JAYPEE INFRATECH 2019-20 Annual Report Analysis

Tue, 31 Mar

JAYPEE INFRATECH has announced its results for the year ended March 2020. Let us have a look at the detailed performance review of the company during FY19-20.

JAYPEE INFRATECH Income Statement Analysis

• Operating income during the year rose 16.5% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 171.3% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 11.3% in FY20 as against 18.5% in FY19.
• Depreciation charges increased by 6.5% and finance costs increased by 16.7% YoY, respectively.
• Other income grew by 95.9% YoY.
• Net profit for the year grew by 60.5% YoY.
• Net profit margins during the year declined from 87.1% in FY19 to 119.9% in FY20.

JAYPEE INFRATECH Income Statement 2019-20

No. of Mths Year Ending		12 Mar-19*	12 Mar-20*	% Change
Net Sales	Rs m	16,107	18,771	16.5%
Other income	Rs m	27	52	95.9%
Total Revenues	Rs m	16,133	18,824	16.7%
Gross profit	Rs m	2,977	-2,122	-171.3%
Depreciation	Rs m	826	880	6.5%
Interest	Rs m	15,981	18,653	16.7%
Profit before tax	Rs m	-13,803	-21,602	56.5%
Tax	Rs m	219	899	311.2%
Profit after tax	Rs m	-14,022	-22,501	60.5%
Gross profit margin	%	18.5	-11.3
Effective tax rate	%	-1.6	-4.2
Net profit margin	%	-87.1	-119.9

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JAYPEE INFRATECH Balance Sheet Analysis

• The company's current liabilities during FY20 stood at Rs 184 billion as compared to Rs 167 billion in FY19, thereby witnessing an increase of 10.1%.
• Long-term debt down at Rs 64 billion as compared to Rs 71 billion during FY19, a fall of 9.7%.
• Current assets fell 5% and stood at Rs 130 billion, while fixed assets fell 2% and stood at Rs 109 billion in FY20.
• Overall, the total assets and liabilities for FY20 stood at Rs 239 billion as against Rs 248 billion during FY19, thereby witnessing a fall of 4%.

JAYPEE INFRATECH Balance Sheet as on March 2020

No. of Mths Year Ending		12 Mar-19*	12 Mar-20*	% Change
Networth	Rs m	8,155	-14,348	-275.9
Current Liabilities	Rs m	166,938	183,789	10.1
Long-term Debt	Rs m	71,094	64,194	-9.7
Total Liabilities	Rs m	248,488	239,248	-3.7
Current assets	Rs m	137,504	130,306	-5.2
Fixed Assets	Rs m	110,984	108,941	-1.8
Total Assets	Rs m	248,488	239,248	-3.7

JAYPEE INFRATECH Cash Flow Statement Analysis

• JAYPEE INFRATECH's cash flow from operating activities (CFO) during FY20 stood at Rs 1 billion, an improvement of 112.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY20 stood at Rs -58 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY20 stood at Rs -252 million, an improvement of 54% on a YoY basis.
• Overall, net cash flows for the company during FY20 stood at Rs 801 million from the Rs -92 million net cash flows seen during FY19.

JAYPEE INFRATECH Cash Flow Statement 2019-20

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-19	Mar-20
Cash Flow from Operating Activities	Rs m	524	1,112	112.2%
Cash Flow from Investing Activities	Rs m	-64	-58	-
Cash Flow from Financing Activities	Rs m	-551	-252	-
Net Cash Flow	Rs m	-92	801	-

Current Valuations for JAYPEE INFRATECH

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -16.2, an decline from the EPS of Rs -10.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 0.6, stands at 0.0 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 0.0 times.
• The company's price to cash flow (P/CF) ratio stood at -0.1 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-19*	12 Mar-20*
Sales per share (Unadj.)	Rs	11.6	13.5
TTM Earnings per share	Rs	-10.1	-16.2
Diluted earnings per share	Rs	-10.1	-16.2
Price to Cash Flow	x	-0.3	-0.1
TTM P/E ratio	x	1.0	0.0
Price / Book Value ratio	x	1.0	-0.2
Market Cap	Rs m	8,084	2,340
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for JAYPEE INFRATECH

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.7x during FY20, from 0.8x during FY19. 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 -0.2x during FY20, from 0.1x during FY19. 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 156.8% during FY20, from -171.9% during FY20. 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 -5.9% during FY20, from 2.7% during FY19. 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 -1.6% during FY20, from 0.8% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-19*	12 Mar-20*
Current ratio	x	0.8	0.7
Debtors’ Days	Days	475	443
Interest coverage	x	0.1	-0.2
Debt to equity ratio	x	8.7	-4.5
Return on assets	%	0.8	-1.6
Return on equity	%	-171.9	156.8
Return on capital employed	%	2.7	-5.9

To see how JAYPEE INFRATECH has performed over the last 5 years, please visit here.

JAYPEE INFRATECH Share Price Performance

Over the last one year, JAYPEE INFRATECH share price has moved down from Rs 2.5 to Rs 0.6, registering a loss of Rs 1.8 or around 74.1%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,353.7 (up 2.0%). Over the last one year it has moved down from 2,077.1 to 1,353.7, a loss of 723 points (down 34.8%).

Overall, the S&P BSE SENSEX is down 24.2% over the year.

(To know more, check out historical annual results for JAYPEE INFRATECH and quarterly results for JAYPEE INFRATECH)