Sadbhav Infrastructure Project Ltd - Stock Valuation and Financial Performance

BSE: 539346 | NSE: SADBHIN | Engineering - Construction | Small Cap

Sadbhav Infra. Proj Share Price

6.93 -0.14 -1.98%
as on 19-Mar'24 14:32

DeciZen - make an informed investing decision on Sadbhav Infra. Proj

Overall Rating
M-Cap below 500cr. High Risk from low Liquidity Bole Toh

1. Quality

2. Valuation

Undervalued

3. Price Trend

Semi Strong

Sadbhav Infrastructure Project stock performance -

mw4me loader
P/E Ratio (CD):
0.00
Market Cap:
249 Cr.
52-wk low:
2.9
52-wk high:
9.3

Is Sadbhav Infrastructure Project Ltd an attractive stock to invest in?

1. Is Sadbhav Infrastructure Project Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Sadbhav Infrastructure Project Ltd is a below average quality company.

2. Is Sadbhav Infrastructure Project Ltd undervalued or overvalued?

The key valuation ratios of Sadbhav Infrastructure Project Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

3. Is Sadbhav Infrastructure Project Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Sadbhav Infrastructure Project 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 Sadbhav Infra. Proj:

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.
Sadbhav Infrastructure Project Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 1.7%0.2%3.8%4.4%5.5%6.1%11.1%4.7%11.1%5.9%-
Value Creation
Index
-0.9-1.0-0.7-0.7NANA-0.2-0.7-0.2NA-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 3745111,9711,3482,2623,5482,2701,281962825762
Sales YoY Gr.-36.4%286%-31.6%67.8%56.8%-36%-43.6%-24.9%-14.3%-
Adj EPS -5.4-11.5-10.9-10.5-9.5-8-0.5-8.82.4-2.6-3
YoY Gr.-NANANANANANANANA-208.4%-
BVPS (₹) 28.925.112.92-7.6-15.613.25.36.5-4.7-17.2
Adj Net
Profit
-155-357-385-371-333-283-18.3-30884.3-91.1-106
Cash Flow from Ops. 331264749777603192285769-1951,643-
Debt/CF from Ops. 15.12410.710.814.551.420.98.3-28.52.7-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 9.2%-18.3%-28.7%-14.3%
Adj EPS NANANA-208.4%
BVPS-181.7%NA-170.8%-172.2%
Share Price - -40.1% -31.3% 88.8%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
-17.2-44.4-62.3-140.6342.969.444.4-94.540.5-285.127.5
Op. Profit
Mgn %
65.255.63364.546.229.637.729.819.545.948
Net Profit
Mgn %
-51.8-70.4-20.1-28-15.1-8-1-24.18.8-11.1-13.9
Debt to
Equity
68.117.7119-32.8-1812.834.124.2-27.1-
Working Cap
Days
557433921362012766311,2722,1812,6691,038
Cash Conv.
Cycle
-54-37-14-51-57-70-148-246-314-323-152

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 27.40%

Sales growth has been subdued in last 3 years -28.65%

Sales growth is not so good in last 4 quarters at -17.63%

Latest Financials - Sadbhav Infrastructure Project Ltd.

Standalone Consolidated
TTM EPS (₹) -13.9 -3
TTM Sales (₹ Cr.) 35.6 762
BVPS (₹.) 22.2 -17.2
Reserves (₹ Cr.) 430 -957
P/BV 0.32 -0.41
PE 0.00 0.00
From the Market
52 Week Low / High (₹) 2.90 / 9.31
All Time Low / High (₹) 2.90 / 157.50
Market Cap (₹ Cr.) 249
Equity (₹ Cr.) 352.2
Face Value (₹) 10
Industry PE 41

Management X-Ray of Sadbhav Infra. Proj:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *83.7683.7699.1899.1899.1899.1899.1875.4298.1798.17
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Sadbhav Infra. Proj

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
Sales3745111,9711,3482,2623,5482,2701,281962825
Operating Expenses 1302271,3224791,2182,5001,414899775446
Manufacturing Costs891491,2213401,0882,3501,234801589368
Material Costs000251520000
Employee Cost 16243142485349313129
Other Costs 2553707367951316715550
Operating Profit 2442846498691,0441,048856382187379
Operating Profit Margin (%) 65.2%55.6%32.9%64.5%46.1%29.5%37.7%29.8%19.5%45.9%
Other Income 2229395660182312329875268
Interest 3555269771,0561,1411,1751,276877850547
Depreciation 921421362212612962931179886
Exceptional Items 0126200531,50343-152-399
Profit Before Tax -181-343-363-352-297-1871,103-240-38-386
Tax 102-11841617338-16-21
Profit After Tax -191-346-353-360-338-2481,029-278-21-365
PAT Margin (%) -51.0%-67.7%-17.9%-26.7%-14.9%-7.0%45.3%-21.7%-2.2%-44.2%
Adjusted EPS (₹)-5.3-11.0-9.7-10.0-9.3-7.029.4-7.9-0.6-10.4
Dividend Payout Ratio (%)0%0%0%0%-5%-7%0%0%0%0%

Balance Sheet

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

Equity and Liabilities

Shareholders Fund 82878145572-266-549466187229-165
Share Capital 28311352352352352352352352352
Reserves 799470103-281-618-901114-165-123-517
Minority Interest18857-72611-200-83-72
Debt4,9026,2047,8688,0948,4079,4605,7285,6884,9853,971
Long Term Debt4,5015,7067,3047,6367,8388,8165,2875,0362,6901,731
Short Term Debt4014985644585696444416522,2942,240
Trade Payables434077103343716606728552332
Others Liabilities 2,6672,8061,8442,1413,0703,3522,4973,1393,2353,634
Total Liabilities 8,6279,88810,23710,43511,56612,9789,2979,7438,9187,699

Fixed Assets

Gross Block7,3097,5688,51910,14110,15210,3904,4594,460475478
Accumulated Depreciation2463833826028621,158429519257290
Net Fixed Assets7,0637,1858,1379,5399,2909,2314,0303,941218188
CWIP 7821,9381,57918328993969600
Investments 1058265845100725726176122
Inventories0000000000
Trade Receivables14146113231391227
Cash Equivalents 52170895258738110216752
Others Assets6105724006021,8843,4494,3354,8398,3457,310
Total Assets 8,6279,88810,23710,43511,56612,9789,2979,7438,9187,699

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 331264749777603192285769-1951,643
PBT -181-343-363-352-297-1871,103-240-38-386
Adjustment 4345971,0771,3771,5131,5461099451,016857
Changes in Working Capital 891843-253-591-1116-90478-11671206
Tax Paid -11-7-76-22-50-23-13-6-33
Cash Flow From Investing Activity -945-1,096-1,147-258-98-201283851,087-191
Capex -892-1,025-1,181-228-114-104-13-291,449-63
Net Investments -9010557-3116-93191843590
Others 37-176-2311-327796-797-217
Cash Flow From Financing Activity 615947315-556-50025-554-813-869-1,528
Net Proceeds from Shares 004250000000
Net Proceeds from Borrowing 7751,2856763771901,024-6017328-861
Interest Paid -490-637-853-839-786-1,050-1,058-772-850-547
Dividend Paid 0000-9-21-11000
Others 32929967-9410572574-214-47-120
Net Cash Flow 0116-83-37517144223-75
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)-21.26-43.03-57.03-137.01N/AN/A0-85.24-10.23N/A
ROCE (%)3.332.827.868.31N/AN/A30.179.8113.18N/A
Asset Turnover Ratio0.050.060.20.130.210.290.20.130.10.1
PAT to CFO Conversion(x)N/AN/AN/AN/AN/AN/A0.28N/AN/AN/A
Working Capital Days
Receivable Days7102102510109
Inventory Days0000000000
Payable Days0001,3355,41400000

Sadbhav Infrastructure Project Ltd Stock News

Sadbhav Infrastructure Project Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Sadbhav Infra. Proj on 19-Mar-2024 14:32 is ₹6.93.
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 19-Mar-2024 14:32 the market cap of Sadbhav Infra. Proj stood at ₹249.0.
The latest P/E ratio of Sadbhav Infra. Proj as of 19-Mar-2024 14:32 is 0.00.
The latest P/B ratio of Sadbhav Infra. Proj as of 19-Mar-2024 14:32 is 0.32.
The 52-week high of Sadbhav Infra. Proj is ₹9.31 and the 52-week low is ₹2.90.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Sadbhav Infra. Proj is ₹35.61 ( Cr.) .

About Sadbhav Infrastructure Project Ltd

The company was incorporated as Sadbhav Infrastructure Project Limited on January 18, 2007 at Ahmedabad as a public limited company under the Companies Act, 1956. The company obtained a certificate for commencement of business on February 7, 2007. The company is one of the leading road BOT companies in India that specialises in the development, operation and maintenance of highways, roads and related projects. The company, a subsidiary of Sadbhav Engineering (SEL), was incorporated as a developer and operator for highways, road and related projects on a BOT basis. All of its projects are implemented and held through special purpose vehicles, including joint venture entities.

The company has a project portfolio consisting of ten BOT projects of which six road projects are fully operational, one is the partially operational border check posts and the remaining three projects are in various stages of development. Nine of the ten BOT projects are toll projects (including user fee for the border check posts in Maharashtra), while the remaining one is an annuity project.

The company has initiated the process to acquire from SEL, the company corporate Promoter, 74.00% of the outstanding equity interest in MBHPL and 39.00% of the outstanding equity interest in DPTL. This restructuring is in accordance with its overall growth strategy to consolidate all BOT road projects to be developed by the company, in which SEL, its corporate Promoter, has shareholding. The company has also agreed to acquire 60.00% of the outstanding equity interest in DPTL from HCC Concessions and HCC. If these acquisitions are completed, its project portfolio will increase to 12 BOT projects, with seven fully operational projects, one partially operational border check posts project and four projects in various stages of development.

The company benefits significantly from the experience of and relationships established by SEL, its Corporate Promoter. The company generates revenues primarily from toll collection, user fee and annuity receipts. The company also provides operation and maintenance and advisory and project management services to its projects.

Business area of the company

The company is pre-qualified on an annual basis to bid either directly or through joint ventures for DBFOT projects. The company is involved in the development, operation and maintenance of national and state highways and roads in several states in India including Maharashtra, Gujarat, Rajasthan, Karnataka, Haryana, Madhya Pradesh and Telangana and border check posts in the state of Maharashtra.

Major events and milestones

2006-07: the company was incorporated as ‘Sadbhav Infrastructure Project Limited’.

2010-11: The company issued certain Equity Shares and CCCPS aggregating to ? 4,000 million collectively to Xander and Norwest.

2010-11: The company acquired equity shares of BHTPL aggregating to 76.99% of the equity share capital of BHTPL resulting in the company holding 76.99% of the share capital of BHTPL.

2010-11: The company acquired equity shares of ARRIL aggregating to 79.99% of the equity share capital of ARRIL from SEL resulting in the company holding 79.99% of the share capital of ARRIL.

2011-12: The company acquired equity shares of NSEL aggregating to 39% of the equity share capital of NSEL from SREI Venture Capital Trust A/c Infrastructure Project Development Fund resulting in the company and SEL collectively holding 90% of the share capital of NSEL.

2012-13: The company acquired equity shares of AJTL aggregating to 49% of the equity share capital of AJTL from PBA resulting in AJTL becoming itswholly owned subsidiary.

2012-13: The company issued SEL CCDs aggregating to Rs 750 million to SEL, itscorporate Promoter.

2013-14: The company acquired equity shares of NSEL aggregating to 9.99% of the equity share capital of NSEL from SREI Infrastructure Finance Limited resulting in the company and SEL collectively holding 99.99% of the share capital of NSEL.

2014-15: The company issued certain non convertible debentures aggregating to Rs 1,405.40 million to ITCL.

2014-15: The company acquired equity shares of NSEL aggregating to 21% of the equity share capital of NSEL from SEL resulting in the company holding 69.99% of the share capital of NSEL.

2014-15: The company acquired equity shares of BRTPL aggregating to 26% of the equity share capital of BRTPL from SEL resulting in the company holding 100% of the share capital of BRTPL.

2014-15: The company acquired equity shares of MBCPNL aggregating to 50.80% of the equity share capital of MBCPNL from SEL resulting in the company holding 77.82% of the share capital of MBCPNL.

2014-15: The company acquired equity shares of RHTPL aggregating to 26% of the equity share capital of RHTPL from SEL resulting in the company holding 100% of the share capital of RHTPL.

2014-15: The company acquired equity shares of SUTPL aggregating to 26% of the equity share capital of SUTPL from SEL resulting in the company holding 100% of the share capital of SUTPL.

2014-15: The company acquired equity shares of HYTPL aggregating to 39.99% of the equity share capital of HYTPL from GKC resulting in the company holding 99.99% of the share capital of HYTPL.

2014-15: The company issued certain listed, unsecured, rated, redeemable and taxable non convertible debentures aggregating to Rs 1,600 million to various subscribers.

2014-15: The company issued certain non convertible debentures aggregating to Rs 2,000 million to various subscribers.

2014-15: NSEL received rating of ‘AAA(SO)’ from CARE.

2014-15: The company received qualifications from NHAI as bidder for various BOT projects, with the highest estimated project cost being Rs 23,561.6 million.

2015-16: The company acquired equity shares of ARRIL aggregating to 13.99% of the equity share capital of ARRIL from PIPL resulting in the company holding 93.99% of the share capital of ARRIL.

2015-16: The company received annual pre-qualification for national highways projects on DBFOT basis having estimated project cost of Rs 26,500 million.

2015-16: The company acquired equity shares of NSEL aggregating to 29.99% of the equity share capital of NSEL from SEL resulting in the company holding 99.99% of the share capital of NSEL.

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