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BSE: 0 | NSE: ARTNIRMAN | Construction - Real Estate | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Art Nirman Ltd is a below average quality company.
The key valuation ratios of Art Nirman Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Art Nirman Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 1.3% | 6.8% | 8.8% | 3.4% | 9.2% | 8.9% | 6.8% | 2.2% | -25.4% | 0.7% | - |
| Value Creation Index ⓘ | NA | -0.5 | -0.4 | -0.8 | -0.3 | -0.4 | -0.5 | -0.8 | -2.8 | -1.0 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 0 | 0 | 25.6 | 25.7 | 34.5 | 18.9 | 62.1 | 85.1 | 36.8 | 19.7 | 33 |
| Sales YoY Gr. | - | NA | NA | 0.4% | 34.2% | -45.3% | 228.9% | 36.9% | -56.7% | -46.5% | - |
| Adj EPS ⓘ | -12.2 | 4.9 | 1.3 | 0.5 | 1.5 | 1.1 | 0.3 | 0 | -4.4 | 0.1 | 0.5 |
| YoY Gr. | - | NA | -73.9% | -62.5% | 206.3% | -26.5% | -69.4% | -97% | -44200% | NA | - |
| BVPS (₹) ⓘ | -32.6 | 3.8 | 11.3 | 18.3 | 19.7 | 19.5 | 18 | 18 | 13.6 | 13.7 | 14.1 |
| Adj Net Profit ⓘ | 0 | 0 | 0.5 | 0.4 | 1.1 | 1.3 | 0.8 | 0 | -11 | 0.1 | 1 |
| Cash Flow from Ops. ⓘ | -3.6 | 0 | 1.8 | -41.4 | -13.8 | 23.4 | -7.2 | 19.8 | 9.3 | -7.3 | - |
| Debt/CF from Ops. ⓘ | -1.7 | 327.7 | 1.2 | -0.4 | -4.5 | 2.1 | -4.7 | 0.3 | 0 | -0.4 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | -10.6% | -31.8% | -46.5% | ||||
| Adj EPS ⓘ | NA | -49.2% | -46.7% | NA | ||||
| BVPSⓘ | NA | -7.1% | -8.8% | 0.3% | ||||
| Share Price | - | 27.2% | 26.9% | 28.6% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 46.2 | -34 | 22.7 | 4 | 7.8 | 6 | 2.2 | 0 | -27.8 | 0.3 | 3.8 |
| Op. Profit Mgn % ⓘ | 0 | 0 | 4.9 | 4.6 | 21.7 | 52.8 | 13.5 | 3 | -26.9 | 4.9 | 6.1 |
| Net Profit Mgn % ⓘ | 0 | 0 | 2 | 1.4 | 3.3 | 7 | 1.3 | 0 | -29.9 | 0.6 | 4.1 |
| Debt to Equity ⓘ | -187.1 | 3223.6 | 0.5 | 1.3 | 4.1 | 2.1 | 0.8 | 0.1 | 0 | 0.1 | - |
| Working Cap Days ⓘ | 0 | 0 | 289 | 566 | 860 | 2,350 | 798 | 392 | 434 | 731 | 165 |
| Cash Conv. Cycle ⓘ | 0 | 0 | 227 | 408 | 588 | 1,411 | 673 | 329 | 341 | 501 | 126 |
Return on Equity has increased versus last 3 years average to 3.80%
Sales growth is good in last 4 quarters at 515.88%
Sales growth has been subdued in last 3 years -31.78%
Net Profit has been subdued in last 3 years -46.69%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 0.5 | - |
| TTM Sales (₹ Cr.) | 32.6 | - |
| BVPS (₹.) ⓘ | 14.1 | - |
| Reserves (₹ Cr.) ⓘ | 10 | - |
| P/BV ⓘ | 4.66 | - |
| PE ⓘ | 123.09 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 0.00 / 0.00 |
| All Time Low / High (₹) | - / - |
| Market Cap (₹ Cr.) | 163 |
| Equity (₹ Cr.) | 25 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 78.9 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 0 | 26 | 26 | 35 | 19 | 62 | 85 | 37 | 20 |
| Operating Expenses ⓘ | 0 | -1 | 24 | 25 | 27 | 9 | 54 | 82 | 47 | 19 |
| Manufacturing Costs | 2 | 2 | 3 | 6 | 9 | 18 | 15 | 3 | 2 | 7 |
| Material Costs | -3 | -6 | 17 | 13 | 9 | -16 | 33 | 72 | 36 | 9 |
| Employee Cost | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 1 | 1 | 1 |
| Other Costs ⓘ | 1 | 2 | 5 | 5 | 9 | 5 | 4 | 7 | 8 | 2 |
| Operating Profit ⓘ | 0 | 1 | 1 | 1 | 7 | 10 | 8 | 3 | -10 | 1 |
| Operating Profit Margin (%) | - | - | 4.9% | 4.6% | 21.7% | 52.8% | 13.4% | 3.0% | -26.9% | 4.9% |
| Other Income ⓘ | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Interest ⓘ | 0 | 1 | 0 | 0 | 6 | 8 | 6 | 2 | 0 | 0 |
| Depreciation ⓘ | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 0 | 0 | 1 | 1 | 2 | 2 | 1 | 0 | -11 | 0 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 0 | -11 | 0 |
| PAT Margin (%) | - | - | 2.0% | 1.4% | 3.2% | 7.0% | 1.3% | 0.0% | -29.9% | 0.6% |
| Adjusted EPS (₹) | -12.2 | 36.4 | 1.3 | 0.5 | 1.5 | 1.1 | 0.3 | 0.0 | -4.4 | 0.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 0 | 0 | 5 | 14 | 15 | 24 | 45 | 45 | 34 | 34 |
| Share Capital ⓘ | 0 | 0 | 4 | 8 | 8 | 12 | 25 | 25 | 25 | 25 |
| Reserves ⓘ | 0 | 0 | 1 | 6 | 7 | 12 | 20 | 20 | 9 | 9 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 6 | 7 | 2 | 18 | 51 | 23 | 19 | 5 | 0 | 3 |
| Long Term Debt | 6 | 7 | 2 | 18 | 49 | 23 | 19 | 5 | 0 | 2 |
| Short Term Debt | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 |
| Trade Payables | 2 | 2 | 1 | 8 | 9 | 14 | 9 | 4 | 2 | 7 |
| Others Liabilities ⓘ | 4 | 15 | 11 | 36 | 35 | 94 | 65 | 10 | 9 | 9 |
| Total Liabilities ⓘ | 12 | 24 | 18 | 75 | 111 | 154 | 138 | 63 | 45 | 52 |
Fixed Assets | ||||||||||
| Gross Block | 1 | 1 | 1 | 10 | 11 | 11 | 11 | 11 | 11 | 11 |
| Accumulated Depreciation | 0 | 0 | 0 | 1 | 1 | 2 | 3 | 4 | 4 | 5 |
| Net Fixed Assetsⓘ | 1 | 1 | 1 | 10 | 9 | 9 | 8 | 7 | 6 | 6 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 7 | 20 | 16 | 45 | 70 | 113 | 99 | 33 | 8 | 14 |
| Trade Receivables | 0 | 0 | 0 | 8 | 19 | 24 | 21 | 14 | 18 | 23 |
| Cash Equivalents | 0 | 0 | 0 | 2 | 2 | 2 | 2 | 1 | 5 | 0 |
| Others Assetsⓘ | 4 | 4 | 2 | 10 | 11 | 6 | 8 | 7 | 7 | 9 |
| Total Assets ⓘ | 12 | 24 | 18 | 75 | 111 | 154 | 138 | 63 | 45 | 52 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -4 | 0 | 2 | -41 | -14 | 23 | -7 | 20 | 9 | -7 |
| PBT ⓘ | 0 | 0 | 1 | 1 | 2 | 2 | 1 | 0 | -11 | 0 |
| Adjustment ⓘ | 0 | 1 | 1 | 0 | 6 | 8 | 7 | 2 | 1 | 1 |
| Changes in Working Capital ⓘ | -4 | -1 | 1 | -42 | -21 | 14 | -15 | 17 | 19 | -8 |
| Tax Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Investing Activity ⓘ | -1 | 0 | 0 | -9 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capex | -1 | 0 | 0 | -9 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | 4 | 0 | -1 | 53 | 13 | -23 | 6 | -21 | -5 | 2 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 7 | 15 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 4 | 1 | -1 | 44 | 0 | 0 | 0 | 0 | -5 | 2 |
| Interest Paid ⓘ | 0 | -1 | 0 | 0 | -6 | -8 | -6 | -2 | 0 | 0 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 9 | 18 | -23 | -3 | -19 | 0 | 0 |
| Net Cash Flow ⓘ | 0 | 0 | 0 | 2 | -1 | 0 | -1 | -1 | 4 | -5 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | N/A | N/A | 22.7 | 3.97 | 7.76 | 6.81 | 2.38 | 0.05 | -27.84 | 0.33 |
| ROCE (%) | N/A | N/A | 12.57 | 5.73 | 13.12 | 12.6 | 9.77 | 3.11 | -25.08 | 0.82 |
| Asset Turnover Ratio | 0 | 0 | 1.21 | 0.55 | 0.37 | 0.14 | 0.42 | 0.84 | 0.68 | 0.41 |
| PAT to CFO Conversion(x) | N/A | N/A | 2 | N/A | -14 | 23 | -7 | N/A | N/A | N/A | Working Capital Days |
| Receivable Days | 0 | 0 | 0 | 108 | 141 | 419 | 133 | 75 | 159 | 379 |
| Inventory Days | 0 | 0 | 251 | 430 | 607 | 1,761 | 622 | 284 | 205 | 209 |
| Payable Days | -131 | -112 | 29 | 121 | 351 | -265 | 129 | 33 | 26 | 169 |
Art Nirman was incorporated in the year 2011, with a vision to carry on the business of real estate development in and around the city of Ahmedabad, Gujarat. In 2013, it started construction of its first residential cum commercial project “Shri Vishnudhara Cross Road” in Ahmedabad, in Joint Development Agreement with its Director, Dharmishtaben Thakker, owner of the project land. It successfully completed construction of “Shri Vishnudhara Cross Road” project in the year 2016, which consist of 5 towers containing total of 154 residential apartments of 2 and 3 BHK and 25 commercial shops, with a total built up area of 2,09,701 sq. ft. (aprox.) As on date of prospectus, it has successfully sold 129 residential flats and 21 commercial offices in its “Shri Vishnudhara Cross Road” project. Further, it has received bookings for 23 residential flats and 4 commercial flats from the Customers for the said project.
The company also undertakes work contracts for the development of residential & commercial projects. Currently, it has one ongoing work contract which has been undertaken from its Promoter Group firm Dhara Developers, for carrying out activities such as plastering, tiles fitting, painting, electrical fitting, plumbing, doors and windows fitting, etc. in a residential cum commercial project, “Vishnudhara Homes” located in Ahmedabad. Further, it has received offer from its Group Companies for carrying out construction work in their forthcoming projects, which will be of building a hotel and a club under Contract. The company is yet to consider their offers as the approved site plans, Contract terms and other details of the projects, has not been finalized by its Group Companies.
Business area of the company
The company is Ahmedabad, Gujarat based real estate developer involved in development of residential & commercial projects. The company carries all the construction activities by subcontracting the project work to third party contractors.
Milestones
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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