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AEGIS LOGISTICS 2017-18 Annual Report Analysis

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AEGIS LOGISTICS 2017-18 Annual Report Analysis
Wed, 6 Mar

AEGIS LOGISTICS 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.

AEGIS LOGISTICS Income Statement Analysis

  • Operating income during the year rose 21.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 29.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 5.9% in FY18 as against 5.5% in FY17.
  • Depreciation charges increased by 44.1% and finance costs decreased by 6.8% YoY, respectively.
  • Other income grew by 46.0% YoY.
  • Net profit for the year grew by 60.8% YoY.
  • Net profit margins during the year grew from 3.4% in FY17 to 4.5% in FY18.

AEGIS LOGISTICS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 39,303 47,910 21.9%
Other income Rs m 57 84 46.0%
Total Revenues Rs m 39,360 47,993 21.9%
Gross profit Rs m 2,173 2,820 29.8%
Depreciation Rs m 238 343 44.1%
Interest Rs m 163 152 -6.8%
Profit before tax Rs m 1,829 2,408 31.7%
Tax Rs m 362 110 -69.6%
Profit after tax Rs m 1,330 2,138 60.8%
Gross profit margin % 5.5 5.9
Effective tax rate % 19.8 4.6
Net profit margin % 3.4 4.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



AEGIS LOGISTICS Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 8 billion as compared to Rs 11 billion in FY17, thereby witnessing an decrease of -20.4%.
  • Long-term debt down at Rs 620 million as compared to Rs 774 million during FY17, a fall of 19.9%.
  • Current assets fell 26% and stood at Rs 6 billion, while fixed assets rose 80% and stood at Rs 14 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 22 billion as against Rs 20 billion during FY17, thereby witnessing a growth of 9%.

AEGIS LOGISTICS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 8,372 12,073 44.2
 
Current Liabilities Rs m 10,669 8,491 -20.4
Long-term Debt Rs m 774 620 -19.9
Total Liabilities Rs m 20,355 22,139 8.8
 
Current assets Rs m 8,434 6,270 -25.7
Fixed Assets Rs m 7,825 14,054 79.6
Total Assets Rs m 20,355 22,139 8.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



AEGIS LOGISTICS Cash Flow Statement Analysis

  • AEGIS LOGISTICS's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion, an improvement of 8.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -3 billion, an improvement of 34.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 2 billion, an improvement of 294% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 795 million from the Rs 36 million net cash flows seen during FY17.

AEGIS LOGISTICS 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 1,770 1,915 8.2%
Cash Flow from Investing Activities Rs m -2,201 -2,962 -
Cash Flow from Financing Activities Rs m 467 1,842 294.3%
Net Cash Flow Rs m 36 795 2,096.7%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for AEGIS LOGISTICS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 64.0, an improvement from the EPS of Rs 39.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 207.1, stands at 3.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.7 times, while the price to sales ratio stands at 0.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 3.1 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 1,176.7 1,434.4
TTM Earnings per share Rs 39.8 64.0
Diluted earnings per share Rs 33.9 54.5
Price to Cash Flow x 4.1 3.1
TTM P/E ratio x 2.9 3.4
Price / Book Value ratio x 0.6 0.7
Market Cap Rs m 6,915 8,123
Dividends per share (Unadj.) Rs 1.1 1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for AEGIS LOGISTICS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.7x during FY18, from 0.8x 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 16.8x during FY18, from 12.2x 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 17.7% during FY18, from 15.9% 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 18.9% during FY18, from 20.3% 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 10.3% during FY18, from 7.3% 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 0.8 0.7
Debtors’ Days Days 66 26
Interest coverage x 12.2 16.8
Debt to equity ratio x 0.1 0.1
Return on assets % 7.3 10.3
Return on equity % 15.9 17.7
Return on capital employed % 20.3 18.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

AEGIS LOGISTICS Share Price Performance

Over the last one year, AEGIS LOGISTICS share price has moved up from Rs 237.6 to Rs 207.1, registering a loss of Rs 30.6 or around 12.9%.

Overall, the S&P BSE SENSEX is up 8.4% over the year.

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

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Feb 4, 2019 | Updated on Feb 4, 2019

For the quarter ended December 2018, AEGIS LOGISTICS has posted a net profit of Rs 652 m (up 21.8% YoY). Sales on the other hand came in at Rs 13 bn (down 8.4% YoY). Read on for a complete analysis of AEGIS LOGISTICS's quarterly results.

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