TRIDENT 2018-19 Annual Report Analysis

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TRIDENT 2018-19 Annual Report Analysis
Tue, 3 Sep

TRIDENT 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.

TRIDENT Income Statement Analysis

  • Operating income during the year rose 15.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 16.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 18.8% in FY19 as against 18.7% in FY18.
  • Depreciation charges decreased by 9.9% and finance costs increased by 0.2% YoY, respectively.
  • Other income declined by 30.1% YoY.
  • Net profit for the year grew by 39.7% YoY.
  • Net profit margins during the year grew from 5.8% in FY18 to 7.0% in FY19.

TRIDENT Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 45,594 52,486 15.1%
Other income Rs m 621 434 -30.1%
Total Revenues Rs m 46,215 52,920 14.5%
Gross profit Rs m 8,513 9,890 16.2%
Depreciation Rs m 4,041 3,640 -9.9%
Interest Rs m 1,182 1,185 0.2%
Profit before tax Rs m 3,911 5,499 40.6%
Tax Rs m 1,256 1,784 42.1%
Profit after tax Rs m 2,662 3,718 39.7%
Gross profit margin % 18.7 18.8
Effective tax rate % 32.1 32.4
Net profit margin % 5.8 7.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TRIDENT Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 18 billion as compared to Rs 17 billion in FY18, thereby witnessing an increase of 8.0%.
  • Long-term debt down at Rs 10 billion as compared to Rs 14 billion during FY18, a fall of 32.4%.
  • Current assets rose 11% and stood at Rs 20 billion, while fixed assets fell 9% and stood at Rs 38 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 62 billion as against Rs 62 billion during FY18, thereby witnessing a fall of 0%.

TRIDENT Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 27,263 29,730 9.1
 
Current Liabilities Rs m 16,861 18,216 8.0
Long-term Debt Rs m 14,108 9,536 -32.4
Total Liabilities Rs m 61,632 61,561 -0.1
 
Current assets Rs m 18,305 20,369 11.3
Fixed Assets Rs m 42,465 38,483 -9.4
Total Assets Rs m 61,632 61,561 -0.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TRIDENT Cash Flow Statement Analysis

  • TRIDENT's cash flow from operating activities (CFO) during FY19 stood at Rs 7 billion, an improvement of 37.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -440 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -6 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -380 million from the Rs 203 million net cash flows seen during FY18.

TRIDENT 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 4,763 6,557 37.7%
Cash Flow from Investing Activities Rs m -1,879 -440 -
Cash Flow from Financing Activities Rs m -2,681 -6,497 -
Net Cash Flow Rs m 203 -380 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for TRIDENT

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.5, an improvement from the EPS of Rs 5.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 55.8, stands at 6.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 0.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 3.9 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 91.6 105.4
TTM Earnings per share Rs 5.3 7.5
Diluted earnings per share Rs 5.2 7.3
Price to Cash Flow x 4.1 3.9
TTM P/E ratio x 6.4 6.5
Price / Book Value ratio x 1.5 1.1
Market Cap Rs m 27,779 28,374
Dividends per share (Unadj.) Rs 1.5 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for TRIDENT

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x 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 improved and stood at 5.6x during FY19, from 4.3x 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 12.5% during FY19, from 9.8% 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 17.0% during FY19, from 12.3% 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 8.0% during FY19, from 6.2% 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 1.1
Debtors’ Days Days 37 46
Interest coverage x 4.3 5.6
Debt to equity ratio x 0.5 0.3
Return on assets % 6.2 8.0
Return on equity % 9.8 12.5
Return on capital employed % 12.3 17.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

TRIDENT Share Price Performance

Over the last one year, TRIDENT share price has moved down from Rs 67.7 to Rs 55.8, registering a loss of Rs 11.9 or around 17.5%.

Overall, the S&P BSE SENSEX is down 4.5% over the year.

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

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Related Views on News

TRIDENT Announces Quarterly Results (2QFY21); Net Profit Down 26.9% (Quarterly Result Update)

Oct 16, 2020 | Updated on Oct 16, 2020

For the quarter ended September 2020, TRIDENT has posted a net profit of Rs 1 bn (down 26.9% YoY). Sales on the other hand came in at Rs 12 bn (down 11.3% YoY). Read on for a complete analysis of TRIDENT's quarterly results.

TRIDENT Announces Quarterly Results (4QFY20); Net Profit Down 57.3% (Quarterly Result Update)

May 19, 2020 | Updated on May 19, 2020

For the quarter ended March 2020, TRIDENT has posted a net profit of Rs 396 m (down 57.3% YoY). Sales on the other hand came in at Rs 10 bn (down 29.5% YoY). Read on for a complete analysis of TRIDENT's quarterly results.

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