ARIHANT SUPERSTRUCTURES LIMITED

Financials Arihant Superstructures Limited

Equities

ARIHANTSUP

INE643K01018

Real Estate Development & Operations

Market Closed - Bombay S.E. Other stock markets 06:00:47 2024-05-15 EDT			5-day change	1st Jan Change
338 ^INR	-0.88%		-0.88%	+24.65%

02-24	Arihant Superstructures Limited Appoints Ms. Tasneem Marfatia as Company Secretary and Compliance Officer	CI
02-15	Transcript : Arihant Superstructures Limited, Q3 2024 Earnings Call, Feb 15, 2024

Valuation

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Capitalization ¹	4,633	2,227	882.9	1,455	5,394	8,185
Enterprise Value (EV) ¹	7,400	5,968	4,640	4,295	8,303	11,438
P/E ratio	36.9 x	16.3 x	15.7 x	13 x	13.1 x	26.1 x
Yield	0.44%	0.92%	-	-	-	0.25%
Capitalization / Revenue	2.46 x	0.93 x	0.38 x	0.54 x	1.63 x	2.1 x
EV / Revenue	3.94 x	2.49 x	1.99 x	1.59 x	2.51 x	2.94 x
EV / EBITDA	19.9 x	11.1 x	10.8 x	8.94 x	11.9 x	14.7 x
EV / FCF	-93.7 x	-5.89 x	74.4 x	5.18 x	-55.9 x	-25.7 x
FCF Yield	-1.07%	-17%	1.34%	19.3%	-1.79%	-3.89%
Price to Book	3.94 x	1.83 x	0.7 x	1.05 x	3.02 x	3.9 x
Nbr of stocks (in thousands)	41,160	41,160	41,160	41,160	41,160	41,160
Reference price ²	112.6	54.10	21.45	35.35	131.0	198.8
Announcement Date	8/10/18	9/3/19	8/21/20	8/6/21	8/27/22	9/1/23

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net sales ¹	1,880	2,393	2,330	2,702	3,309	3,894
EBITDA ¹	371.6	539.7	430	480.4	697.2	775.7
EBIT ¹	358.7	521.4	410	460.2	680.1	756.3
Operating Margin	19.08%	21.79%	17.59%	17.04%	20.55%	19.42%
Earnings before Tax (EBT) ¹	221.4	227.2	155.8	200.3	485	522.3
Net income ¹	125.7	136.6	56.21	111.7	413.4	426.8
Net margin	6.69%	5.71%	2.41%	4.13%	12.49%	10.96%
EPS ²	3.050	3.318	1.366	2.710	10.04	7.630
Free Cash Flow ¹	-78.98	-1,014	62.32	829.3	-148.5	-445.3
FCF margin	-4.2%	-42.37%	2.67%	30.7%	-4.49%	-11.43%
FCF Conversion (EBITDA)	-	-	14.49%	172.63%	-	-
FCF Conversion (Net income)	-	-	110.87%	742.35%	-	-
Dividend per Share ²	0.5000	0.5000	-	-	-	0.5000
Announcement Date	8/10/18	9/3/19	8/21/20	8/6/21	8/27/22	9/1/23

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2023 Q1
Net sales ¹	889.8
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income	-
Net margin	-
EPS	-
Dividend per Share	-
Announcement Date	7/23/22

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net Debt ¹	2,768	3,741	3,757	2,840	2,909	3,253
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.449 x	6.932 x	8.736 x	5.912 x	4.172 x	4.194 x
Free Cash Flow ¹	-79	-1,014	62.3	829	-149	-445
ROE (net income / shareholders' equity)	11.8%	13.9%	7.82%	10.2%	22.6%	19%
ROA (Net income/ Total Assets)	3.53%	4.64%	3.48%	4.01%	5.51%	5.01%
Assets ¹	3,556	2,944	1,616	2,789	7,505	8,519
Book Value Per Share ²	28.60	29.60	30.80	33.70	43.30	51.00
Cash Flow per Share ²	2.980	3.630	2.790	2.920	3.580	1.930
Capex ¹	71	26.6	9.64	14.9	19.7	31.1
Capex / Sales	3.78%	1.11%	0.41%	0.55%	0.6%	0.8%
Announcement Date	8/10/18	9/3/19	8/21/20	8/6/21	8/27/22	9/1/23

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
ARIHANT SUPERSTRUCTURES LIMITED	+24.65%	168M
CHINA RESOURCES LAND LIMITED	+10.00%	28.11B
SUN HUNG KAI PROPERTIES LIMITED	-7.82%	27.28B
MITSUI FUDOSAN CO., LTD.	+25.23%	26.41B
DLF LIMITED	+13.66%	24.87B
MITSUBISHI ESTATE CO., LTD.	+43.67%	22.93B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+9.88%	21.18B
EMAAR PROPERTIES	-0.38%	19.18B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+23.84%	16.19B
CK ASSET HOLDINGS LIMITED	-10.20%	15.82B

Other Real Estate Development & Operations

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Financials Arihant Superstructures Limited

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