Housing Development & Infrastructure Ltd

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

Pros:
Stock is trading at 0.09 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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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
342.34 260.55 218.51 99.67 132.09 85.82 161.52 99.10 41.31 166.60 300.00 88.07
174.31 137.97 108.12 -20.22 4.22 6.62 79.57 -1.57 -16.33 85.33 175.16 37.85
Operating Profit 168.03 122.58 110.39 119.89 127.87 79.20 81.95 100.67 57.64 81.27 124.84 50.22
OPM % 49.08% 47.05% 50.52% 120.29% 96.81% 92.29% 50.74% 101.58% 139.53% 48.78% 41.61% 57.02%
Other Income 5.04 4.73 4.88 4.25 21.51 4.03 1.69 2.02 6.88 4.74 4.09 3.88
Interest 103.76 80.00 76.30 71.76 72.13 72.65 65.43 73.93 55.86 53.88 60.17 42.26
Depreciation 1.74 1.91 1.86 1.83 1.74 1.75 1.71 1.68 1.63 1.64 1.38 1.06
Profit before tax 67.57 45.40 37.11 50.55 75.51 8.83 16.50 27.08 7.03 30.49 67.38 10.78
Tax % 18.32% 9.47% 0.86% 25.04% 21.24% 11.33% -269.76% 29.17% -3.84% 18.63% 18.91% 15.03%
Net Profit 55.19 41.10 36.79 37.89 59.47 7.83 61.01 19.18 7.30 24.81 54.64 9.16
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

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 1,168 711 388 596
553 690 419 342 282 64 -30 167 389 526 230 68 282
Operating Profit 650 1,690 1,301 1,150 1,540 856 1,011 604 616 643 481 320 314
OPM % 54% 71% 76% 77% 85% 93% 103% 78% 61% 55% 68% 82% 53%
Other Income 24 52 95 106 100 147 -270 170 86 20 35 15 20
Interest 56 138 578 516 578 579 568 510 388 369 300 268 212
Depreciation 1 1 2 5 7 8 8 8 7 8 7 7 6
Profit before tax 618 1,602 815 735 1,054 415 165 256 308 286 209 59 116
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
Compounded Sales Growth
10 Years:-16.59%
5 Years:-16.93%
3 Years:-27.21%
TTM:24.54%
Compounded Profit Growth
10 Years:-23.57%
5 Years:-29.19%
3 Years:-22.01%
TTM:-34.97%
Return on Equity
10 Years:4.50%
5 Years:1.87%
3 Years:1.83%
Last Year:0.84%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
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 11,270
Borrowings 376 3,113 4,143 4,052 4,195 3,741 3,143 2,442 2,206 2,016 1,976 1,706 1,414
815 665 633 919 2,282 2,598 2,985 2,924 3,137 2,759 2,560 3,055 2,894
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 16,032
24 53 58 181 178 175 167 175 119 131 224 218 215
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 15,027
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 16,032

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

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

Ratios Standalone / View Consolidated

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