ALLSEC TECHNOLOGIES 2017-18 Annual Report Analysis

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ALLSEC TECHNOLOGIES 2017-18 Annual Report Analysis
Tue, 19 Mar

ALLSEC 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.

ALLSEC TECHNOLOGIES Income Statement Analysis

  • Operating income during the year rose 2.2% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 2.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.8% in FY18 as against 19.7% in FY17.
  • Depreciation charges decreased by 18.8% and finance costs decreased by 72.3% YoY, respectively.
  • Other income grew by 1.2% YoY.
  • Net profit for the year declined by 3.5% YoY.
  • Net profit margins during the year declined from 19.0% in FY17 to 17.9% in FY18.

ALLSEC TECHNOLOGIES Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 3,181 3,250 2.2%
Other income Rs m 73 74 1.2%
Total Revenues Rs m 3,254 3,323 2.1%
Gross profit Rs m 627 610 -2.7%
Depreciation Rs m 55 45 -18.8%
Interest Rs m 12 3 -72.3%
Profit before tax Rs m 633 636 0.5%
Tax Rs m 16 41 160.3%
Profit after tax Rs m 617 595 -3.5%
Gross profit margin % 19.7 18.8
Effective tax rate % 2.5 6.4
Net profit margin % 19.0 17.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ALLSEC TECHNOLOGIES Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 302 million as compared to Rs 256 million in FY17, thereby witnessing an increase of 18.1%.
  • Long-term debt stood at Rs 7 million as compared to Rs 3 million during FY17, a growth of 160.0%.
  • Current assets rose 39% and stood at Rs 2 billion, while fixed assets rose 9% and stood at Rs 242 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 2 billion as against Rs 2 billion during FY17, thereby witnessing a growth of 37%.

ALLSEC TECHNOLOGIES Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 1,496 2,075 38.7
 
Current Liabilities Rs m 256 302 18.1
Long-term Debt Rs m 3 7 160.0
Total Liabilities Rs m 1,764 2,415 36.9
 
Current assets Rs m 1,346 1,877 39.5
Fixed Assets Rs m 223 242 8.6
Total Assets Rs m 1,764 2,415 36.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ALLSEC TECHNOLOGIES Cash Flow Statement Analysis

  • ALLSEC TECHNOLOGIES's cash flow from operating activities (CFO) during FY18 stood at Rs 528 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -142 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 1 million, an improvement of 101% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 375 million from the Rs 165 million net cash flows seen during FY17.

ALLSEC 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 703 528 -24.9%
Cash Flow from Investing Activities Rs m -423 -142 -
Cash Flow from Financing Activities Rs m -93 1 -
Net Cash Flow Rs m 165 375 127.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ALLSEC TECHNOLOGIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 39.1, an decline from the EPS of Rs 40.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 251.4, stands at 12.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.1 times, while the price to sales ratio stands at 2.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.0 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 208.7 213.2
TTM Earnings per share Rs 40.5 39.1
Diluted earnings per share Rs 40.5 39.1
Price to Cash Flow x 5.7 6.0
TTM P/E ratio x 12.8 12.8
Price / Book Value ratio x 2.9 3.1
Market Cap Rs m 3,831 3,831
Dividends per share (Unadj.) Rs 0.0 5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ALLSEC TECHNOLOGIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 6.2x during FY18, from 5.3x 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 193.7x during FY18, from 54.2x 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 declined and down at 28.7% during FY18, from 41.3% 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 30.7% during FY18, from 43.0% 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 24.8% during FY18, from 35.7% 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 5.3 6.2
Debtors’ Days Days 42 46
Interest coverage x 54.2 193.7
Debt to equity ratio x 0.0 0.0
Return on assets % 35.7 24.8
Return on equity % 41.3 28.7
Return on capital employed % 43.0 30.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

ALLSEC TECHNOLOGIES Share Price Performance

Over the last one year, ALLSEC TECHNOLOGIES share price has moved up from Rs 344.5 to Rs 251.4, registering a loss of Rs 93.1 or around 27.0%.

Meanwhile, the S&P BSE IT Index is trading at Rs 14,973.1 (down 0.1%). Over the last one year it has moved up from 12,074.2 to 14,973.1, a gain of 2,899 points (up 24.0%).

Overall, the S&P BSE SENSEX is up 15.7% over the year.

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

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