTRUCTURE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.1, an decline from the EPS of Rs 0.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 3.9, stands at 58.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.1 times, while the price to sales ratio stands at 74.0 times.
• The company's price to cash flow (P/CF) ratio stood at 66.1 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	0.1	0.1
TTM Earnings per share	Rs	0.4	0.1
Diluted earnings per share	Rs	0.4	0.1
Price to Cash Flow	x	14.2	66.1
TTM P/E ratio	x	-48.1	58.4
Price / Book Value ratio	x	0.1	0.1
Market Cap	Rs m	342	456
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BSEL INFRASTRUCTURE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.9x during FY18, from 1.9x 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 627.0x during FY18, from 4,210.0x 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 0.2% during FY18, from 0.8% 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 0.2% during FY18, from 1.2% 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 0.1% during FY18, from 0.4% 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	1.9	1.9
Debtors’ Days	Days	268,793,548,079	299,797,796,104
Interest coverage	x	4,210.0	627.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	0.4	0.1
Return on equity	%	0.8	0.2
Return on capital employed	%	1.2	0.2

To see how BSEL INFRASTRUCTURE has performed over the last 5 years, please visit here.

BSEL INFRASTRUCTURE Share Price Performance

Over the last one year, BSEL INFRASTRUCTURE share price has moved down from Rs 5.3 to Rs 3.9, registering a loss of Rs 1.4 or around 26.4%.

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 BSEL INFRASTRUCTURE and quarterly results for BSEL INFRASTRUCTURE)