Indiabulls Real Estate Ltd

₹ 138 -1.33%

25 Apr - close price

indiabulls.com; www.indiabulls.com/realestate BSE: 532832 NSE : IBREALEST

About

The Co. has a presence in residential real estate development from Affordable to Premium & Uber-luxury space. It mainly focuses on the construction and development of residential, commercial and SEZ projects across the Indian metro cities. Geographically, the Company’s strategic focus is in key markets of MMR and NCR Region. ^[1] ^[2]

Key Points

Projects delivered
The Co delivered commercial developments of over 3.3 mn sqft. in Mumbai apart from delivering projects in Gurugram, Chennai, Madurai, Ahmedabad, and Thane. ^[1]

Website BSE NSE

Market Cap ₹ 7,453 Cr.
Current Price ₹ 138
High / Low ₹ 146 / 52.6
Stock P/E 998
Book Value ₹ 126
Dividend Yield 0.00 %
ROCE 0.18 %
ROE -0.24 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is trading at 1.09 times its book value

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -49.2% over past five years.
Company has a low return on equity of -1.11% over last 3 years.
Earnings include an other income of Rs.49.0 Cr.
Working capital days have increased from 3,25,791 days to 4,72,682 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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Detailed Comparison with:

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
	-0.00	5.96	-0.00	-0.00	-0.00	-0.00	-0.00	2.78	-0.00	-0.00	-0.00	-0.00	-0.00
	1.89	3.34	6.45	3.62	3.73	3.99	6.86	10.59	387.74	3.31	3.29	12.18	3.25
Operating Profit	-1.89	2.62	-6.45	-3.62	-3.73	-3.99	-6.86	-7.81	-387.74	-3.31	-3.29	-12.18	-3.25
OPM %		43.96%						-280.94%
	4.04	9.28	3.43	2.29	2.76	2.01	3.44	5.27	9.16	21.11	9.80	9.67	8.38
Interest	32.59	15.36	11.88	10.38	11.00	12.83	10.59	7.40	6.06	3.21	3.84	5.53	4.97
Depreciation	0.44	0.20	0.20	0.23	0.56	0.88	0.59	0.55	0.53	0.55	0.43	0.44	0.43
Profit before tax	-30.88	-3.66	-15.10	-11.94	-12.53	-15.69	-14.60	-10.49	-385.17	14.04	2.24	-8.48	-0.27
Tax %	-0.36%	-2.46%	-0.93%	0.92%	-10.53%	1.27%	-0.48%	-1.33%	-0.08%	-0.21%	0.89%	-0.35%	-14.81%
	-30.99	-3.76	-15.24	-11.83	-13.85	-15.49	-14.68	-10.63	-385.49	14.07	2.22	-8.51	-0.31
EPS in Rs	-0.68	-0.08	-0.34	-0.26	-0.30	-0.34	-0.27	-0.20	-7.12	0.26	0.04	-0.16	-0.01
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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
	142.06	354.86	84.90	35.50	17.38	27.20	82.36	117.07	362.85	5.96	-0.00	2.78	0.00
	72.06	109.29	60.25	31.14	46.87	43.85	37.52	73.44	292.97	22.49	17.56	22.90	22.03
Operating Profit	70.00	245.57	24.65	4.36	-29.49	-16.65	44.84	43.63	69.88	-16.53	-17.56	-20.12	-22.03
OPM %	49.27%	69.20%	29.03%	12.28%	-169.68%	-61.21%	54.44%	37.27%	19.26%	-277.35%		-723.74%
	80.25	233.80	302.46	283.08	408.49	398.33	300.86	437.65	190.80	41.21	10.24	-346.63	48.96
Interest	126.30	134.71	166.65	273.65	303.78	363.43	360.89	330.42	301.60	160.06	46.07	27.26	17.55
Depreciation	3.19	3.33	3.21	4.66	2.94	1.34	0.98	0.84	9.61	3.88	1.87	2.22	1.85
Profit before tax	20.76	341.33	157.25	9.13	72.28	16.91	-16.17	150.02	-50.53	-139.26	-55.26	-396.23	7.53
Tax %	30.35%	21.32%	8.08%	-152.46%	9.31%	-2.60%	-22.20%	29.34%	-68.91%	-0.26%	-2.08%	-0.13%
	14.45	268.56	144.55	23.06	65.55	17.35	-19.75	106.01	-85.36	-139.63	-56.41	-396.74	7.47
EPS in Rs	0.30	6.33	3.41	0.54	1.42	0.36	-0.42	2.35	-1.88	-3.07	-1.24	-7.32	0.13
Dividend Payout %	-0.00%	31.58%	88.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%

Compounded Sales Growth
10 Years:	-38%
5 Years:	-49%
3 Years:	-80%
TTM:	-100%

Compounded Profit Growth
10 Years:	%
5 Years:	9%
3 Years:	19%
TTM:	102%

Stock Price CAGR
10 Years:	8%
5 Years:	2%
3 Years:	19%
1 Year:	92%

Return on Equity
10 Years:	0%
5 Years:	0%
3 Years:	-1%
Last Year:	0%

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	94.80	84.80	84.80	85.00	92.34	95.68	94.93	90.14	90.93	90.31	90.60	108.22	108.22
Reserves	5,687.71	5,606.59	5,646.10	5,674.04	6,007.94	6,072.06	6,827.69	6,451.63	6,358.44	6,231.70	6,247.04	6,632.01	6,712.47
	1,125.42	1,052.05	1,770.69	2,829.09	3,074.50	3,454.02	3,211.89	4,007.19	2,295.78	522.59	515.81	147.54	206.30
	24.62	141.00	91.14	126.98	383.72	110.42	58.13	109.84	106.83	18.18	24.79	3.62	10.03
Total Liabilities	6,932.55	6,884.44	7,592.73	8,715.11	9,558.50	9,732.18	10,192.64	10,658.80	8,851.98	6,862.78	6,878.24	6,891.39	7,037.02
	13.79	12.74	10.25	6.51	4.52	3.25	2.28	2.23	20.13	1.39	5.39	3.57	2.18
CWIP	-0.00	0.27	-0.00	0.39	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	0.31
Investments	3,951.95	3,916.20	4,825.32	5,041.67	5,238.48	6,210.57	6,895.49	6,097.13	3,838.06	3,793.06	3,854.39	3,201.29	3,239.82
	2,966.81	2,955.23	2,757.16	3,666.54	4,315.50	3,518.36	3,294.87	4,559.44	4,993.79	3,068.33	3,018.46	3,686.53	3,794.71
Total Assets	6,932.55	6,884.44	7,592.73	8,715.11	9,558.50	9,732.18	10,192.64	10,658.80	8,851.98	6,862.78	6,878.24	6,891.39	7,037.02

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
	116.24	186.25	-64.28	12.64	-483.10	385.02	-57.32	25.97	111.38	-12.79	5.54	16.69
	190.21	279.46	-311.65	-755.73	547.05	-845.02	720.04	-30.71	1,897.25	1,945.71	47.36	-455.47
	-311.05	-479.00	430.61	765.39	521.06	-173.24	-693.34	18.03	-2,020.31	-1,941.27	-47.49	437.69
Net Cash Flow	-4.60	-13.29	54.68	22.30	585.01	-633.24	-30.61	13.29	-11.68	-8.35	5.41	-1.09

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	1.10	16.01	2.67	4.11	60.69	25.36	8.20	18.36	-0.00	-0.00		-0.00
Inventory Days
Days Payable
Cash Conversion Cycle	1.10	16.01	2.67	4.11	60.69	25.36	8.20	18.36	-0.00	-0.00		-0.00
Working Capital Days	4,332.21	1,273.08	9,396.06	27,777.22	54,703.80	28,725.50	9,164.13	9,972.32	2,771.38	178,899.61		472,681.56
ROCE %	2.04%	6.97%	4.51%	3.51%	3.43%	3.93%	3.36%	4.57%	3.38%	0.25%	-0.14%	0.18%

Shareholding Pattern

Numbers in percentages

57 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	11.99%	6.15%	0.26%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	16.58%	19.43%	19.88%	18.39%	22.36%	22.44%	22.74%	21.43%	22.58%	23.59%	23.11%	24.58%
	1.50%	3.66%	4.05%	4.86%	5.71%	4.35%	2.44%	1.37%	0.89%	1.07%	1.78%	0.41%
	69.24%	70.07%	75.12%	76.03%	71.59%	73.10%	74.72%	77.10%	76.41%	75.23%	75.01%	74.89%
	0.69%	0.69%	0.69%	0.69%	0.33%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%
No. of Shareholders	1,54,320	2,14,469	2,70,565	3,10,512	3,32,141	3,29,807	3,15,294	3,14,158	3,06,438	3,16,665	3,12,356	3,04,762

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	50.35%	36.93%	38.90%	23.38%	11.99%	0.03%	0.00%	0.00%
	18.08%	24.81%	28.50%	21.09%	15.90%	18.39%	21.43%	24.58%
	2.72%	0.45%	0.32%	0.32%	1.80%	4.86%	1.37%	0.41%
	28.86%	37.81%	32.28%	55.21%	69.63%	76.03%	77.10%	74.89%
	0.00%	0.00%	0.00%	0.00%	0.69%	0.69%	0.11%	0.11%
No. of Shareholders	87,596	96,053	1,17,373	1,05,628	1,53,856	3,10,512	3,14,158	3,04,762

* 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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