Housing Development & Infrastructure Ltd

Housing Development & Infrastructure is engaged primarily in the business of real estate construction, development and other related activities.

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Pros:

Company has reduced debt.

Company is virtually debt free.

Stock is trading at 0.06 times its book value

Company is expected to give good quarter

Promoter's stake has increased

Cons:

Though the company is reporting repeated profits, it is not paying out dividend

Company has low interest coverage ratio.

The company has delivered a poor growth of -16.93% over past five years.

Tax rate seems low

Company has a low return on equity of 1.83% for last 3 years.

Contingent liabilities of Rs.2488.60 Cr.

** Remarks:

Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Realty // Industry: Construction

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Detailed Comparison with:

	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019
	261	219	100	132	86	162	99	41	167	300	88	29
	138	108	-20	4	7	80	-2	-16	85	175	38	-12
Operating Profit	123	110	120	128	79	82	101	58	81	125	50	41
OPM %	47%	51%	120%	97%	92%	51%	102%	140%	49%	42%	57%	142%
Other Income	5	5	4	22	4	2	2	7	5	4	4	5
Interest	80	76	72	72	73	65	74	56	54	60	42	36
Depreciation	2	2	2	2	2	2	2	2	2	1	1	1
Profit before tax	45	37	51	76	9	16	27	7	30	67	11	9
Tax %	9%	1%	25%	21%	11%	-270%	29%	-4%	19%	19%	15%	18%
Net Profit	41	37	38	59	8	61	19	7	25	55	9	8
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	TTM
	1,203	2,380	1,719	1,492	1,821	920	981	771	1,005	1,168	711	388	584
	553	690	419	342	282	64	-30	167	389	526	230	68	286
Operating Profit	650	1,690	1,301	1,150	1,540	856	1,011	604	616	643	481	320	298
OPM %	54%	71%	76%	77%	85%	93%	103%	78%	61%	55%	68%	82%	51%
Other Income	24	52	95	106	100	147	-270	170	86	20	35	15	17
Interest	56	138	578	516	578	579	568	510	388	369	300	268	192
Depreciation	1	1	2	5	7	8	8	8	7	8	7	7	5
Profit before tax	618	1,602	815	735	1,054	415	165	256	308	286	209	59	118
Tax %	12%	12%	12%	19%	15%	7%	12%	4%	26%	-19%	16%	-60%
Net Profit	542	1,411	721	597	896	387	145	245	226	340	175	95	96
EPS in Rs		50.55	26.18	16.63	21.60	9.24	3.47	5.84	5.40	8.13	4.04	2.20
Dividend Payout %	0%	8%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

* Sales is net of excise duty and discounts

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	180	214	275	359	415	419	419	419	419	419	434	434	454
Reserves	547	3,423	4,192	6,681	8,963	9,618	9,763	10,006	10,236	10,577	10,887	11,025	11,262
Borrowings	376	3,113	4,143	4,052	4,195	3,741	3,143	2,442	2,206	2,016	1,976	1,706	1,504
	815	665	633	919	2,282	2,598	2,985	2,924	3,137	2,759	2,560	3,055	2,864
Total Liabilities	1,917	7,415	9,244	12,010	15,855	16,376	16,310	15,791	15,999	15,770	15,856	16,220	16,084
	24	53	58	181	178	175	167	175	119	131	224	218	212
CWIP	0	5	15	2	91	7	8	1	0	0	0	0	0
Investments	165	213	303	596	786	1,302	864	844	1,236	1,213	1,092	1,084	790
	1,728	7,144	8,868	11,231	14,800	14,892	15,270	14,771	14,643	14,426	14,539	14,918	15,082
Total Assets	1,917	7,415	9,244	12,010	15,855	16,376	16,310	15,791	15,999	15,770	15,856	16,220	16,084

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	-121	-3,934	-1,121	-909	-1,535	1,342	519	1,042	499	397	158	374
	-70	-45	-50	-260	-215	-308	609	181	105	19	37	18
	156	4,324	897	1,882	1,189	-1,030	-1,165	-1,211	-622	-480	-227	-392
Net Cash Flow	-35	345	-274	712	-561	4	-38	12	-18	-64	-31	0

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
ROCE %	91%	44%	18%	13%	13%	7%	9%	6%	5%	5%	4%	2%
Debtor Days	94	9	35	49	69	111	156	121	69	51	135	360
Inventory Turnover	1.51	0.76	0.30	0.21	0.20	0.09	0.09	0.07	0.09	0.11	0.06	0.03