Ahluwalia Contracts (India) Ltd - Stock Valuation and Financial Performance

BSE: 532811 | NSE: AHLUCONT | Construction - Real Estate | Small Cap

Ahluwalia Contract(I Share Price

1,020.20 1.65 0.16%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Ahluwalia Contract(I

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

Ahluwalia Contracts (India) stock performance -

mw4me loader
P/E Ratio (SA):
27.56
Market Cap:
6,832.4 Cr.
52-wk low:
492.8
52-wk high:
1,250

Is Ahluwalia Contracts (India) Ltd an attractive stock to invest in?

1. Is Ahluwalia Contracts (India) Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ahluwalia Contracts (India) Ltd is a good quality company.

2. Is Ahluwalia Contracts (India) Ltd undervalued or overvalued?

The key valuation ratios of Ahluwalia Contracts (India) Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Ahluwalia Contracts (India) Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Ahluwalia Contracts (India) Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Ahluwalia Contract(I:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ahluwalia Contracts (India) Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 8.1%18.7%20.3%18.2%21.3%18%10.8%12.3%19.3%19.1%-
Value Creation
Index
-0.40.30.50.30.50.3-0.2-0.10.40.4-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 9601,0601,2501,4271,6471,7551,8851,9822,6922,8383,555
Sales YoY Gr.-10.4%17.9%14.2%15.4%6.6%7.4%5.2%35.8%5.4%-
Adj EPS 1.99.612.612.917.217.59.611.523.328.837
YoY Gr.-406.9%31.6%2.1%33.9%1.7%-45.1%19.8%101.5%24%-
BVPS (₹) 35.950.36375.592.9110.2120131.4154.7183.6209.5
Adj Net
Profit
11.964.284.586.311511764.577.3156193248
Cash Flow from Ops. 28.497.576.81268185.711025965.8301-
Debt/CF from Ops. 8.41.81.90.70.40.70.40.100-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 12.8%11.5%14.6%5.4%
Adj EPS 35.4%10.8%44.1%24%
BVPS19.9%14.6%15.2%18.7%
Share Price 37.9% 25.7% 51% 85.7%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
5.522.822.218.620.517.38.49.216.317.118.8
Op. Profit
Mgn %
2.910.912.912.213.312.48.17.89.610.711.1
Net Profit
Mgn %
1.26.16.86.176.73.43.95.86.87
Debt to
Equity
1.10.50.30.20.10.10.1000-
Working Cap
Days
293265234224201205225244186189109
Cash Conv.
Cycle
1009193856751317-4549

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 18.80%

Sales growth is growing at healthy rate in last 3 years 14.62%

Net Profit is growing at healthy rate in last 3 years 44.14%

Sales growth is good in last 4 quarters at 31.57%

No data to display

Latest Financials - Ahluwalia Contracts (India) Ltd.

Standalone Consolidated
TTM EPS (₹) 37 36.9
TTM Sales (₹ Cr.) 3,555 3,555
BVPS (₹.) 209.5 209.3
Reserves (₹ Cr.) 1,390 1,388
P/BV 4.87 4.87
PE 27.56 27.64
From the Market
52 Week Low / High (₹) 492.75 / 1250.00
All Time Low / High (₹) 15.55 / 1250.00
Market Cap (₹ Cr.) 6,832
Equity (₹ Cr.) 13.4
Face Value (₹) 2
Industry PE 76.7

Management X-Ray of Ahluwalia Contract(I:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *28.5928.5926.4326.4312.9412.9412.945.405.400.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Ahluwalia Contract(I

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales9601,0601,2501,4271,6471,7551,8851,9822,6922,838
Operating Expenses 9339451,0891,2531,4271,5381,7321,8282,4362,534
Manufacturing Costs238224291333496543592654934898
Material Costs4545416077267568019059191,2391,361
Employee Cost 194150159152134143154150184196
Other Costs 473032414151801057980
Operating Profit 27115161174219216153154256304
Operating Profit Margin (%) 2.9%10.8%12.9%12.2%13.3%12.3%8.1%7.8%9.5%10.7%
Other Income 291214861010222930
Interest 36393527251935434433
Depreciation 12212024262832303439
Exceptional Items 14000000000
Profit Before Tax 226711913117517997104208262
Tax 033545596232265368
Profit After Tax 226484861151176477155194
PAT Margin (%) 2.3%6.1%6.8%6.1%7.0%6.7%3.4%3.9%5.8%6.8%
Adjusted EPS (₹)3.59.612.612.917.217.59.611.523.229.0
Dividend Payout Ratio (%)0%0%0%0%2%2%0%0%1%1%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 2263384225066227388048801,0361,230
Share Capital 13131313131313131313
Reserves 2143244094926097257918671,0231,216
Minority Interest0000000000
Debt226155133903061471603
Long Term Debt33900111100
Short Term Debt194146133902960471503
Trade Payables291269295352378429523640619672
Others Liabilities 295269292271201230362503365564
Total Liabilities 1,0381,0311,1421,2191,2311,4581,7362,0392,0212,468

Fixed Assets

Gross Block334335349126141167203241262361
Accumulated Depreciation20321823621436794120145177
Net Fixed Assets13111611310598100108121116184
CWIP 6878840000001
Investments 1667666666
Inventories172167205248189148221297242244
Trade Receivables404417500455566518493374443606
Cash Equivalents 557688123125209244418433588
Others Assets207170146281247476664821780838
Total Assets 1,0381,0311,1421,2191,2311,4581,7362,0392,0212,468

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 289877126818611025966301
PBT 226711913117517997104208262
Adjustment 20433741334287945734
Changes in Working Capital 7-49-72-33-71-57-2794-14155
Tax Paid -2037-7-12-56-79-47-32-59-49
Cash Flow From Investing Activity 216-25-9-20-43-46-48-101-166
Capex -17-21-22-20-18-29-36-35-27-103
Net Investments 16-11-120-7-20-19-23-83-77
Others 34991147910915
Cash Flow From Financing Activity -45-98-58-70-7019-36-51-44-16
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -11-18-18-91001-1-1
Interest Paid -31-33-26-18-9-10-19-19-26-13
Dividend Paid 00000-2-200-2
Others -3-47-13-43-6131-16-32-180
Net Cash Flow -1516-648-96227161-79120
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)10.1322.8122.2418.620.4617.258.369.1716.217.13
ROCE (%)12.6221.6328.7427.2732.0427.3715.9416.7226.0825.99
Asset Turnover Ratio0.931.021.151.211.341.31.181.051.331.26
PAT to CFO Conversion(x)1.271.530.921.470.70.741.723.360.431.55
Working Capital Days
Receivable Days15514113412211311398805567
Inventory Days64585458483536483731
Payable Days236189170163176184192231186173

Ahluwalia Contracts (India) Ltd Stock News

Ahluwalia Contracts (India) Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Ahluwalia Contract(I on 28-Mar-2024 16:01 is ₹1,020.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Ahluwalia Contract(I stood at ₹6,832.4.
The latest P/E ratio of Ahluwalia Contract(I as of 28-Mar-2024 16:01 is 27.56.
The latest P/B ratio of Ahluwalia Contract(I as of 28-Mar-2024 16:01 is 4.87.
The 52-week high of Ahluwalia Contract(I is ₹1,250 and the 52-week low is ₹492.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ahluwalia Contract(I is ₹3,555 ( Cr.) .

About Ahluwalia Contracts (India) Ltd

The company was founded by Bikramjit Ahluwalia and incorporated on June 2, 1979 under the Companies Act as a private company by the name of ‘Ahluwalia Contracts (India) Private Limited’ with the ROC. In July 1979, the company acquired the business of four partnership firms engaged in construction of which its Chairman and Managing Director, Bikramjit Ahluwalia, was a member.

In the year 1989, by virtue of its high turnover, the company became a deemed public limited company under section 43-A(IA) of the Companies Act and subsequently converted itself into a public limited company on September 6, 1990 and changed its name to ‘Ahluwalia Contracts (India) Limited’.

In 1996, it offered 800,000 equity shares of Rs 10 each for cash at a price of Rs 40 per share aggregating Rs 32 million, and the shares were listed on Delhi Stock Exchange, CSE and the JSE.

With specialized experience in the construction industry for more than 40 years, Ahluwalia Contracts an ISO 9001:2000, ISO 14001:2004 and OHSAS 18001:1999 Company have carved a niche for itself in the industry as one of the leading Civil Contractors of the country.

The total group operations is over Rs 1000 crore and works in hand worth Rs 3000 crore is indicative of its high ranking in the industry. The company’s ideological foundations in respect of commitment to time bound completion of projects and high quality construction have been the corner stones to its rapid growth over the years. Its consistent pursuit of customer satisfaction has won it several prestigious awards and all-round acclaim in the past.

The construction services provided by the company consist of the erection of structures and allied services which include planning and scheduling manpower, equipment, materials and the appointment of sub-contractors required for the timely completion of a project in accordance with the terms, plans and specifications contained in the construction contracts and allied documentation. It provide these services by using fixed price and cost plus fee contracts and, to a lesser extent, construction management or design-build contracting arrangements.It is associated with most of the leading architects and consultants of the country such as Mahendra Raj, Rajinder Kumar, C.P.Kukreja, Raja Aederi, Stein Doshi Bhalla, Jasbir Sawhney, Charles Corrhea, Hafiz Contractor, Raj Rewal, Kanvinde Rai Chaudhary, Jacobs H&G, Tata Projects, Tata Consulting Engineers and others for building large institutional buildings and corporate office complexes, industrial complex buildings, multi-storied housing complexes and township development projects, hospitals, medical colleges and laboratory buildings, 5-star hotels, educational and technical institutes, schools and auditoriums, gymnasiums and sport complexes etc.

It is among a selected group of 3-4 contractors who are pre-qualified to bid for most of the mega building projects in India. At present, the company has around 70 projects under execution with a strong net order book of around Rs 2,309 crore (as on Mar 31, 2008).

Business Divisions:

The company has developed various divisions to achieve specialization. These are:

  • In-House Electrical Division - ACIL developed in house Engineering Division to undertake complete marketing, commercial scrutiny, costing, designing, basic and system engineering, procurement, construction, erection, commissioning and project management, coordination assignments for the separate electrical works.
  • In House Aluminium Division - Its Aluminium Division functions under the name of Ahlcon India. The professionally managed company undertakes designing, supply and installation of aluminium doors, windows, channels and curtain walls along with marketing, project management, quality management and coordination with other works.
  • In House Plumbing Division - It had developed in house Plumbing Division to undertake complete marketing, commercial scrutiny, costing, designing, basic and system engineering.
  • Ready Mix Concrete Division - Its Ready Mix Concrete unit is functioning under the name of Ahlcon Ready Mix Concrete. The unit is operating 3 plants, in Plant having combined capacity of 100 Cum/Hr, which is also the largest installed capacity in Northern India. The unit is supported by 22 Nos. Transit Mixer, 5 Nos. Concrete Pump and adequate pipe line. The plant follows strict quality measure to produce high quality concrete of various grades and various high performance concrete. Also the unit has its own state of the art laboratory to conduct all test related to concrete and is activity involved in research and development in the field of concrete.
  • Quality Control Division - At Ahluwalia Contracts, for each project there is a fully equipped laboratory at site under a senior Quality Control Engineer. Regular inspections and quality audits are carried out both at sites and in the head office for quality assurance.

Projects Executed:

Some of the prestigious projects executed by the company are:-

  • Commonwealth Games 2010 Village Residential at New Delhi, costing Rs 688 crore
  • Dr S.P.M. Swimming Pool Complex (Talkatora Stadium) at New Delhi, costing Rs 229.7 crore
  • Chalet Hotels (K. Raheja Corp.) at Powai, Mumbai costing Rs 111.6 crore
  • India Exposition Center and Mart Complex at Greater Noida (UP) (Ph-I & II), costing Rs 260 crore
  • Singapore High Commission Building at Chanakyapuri, New Delhi, costing Rs 37 crore
  • Office Building for SEBI, Government of India at Bandra-Kurla Complex, Mumbai, costing Rs 54 crore
  • Multi-Storeyed Housing Complex for Southcity Projects at Kolkata, costing Rs 82 crore
  • Five Star Hotel Building for Hotel Scopevista at Lodhi Road, New Delhi, costing Rs 55 crore
  • Design and construction of ‘Milon Mela’ Permanent Trade Fair Complex at Kolkata, costing Rs 44 crore
  • Brigade Metropolis Housing Complex, Bangalore, costing Rs 90 crore
  • Housing Complex “Gateway Towers” for Pearls Infrastructure at Sector-44, Noida, costing Rs 107.50 crore
  • “Festival City” Multiplex with Integrated Entertainment cum Shopping Complex at Ludhiana for Aerens, costing Rs 98.50 crore

Awards /Achievements:

  • 1982 Appreciation certificate for valuable services rendered to the Special Organising Committee, 9th Asian Games, 1982.
  • 1985 Awarded trophy by the Finance Minister of India for successful completion of Finance Ministry’s building complex, ‘National Institute of Public Finance and Policy’, New Delhi.
  • 1985 Best building award for construction of India Institute of Foreign Trade, New Delhi.
  • 1991 Silver Salver award by Professor J.S. Bajaj, Member Planning Commission for quality construction of National Institute of Immunology, New Delhi.
  • It is the only construction company in India to earn three quality recognitions - ISO 14001:2004, OHSAS 18001:1999 and ISO 9001:2000.
  • Credit rating agency CARE assigned ‘PR1’ (PR one) and ‘CARE A’ (Single A) rating to the company.

Subsidiary:

In July 2008, ACIL acquired 100% equity stake of Ahlcon Ready Mix Concrete and made it a wholly owned subsidiary of the company. The company is currently in the process of transferring its RMC division to the new company.

On August 1, 2008, Ahluwalia acquired 50,000 equity shares of five companies in Kolkata -- Premsagar Merchants, Splendor Distributors, Paramount Dealcomm, Jiwan Jyoti Traders and Dipesh Mining.

Milestones of the company

  • 1979 - Company was incorporated as a private limited company.
  • 1990 - Company was converted into a public limited company under the name of 'Ahluwalia Contracts (India) Limited'.
  • 1992 - Completed the Chancery building for the High Commission of India, Dubai.
  • 1996 - Launched its first public issue of 800,000 equity shares and listed on Delhi Stock Exchange, CSE and JSE.
  • 1998 -Completed the Goa legislative assembly project.
  • 1999 -Completed the Signature Tower complex project, Gurgaon.• Completed phase-I of construction of the Apollo Hospital project, Kolkata.
  • 2000 -Completed construction of the Apollo Tyres Limited corporate house, Gurgaon.
  • 2001- Turnover for fiscal 2001 crossed Rs 840 million.
  • 2002 - Completed office building for Asian Development Bank, New Delhi.• Completed construction of five star hotel Sonar Bangala for ITC Hotels Limited.• Completed factory building of Moser Baer Limited, Noida.
  • 2003 - Turnover for fiscal 2003 crossed Rs1,750 million.• Developed in-house plumbing division to undertake complete marketing, commercial scrutiny,costing, designing and system engineering.• Executed many prestigious projects, including:- ITC Grand Central Hotel, Mumbai;- DPS International School, New Delhi; and- Corporate office for Xansa India Limited, Noida.
  • 2004 - Turnover for fiscal 2004 crossed Rs 2,600 million.• Ventured into the RMC business by establishing a plant in Loni in May, 2004.• Received the ISO 9001: 2000 certification from DNV.
  • 2005- Turnover for fiscal 2005 crossed Rs 3,000 million.• Completed construction of Pitampura, Rohini East and Rohini West stations for DMRC.• Completed phase-I of the India Exposition Mart project, Noida.

In 2008 Ahluwalia Contractors bagged contracts worth Rs.354 crore collectively from

  • Vedanta Alumina for construction work at aluminium smelter project at Jharsuguda in Orissa. (contract value: Rs.118.50 crore)
  • Hotel Leelaventure for construction of a 5 star hotel in Delhi. (contract value: Rs.78 crore)
  • Ansal API for construction of IT Park in Greater Noida. 9contract value: Rs.47.90 crore)
  • Indiabulls Properties for construction work at Elphinston Mills. (contract value: Rs.30 crore)
  • Mudra Communications for construction of office complex in Mumbai. (contract value: Rs.15.01 crore)
  • Tech Mahindra for construction and piling work of IT Campus in Kolkata. (contract value: Rs.14.82 crore)
  • For construction of residential apartments cum club house in Chennai. (contract value: Rs.49.50 crore)

Recent Developments:

  • Ahluwalia Contracts bagged an order worth Rs 219 crore from National Building Construction Corporation in May 2009.
  • The company also bagged new projects to the tune of Rs 352.98 crore in April 2009.
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