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TRIDENT 2017-18 Annual Report Analysis
Sat, 31 Mar

TRIDENT 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 Income Statement Analysis

  • Operating income during the year fell 0.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 7.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.0% in FY18 as against 19.4% in FY17.
  • Depreciation charges decreased by 2.0% and finance costs decreased by 16.2% YoY, respectively.
  • Other income declined by 9.4% YoY.
  • Net profit for the year declined by 21.1% YoY.
  • Net profit margins during the year declined from 7.4% in FY17 to 5.8% in FY18.

TRIDENT Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 45,758 45,471 -0.6%
Other income Rs m 1,062 963 -9.4%
Total Revenues Rs m 46,821 46,433 -0.8%
Gross profit Rs m 8,855 8,172 -7.7%
Depreciation Rs m 4,125 4,041 -2.0%
Interest Rs m 1,411 1,182 -16.2%
Profit before tax Rs m 4,382 3,911 -10.7%
Tax Rs m 1,016 1,256 23.6%
Profit after tax Rs m 3,366 2,655 -21.1%
Gross profit margin % 19.4 18.0
Effective tax rate % 23.2 32.1
Net profit margin % 7.4 5.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



New Research: 2 stocks to buy as Nifty50 heads towards 40,000

TRIDENT 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 17.4%.
  • 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 7% and stood at Rs 43 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 62 billion as against Rs 62 billion during FY17, thereby witnessing a fall of 0%.

TRIDENT Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 27,569 27,262 -1.1
 
Current Liabilities Rs m 14,367 16,861 17.4
Long-term Debt Rs m 17,442 14,108 -19.1
Total Liabilities Rs m 61,840 61,632 -0.3
 
Current assets Rs m 15,071 18,305 21.5
Fixed Assets Rs m 46,769 43,326 -7.4
Total Assets Rs m 61,840 61,632 -0.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TRIDENT Cash Flow Statement Analysis

  • TRIDENT'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 203 million from the Rs 229 million net cash flows seen during FY17.

TRIDENT 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 4,763 -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 229 203 -11.4%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for TRIDENT

  • 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 59.4, stands at 114.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 11.1 times, while the price to sales ratio stands at 0.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.3 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 91.9 91.3
TTM Earnings per share Rs 6.8 5.3
Diluted earnings per share Rs 0.7 0.5
Price to Cash Flow x 58.7 6.3
TTM P/E ratio x 130.6 114.8
Price / Book Value ratio x 1.2 1.5
Market Cap Rs m 32,935 41,954
Dividends per share (Unadj.) Rs 0.2 0.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for TRIDENT

  • 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 improved 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 9.7% 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 12.3% 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 6.2% 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 6.2
Return on equity % 12.2 9.7
Return on capital employed % 12.9 12.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 86.3 to Rs 59.4, registering a loss of Rs 26.9 or around 31.2%.

Overall, the S&P BSE SENSEX is up 12.1% over the year.

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

Annual Report FAQs

What is the current share price of TRIDENT?

TRIDENT currently trades at Rs 36.6 per share. You can check out the latest share price performance of TRIDENT here...

What was the revenue of TRIDENT in FY18? How does it compare to earlier years?

The revenues of TRIDENT stood at Rs 46,433 m in FY18, which was down -0.8% compared to Rs 46,821 m reported in FY17.

TRIDENT's revenue has grown from Rs 36,848 m in FY16 to Rs 46,433 m in FY18.

Over the past 3 years, the revenue of TRIDENT has grown at a CAGR of 12.3%.

What was the net profit of TRIDENT in FY18? How does it compare to earlier years?

The net profit of TRIDENT stood at Rs 2,655 m in FY18, which was down -21.1% compared to Rs 3,366 m reported in FY17.

This compares to a net profit of Rs 2,421 m in FY16.

Over the past 3 years, TRIDENT net profit has grown at a CAGR of 4.7%.

What does the cash flow statement of TRIDENT reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of TRIDENT reveals:

  • Cash flow from operations decreased in FY18 and stood at Rs 4,763 m as compared to Rs 9,988 m in FY17.
  • Cash flow from investments decreased in FY18 and stood at Rs -1,879 m as compared to Rs -1,675 m in FY17.
  • Cash flow from financial activity increased in FY18 and stood at Rs -2,681 m as compared to Rs -8,084 m in FY17.

Here's the cash flow statement of TRIDENT for the past 3 years.

(Rs m)FY16FY17FY18
From Operations5,3229,9884,763
From Investments-11,985-1,675-1,879
From Financial Activity6,670-8,084-2,681
Net Cashflow6229203

What does the Key Ratio analysis of TRIDENT reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of TRIDENT reveals:

  • Operating profit margins witnessed a fall and stood at 18.0% in FY18 as against 19.4% in FY17.
  • Net profit margins declined from 7.4% in FY17 to 5.8% in FY18.
  • Debt to Equity ratio for FY18 stood at 0.5 as compared to 0.6 in FY17.

Here's the ratio/financial analysis of TRIDENT for the past 3 years.

 FY16FY17FY18
Operating Profit Margin (%)20.219.418.0
Net Profit Margin (%)6.77.45.8
Debt to Equity Ratio (x)0.90.60.5

Read: Latest Annual Report Analysis of TRIDENT

 

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