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ABAN OFFSHORE 2017-18 Annual Report Analysis

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ABAN OFFSHORE 2017-18 Annual Report Analysis
Wed, 20 Mar

ABAN OFFSHORE 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.

ABAN OFFSHORE Income Statement Analysis

  • Operating income during the year fell 16.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 164.6% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 40.0% in FY18 as against 51.6% in FY17.
  • Depreciation charges decreased by 5.2% and finance costs increased by 17.6% YoY, respectively.
  • Other income declined by 2.6% YoY.
  • Net profit for the year grew by 150.4% YoY.
  • Net profit margins during the year declined from 58.7% in FY17 to 176.0% in FY18.

ABAN OFFSHORE Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 17,579 14,669 -16.6%
Other income Rs m 149 145 -2.6%
Total Revenues Rs m 17,728 14,814 -16.4%
Gross profit Rs m 9,066 -5,860 -164.6%
Depreciation Rs m 7,012 6,647 -5.2%
Interest Rs m 10,905 12,821 17.6%
Profit before tax Rs m -8,702 -25,184 189.4%
Tax Rs m 1,709 881 -48.4%
Profit after tax Rs m -10,408 -26,065 150.4%
Gross profit margin % 51.6 -40.0
Effective tax rate % -19.6 -3.5
Net profit margin % -58.7 -176.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ABAN OFFSHORE Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 165 billion as compared to Rs 38 billion in FY17, thereby witnessing an increase of 328.3%.
  • Long-term debt down at Rs 602 million as compared to Rs 118 billion during FY17, a fall of 99.5%.
  • Current assets rose 3% and stood at Rs 25 billion, while fixed assets fell 11% and stood at Rs 144 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 169 billion as against Rs 187 billion during FY17, thereby witnessing a fall of 10%.

ABAN OFFSHORE Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 26,355 187 -99.3
 
Current Liabilities Rs m 38,418 164,560 328.3
Long-term Debt Rs m 118,272 602 -99.5
Total Liabilities Rs m 187,277 169,377 -9.6
 
Current assets Rs m 24,259 24,944 2.8
Fixed Assets Rs m 162,121 143,689 -11.4
Total Assets Rs m 187,277 169,377 -9.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ABAN OFFSHORE Cash Flow Statement Analysis

  • ABAN OFFSHORE's cash flow from operating activities (CFO) during FY18 stood at Rs 4 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -678 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -3 billion, an improvement of 85% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 95 million from the Rs -427 million net cash flows seen during FY17.

ABAN OFFSHORE 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 18,023 3,959 -78.0%
Cash Flow from Investing Activities Rs m 2,570 -678 -
Cash Flow from Financing Activities Rs m -21,021 -3,188 -
Net Cash Flow Rs m -427 95 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ABAN OFFSHORE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -223.3, an decline from the EPS of Rs -89.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 62.8, stands at -0.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 135.9 times, while the price to sales ratio stands at 1.7 times.
  • The company's price to cash flow (P/CF) ratio stood at -0.2 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 150.6 125.7
TTM Earnings per share Rs -89.2 -223.3
Diluted earnings per share Rs -183.1 -458.4
Price to Cash Flow x -2.2 -0.2
TTM P/E ratio x -0.3 -0.1
Price / Book Value ratio x 1.0 135.9
Market Cap Rs m 7,325 3,568
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ABAN OFFSHORE

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.2x during FY18, from 0.6x 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 -1.0x during FY18, from 0.2x 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 declined and down at -13,953.4% during FY18, from -39.5% 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 declined and down at -1,566.7% during FY18, from 1.5% 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 declined and down at -7.8% during FY18, from 0.3% 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 0.6 0.2
Debtors’ Days Days 385 466
Interest coverage x 0.2 -1.0
Debt to equity ratio x 4.5 3.2
Return on assets % 0.3 -7.8
Return on equity % -39.5 -13,953.4
Return on capital employed % 1.5 -1,566.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how ABAN OFFSHORE has performed over the last 5 years, please visit here.

ABAN OFFSHORE Share Price Performance

Over the last one year, ABAN OFFSHORE share price has moved up from Rs 157.8 to Rs 62.8, registering a loss of Rs 95.0 or around 60.2%.

Overall, the S&P BSE SENSEX is up 16.8% over the year.

(To know more, check out historical annual results for ABAN OFFSHORE and quarterly results for ABAN OFFSHORE)

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Feb 5, 2019 | Updated on Feb 5, 2019

For the quarter ended December 2018, ABAN OFFSHORE has posted a net profit of Rs 4 bn (down 34.6% YoY). Sales on the other hand came in at Rs 2 bn (down 48.3% YoY). Read on for a complete analysis of ABAN OFFSHORE's quarterly results.

ABAN OFFSHORE Announces Quarterly Results (2QFY19); Net Profit Down 38.7% (Quarterly Result Update)

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