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20 MICRONS 2017-18 Annual Report Analysis

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20 MICRONS 2017-18 Annual Report Analysis
Fri, 11 Jan

20 MICRONS has announced its results for the year ended March 2018. Let us have a look at the detailed performance review of the company during FY17-18.

20 MICRONS Income Statement Analysis

  • Operating income during the year rose 5.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 7.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.9% in FY18 as against 13.5% in FY17.
  • Depreciation charges increased by 1.1% and finance costs decreased by 6.4% YoY, respectively.
  • Other income grew by 38.3% YoY.
  • Net profit for the year grew by 18.9% YoY.
  • Net profit margins during the year grew from 3.9% in FY17 to 4.4% in FY18.

20 MICRONS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 4,097 4,314 5.3%
Other income Rs m 18 25 38.3%
Total Revenues Rs m 4,115 4,339 5.5%
Gross profit Rs m 555 598 7.8%
Depreciation Rs m 102 103 1.1%
Interest Rs m 239 224 -6.4%
Profit before tax Rs m 232 296 27.9%
Tax Rs m 72 91 26.9%
Profit after tax Rs m 159 189 18.9%
Gross profit margin % 13.5 13.9
Effective tax rate % 31.0 30.7
Net profit margin % 3.9 4.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



20 MICRONS Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 1 billion as compared to Rs 2 billion in FY17, thereby witnessing an decrease of -1.8%.
  • Long-term debt down at Rs 581 million as compared to Rs 641 million during FY17, a fall of 9.3%.
  • Current assets rose 5% and stood at Rs 2 billion, while fixed assets rose 5% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 4 billion as against Rs 4 billion during FY17, thereby witnessing a growth of 3%.

20 MICRONS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 1,248 1,435 15.0
 
Current Liabilities Rs m 1,518 1,491 -1.8
Long-term Debt Rs m 641 581 -9.3
Total Liabilities Rs m 3,628 3,755 3.5
 
Current assets Rs m 1,581 1,654 4.6
Fixed Assets Rs m 1,825 1,918 5.1
Total Assets Rs m 3,628 3,755 3.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



20 MICRONS Cash Flow Statement Analysis

  • 20 MICRONS's cash flow from operating activities (CFO) during FY18 stood at Rs 606 million, an improvement of 36.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -183 million, an improvement of 112.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -436 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -13 million from the Rs 22 million net cash flows seen during FY17.

20 MICRONS Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 445 606 36.2%
Cash Flow from Investing Activities Rs m -86 -183 -
Cash Flow from Financing Activities Rs m -336 -436 -
Net Cash Flow Rs m 22 -13 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for 20 MICRONS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.4, an improvement from the EPS of Rs 4.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 42.0, stands at 11.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.2 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 4.8 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Sales per share (Unadj.) Rs 116.1 122.2
TTM Earnings per share Rs 4.5 5.4
Diluted earnings per share Rs 4.7 5.6
Price to Cash Flow x 5.7 4.8
TTM P/E ratio x 11.7 11.2
Price / Book Value ratio x 1.1 1.2
Market Cap Rs m 1,482 1,420
Dividends per share (Unadj.) Rs 0.0 0.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for 20 MICRONS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY18, from 1.0x during FY17. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 2.3x during FY18, from 2.0x during FY17. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company improved and stood at 13.2% during FY18, from 12.8% during FY18. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 25.0% during FY18, from 24.9% during FY17. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company improved and stood at 11.0% during FY18, from 11.0% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Current ratio x 1.0 1.1
Debtors’ Days Days 53 56
Interest coverage x 2.0 2.3
Debt to equity ratio x 0.5 0.4
Return on assets % 11.0 11.0
Return on equity % 12.8 13.2
Return on capital employed % 24.9 25.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how 20 MICRONS has performed over the last 5 years, please visit here.

20 MICRONS Share Price Performance

Over the last one year, 20 MICRONS share price has moved up from Rs 61.3 to Rs 42.0, registering a loss of Rs 19.3 or around 31.5%.

Overall, the S&P BSE SENSEX is up 4.3% over the year.

(To know more, check out historical annual results for 20 MICRONS and quarterly results for 20 MICRONS)

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