Ahluwalia Contracts (India) Ltd

About

Company is engaged in engineering and contract construction, delivering state of-the-art infrastructure and buildings projects for clients in India.

Company has experiences in working on residential, commercial, institutional, corporate offices, power plants, hospitals, hotels, IT parks, Metro stations and depots, and automated car parking lots for Government as well as private clients. [1]

Key Points

Completed Projects
Company has completed various commercial & institutional projects like CBI Office Building (BKC, Mumbai), Tata Housing (Gurgaon), Mumbai Metro Depot (Mumbai Metro One Pvt. Ltd., at Mumbai), ITC Gardenia Five Star Hotel (Bangalore), to name a few. [1]

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  • Market Cap 2,684 Cr.
  • Current Price 401
  • High / Low 540 / 202
  • Stock P/E 21.9
  • Book Value 142
  • Dividend Yield 0.00 %
  • ROCE 15.9 %
  • ROE 9.19 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Debtor days have improved from 90.73 to 68.95 days.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding has decreased over last quarter: -2.69%
  • The company has delivered a poor sales growth of 9.67% over past five years.
  • Company has a low return on equity of 11.30% for last 3 years.
  • Contingent liabilities of Rs.1370.13 Cr.
  • Promoters have pledged 28.59% of their holding.
  • Dividend payout has been low at 0.57% of profits over last 3 years
  • Company's cost of borrowing seems high

Peer comparison

Sector: Realty Industry: Construction

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
419 480 317 434 498 549 250 435 536 762 580 698
369 423 278 395 454 526 231 400 504 692 520 635
Operating Profit 50 57 39 39 44 23 19 34 32 70 60 63
OPM % 12% 12% 12% 9% 9% 4% 7% 8% 6% 9% 10% 9%
Other Income 4 3 3 2 3 3 7 7 5 3 6 7
Interest 5 5 7 9 9 10 8 10 9 16 11 12
Depreciation 7 7 8 8 8 8 7 7 8 8 8 8
Profit before tax 41 48 28 24 29 8 10 24 20 49 46 50
Tax % 35% 35% 35% 46% 26% 20% 26% 25% 26% 25% 25% 28%
Net Profit 27 31 18 13 21 6 7 18 15 37 35 36
EPS in Rs 4.02 4.63 2.66 1.95 3.15 0.91 1.12 2.68 2.20 5.53 5.19 5.34

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,618 1,753 1,446 1,431 961 1,060 1,250 1,427 1,647 1,755 1,885 1,982 2,576
1,439 1,591 1,422 1,462 925 945 1,089 1,254 1,427 1,538 1,732 1,828 2,351
Operating Profit 178 162 24 -32 36 115 161 173 219 216 153 154 225
OPM % 11% 9% 2% -2% 4% 11% 13% 12% 13% 12% 8% 8% 9%
Other Income 7 8 6 38 37 11 13 8 6 10 10 22 21
Interest 24 24 31 37 39 39 35 27 25 19 35 43 48
Depreciation 35 37 47 40 12 21 20 24 26 28 32 30 33
Profit before tax 126 109 -48 -71 22 67 119 131 175 179 97 103 166
Tax % 35% 34% 4% 0% 0% 4% 29% 34% 34% 35% 33% 25%
Net Profit 82 72 -46 -71 22 64 84 86 115 117 64 77 122
EPS in Rs 13.02 11.47 -7.39 -11.36 3.46 9.56 12.60 12.84 17.23 17.51 9.61 11.52 18.26
Dividend Payout % 6% 3% 0% 0% 0% 0% 0% 0% 2% 2% 0% 0%
Compounded Sales Growth
10 Years: 1%
5 Years: 10%
3 Years: 6%
TTM: 49%
Compounded Profit Growth
10 Years: 1%
5 Years: -2%
3 Years: -13%
TTM: 132%
Stock Price CAGR
10 Years: 19%
5 Years: 9%
3 Years: 12%
1 Year: 63%
Return on Equity
10 Years: 10%
5 Years: 14%
3 Years: 11%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
13 13 13 13 13 13 13 13 13 13 13 13 13
Reserves 240 310 263 192 214 324 409 495 608 724 789 865 935
Borrowings 151 203 248 274 239 173 142 90 30 61 91 68 78
502 630 646 595 586 532 593 637 601 689 865 1,114 1,026
Total Liabilities 906 1,155 1,170 1,074 1,050 1,042 1,157 1,235 1,252 1,488 1,759 2,061 2,053
164 201 195 160 136 121 118 198 190 191 226 235 232
CWIP 8 16 32 42 69 79 85 1 0 0 0 0 0
Investments 0 0 2 0 0 0 0 0 0 0 0 0 0
735 938 940 872 846 841 954 1,036 1,062 1,296 1,533 1,826 1,821
Total Assets 906 1,155 1,170 1,074 1,050 1,042 1,157 1,235 1,252 1,488 1,759 2,061 2,053

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
93 -17 -13 -10 21 93 77 126 81 86 110 259
-44 -80 -54 10 33 21 -25 -9 -20 -43 -46 -48
36 28 18 -7 -69 -98 -57 -70 -70 19 -36 -51
Net Cash Flow 85 -68 -49 -7 -15 16 -6 48 -8 62 27 160

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 78 107 114 107 154 144 146 132 125 108 96 69
Inventory Days 66 74 104 74 138 112 123 101 91 71 90 119
Days Payable 98 136 159 135 233 182 177 177 182 202 212 257
Cash Conversion Cycle 45 46 60 46 58 74 92 55 34 -23 -27 -69
Working Capital Days 10 35 21 17 41 43 71 54 48 63 49 35
ROCE % 45% 29% -3% -11% 8% 22% 29% 27% 32% 27% 16% 16%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
57.96 57.96 57.96 58.00 58.00 58.00 58.00 58.00 58.00 58.00 58.00 55.32
17.14 16.85 16.85 16.83 16.50 15.52 15.06 12.95 11.62 11.98 11.91 12.15
20.31 20.91 21.12 21.59 22.05 23.27 23.45 24.59 25.87 26.15 26.78 28.73
4.59 4.28 4.07 3.57 3.45 3.20 3.48 4.45 4.51 3.86 3.31 3.80

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