BSE: 533292 | NSE: A2ZINFRA | Engineering - Construction | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that A2Z Infra Engineering Ltd is a below average quality company.
The key valuation ratios of A2Z Infra Engineering Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of A2Z Infra Engineering 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'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -5% | 4.6% | 2.4% | 1% | 6.4% | -23.8% | -4.7% | -26.5% | -16.5% | -2.5% | - |
| Value Creation Index ⓘ | -1.4 | -0.7 | -0.8 | -0.9 | -0.6 | -2.7 | -1.3 | -2.9 | -2.2 | -1.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 219 | 961 | 635 | 358 | 507 | 385 | 188 | 136 | 69.6 | 86 | 74 |
| Sales YoY Gr. | - | 338.7% | -34% | -43.7% | 41.9% | -24.1% | -51.2% | -27.6% | -48.8% | 23.6% | - |
| Adj EPS ⓘ | -14.6 | -3.4 | -9.2 | -7.3 | 0.7 | -9.5 | -4.7 | -9.5 | -3.1 | -1.7 | -1.3 |
| YoY Gr. | - | NA | NA | NA | NA | -1404.1% | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 91.6 | 55 | 41.4 | 34.6 | 36.4 | 20 | 15.4 | 5.6 | 0.6 | 0.2 | -1.1 |
| Adj Net Profit ⓘ | -126 | -43.7 | -134 | -128 | 12.9 | -168 | -82.3 | -166 | -54.4 | -30.2 | -23 |
| Cash Flow from Ops. ⓘ | 20 | -6 | 51.3 | 9.3 | 118 | -43.9 | -19.8 | 22 | 32.3 | 62.6 | - |
| Debt/CF from Ops. ⓘ | 45.7 | -155.8 | 18.7 | 79.5 | 2.9 | -8.8 | -22.2 | 14.5 | 8.1 | 2.8 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -9.9% | -29.9% | -22.9% | 23.6% | ||||
| Adj EPS ⓘ | NA | -218.7% | NA | NA | ||||
| BVPSⓘ | -50.3% | -65.8% | -77.7% | -70.2% | ||||
| Share Price | -2.1% | 13.9% | 46.5% | 51.6% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -14.4 | -5.7 | -20.3 | -21 | 2 | -33.3 | -25.8 | -86.2 | -88 | -242.2 | 274.2 |
| Op. Profit Mgn % ⓘ | -41.6 | 7 | 7.9 | -7.6 | 8.3 | -10.1 | -25.2 | -110 | -44.3 | -53.8 | -63.2 |
| Net Profit Mgn % ⓘ | -57.7 | -4.6 | -21.1 | -35.7 | 2.5 | -43.5 | -43.8 | -122.3 | -78.2 | -35.1 | -31.6 |
| Debt to Equity ⓘ | 1.2 | 1.3 | 1.6 | 1.2 | 0.5 | 1.1 | 1.6 | 3.2 | 26.3 | 59.4 | - |
| Working Cap Days ⓘ | 2,048 | 560 | 998 | 1,723 | 1,051 | 1,169 | 2,251 | 2,571 | 3,630 | 1,959 | 894 |
| Cash Conv. Cycle ⓘ | 871 | 134 | 209 | 572 | 280 | 267 | 489 | 256 | -333 | -329 | -332 |
Return on Equity has increased versus last 3 years average to 274.20%
Sales growth is good in last 4 quarters at 15.13%
Sales growth has been subdued in last 3 years -22.93%
Net Profit has been subdued in last 3 years 0.00%
Debt to equity has increased versus last 3 years average to 59.35
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | -1.3 | 0.2 |
| TTM Sales (₹ Cr.) | 74.2 | 353 |
| BVPS (₹.) ⓘ | -1.1 | 1.7 |
| Reserves (₹ Cr.) ⓘ | -196 | -147 |
| P/BV ⓘ | -15.69 | 10.69 |
| PE ⓘ | 0.00 | 114.15 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 9.57 / 24.62 |
| All Time Low / High (₹) | 2.82 / 398.90 |
| Market Cap (₹ Cr.) | 314 |
| Equity (₹ Cr.) | 176.1 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 35.9 |
| Pledged * | 99.98 | 99.98 | 99.98 | 99.98 | 99.98 | 99.98 | 99.68 | 99.68 | 99.68 | 99.68 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 219 | 961 | 635 | 358 | 507 | 385 | 188 | 136 | 70 | 86 |
| Operating Expenses ⓘ | 311 | 900 | 587 | 385 | 465 | 424 | 236 | 295 | 100 | 132 |
| Manufacturing Costs | 216 | 780 | 475 | 280 | 400 | 341 | 165 | 111 | 52 | 72 |
| Material Costs | 0 | 25 | 50 | 26 | 0 | 0 | 0 | 0 | 0 | 0 |
| Employee Cost | 32 | 23 | 20 | 22 | 21 | 18 | 5 | 2 | 3 | 4 |
| Other Costs ⓘ | 63 | 71 | 43 | 57 | 43 | 65 | 66 | 181 | 45 | 56 |
| Operating Profit ⓘ | -92 | 61 | 48 | -27 | 42 | -39 | -49 | -159 | -31 | -46 |
| Operating Profit Margin (%) | -42.0% | 6.4% | 7.5% | -7.6% | 8.3% | -10.1% | -25.9% | -116.0% | -44.3% | -54.0% |
| Other Income ⓘ | 9 | 33 | 16 | 37 | 17 | 19 | 18 | 10 | 31 | 11 |
| Interest ⓘ | 118 | 117 | 120 | 130 | 41 | 49 | 48 | 20 | 7 | 3 |
| Depreciation ⓘ | 10 | 17 | 14 | 13 | 11 | 10 | 5 | 4 | 5 | 1 |
| Exceptional Items ⓘ | 5 | 0 | -10 | 18 | 27 | -176 | 0 | 1 | -53 | 31 |
| Profit Before Tax ⓘ | -206 | -39 | -81 | -115 | 33 | -255 | -83 | -172 | -65 | -9 |
| Tax ⓘ | -82 | 1 | 59 | 0 | 1 | 36 | 0 | 0 | 26 | 0 |
| Profit After Tax | -124 | -40 | -139 | -115 | 32 | -291 | -83 | -172 | -92 | -9 |
| PAT Margin (%) | -56.5% | -4.2% | -21.9% | -32.1% | 6.3% | -75.5% | -44.3% | -126.0% | -131.0% | -10.1% |
| Adjusted EPS (₹) | -14.3 | -3.2 | -9.6 | -6.5 | 1.8 | -16.5 | -4.7 | -9.8 | -5.2 | -0.5 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 797 | 698 | 599 | 609 | 642 | 352 | 271 | 99 | 10 | 3 |
| Share Capital ⓘ | 87 | 127 | 145 | 176 | 176 | 176 | 176 | 176 | 176 | 176 |
| Reserves ⓘ | 710 | 571 | 454 | 433 | 466 | 176 | 95 | -77 | -166 | -173 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 821 | 829 | 816 | 601 | 255 | 261 | 287 | 261 | 198 | 156 |
| Long Term Debt | 319 | 302 | 251 | 151 | 27 | 2 | 0 | 5 | 3 | 0 |
| Short Term Debt | 501 | 527 | 565 | 450 | 227 | 259 | 286 | 256 | 195 | 156 |
| Trade Payables | 209 | 676 | 659 | 573 | 560 | 569 | 531 | 458 | 276 | 199 |
| Others Liabilities ⓘ | 157 | 299 | 373 | 492 | 384 | 414 | 437 | 301 | 271 | 139 |
| Total Liabilities ⓘ | 1,984 | 2,502 | 2,448 | 2,275 | 1,841 | 1,596 | 1,525 | 1,118 | 755 | 497 |
Fixed Assets | ||||||||||
| Gross Block | 253 | 245 | 243 | 242 | 212 | 210 | 203 | 211 | 200 | 200 |
| Accumulated Depreciation | 45 | 58 | 69 | 98 | 107 | 167 | 166 | 168 | 189 | 190 |
| Net Fixed Assetsⓘ | 207 | 187 | 173 | 144 | 105 | 44 | 38 | 42 | 11 | 10 |
| CWIP ⓘ | 267 | 266 | 209 | 181 | 142 | 44 | 44 | 45 | 7 | 10 |
| Investmentsⓘ | 297 | 299 | 298 | 291 | 288 | 282 | 293 | 233 | 143 | 143 |
| Inventories | 12 | 18 | 8 | 3 | 4 | 0 | 0 | 0 | 0 | 0 |
| Trade Receivables | 666 | 1,012 | 1,200 | 1,172 | 895 | 818 | 819 | 432 | 251 | 111 |
| Cash Equivalents | 2 | 8 | 52 | 11 | 8 | 5 | 4 | 2 | 5 | 1 |
| Others Assetsⓘ | 532 | 713 | 509 | 473 | 399 | 403 | 327 | 364 | 338 | 223 |
| Total Assets ⓘ | 1,984 | 2,502 | 2,448 | 2,275 | 1,841 | 1,596 | 1,525 | 1,118 | 755 | 497 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 20 | -6 | 51 | 9 | 118 | -44 | -20 | 22 | 32 | 63 |
| PBT ⓘ | -206 | -39 | -81 | -115 | 33 | -255 | -83 | -172 | -65 | -9 |
| Adjustment ⓘ | 146 | 148 | 150 | 118 | 35 | 271 | 93 | 185 | 61 | 11 |
| Changes in Working Capital ⓘ | 81 | -110 | -14 | 11 | 59 | -52 | -44 | 8 | 33 | 51 |
| Tax Paid ⓘ | -2 | -4 | -5 | -5 | -9 | -8 | 14 | 2 | 3 | 9 |
| Cash Flow From Investing Activity ⓘ | -27 | 21 | -5 | 13 | -3 | 10 | 6 | 23 | -4 | -3 |
| Capex | -29 | 7 | -5 | -4 | 0 | 0 | 1 | 14 | -4 | -3 |
| Net Investments | -3 | 0 | -2 | -2 | -6 | 7 | 3 | 1 | 0 | 0 |
| Others ⓘ | 6 | 13 | 3 | 19 | 3 | 3 | 2 | 8 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | 1 | -9 | -3 | -63 | -118 | 31 | 12 | -47 | -26 | -64 |
| Net Proceeds from Shares ⓘ | 12 | 20 | 29 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 77 | 11 | -14 | -27 | -96 | -22 | -1 | -34 | -12 | -35 |
| Interest Paid ⓘ | -53 | -74 | -57 | -33 | -6 | -18 | -14 | -12 | -1 | -1 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | -35 | 34 | 38 | -4 | -15 | 71 | 27 | -1 | -13 | -28 |
| Net Cash Flow ⓘ | -6 | 6 | 44 | -41 | -3 | -3 | -1 | -2 | 3 | -5 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -14.61 | -5.4 | -21.46 | -19 | 5.14 | -58.57 | -26.7 | -93.07 | -168.05 | -135.27 |
| ROCE (%) | -5.01 | 4.63 | 2.43 | 1.04 | 6.36 | -23.77 | -4.74 | -26.54 | -16.51 | -2.51 |
| Asset Turnover Ratio | 0.11 | 0.43 | 0.26 | 0.15 | 0.25 | 0.22 | 0.12 | 0.1 | 0.07 | 0.14 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | 3.69 | N/A | N/A | N/A | N/A | N/A | Working Capital Days |
| Receivable Days | 1,123 | 318 | 636 | 1,211 | 744 | 812 | 1,591 | 1,678 | 1,790 | 768 |
| Inventory Days | 21 | 6 | 7 | 6 | 3 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 6,412 | 4,878 | 8,639 | 0 | 0 | 0 | 0 | 0 | 0 |
A2Z Maintenance was incorporated as “A2Z Maintenance Services Private Limited†on January 7, 2002 under the Companies Act. Pursuant to a resolution of the board of directors of the company dated April 28, 2005 and a special resolution of the shareholders at an extraordinary general meeting held on May 2, 2005, the name of the company was changed from “A2Z Maintenance Services Private Limited†to “A2Z Maintenance & Engineering Services Private Limited†to reflect the enhanced scope of services offered by the company. The fresh certificate of incorporation was issued by the RoC on June 13, 2005. Subsequently, pursuant to a special resolution of the shareholders of the company at an extraordinary general meeting held on March 12, 2010, the company became a public limited company and the word “private†was deleted from its name. The fresh certificate of incorporation to reflect the new name was issued by the RoC on March 26, 2010.
The company has been engaged in providing services to the power transmission and distribution sector with a focus primarily on the distribution segment. The company is diversifying this business to provide EPC services to power generation companies and companies in other sectors, including road and telecommunications. In addition, it is significantly focused on and involved in other businesses that include generating power from renewable energy sources (Renewable Energy Generation business), providing municipal solid waste management services (the MSW business), providing facility management services (the FMS business) and developing information technology (IT) solutions for power utilities (the Power IT Solutions business). The company’s business operations are geographically spread across India and conducted through the company and its direct and indirect subsidiaries.
The company has been operating in EPC business since fiscal 2006 and has historically focused primarily on the power distribution sector, where the EPC services include the installation of distribution line infrastructure with capacities of up to 33 KV, the construction of substations of up to 33 KV and participation in system strengthening projects and rural electrification projects. In the power transmission sector, where it has undertaken select projects, its EPC services portfolio includes the construction of extra high voltage (EHV) substations of up to 400 KV and EHV transmission lines of up to 765 KV. The company is executing projects in the power transmission and distribution sector in India for various state power utilities and central public sector utilities such as PGCIL, NTPC and NHPC.
In the MSW business, the company provides collection, transportation, processing, disposal and treatment of municipal solid waste (MSW). In a short span of time since 2008, it has been awarded contracts for setting up IRRFs on a BOOT basis with an aggregate MSW capacity of 3,800 tons per day (TPD) in six cities, the collection and transportation (C&T) of MSW of an aggregate capacity of 910 TPD in two cities and the processing and disposal of MSW of an aggregate capacity of 488 TPD in six cities in India. At present, the C&T activities in the cities of Indore, Patna, Varanasi and Meerut and the P&D activities in the city of Kanpur are operational.
The company has been engaged in FMS business since its incorporation in 2002 and differentiates itself by leveraging its engineering skills and assisting clients in adopting preventive maintenance and energy saving solutions. Its services in the FMS business include engineering maintenance, energy saving solutions, janitorial services, parking management, property lease management, telecommunications tower maintenance and security services to public and private sector clients.
Subsidiaries of the company
Milestones and Achievements
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