Arihant Superstructures Ltd

Arihant Superstructures Ltd

₹ 329 0.94%
28 Mar - close price
About

Arihant Superstructures is a real estate company focusing on the affordable housing segment with a significant presence in the MMR region and Rajasthan. It has delivered 9,500+ homes measuring 8 Mn Sqft across 59 projects over the past 2 decades. [1] [2]

Key Points

Market Position
The Co has the largest market share of 13% in Navi Mumbai and market share of 5% to 50% in most micro markets where the Co operates. [1]

  • Market Cap 1,355 Cr.
  • Current Price 329
  • High / Low 417 / 158
  • Stock P/E 63.4
  • Book Value 46.8
  • Dividend Yield 0.15 %
  • ROCE 11.6 %
  • ROE 11.1 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 7.03 times its book value
  • The company has delivered a poor sales growth of -6.56% over past five years.
  • Tax rate seems low
  • Company might be capitalizing the interest cost
  • Debtor days have increased from 65.0 to 92.4 days.
  • Working capital days have increased from 600 days to 1,057 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Realty Industry: Construction

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
12.65 64.59 30.21 45.75 43.96 31.26 28.74 21.82 15.89 8.38 36.74 32.59 25.27
13.49 52.02 22.14 30.15 29.48 24.50 21.09 15.77 10.63 7.86 29.34 24.31 20.43
Operating Profit -0.84 12.57 8.07 15.60 14.48 6.76 7.65 6.05 5.26 0.52 7.40 8.28 4.84
OPM % -6.64% 19.46% 26.71% 34.10% 32.94% 21.63% 26.62% 27.73% 33.10% 6.21% 20.14% 25.41% 19.15%
0.34 0.29 0.45 0.82 0.78 1.11 1.42 1.54 1.63 1.78 1.74 1.59 1.44
Interest 1.71 2.93 0.54 0.49 0.32 0.20 0.62 0.49 2.18 3.73 0.48 0.37 0.31
Depreciation 0.17 0.15 0.14 0.10 0.10 0.09 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Profit before tax -2.38 9.78 7.84 15.83 14.84 7.58 8.35 7.00 4.61 -1.53 8.56 9.40 5.87
Tax % 2.10% 0.61% 5.74% 17.94% 7.95% 21.11% 16.65% 13.71% -51.19% 1.31% 11.33% -0.11% -0.51%
-2.33 9.72 7.39 12.98 13.65 5.98 6.96 6.05 6.97 -1.50 7.58 9.41 5.90
EPS in Rs -0.57 2.36 1.80 3.15 3.32 1.45 1.69 1.47 1.69 -0.36 1.84 2.29 1.43
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
65 70 48 59 83 129 105 68 59 105 151 75 103
52 62 44 46 58 83 84 56 54 93 106 55 82
Operating Profit 13 7 4 13 25 46 21 12 5 12 45 19 21
OPM % 20% 11% 9% 22% 30% 36% 20% 18% 8% 12% 30% 26% 20%
4 9 8 6 4 2 2 3 2 2 3 6 7
Interest 5 9 8 4 4 8 6 12 8 10 2 7 5
Depreciation 0 0 0 1 1 1 1 1 1 1 0 0 0
Profit before tax 12 7 4 14 25 40 16 2 -1 4 46 18 22
Tax % 32% 32% 34% 32% 32% 34% 35% -4% 1% -1% 13% -0%
8 5 3 10 17 27 10 2 -1 4 40 18 21
EPS in Rs 1.94 1.19 0.68 2.36 4.16 6.47 2.51 0.59 -0.34 0.95 9.72 4.49 5.20
Dividend Payout % 7% 17% 37% 13% 22% 15% 20% 85% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 1%
5 Years: -7%
3 Years: 8%
TTM: 5%
Compounded Profit Growth
10 Years: 14%
5 Years: 12%
3 Years: 147%
TTM: -18%
Stock Price CAGR
10 Years: 26%
5 Years: 45%
3 Years: 113%
1 Year: 65%
Return on Equity
10 Years: 12%
5 Years: 10%
3 Years: 15%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 27 41 41 41 41 41 41 41 41 41 41 41 41
Reserves 16 23 25 33 51 77 79 73 71 77 117 135 152
71 67 41 37 62 78 80 83 96 19 7 98 170
11 41 65 86 100 82 88 61 77 89 94 93 100
Total Liabilities 126 172 172 197 254 278 288 258 285 226 259 367 462
2 3 3 2 3 5 4 3 5 5 5 4 4
CWIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 2 0 1 1 5 0 0 0 0 0 0 0 0
122 169 168 194 246 272 283 255 279 221 254 363 458
Total Assets 126 172 172 197 254 278 288 258 285 226 259 367 462

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-31 -57 31 -1 1 -6 9 9 -5 86 8 -88
3 8 7 6 4 2 1 2 0 2 2 6
23 36 -34 -9 -5 4 -9 -11 5 -87 -14 84
Net Cash Flow -6 -14 3 -4 -1 -0 1 0 1 1 -3 2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 40 0 14 23 33 74 154 92 105 48 55 92
Inventory Days 2,822 1,232 7,416 10,129 6,954 2,242 1,492
Days Payable 223 74 789 941 1,094 413 449
Cash Conversion Cycle 40 0 2,614 23 1,191 74 6,780 9,280 5,964 1,877 1,098 92
Working Capital Days 169 658 732 439 544 483 664 933 1,076 437 304 1,057
ROCE % 19% 13% 10% 17% 22% 27% 11% 7% 3% 8% 32% 12%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
74.31% 74.31% 74.31% 74.31% 74.41% 74.50% 74.71% 74.71% 74.71% 74.71% 74.71% 74.71%
0.35% 0.36% 0.33% 0.32% 1.16% 1.46% 0.70% 0.69% 0.69% 0.65% 0.56% 0.00%
1.38% 1.32% 0.00% 1.38% 1.71% 1.38% 1.39% 1.39% 1.39% 0.51% 0.00% 0.00%
23.96% 24.00% 25.36% 23.99% 22.72% 22.65% 23.19% 23.21% 23.21% 24.12% 24.74% 25.28%
No. of Shareholders 3,4404,7855,7437,0357,7067,3487,9367,1136,4916,8307,0146,645

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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