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CASTEX TECHNOLOGIES 2017-18 Annual Report Analysis

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CASTEX TECHNOLOGIES 2017-18 Annual Report Analysis
Tue, 18 Dec

CASTEX TECHNOLOGIES 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.

CASTEX TECHNOLOGIES Income Statement Analysis

  • Operating income during the year fell 64.2% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 113.1% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 5.8% in FY18 as against 15.8% in FY17.
  • Depreciation charges decreased by 9.8% and finance costs decreased by 20.2% YoY, respectively.
  • Other income grew by 710.4% YoY.
  • Net profit for the year grew by 73.9% YoY.
  • Net profit margins during the year declined from 70.7% in FY17 to 336.4% in FY18.

CASTEX TECHNOLOGIES Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 14,672 5,252 -64.2%
Other income Rs m 14 117 710.4%
Total Revenues Rs m 14,686 5,369 -63.4%
Gross profit Rs m 2,322 -304 -113.1%
Depreciation Rs m 5,265 4,748 -9.8%
Interest Rs m 8,051 6,424 -20.2%
Profit before tax Rs m -10,979 -11,359 3.5%
Tax Rs m -4,598 0 -100.0%
Profit after tax Rs m -10,385 -18,061 73.9%
Gross profit margin % 15.8 -5.8
Effective tax rate % 41.9 0.0
Net profit margin % -70.7 -336.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CASTEX TECHNOLOGIES Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 77 billion as compared to Rs 70 billion in FY17, thereby witnessing an increase of 9.6%.
  • Long-term debt stood at Rs 127 million as compared to Rs 113 million during FY17, a growth of 12.4%.
  • Current assets fell 51% and stood at Rs 7 billion, while fixed assets fell 6% and stood at Rs 55 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 84 billion as against Rs 95 billion during FY17, thereby witnessing a fall of 12%.

CASTEX TECHNOLOGIES Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 23,050 4,952 -78.5
 
Current Liabilities Rs m 69,928 76,631 9.6
Long-term Debt Rs m 113 127 12.4
Total Liabilities Rs m 95,095 83,940 -11.7
 
Current assets Rs m 14,658 7,111 -51.5
Fixed Assets Rs m 59,124 55,339 -6.4
Total Assets Rs m 95,095 83,940 -11.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CASTEX TECHNOLOGIES Cash Flow Statement Analysis

  • CASTEX TECHNOLOGIES's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -847 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -152 million, an improvement of 83% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 35 million from the Rs -261 million net cash flows seen during FY17.

CASTEX TECHNOLOGIES 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 5,054 1,058 -79.1%
Cash Flow from Investing Activities Rs m -4,365 -847 -
Cash Flow from Financing Activities Rs m -918 -152 -
Net Cash Flow Rs m -261 35 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for CASTEX TECHNOLOGIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -47.8, an decline from the EPS of Rs -27.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1.2, stands at 0.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.5 times, while the price to sales ratio stands at 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 0.0 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 38.8 13.9
TTM Earnings per share Rs -27.5 -47.8
Diluted earnings per share Rs -37.4 -65.0
Price to Cash Flow x -0.1 0.0
TTM P/E ratio x 0.0 0.0
Price / Book Value ratio x 0.0 0.5
Market Cap Rs m 461 339
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 CASTEX TECHNOLOGIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.1x during FY18, from 0.2x 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 -0.8x during FY18, from -0.4x 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 -364.7% during FY18, from -45.1% 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 -229.1% during FY18, from -29.9% 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 -13.9% during FY18, from -2.5% 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 0.2 0.1
Debtors’ Days Days 84 254
Interest coverage x -0.4 -0.8
Debt to equity ratio x 0.0 0.0
Return on assets % -2.5 -13.9
Return on equity % -45.1 -364.7
Return on capital employed % -29.9 -229.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how CASTEX TECHNOLOGIES has performed over the last 5 years, please visit here.

CASTEX TECHNOLOGIES Share Price Performance

Over the last one year, CASTEX TECHNOLOGIES share price has moved up from Rs 4.9 to Rs 1.2, registering a loss of Rs 3.7 or around 75.3%.

Overall, the S&P BSE SENSEX is up 7.4% over the year.

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

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