Indiabulls Real Estate Ltd

About [ edit ]

Indiabulls Real Estate Limited operates as a real estate company in India. The company is involved in the purchase, sale, construction, and development of real estate projects, as well as other related activities; and provision of consultancy and advisory services to companies engaged in the construction development of real estate and infrastructure projects. Its project portfolio includes residential and commercial, as well as SEZ projects. Indiabulls Real Estate Limited was incorporated in 2006 and is headquartered in Mumbai, India.

Key Points [ edit ]
  • Market Cap 3,762 Cr.
  • Current Price 82.8
  • High / Low 126 / 38.6
  • Stock P/E 875
  • Book Value 76.6
  • Dividend Yield 0.00 %
  • ROCE 5.59 %
  • ROE 0.12 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Stock is trading at 1.08 times its book value
  • Company is expected to give good quarter

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -11.39%
  • The company has delivered a poor sales growth of -12.46% over past five years.
  • Promoter holding is low: 11.99%
  • Company has a low return on equity of 5.71% for last 3 years.
  • Earnings include an other income of Rs.140.64 Cr.
  • Debtor days have increased from 33.62 to 72.02 days.
  • Company's cost of borrowing seems high

Peer comparison

Sector: Realty Industry: Construction

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
811 1,040 1,271 1,822 837 1,086 1,232 116 48 20 722 732
565 816 886 1,661 581 573 1,107 196 101 62 593 586
Operating Profit 246 224 385 160 255 512 125 -80 -53 -41 129 145
OPM % 30% 22% 30% 9% 31% 47% 10% -69% -111% -206% 18% 20%
Other Income 55 19 17 219 -33 16 85 24 47 31 35 28
Interest 102 104 114 145 159 154 87 81 78 63 53 34
Depreciation 8 3 4 3 8 9 7 7 7 4 3 3
Profit before tax 191 137 284 232 55 366 116 -144 -91 -78 108 136
Tax % 39% 45% 29% 53% 318% 18% 58% 24% -4% 2% 25% 31%
Net Profit 117 76 202 109 -119 301 49 -110 -95 -76 81 94
EPS in Rs 2.46 1.68 4.49 2.41 -2.63 6.62 1.08 -2.41 -2.08 -1.67 1.77 2.08

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
129 1,438 1,392 1,301 1,736 2,641 2,959 2,320 4,503 4,944 3,271 1,521
237 1,110 1,015 851 1,226 2,030 2,062 1,675 1,197 3,901 2,479 1,342
Operating Profit -107 328 377 449 511 611 898 645 3,306 1,043 792 180
OPM % -83% 23% 27% 35% 29% 23% 30% 28% 73% 21% 24% 12%
Other Income 170 58 95 46 64 95 137 526 229 283 98 141
Interest 10 61 229 227 220 336 501 561 744 464 481 228
Depreciation 13 18 21 20 21 20 69 71 97 17 31 17
Profit before tax 40 307 222 248 334 351 464 539 2,694 844 378 75
Tax % 83% 42% 29% 37% 39% 23% 31% 34% 12% 40% 68% 94%
Net Profit -16 160 166 174 224 248 296 397 2,373 504 121 4
EPS in Rs -0.40 3.97 3.50 4.11 5.28 5.84 6.41 8.30 49.99 11.19 2.65 0.09
Dividend Payout % 0% 8% 0% 49% 57% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:1%
5 Years:-12%
3 Years:-30%
TTM:-53%
Compounded Profit Growth
10 Years:-30%
5 Years:-56%
3 Years:-88%
TTM:-97%
Stock Price CAGR
10 Years:-3%
5 Years:-2%
3 Years:-26%
1 Year:98%
Return on Equity
10 Years:8%
5 Years:18%
3 Years:6%
Last Year:0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
393 393 95 342 85 85 92 87 1,143 1,138 516 90
Reserves 9,274 8,983 7,083 6,694 6,789 7,085 3,617 3,956 2,850 2,860 3,042 3,392
Borrowings 1,363 3,538 2,186 2,503 2,977 6,544 8,903 9,410 6,600 5,984 2,737 1,075
2,740 5,580 2,821 3,553 3,617 3,130 5,510 5,115 10,535 7,257 5,417 4,200
Total Liabilities 13,458 18,181 12,184 12,834 13,469 16,844 18,122 18,568 20,080 16,192 11,287 8,757
253 480 324 317 304 112 112 3,787 952 189 135 86
CWIP 590 1,858 0 72 88 127 0 1 0 0 0 0
Investments 7,247 6,670 4,929 5,262 5,566 5,829 2,989 875 3,859 2,568 132 145
5,368 9,174 6,930 7,184 7,510 10,776 15,021 13,904 15,269 13,434 11,020 8,526
Total Assets 13,458 18,181 12,184 12,834 13,469 16,844 18,122 18,568 20,080 16,192 11,287 8,757

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-675 -461 818 578 -2,830 973 639 -891 -1,159 -432 853
-3,167 -3,238 -94 -1,337 -81 235 -541 155 1,784 1,768 971
4,301 2,351 -397 529 3,315 -695 -834 2,057 -1,695 -1,890 -1,791
Net Cash Flow 460 -1,348 328 -230 403 513 -735 1,321 -1,071 -555 33

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 0% 3% 4% 5% 6% 6% 7% 8% 28% 13% 11% 6%
Debtor Days 54 148 244 203 21 22 408 602 1 20 9 72
Inventory Turnover -0.33 -0.63 -0.08 0.03 0.05 -0.25 -0.01 0.03 -0.01 0.14 0.06 0.00

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
38.60 38.90 38.90 38.90 23.38 23.38 23.38 23.38 23.38 23.38 23.38 11.99
23.26 24.44 25.60 28.50 23.00 23.14 22.48 21.09 18.10 14.20 9.39 15.90
0.89 0.94 0.38 0.32 1.81 2.16 3.47 0.32 0.01 0.01 0.57 1.80
37.25 35.72 35.13 32.28 51.81 51.33 50.67 55.21 57.83 61.72 65.98 69.63
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.69 0.69 0.69 0.69

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