GE POWER INDIA LTD 2018-19 Annual Report Analysis

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GE POWER INDIA LTD 2018-19 Annual Report Analysis
Tue, 17 Sep

GE POWER INDIA LTD has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

GE POWER INDIA LTD Income Statement Analysis

  • Operating income during the year rose 42.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 43.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 9.4% in FY19 as against 9.3% in FY18.
  • Depreciation charges decreased by 38.1% and finance costs increased by 73.3% YoY, respectively.
  • Other income declined by 1.8% YoY.
  • Net profit for the year grew by 183.4% YoY.
  • Net profit margins during the year grew from 1.8% in FY18 to 3.7% in FY19.

GE POWER INDIA LTD Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 13,380 19,028 42.2%
Other income Rs m 1,348 1,324 -1.8%
Total Revenues Rs m 14,728 20,352 38.2%
Gross profit Rs m 1,248 1,787 43.2%
Depreciation Rs m 508 314 -38.1%
Interest Rs m 237 411 73.3%
Profit before tax Rs m 1,850 2,385 28.9%
Tax Rs m 157 708 350.9%
Profit after tax Rs m 266 754 183.4%
Gross profit margin % 9.3 9.4
Effective tax rate % 8.5 29.7
Net profit margin % 1.8 3.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GE POWER INDIA LTD Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 26 billion as compared to Rs 30 billion in FY18, thereby witnessing an decrease of -13.3%.
  • Current assets fell 8% and stood at Rs 31 billion, while fixed assets fell 42% and stood at Rs 2 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 36 billion as against Rs 39 billion during FY18, thereby witnessing a fall of 9%.

GE POWER INDIA LTD Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 8,283 8,819 6.5
 
Current Liabilities Rs m 29,893 25,907 -13.3
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 39,128 35,592 -9.0
 
Current assets Rs m 33,585 30,966 -7.8
Fixed Assets Rs m 2,804 1,627 -42.0
Total Assets Rs m 39,128 35,592 -9.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GE POWER INDIA LTD Cash Flow Statement Analysis

  • GE POWER INDIA LTD's cash flow from operating activities (CFO) during FY19 stood at Rs -2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 2 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -394 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -575 million from the Rs -7 billion net cash flows seen during FY18.

GE POWER INDIA LTD Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 481 -2,410 -
Cash Flow from Investing Activities Rs m -6,999 2,229 -
Cash Flow from Financing Activities Rs m -277 -394 -
Net Cash Flow Rs m -6,795 -575 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for GE POWER INDIA LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.2, an improvement from the EPS of Rs 4.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 766.8, stands at 79.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.4 times, while the price to sales ratio stands at 3.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 48.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 199.0 283.0
TTM Earnings per share Rs 4.0 11.2
Diluted earnings per share Rs 4.0 11.2
Price to Cash Flow x 66.6 48.3
TTM P/E ratio x 79.4 79.4
Price / Book Value ratio x 6.6 6.4
Market Cap Rs m 51,552 51,552
Dividends per share (Unadj.) Rs 3.0 6.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for GE POWER INDIA LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.2x during FY19, from 1.1x during FY18. 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 6.8x during FY19, from 8.8x during FY18. 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 8.5% during FY19, from 3.2% during FY19. 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 21.2% during FY19, from 8.0% during FY18. 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 3.3% during FY19, from 1.3% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 1.1 1.2
Debtors’ Days Days 259 188
Interest coverage x 8.8 6.8
Debt to equity ratio x 0.0 0.0
Return on assets % 1.3 3.3
Return on equity % 3.2 8.5
Return on capital employed % 8.0 21.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how GE POWER INDIA LTD has performed over the last 5 years, please visit here.

GE POWER INDIA LTD Share Price Performance

Over the last one year, GE POWER INDIA LTD share price has moved up from Rs 743.9 to Rs 766.8, registering a gain of Rs 23.0 or around 3.1%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,261.5 (down 0.2%). Over the last one year it has moved down from 18,429.3 to 17,261.5, a loss of 1,168 points (down 6.3%).

Overall, the S&P BSE SENSEX is down 1.5% over the year.

(To know more, check out historical annual results for GE POWER INDIA LTD and quarterly results for GE POWER INDIA LTD)

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