Housing Development & Infrastructure Ltd

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

Pros:
Company has reduced debt.
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 -17.67% over past five years.
Tax rate seems low
Company has a low return on equity of 1.78% for last 3 years.
Contingent liabilities of Rs.2036.86 Cr.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Realty // Industry: Construction

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
343.40 260.71 218.54 112.42 132.09 85.82 161.52 99.10 41.31 166.61 300.00 222.06
151.01 103.52 74.72 -42.96 -24.48 -13.12 59.12 -22.16 -38.68 66.45 161.60 125.15
Operating Profit 192.39 157.19 143.82 155.38 156.57 98.94 102.40 121.26 79.99 100.16 138.40 96.91
OPM % 56.03% 60.29% 65.81% 138.21% 118.53% 115.29% 63.40% 122.36% 193.63% 60.12% 46.13% 43.64%
Other Income 4.87 4.50 4.72 4.02 21.28 3.83 1.55 1.82 6.68 4.74 4.09 3.88
Interest 135.22 114.60 109.08 104.26 100.30 92.46 85.85 94.55 76.31 72.87 73.96 75.92
Depreciation 1.78 1.97 1.91 1.86 1.76 1.78 1.73 1.68 1.64 1.65 1.38 1.06
Profit before tax 60.26 45.12 37.55 53.28 75.79 8.53 16.37 26.85 8.72 30.38 67.15 23.81
Tax % 21.08% 9.53% 1.38% 24.51% 19.67% 11.72% -271.84% 29.39% 4.47% 18.73% 18.97% 17.22%
Net Profit 47.56 40.82 37.05 40.23 60.89 7.54 60.88 18.96 8.34 24.69 54.41 19.71
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
1,204 2,380 1,728 1,502 1,865 2,009 1,025 872 1,022 1,170 724 388 730
543 689 414 234 202 506 -249 -22 216 391 111 -15 315
Operating Profit 661 1,691 1,315 1,268 1,664 1,503 1,274 894 807 779 613 403 415
OPM % 55% 71% 76% 84% 89% 75% 124% 102% 79% 67% 85% 104% 57%
Other Income 32 53 54 33 27 47 -403 81 61 20 35 14 19
Interest 67 141 595 524 625 626 693 708 554 514 428 349 299
Depreciation 1 1 3 72 84 86 85 79 15 8 8 7 6
Profit before tax 625 1,602 771 705 981 839 94 189 298 276 212 60 130
Tax % 12% 12% -2% 20% 16% 3% 22% 6% 27% -19% 16% -58%
Net Profit 548 1,410 787 567 822 810 73 178 219 329 179 96 107
EPS in Rs 50.52 28.55 15.79 19.80 19.33 1.75 4.24 5.22 7.86 4.12 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:-16.60%
5 Years:-17.67%
3 Years:-27.62%
TTM:52.55%
Compounded Profit Growth
10 Years:-23.53%
5 Years:-25.59%
3 Years:-20.90%
TTM:-27.73%
Return on Equity
10 Years:4.67%
5 Years:1.70%
3 Years:1.78%
Last Year:0.83%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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 554 3,427 4,146 6,606 8,813 9,891 9,964 10,140 10,386 10,723 11,042 11,139 11,435
Borrowings 376 3,113 4,143 4,102 4,320 4,096 4,019 3,511 3,236 2,895 2,521 2,269 1,978
887 750 672 960 2,604 2,857 2,915 2,818 3,580 3,610 4,288 4,680 4,286
Total Liabilities 1,997 7,504 9,237 12,027 16,151 17,263 17,317 16,889 17,620 17,646 18,285 18,522 18,153
27 64 108 442 448 375 291 229 120 131 225 218 215
CWIP 0 5 15 22 91 7 8 7 0 0 0 0 0
Investments 158 191 249 243 52 58 77 65 168 136 25 25 25
1,812 7,244 8,866 11,320 15,560 16,823 16,939 16,588 17,333 17,379 18,035 18,278 17,912
Total Assets 1,997 7,504 9,237 12,027 16,151 17,263 17,317 16,889 17,620 17,646 18,285 18,522 18,153

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
-133 -3,953 -1,100 -917 -1,412 815 721 1,166 708 698 616 424
-61 -26 -73 -332 -285 26 14 78 84 18 37 18
156 4,323 897 1,965 1,142 -843 -770 -1,215 -830 -777 -688 -453
Net Cash Flow -38 344 -275 716 -555 -3 -35 29 -38 -61 -35 -12

Ratios Consolidated / View Standalone

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 % 92% 44% 18% 13% 13% 10% 9% 6% 6% 6% 5% 3%
Debtor Days 94 9 35 49 71 158 287 160 109 82 155 403
Inventory Turnover 1.34 0.70 0.28 0.19 0.18 0.17 0.09 0.07 0.08 0.09 0.05 0.03