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ACC LTD 2017-18 Annual Report Analysis

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ACC LTD 2017-18 Annual Report Analysis
Tue, 5 Mar

ACC LTD has announced its results for the year ended December 2018. Let us have a look at the detailed performance review of the company during FY17-18.

ACC LTD Income Statement Analysis

  • Operating income during the year rose 11.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 7.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.8% in CY18 as against 14.4% in CY17.
  • Depreciation charges decreased by 6.3% and finance costs decreased by 10.9% YoY, respectively.
  • Other income grew by 10.7% YoY.
  • Net profit for the year grew by 64.5% YoY.
  • Net profit margins during the year grew from 6.9% in CY17 to 10.2% in CY18.

ACC LTD Income Statement 2017-18

No. of Mths Year Ending 12 Dec-17* 12 Dec-18* % Change
Net Sales Rs m 132,851 148,016 11.4%
Other income Rs m 1,289 1,427 10.7%
Total Revenues Rs m 134,140 149,443 11.4%
Gross profit Rs m 19,124 20,481 7.1%
Depreciation Rs m 6,436 6,032 -6.3%
Interest Rs m 985 878 -10.9%
Profit before tax Rs m 12,991 14,998 15.4%
Tax Rs m 3,856 -105 -102.7%
Profit after tax Rs m 9,245 15,206 64.5%
Gross profit margin % 14.4 13.8
Effective tax rate % 29.7 -0.7
Net profit margin % 6.9 10.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ACC LTD Balance Sheet Analysis

  • The company's current liabilities during CY18 down at Rs 47 billion as compared to Rs 48 billion in CY17, thereby witnessing an decrease of -1.8%.
  • Current assets rose 18% and stood at Rs 67 billion, while fixed assets fell 1% and stood at Rs 75 billion in CY18.
  • Overall, the total assets and liabilities for CY18 stood at Rs 161 billion as against Rs 148 billion during CY17, thereby witnessing a growth of 8%.

ACC LTD Balance Sheet as on December 2018

No. of Mths Year Ending 12 Dec-17* 12 Dec-18* % Change
Networth Rs m 93,559 105,319 12.6
 
Current Liabilities Rs m 47,927 47,062 -1.8
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 148,457 160,560 8.2
 
Current assets Rs m 56,549 66,844 18.2
Fixed Assets Rs m 75,493 74,860 -0.8
Total Assets Rs m 148,457 160,560 8.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ACC LTD Cash Flow Statement Analysis

  • ACC LTD's cash flow from operating activities (CFO) during CY18 stood at Rs 11 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during CY18 stood at Rs -4 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during CY18 stood at Rs -4 billion, an improvement of 11% on a YoY basis.
  • Overall, net cash flows for the company during CY18 stood at Rs 4 billion from the Rs 8 billion net cash flows seen during CY17.

ACC LTD Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Dec-17 Dec-18
Cash Flow from Operating Activities Rs m 15,545 11,175 -28.1%
Cash Flow from Investing Activities Rs m -3,796 -3,644 -
Cash Flow from Financing Activities Rs m -4,258 -3,805 -
Net Cash Flow Rs m 7,500 3,736 -50.2%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ACC LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 80.5, an improvement from the EPS of Rs 49.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,501.0, stands at 18.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.8 times, while the price to sales ratio stands at 2.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 13.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Dec-17* 12 Dec-18*
Sales per share (Unadj.) Rs 703.7 784.0
TTM Earnings per share Rs 49.0 80.5
Diluted earnings per share Rs 49.2 81.0
Price to Cash Flow x 18.2 13.3
TTM P/E ratio x 18.8 18.7
Price / Book Value ratio x 3.2 2.8
Market Cap Rs m 283,374 281,813
Dividends per share (Unadj.) Rs 26.0 14.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ACC LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during CY18, from 1.2x during CY17. 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 18.1x during CY18, from 14.2x during CY17. 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 14.4% during CY18, from 9.9% during CY18. 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 15.2% during CY18, from 15.1% during CY17. 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 10.0% during CY18, from 6.9% during CY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Dec-17* 12 Dec-18*
Current ratio x 1.2 1.4
Debtors’ Days Days 18 21
Interest coverage x 14.2 18.1
Debt to equity ratio x 0.0 0.0
Return on assets % 6.9 10.0
Return on equity % 9.9 14.4
Return on capital employed % 15.1 15.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

ACC LTD Share Price Performance

Over the last one year, ACC LTD share price has moved up from Rs 1,604.1 to Rs 1,501.0, registering a loss of Rs 103.1 or around 6.4%.

Overall, the S&P BSE SENSEX is up 6.2% over the year.

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

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For the quarter ended December 2018, ACC LTD has posted a net profit of Rs 7 bn (up 260.0% YoY). Sales on the other hand came in at Rs 39 bn (up 11.5% YoY). Read on for a complete analysis of ACC LTD's quarterly results.

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