Indiabulls Real Estate Ltd

₹ 133 -0.97%

19 Apr 1:49 p.m.

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 ₹ 7,204 Cr.
Current Price ₹ 133
High / Low ₹ 146 / 52.6
Stock P/E
Book Value ₹ 56.2
Dividend Yield 0.00 %
ROCE -7.17 %
ROE -11.4 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.
Company is almost debt free.
Debtor days have improved from 62.8 to 47.3 days.

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -33.5% over past five years.
Company has a low return on equity of -5.12% over last 3 years.
Working capital days have increased from 1,400 days to 2,198 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	722	732	520	349	323	253	152	194	133	108	196	96	101
	593	586	479	327	379	261	188	103	378	463	254	119	134
Operating Profit	129	145	41	22	-56	-8	-36	91	-245	-355	-58	-23	-33
OPM %	18%	20%	8%	6%	-17%	-3%	-24%	47%	-185%	-328%	-29%	-24%	-33%
	35	28	12	32	33	20	13	9	15	-14	-616	12	11
Interest	53	34	29	28	29	24	17	6	3	1	1	3	4
Depreciation	3	3	3	3	3	3	3	3	3	3	3	3	3
Profit before tax	108	136	21	23	-55	-16	-44	90	-236	-373	-677	-16	-28
Tax %	25%	31%	77%	76%	-57%	-271%	-17%	37%	-0%	-1%	-0%	-11%	-36%
	81	95	5	6	-87	-61	-52	57	-237	-376	-679	-18	-38
EPS in Rs	1.77	2.08	0.10	0.12	-1.91	-1.31	-0.96	1.04	-4.38	-6.94	-12.55	-0.34	-0.71
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	1,392	1,301	1,736	2,641	2,959	2,320	4,503	4,944	3,271	1,521	1,445	587	501
	1,015	851	1,225	2,030	2,062	1,667	1,197	3,897	2,472	1,341	1,446	942	970
Operating Profit	377	449	511	611	898	653	3,306	1,047	799	180	-1	-356	-469
OPM %	27%	35%	29%	23%	30%	28%	73%	21%	24%	12%	-0%	-61%	-94%
	95	46	64	95	137	518	229	278	90	140	96	-167	-607
Interest	229	227	220	336	501	561	744	464	481	228	110	28	8
Depreciation	21	20	21	20	69	71	97	17	31	17	12	12	11
Profit before tax	222	248	334	351	464	539	2,694	844	378	75	-27	-563	-1,094
Tax %	29%	37%	39%	23%	31%	34%	12%	40%	68%	94%	-409%	-8%
	158	156	203	271	321	357	2,360	504	121	5	-137	-608	-1,112
EPS in Rs	3.50	4.11	5.28	5.84	6.41	8.30	49.99	11.19	2.65	0.09	-3.00	-11.23	-20.54
Dividend Payout %	0%	49%	57%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-8%
5 Years:	-33%
3 Years:	-44%
TTM:	-32%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-53%

Stock Price CAGR
10 Years:	8%
5 Years:	5%
3 Years:	21%
1 Year:	126%

Return on Equity
10 Years:	8%
5 Years:	1%
3 Years:	-5%
Last Year:	-11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	95	85	85	85	92	87	95	90	91	90	91	108	108
Reserves	7,340	6,694	6,789	7,085	3,609	3,956	2,850	2,860	3,467	3,392	3,324	3,547	2,936
Preference Capital	0	258	0	0	0	0	1,048	1,048	0	0	0	0
	2,186	2,503	2,977	6,544	8,903	9,410	6,600	5,984	2,737	1,223	1,329	268	274
	2,563	3,553	3,617	3,130	5,518	5,115	10,535	7,257	4,992	4,051	3,007	2,584	2,540
Total Liabilities	12,184	12,834	13,469	16,844	18,122	18,568	20,080	16,192	11,287	8,757	7,751	6,507	5,859
	324	317	304	112	112	3,787	952	189	135	86	96	83	78
CWIP	0	72	88	127	0	1	0	0	0	0	0	0	0
Investments	4,929	5,262	5,566	5,829	2,989	875	3,859	2,568	132	145	269	157	174
	6,930	7,184	7,510	10,776	15,021	13,904	15,269	13,434	11,020	8,526	7,385	6,267	5,607
Total Assets	12,184	12,834	13,469	16,844	18,122	18,568	20,080	16,192	11,287	8,757	7,751	6,507	5,859

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	818	578	-2,830	973	639	-891	-1,159	-432	853	-248	-343
	-94	-1,337	-81	235	-541	155	1,784	1,768	971	280	661
	-397	529	3,315	-695	-834	2,057	-1,695	-1,890	-1,791	-64	-331
Net Cash Flow	328	-230	403	513	-735	1,321	-1,071	-555	33	-31	-13

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	244	203	21	22	408	602	1	20	9	72	69	47
Inventory Days		13,702	6,711			10,926		2,377	5,051	2,595
Days Payable		164	209			432		217	320	126
Cash Conversion Cycle	244	13,741	6,522	22	408	11,096	1	2,180	4,740	2,541	69	47
Working Capital Days	1,202	846	705	748	926	1,174	19	294	386	967	1,034	2,198
ROCE %	3%	5%	6%	6%	7%	7%	27%	13%	11%	5%	2%	-7%

Shareholding Pattern

Numbers in percentages

58 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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