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INTERNATIONAL PAP. 2017-18 Annual Report Analysis

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INTERNATIONAL PAP. 2017-18 Annual Report Analysis
Tue, 2 Apr

INTERNATIONAL PAP. 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.

INTERNATIONAL PAP. Income Statement Analysis

  • Operating income during the year rose 7.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 30.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 17.5% in FY18 as against 14.5% in FY17.
  • Depreciation charges decreased by 6.0% and finance costs decreased by 22.3% YoY, respectively.
  • Other income declined by 11.2% YoY.
  • Net profit for the year grew by 156.4% YoY.
  • Net profit margins during the year grew from 2.7% in FY17 to 6.5% in FY18.

INTERNATIONAL PAP. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 11,724 12,640 7.8%
Other income Rs m 60 53 -11.2%
Total Revenues Rs m 11,783 12,693 7.7%
Gross profit Rs m 1,701 2,214 30.2%
Depreciation Rs m 700 658 -6.0%
Interest Rs m 336 261 -22.3%
Profit before tax Rs m 724 1,348 86.2%
Tax Rs m 118 434 266.8%
Profit after tax Rs m 324 831 156.4%
Gross profit margin % 14.5 17.5
Effective tax rate % 16.3 32.2
Net profit margin % 2.7 6.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INTERNATIONAL PAP. Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 4 billion as compared to Rs 4 billion in FY17, thereby witnessing an decrease of -18.0%.
  • Long-term debt down at Rs 648 million as compared to Rs 1 billion during FY17, a fall of 55.1%.
  • Current assets fell 2% and stood at Rs 3 billion, while fixed assets fell 7% and stood at Rs 7 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 11 billion as against Rs 12 billion during FY17, thereby witnessing a fall of 5%.

INTERNATIONAL PAP. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 4,780 5,640 18.0
 
Current Liabilities Rs m 4,391 3,600 -18.0
Long-term Debt Rs m 1,443 648 -55.1
Total Liabilities Rs m 11,546 10,966 -5.0
 
Current assets Rs m 2,926 2,879 -1.6
Fixed Assets Rs m 8,008 7,459 -6.9
Total Assets Rs m 11,546 10,966 -5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INTERNATIONAL PAP. Cash Flow Statement Analysis

  • INTERNATIONAL PAP.'s cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion, an improvement of 25.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -313 million, an improvement of 6.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 93 million from the Rs -29 million net cash flows seen during FY17.

INTERNATIONAL PAP. 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 1,718 2,151 25.2%
Cash Flow from Investing Activities Rs m -295 -313 -
Cash Flow from Financing Activities Rs m -1,452 -1,746 -
Net Cash Flow Rs m -29 93 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for INTERNATIONAL PAP.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 20.9, an improvement from the EPS of Rs 8.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 462.3, stands at 10.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 1.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 12.3 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 294.8 317.8
TTM Earnings per share Rs 8.1 20.9
Diluted earnings per share Rs 8.1 20.9
Price to Cash Flow x 17.9 12.3
TTM P/E ratio x 10.6 10.6
Price / Book Value ratio x 2.6 2.4
Market Cap Rs m 18,384 18,384
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for INTERNATIONAL PAP.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.8x during FY18, from 0.7x 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 6.2x during FY18, from 3.2x 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 improved and stood at 14.7% during FY18, from 6.8% 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 improved and stood at 24.3% during FY18, from 12.5% 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 improved and stood at 10.0% during FY18, from 5.7% 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 0.7 0.8
Debtors’ Days Days 21 20
Interest coverage x 3.2 6.2
Debt to equity ratio x 0.3 0.1
Return on assets % 5.7 10.0
Return on equity % 6.8 14.7
Return on capital employed % 12.5 24.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

INTERNATIONAL PAP. Share Price Performance

Over the last one year, INTERNATIONAL PAP. share price has moved up from Rs 302.0 to Rs 462.3, registering a gain of Rs 160.3 or around 53.1%.

Overall, the S&P BSE SENSEX is up 17.0% over the year.

(To know more, check out historical annual results for INTERNATIONAL PAP. and quarterly results for INTERNATIONAL PAP.)

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Related Views on News

INTERNATIONAL PAP. Announces Quarterly Results (4QFY19); Net Profit Up 83.0% (Quarterly Result Update)

May 7, 2019 | Updated on May 7, 2019

For the quarter ended March 2019, INTERNATIONAL PAP. has posted a net profit of Rs 599 m (up 83.0% YoY). Sales on the other hand came in at Rs 4 bn (up 10.5% YoY). Read on for a complete analysis of INTERNATIONAL PAP.'s quarterly results.

INTERNATIONAL PAP. Announces Quarterly Results (3QFY19); Net Profit Up 179.2% (Quarterly Result Update)

Feb 1, 2019 | Updated on Feb 1, 2019

For the quarter ended December 2018, INTERNATIONAL PAP. has posted a net profit of Rs 579 m (up 179.2% YoY). Sales on the other hand came in at Rs 4 bn (up 14.6% YoY). Read on for a complete analysis of INTERNATIONAL PAP.'s quarterly results.

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