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Transcript of Abl 2qfy13ru
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Please refer to important disclosures at the end of this report 1
Quarterly highlights Consolidated
Op. profit 79 67 102 18.9 (22.4)
Source: Company, Angel Research
For 2QFY2013, Ashoka Buildcon (ABL) reported a mixed set of numbers with
revenue reporting a muted growth while EBITDAM came in ahead of our estimate
resulting in higher earnings growth. Order book as of 2QFY2013 stood at
`4,417cr (2.8x FY2013E E&C revenue), providing revenue visibility.
On the top-line front, ABL reported a muted growth of
6.5% yoy to`305cr (`287cr) which was below our estimate of`403cr. The E&C
segment contributed revenue of `240cr (including other income) and the BOT
segment reported `70cr (including other income) for the quarter. On the
EBITDAM front, ABLs margins came in at 26.0% (23.3%) higher than our
estimate of 22.0%. Interest cost came in at`34cr a jump of 40% yoy but a decline
of 9.4% on sequential basis. On the bottom-line front, ABL reported a decent
growth of 42% yoy to`24.0cr (`17.0cr) above our estimate of`22.0cr, owing to
better-than-expected performance at the operating level.
ABL successfully diluted 34% stake in Ashoka Concessions
Ltd (ACL) for `700cr to SBI-Macquarie, valuing ACL at `2,060cr. Further, SBI-
Macquarie will invest a further`650cr for future bids as well. This development is
positive for ABL as not only does it take care of equity requirement for the current
portfolio but it also provides comfort for future bids. Management expects to get
environment clearance by March end, post which it would commence construction
activity for the Cuttack Angul project.
Key financials (Consolidated)
% chg 63.8 15.1 35.4 13.7
% chg 25.3 23.9 14.0 16.9
EBITDA Margin (%) 19.4 21.7 22.4 22.4
P/E (x) 11.4 9.2 8.0 6.9
RoAE (%) 14.9 13.1 13.0 13.4
RoACE (%) 9.3 6.7 6.0 5.5P/BV (x) 1.3 1.1 1.0 0.9
EV/Sales (x) 1.8 1.8 2.0 2.2
EV/EBITDA (x) 9.1 8.4 8.8 10.0
Source: Company, Angel Research
CMP `217
Target Price `286
Investment Period 12 Months
Stock Info
Sector
Net Debt (`cr) 1,895
Bloomberg Code
Shareholding Pattern (%)
Promoters 67.4
MF / Banks / Indian Fls 18.3
FII / NRIs / OCBs 0.0
Indian Public / Others 14.3
Abs. (%) 3m 1yr 3yr
Sensex 6.4 7.6 13.6
ABL (7.2) (11.7) #
Note:#
listing in Oct 2010
52 Week High / Low 279/180
Infrastructure
Market Cap (`cr) 1,111
Beta 0.5
Avg. Daily Volume 2,469
Face Value (`) 10
BSE Sensex 18,684
Nifty 5,686
Reuters Code ABDL.BO
ASBL@IN
022-39357800 Ext: 6842
Performance Highlights
2QFY2013 Result Update | Infrastructure
November 9, 2012
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Ashoka Buildcon| 2QFY2013 Result Update
November 9, 2012 2
Exhibit 1:2QFY2013 performance (Consolidated)
OPM (%) 26.0 23.3 270bp 22.0 408bp 23.6 23.4 15bp
Interest 34 25 40.0 38 (9.4) 73 48 51.1
Depreciation 26 28 (8.2) 32 (20.8) 58 55 5.5
Non operating income 5 5 (11.2) 9 (49.0) 14 10 42.5
Nonrecurring items/Dividend from SPV's - - - - - - - -
Tax 9 4 16 25 19 35.5
Share of Profits/ (Losses) of Asso. 2 - - 9 - 11 - -
Share of Profits/ (Losses) of MI (7) (2) - (8) - (15) (3) -
PAT (%) 7.9 5.9 196bp 8.8 (96)bp 8.4 6.3 213bp
Source: Company, Angel Research
Exhibit 2:Segmental revenue break-up
Construction segment 240 227 6.0 395 (39.2) 636 555 14.6
BOT segment 70 65 7.1 80 (13.0) 150 129 16.2
Construction segment 31 22 41.8 54 (41.5) 85 67 26.4
BOT segment 53 48 8.6 58 (8.7) 110 99 11.2
Construction segment (%) 13 10 330bp 14 (51)bp 13 12 125bp
BOT segment (%) 76 75 98bp 72 360bp 74 77 (329)bp
Construction segment 9 7 43.8 9 7.2 18 15 22.7
BOT segment 25 17 50.1 29 (14.4) 54 34 62.4
Construction segment 7 7 3.2 7 4.9 14 13 6.1
BOT segment 19 21 (12.0) 26 (27.6) 44 42 5.2
Construction segment 10 6 51.6 26 (62.3) 36 27 31.7
BOT segment 14 10 - 15 (6.9) 30 22 33.3
Source: Company, Angel Research
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Ashoka Buildcon| 2QFY2013 Result Update
November 9, 2012 3
Exhibit 3:2QFY2013 Actual vs Angel estimates
Revenue 403 305 (24.2)
EBITDA 89 79 (10.3)Interest 40 34 (13.7)
PAT 22 24 6.7
Source: Company, Angel Research
Execution disappoints
On the top-line front, ABL reported a muted growth of 6.5% yoy to `305cr
(`287cr) which was below our estimates of `403cr. This was mainly on
account of slower execution pace in the under-construction projects owing to
heavy monsoons. The E&C segment contributed revenue of `240cr (including
other income) and the BOT segment reported `70cr (including other income) forthe quarter respectively.
Going forward, management expects its under-construction projects (a)
Sambalpur-Baragarh, (b) Belgaum-Dharwad and (c) Dhankuni-Kharagpur to drive
E&C revenue growth. Management expects the E&C segment to contribute
revenues of ~`1,500cr for the full year on the back of its order book of`4,417cr.
Exhibit 4:Muted revenue growth of 6.5% yoy
Source: Company, Angel Research
603
388
287
353
468
466
305
121.4
38.9 56.849.3
(22.4) 20.1
6.5
(40.0)
(20.0)
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
-
100
200
300
400
500
600
700
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13
Net Sales (` cr, LHS) Growth (yoy %, RHS)
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Ashoka Buildcon| 2QFY2013 Result Update
November 9, 2012 4
BOT toll revenue
On the toll collection front, ABL witnessed a growth of 59.7% yoy but a decline of
8.3% on a qoq basis. This growth was on the back of commencement of toll
collection on Dhankuni Kharagpur and Jaora Nayagaon (third section in
4QFY2012) projects.
Toll collections: From April 1, 2012 onwards, ABL started toll collection on
Dhankuni-Kharagpur project and has reported a toll collection of `4cr for
2QFY2013. ABL is expecting toll collection to increase by ~30-33% (owing to
upward toll revision) in Dhankuni-Kharagpur project post completion of
structures in June 2013. During the quarter, three projects had a toll rate hike
of ~9% yoy namely Waiganga (w.e.f August 2012), Durg and Bhandara (w.e.f
September 2012).
Exhibit 5:Road BOT project-wise toll revenue growth (`cr)
Indore-Edalabad 16 16 1.7 18 (11.5) 34 32 4.1
Ahmednagar-Aurangabad 4 4 (7.9) 4 (5.2) 8 8 (6.5)
Wainganga Bridge 5 5 0.4 6 (10.0) 11 10 10.6
Dewas Bypass 5 5 10.8 6 (7.3) 11 10 14.4
Katni Bypass 4 5 (6.1) 5 (7.9) 9 10 (5.1)
Pune-Shirur$ 5 5 8.0 6 (10.7) 11 10 9.2
Nagar-Karmala 6 6 (8.2) 6 (10.4) 12 13 (4.2)
Jaora-Nayagaon** 27 16 72.5 27 (0.1) 54 26 107.2
Bhandara 11 10 6.6 11 1.5 22 20 8.3Belgaum Dharwad# 14 13 9.4 15 (3.2) 29 22 34.2
Others* 14 0 - 14 (5.6) 28 0 -
Durg 37 0 - 40 (6.9) 77 0
Dhankuni Kharagpur 4 11 (61.7) 9 (54.1) 14 23 (41.4)
Source: Company, Angel Research; Note $ Toll collection disturbed in 3QFY2011 and 4QFY2011, Toll on one toll plaza discontinued, # Toll collection
adjusted in Capital WIP, Toll collection started from May 2011, *Others include Anawali Kasegaon, Dhule Bye pass, Nashirabad & Sherinala, ** Toll on the
second section started in May 2011 and that on the third section started on February 15, 2012
Under-construction projects
Company has completed 84% of the construction work as on
2QFY2013 and also started collecting partial toll from October 2, 2012.
28% construction on the project is complete.
The concession agreement has been signed on March 15,
2012. Debt tied up of`801cr with Axis Bank.
53% construction on the project is complete.
: Received the Appointed date on April 1, 2012. company
Company has completed 14% of EPC as on 2QFY2013.
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Ashoka Buildcon| 2QFY2013 Result Update
November 9, 2012 5
Better EBITDAM leads to higher-than-expected earnings
On the EBITDAM front, ABLs margins came at 26.0% (23.3%) higher than our
estimate of 22.0%.Interest cost came in at`34cr a jump of 40% yoy but a decline
of 9.4% on a sequential basis. On the bottom-line front, ABL reported a decent
growth of 42% yoy to`24.0cr (`17.0cr) above our estimate of`22.0cr, owing to
better-than-expected performance at the operating level.
Exhibit 6:EBITDAM improves
Source: Company, Angel Research
Exhibit 7:PATM higher owing to lower depreciation
Source: Company, Angel Research
PE deal removes funding constraints
ABL successfully diluted 34% stake in in Ashoka Concessions Ltd (ACL) for`700cr
in favour of SBI-Macquarie, valuing ACL at`2,060cr. The details are as follows:
ACL, (subsidiary of ABL) will have the following BOT projects - Belgaum-
Dharwad, Sambalpur-Baragarh, Dhankuni-Kharagpur, Bhandara Highways,
Dhule Highways, Pimpalgaon-Nashik-Gonde and Jaora-Nayagaon (six NH
project and one state highway project).
ACLs portfolio size - `7,800cr, total equity requirements for the current
portfolio is`1,550cr and ABL has already invested`765cr till 2QFY2013. SBI-
Macquarie will invest`700cr towards equity requirements of the portfolio and
another firm commitment of `100cr will be available for any contingent
requirements for these seven projects.
SBI Macquarie will have an equity stake of 34% for`700cr, and this 34% can
go up to 39% depending on the performance of Sambalpur project.
In addition to`800cr investment mentioned above, SBI-Macquarie will invest
further`650cr for future bids.
ABL expects to complete the pre-disbursement formalities by 3QFY2013.
75
91
67
69
94
102
79
12.5
23.5 23.3
19.6
20.022.0
26.0
-
5.0
10.0
15.0
20.0
25.0
30.0
-
20
40
60
80
100
120
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13
EBITDA (` cr) EBITDAM (%, RHS)
38
32
17
20
47
41
24
6.3 8.3
5.9 5.5
10.0
8.8
7.9
-
2.0
4.0
6.0
8.0
10.0
12.0
-
5
10
1520
25
30
35
40
45
50
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13
PAT (` cr, LHS) PATM (%, RHS)
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Ashoka Buildcon| 2QFY2013 Result Update
November 9, 2012 6
Outlook and valuation
The PE deal is a positive for ABL as not only does it take care of equity requirement
for the current portfolio but also provides comfort for future bids. ABL has also
managed to achieve financial closure for the Cuttack Angul project, however,
owing to pending environmental clearances ABL has not received the appointed
date by NHAI. The management expects to get the environmental clearances by
March-end post which it will start construction activity on the project.
We have valued ABL on a SOTP basis by assigning 4.0x EV/EBITDA to its
standalone business and valued its BOT projects on NPV basis (it should be noted
we have been conservative than management on revenue estimates [toll receipts]
for under-construction projects, keeping an eye on revenue yield given the current
competitive environment) to arrive at a target price of `286.
Exhibit 8:SOTP valuation break-up
Indore -Edalabad NPV 225 99.7 225 43 14.9
Ahmednagar-Aurangabad NPV 55 100.0 55 11 3.7
Wainganga Bridge NPV 64 50.0 32 6 2.1
Dewas Bypass NPV 32 100.0 32 6 2.1
Katni Bypass NPV 29 99.9 29 6 1.9
PuneShirur NPV 54 100.0 54 10 3.6
Nagar -Karmala NPV 55 100.0 55 11 3.7
Bhandara NPV 169 51.0 86 16 5.7
JaoraNayagaon NPV 432 22.9 99 19 6.5
Durg NPV 139 51.0 71 13 4.7
Pimpalgaon-Nashik-Gonde NPV 248 26.0 64 12 4.3
Belgaum Dharwad NPV 28 100.0 28 5 1.8
Sambalpur-Baragarh NPV 28 100.0 28 5 1.9
DhankuniKharagpur NPV 9 100.0 9 2 0.6
Cuttack Angul P/BV 20 100.0 20 4 1.3
Others NPV 26 100.0 26 5 1.8
EPC (Parent) 4.0x EV/EBITDA 867 165 57.5
Net debt at standalone level (273) (52) (18.1)
Source: Company, Angel Research, Note: Discount rate 14% and 16% for operational and under-construction projects, respectively, *Others include
Nashirabad ROB, Sherinallah bridge and FOBs
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Ashoka Buildcon| 2QFY2013 Result Update
November 9, 2012 7
Exhibit 9:ABL BOT projects details/assumptions
Indore -Edalabad MPRDC 407 87 165.0 64.7 55.6 45.0 22-Sep-01 11.9 7.0 5.0
Ahmednagar-Aurangabad PWD 168 100 103.0 36.0 67.0 - 18-Dec-06 10.0 15.0* 5.0
Wainganga Bridge MORTH 26 50 41.0 14.5 26.5 - 16-Nov-98 9.5 6.0 5.0
Dewas Bypass PWD 40 100 61.0 25.0 36.0 - 31-Aug-01 13.8 25.0* 5.0
Katni Bypass PWD 35 100 71.0 28.0 43.0 - 19-Aug-02 14.0 5.0 5.0
PuneShirur PWD 216 100 161.0 55.0 106.0 - 7-May-03 11.0 18.0* 5.0
Nagar -Karmala PWD 160 100 50.0 31.5 18.5 - 19-Feb-99 11.3 18.0* 5.0
Bhandara NHAI 377 51 535.0 150.0 375.0 10.0 18-Sep-07 11.0 6.0 5.0
Dhule Bypass PWD 12 100 6.0 0.6 5.4 - 28-Aug-97 No debt - 5.0
Nashirabad MORTH 8 100 15.0 14.5 0.5 - 16-Nov-98 No debt 21.0# 5.0
Sherinala PWD 7 100 14.0 7.0 7.1 - 23-Mar-99 No debt 16.0 5.0
Anawali Kasegaon PWD 22 5 7.4 3.3 4.1 - 1-Mar-04 No debt n.a. 5.0
JaoraNayagaon MPRDC 340 15 835 273.0 562.0 (15.3)^ 20-Aug-07 11.0 5.0 5.0
Durg NHAI 368 51 587 201.0 386.0 (1.0) 23-Jan-08 13.3 5.0 5.0
PNG NHAI 452 26 1,691 339.0 1,352.0 6.2%@ 8-Jul-09 10.3 5.0 5.0
Belgaum Dharwad NHAI 454 100 694 215.0 479.0 (31.0)^ 29-Jun-10 12.3 5.0 5.0
Sambalpur-Baragarh NHAI 408 100 1,142 332.0 810.0 (1.3)^ 29-Jun-10 11.8 5.0 5.0
DhankuniKharagpur NHAI 840 100 2,200 450.0 1,750.0 (126.1)^ 21-Jun-11 11.0 5.0 5.0
Source: Company, Angel Research, Note:* Every three years, # Every five years, ^ 5% increment per annum, @ 6.19% of revenue payable as premium and
increment of 1% per annum
Exhibit 10:Angel EPS forecast vs consensus
FY2013E 27.0 27.6 (2.1)
FY2014E 31.6 32.6 (3.1)
Source: Company, Angel Research
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Ashoka Buildcon| 2QFY2013 Result Update
November 9, 2012 8
Investment arguments
ABL is able to undertake all activities related to a BOT
road project in-house from tendering for the project to collection of tolls. ABLs
integrated structure enables it to bid for BOT projects with confidence given itsability to complete and operate the project on a profitable basis. It also allows
capturing the entire value in the BOT development business, including EPC
margins, developer returns and operation and maintenance margins.
NHAI plans to award 9,500kms in FY2013
despite awarding only ~560kms of projects in the April-September period months.
Of this, it is targeting to award ~3,000kms on an EPC basis and rest on BOT
basis. Going ahead, we believe there is fair amount of awarding remaining from
NHAIs end (~21,000kms), state projects, expressways and mega highways which
would provide humungous opportunities for road-focused players such as ABL.
Concerns
: The inherent nature of BOT projects requires high leverage.
Going by the thumb rule, most road BOT projects have a debt-equity blend of
70:30. Hence, the companys business model is vulnerable to interest rate
fluctuations, and any hike in interest rates could increase its interest costs.
Revenue from BOT toll-based projects is directly affected by
traffic growth. Companies bid for projects assuming long-term traffic growth
patterns, which may be higher than actual growth. This aberration in traffic growth
estimates could result in lower returns for companies. Moreover, any economicslowdown could impact our estimates. The thumb rule for traffic growth is a factor
of 0.8-0.9x of real GDP growth. Therefore, we have conservatively factored in 5%
traffic growth in ABLs BOT projects.
Prices of commodities like cement, steel and bitumen play an
important role in shaping EBITDAM. We have factored in a flat EBITDAM for ABL
for the C&EPC and BOT segments owing to inclusion of escalation clause while
estimating costs and due to the integrated business model of ABL. However, if the
movement in the prices of these commodities is higher than estimates, it would
have a negative impact on the companys EBITDAM.
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Ashoka Buildcon| 2QFY2013 Result Update
November 9, 2012 9
Exhibit 11:Recommendation summary
CCCL 14 - Neutral 2,048 2,262 2,522 11.0 (0.5) 1.5 2.7 - - 9.3 5.2 2.2
IRB Infra 121 164 Buy 3,133 3,843 4,212 15.9 14.9 16.8 17.8 9.3 8.1 7.2 6.8 2.9
ITNL 186 225 Buy 5,606 6,564 7,054 12.2 25.6 26.3 29.0 6.5 7.3 7.1 6.4 1.8
IVRCL 41 51 Buy 4,971 5,510 6,722 16.3 0.9 2.5 4.6 125.5 45.9 16.3 9.0 4.9
JP Assoc. 91 91 Neutral 12,853 15,259 17,502 16.7 4.8 4.2 5.0 1.9 18.9 21.5 18.2 -
L&T 1,621 1,748 Accu. 53,171 61,031 69,753 14.5 64.3 66.1 76.5 9.1 25.2 24.5 21.2 2.5
Madhucon 35 56 Buy 1,802 2,206 2,502 17.8 4.9 4.6 4.7 (2.6) 7.0 7.5 7.4 3.2
NCC 42 44 Neutral 5,250 5,947 6,569 11.9 1.4 3.1 4.1 71.4 30.3 13.7 10.3 3.4
Punj Lloyd 53 - Neutral 10,557 11,892 13,116 11.5 2.8 1.7 3.1 5.7 19.0 31.0 17.0 2.3
Sadbhav 142 182 Buy 2,676 2,506 3,147 8.5 9.3 7.5 10.4 5.7 15.2 18.9 13.6 2.9
Simplex In. 196 265 Buy 6,010 6,732 7,837 14.2 16.8 23.4 29.4 32.2 11.6 8.4 6.6 2.3
Source: Company, Angel Research
Exhibit 12:SOTP break-up
CCCL 16 100 - - - - - - - - 16
IRB Infra 52 32 - - 113 69 4 3 - - 164
ITNL 74 33 - - 121 54 - - 30 13 225IVRCL 32 63 - - - - 19 37 - - 51
JP Assoc. 28 31 30 33 - - - - 33 36 91
L&T 1,377 79 - - - - 371 21 - - 1,748
Madhucon 14 25 2 3 28 50 - - 12 21 56
NCC 25 57 - - 7 16 - - 12 27 44
Punj Lloyd 69 100 - - - - - - - - 69
Sadbhav 83 46 - - 99 54 - - - - 182
Simplex In. 265 100 - - - - - - - - 265
ABL 113 39 - - 174 61 - - - - 286
CCCL 16 100 - - - - - - - - 16
Source: Company, Angel Research
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Ashoka Buildcon| 2QFY2013 Result Update
November 9, 2012 10
Profit & loss statement (Consolidated)
% growth 60.6 53.5 63.7 14.8 35.6 13.8Other operating income - - 1.0 4.9 4.9 4.9
% chg 60.6 53.5 63.8 15.1 35.4 13.7
Construction/Contract expenses 265 484 928 1,032 1,384 1,574
Cost of material sold 58 59 61 68 93 105
Administrative and other expenses 16 18 27 31 42 48
Personnel 16 21 33 43 58 66
Other - - - - - -
% chg 33.0 30.6 18.2 28.4 39.7 13.7
(% of Net Sales) 31.6 26.9 19.4 21.7 22.4 22.4
Depreciation & amortisation 64 66 69 85 122 135
% chg 41.9 48.8 24.4 30.3 38.5 14.8
(% of Net Sales) 19.2 18.6 14.1 16.1 16.4 16.6
Interest & other charges 65 49 72 114 186 207
Other income 15 19 33 35 39 43
Share in profit of associates - - - - - -
% chg 23.8 135.9 23.6 10.7 15.6 16.9
Extraordinary expense/(inc.) - - (107) - - -
Tax 12 32 42 45 54 63
(% of PBT) 23.3 27.1 16.8 28.0 29.0 29.0
- - - - - -
Less: Minority interest (MI) 3 6 2 (9) (10) (12)
Prior period items - - (0) - - -
% chg 5.2 130.8 25.3 23.9 14.0 16.9
(% of Net Sales) 6.7 10.1 7.7 8.3 7.0 7.2
% chg 5.2 130.8 25.3 23.9 14.0 16.9
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with previous
year numbers
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Ashoka Buildcon| 2QFY2013 Result Update
November 9, 2012 11
Balance sheet (Consolidated)
Equity share capital 46 46 53 53 53 53
Preference capital 13 12 10 3 3 3
Reserves & surplus 289 404 830 964 1,106 1,272
Share App pending allotment 0.3 14.9 14.9 14.9
Total loans 723 1,122 1,220 1,627 2,894 4,093
Deferred tax liability 2 3 2 1 1 1
Minority interest 24 81 111 63 63 63
Other Long Term Liabilities 41 2,094 2,094 2,094
Long Term Provisions 21 39 39 39
Gross block 749 791 1,389 2,076 2,516 4,352
% growth 20 6 76 49 21 73
Less: Acc. depreciation 259 330 368 450 572 707
Capital Work-in-Progress 373 814 604 2,678 3,738 3,375
Goodwill - - - - - -
Long Term Loans and Adv. 134 124 124 124
Other Non-Current Assets 79 127 127 127
Inventories 67 196 241 277 375 427
Sundry debtors 35 182 208 147 199 226
Cash 69 85 71 50 52 59
Loans & advances 135 222 156 139 188 214
Other - - 5 2 2 2
Mis. Exp. not written off - - - - - -
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
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Ashoka Buildcon| 2QFY2013 Result Update
November 9, 2012 12
Cash flow statement (Consolidated)
Profit before tax 50 118 253 170 196 229Depreciation 64 66 69 85 122 135
Change in Working Capital (49) 38 79 (191) 20 8
Less: Other income 4 5 33 35 39 43
Direct taxes paid 11 31 42 45 54 63
(Inc.)/ Dec. in Fixed Assets (367) (478) (388) (2,761) (1,500) (1,473)
(Inc.)/ Dec. in Investments (19) (58) 9 (66) (10) (11)
Other income 4 47 33 35 39 43
Issue of Equity - - 222 - - -
Inc./(Dec.) in loans 211 399 97 2,460 1,268 1,199
Dividend Paid (Incl. Tax) - - - - - -
Others (7) (6) (155) (55) - -
Inc./(Dec.) in Cash (30) 15 (15) (21) 2 7
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
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Ashoka Buildcon| 2QFY2013 Result Update
November 9, 2012 13
Key Ratios
P/E (on FDEPS) 32.9 14.2 11.4 9.2 8.0 6.9P/CEPS 11.5 7.8 6.7 5.5 4.3 3.8
P/BV 3.3 2.5 1.3 1.1 1.0 0.9
EV/Sales 3.5 2.7 1.8 1.8 2.0 2.2
EV/EBITDA 11.0 10.2 9.1 8.4 8.8 10.0
EV / Total Assets 1.6 1.3 1.0 0.6 0.6 0.7
EPS (Basic) 7.6 17.6 19.1 23.7 27.0 31.6
EPS (fully diluted) 6.6 15.3 19.1 23.7 27.0 31.6
Cash EPS 18.9 27.8 32.2 39.8 50.1 57.2
DPS - - - - - 1.0
Book Value 66.0 87.8 169.6 193.6 220.6 252.2
EBIT margin 19.2 18.6 14.1 16.0 16.4 16.5
Tax retention ratio 0.8 0.7 0.8 0.7 0.7 0.7
Asset turnover (x) 0.6 0.6 0.7 0.4 0.4 0.3
ROIC (Post-tax) 8.6 8.3 8.1 4.9 4.3 3.9
Cost of Debt (Post Tax) 8.0 3.9 5.1 5.8 5.8 4.2
Leverage (x) 1.6 2.1 1.6 1.4 2.0 2.8
Operating ROE 9.6 17.5 12.9 3.7 1.1 3.2
ROACE (Pre-tax) 10.3 10.7 9.3 6.7 6.0 5.5
Angel ROIC (Pre-tax) 11.3 11.3 9.7 6.8 6.0 5.5
ROAE 11.6 21.2 14.9 13.1 13.0 13.4
Asset Turnover (Gross Block) 0.8 1.0 1.2 0.9 0.9 0.7
Inventory / Sales (days) 55 60 61 63 59 63
Receivables (days) 24 50 55 43 31 34
Payables (days) 128 190 141 138 140 151
WC cycle (ex-cash) (days) 63 53 56 35 11 12
Net debt to equity 1.9 2.2 1.3 1.5 2.4 3.0Net debt to EBITDA 4.0 4.8 4.5 4.9 6.3 7.8
Interest Coverage 1.5 3.0 2.6 2.1 1.8 1.8
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
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7/30/2019 Abl 2qfy13ru
14/14
Ashoka Buildcon| 2QFY2013 Result Update
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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Disclosure of Interest Statement ABL
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors.
Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to 15%) Sell (< -15%)