TRIDENT LTD. 2017-18 Annual Report Analysis

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TRIDENT LTD. 2017-18 Annual Report Analysis
Fri, 21 Dec

TRIDENT LTD. 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.

TRIDENT LTD. Income Statement Analysis

  • Operating income during the year fell 1.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 7.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.0% in FY18 as against 19.2% in FY17.
  • Depreciation charges decreased by 2.0% and finance costs decreased by 16.2% YoY, respectively.
  • Other income declined by 11.3% YoY.
  • Net profit for the year declined by 21.7% YoY.
  • Net profit margins during the year declined from 7.1% in FY17 to 5.7% in FY18.

TRIDENT LTD. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 46,252 45,575 -1.5%
Other income Rs m 1,062 942 -11.3%
Total Revenues Rs m 47,314 46,517 -1.7%
Gross profit Rs m 8,862 8,199 -7.5%
Depreciation Rs m 4,125 4,041 -2.0%
Interest Rs m 1,411 1,182 -16.2%
Profit before tax Rs m 4,388 3,917 -10.7%
Tax Rs m 1,016 1,277 25.7%
Profit after tax Rs m 3,372 2,640 -21.7%
Gross profit margin % 19.2 18.0
Effective tax rate % 23.2 32.6
Net profit margin % 7.1 5.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TRIDENT LTD. Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 17 billion as compared to Rs 14 billion in FY17, thereby witnessing an increase of 18.2%.
  • Long-term debt down at Rs 14 billion as compared to Rs 17 billion during FY17, a fall of 19.1%.
  • Current assets rose 21% and stood at Rs 18 billion, while fixed assets fell 5% and stood at Rs 42 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 63 billion as against Rs 62 billion during FY17, thereby witnessing a growth of 2%.

TRIDENT LTD. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 27,569 29,415 6.7
 
Current Liabilities Rs m 14,367 16,977 18.2
Long-term Debt Rs m 17,442 14,108 -19.1
Total Liabilities Rs m 61,840 63,312 2.4
 
Current assets Rs m 15,071 18,308 21.5
Fixed Assets Rs m 44,680 42,465 -5.0
Total Assets Rs m 61,840 63,312 2.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TRIDENT LTD. Cash Flow Statement Analysis

  • TRIDENT LTD.'s cash flow from operating activities (CFO) during FY18 stood at Rs 5 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion, an improvement of 12.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -3 billion, an improvement of 67% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 202 million from the Rs 229 million net cash flows seen during FY17.

TRIDENT LTD. 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 9,988 4,762 -52.3%
Cash Flow from Investing Activities Rs m -1,675 -1,879 -
Cash Flow from Financing Activities Rs m -8,084 -2,681 -
Net Cash Flow Rs m 229 202 -11.5%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for TRIDENT LTD.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.3, an decline from the EPS of Rs 6.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 66.2, stands at 11.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.0 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 92.9 91.5
TTM Earnings per share Rs 6.8 5.3
Diluted earnings per share Rs 6.6 5.2
Price to Cash Flow x 4.4 5.0
TTM P/E ratio x 11.3 11.5
Price / Book Value ratio x 1.2 1.4
Market Cap Rs m 32,956 33,662
Dividends per share (Unadj.) Rs 1.5 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for TRIDENT LTD.

  • 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 4.3x during FY18, from 4.1x 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 9.0% during FY18, from 12.2% 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 11.7% during FY18, from 12.9% 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 declined and down at 6.0% during FY18, from 7.7% 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 30 37
Interest coverage x 4.1 4.3
Debt to equity ratio x 0.6 0.5
Return on assets % 7.7 6.0
Return on equity % 12.2 9.0
Return on capital employed % 12.9 11.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

TRIDENT LTD. Share Price Performance

Over the last one year, TRIDENT LTD. share price has moved up from Rs 92.6 to Rs 66.2, registering a loss of Rs 26.4 or around 28.5%.

Overall, the S&P BSE SENSEX is up 7.6% over the year.

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

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