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GE T&D INDIA 2017-18 Annual Report Analysis
Sat, 31 Mar

GE T&D INDIA 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.

GE T&D INDIA Income Statement Analysis

  • Operating income during the year rose 11.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 384.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 6.4% in FY18 as against 1.5% in FY17.
  • Depreciation charges increased by 1.9% and finance costs decreased by 42.0% YoY, respectively.
  • Other income grew by 70.6% YoY.
  • Net profit for the year declined by 340.9% YoY.
  • Net profit margins during the year grew from 2.3% in FY17 to 4.9% in FY18.

GE T&D INDIA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 38,447 42,776 11.3%
Other income Rs m 1,407 2,401 70.6%
Total Revenues Rs m 39,854 45,177 13.4%
Gross profit Rs m 566 2,744 384.9%
Depreciation Rs m 882 899 1.9%
Interest Rs m 1,824 1,059 -42.0%
Profit before tax Rs m -733 3,188 -535.1%
Tax Rs m 134 1,101 721.9%
Profit after tax Rs m -867 2,088 -340.9%
Gross profit margin % 1.5 6.4
Effective tax rate % -18.3 34.5
Net profit margin % -2.3 4.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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GE T&D INDIA Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 38 billion as compared to Rs 44 billion in FY17, thereby witnessing an decrease of -14.4%.
  • Current assets fell 8% and stood at Rs 41 billion, while fixed assets rose 10% and stood at Rs 15 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 56 billion as against Rs 58 billion during FY17, thereby witnessing a fall of 4%.

GE T&D INDIA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 10,328 11,896 15.2
 
Current Liabilities Rs m 44,075 37,742 -14.4
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 58,006 55,672 -4.0
 
Current assets Rs m 44,564 40,953 -8.1
Fixed Assets Rs m 13,442 14,720 9.5
Total Assets Rs m 58,006 55,672 -4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



GE T&D INDIA Cash Flow Statement Analysis

  • GE T&D INDIA's cash flow from operating activities (CFO) during FY18 stood at Rs 11 billion, an improvement of 459.5% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -3 billion, an improvement of 561.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -6 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 2 billion from the Rs 106 million net cash flows seen during FY17.

GE T&D INDIA 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 1,884 10,540 459.5%
Cash Flow from Investing Activities Rs m -461 -3,045 -
Cash Flow from Financing Activities Rs m -1,306 -5,848 -
Net Cash Flow Rs m 106 1,634 1,438.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for GE T&D INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.2, an improvement from the EPS of Rs -3.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 404.8, stands at 49.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 8.7 times, while the price to sales ratio stands at 2.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 33.9 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 150.2 167.1
TTM Earnings per share Rs -3.4 8.2
Diluted earnings per share Rs -3.4 8.2
Price to Cash Flow x 5,495.9 33.9
TTM P/E ratio x -97.9 49.6
Price / Book Value ratio x 9.1 8.5
Market Cap Rs m 94,232 101,202
Dividends per share (Unadj.) Rs 1.8 1.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for GE T&D INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY18, from 1.0x 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 4.0x during FY18, from 0.6x 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 17.5% during FY18, from -8.4% 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 35.7% during FY18, from 10.6% 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 5.7% during FY18, from 1.6% 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 1.0 1.1
Debtors’ Days Days 216 154
Interest coverage x 0.6 4.0
Debt to equity ratio x 0.0 0.0
Return on assets % 1.6 5.7
Return on equity % -8.4 17.5
Return on capital employed % 10.6 35.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how GE T&D INDIA has performed over the last 5 years, please visit here.

GE T&D INDIA Share Price Performance

Over the last one year, GE T&D INDIA share price has moved up from Rs 330.6 to Rs 404.8, registering a gain of Rs 74.3 or around 22.5%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,476.7 (down 0.1%). Over the last one year it has moved up from 16,446.0 to 18,476.7, a gain of 2,031 points (up 12.3%).

Overall, the S&P BSE SENSEX is up 12.1% over the year.

(To know more, check out historical annual results for GE T&D INDIA and quarterly results for GE T&D INDIA)

Annual Report FAQs

What is the current share price of GE T&D INDIA?

GE T&D INDIA currently trades at Rs 849.9 per share. You can check out the latest share price performance of GE T&D INDIA here...

What was the revenue of GE T&D INDIA in FY18? How does it compare to earlier years?

The revenues of GE T&D INDIA stood at Rs 45,177 m in FY18, which was up 13.4% compared to Rs 39,854 m reported in FY17.

GE T&D INDIA's revenue has grown from Rs 33,798 m in FY14 to Rs 45,177 m in FY18.

Over the past 5 years, the revenue of GE T&D INDIA has grown at a CAGR of 7.5%.

What was the net profit of GE T&D INDIA in FY18? How does it compare to earlier years?

The net profit of GE T&D INDIA stood at Rs 2,088 m in FY18, which was down -340.9% compared to Rs -867 m reported in FY17.

This compares to a net profit of Rs 345 m in FY16 and a net profit of Rs 1,206 m in FY15.

Over the past 5 years, GE T&D INDIA net profit has grown at a CAGR of 15.6%.

What does the cash flow statement of GE T&D INDIA reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of GE T&D INDIA reveals:

  • Cash flow from operations increased in FY18 and stood at Rs 10,540 m as compared to Rs 1,884 m in FY17.
  • Cash flow from investments decreased in FY18 and stood at Rs -3,045 m as compared to Rs -461 m in FY17.
  • Cash flow from financial activity decreased in FY18 and stood at Rs -5,848 m as compared to Rs -1,306 m in FY17.

Here's the cash flow statement of GE T&D INDIA for the past 5 years.

(Rs m)FY14FY15FY16FY17FY18
From Operations-1,4125,021-9091,88410,540
From Investments-1,194-1,369-496-461-3,045
From Financial Activity2,189-3,2011,201-1,306-5,848
Net Cashflow-417451-2041061,634

What does the Key Ratio analysis of GE T&D INDIA reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of GE T&D INDIA reveals:

  • Operating profit margins witnessed a fall and down at 6.4% in FY18 as against 1.5% in FY17.
  • Net profit margins grew from 2.3% in FY17 to 4.9% in FY18.
  • Debt to Equity ratio for FY18 stood at 0.0 as compared to 0.0 in FY17.

Here's the ratio/financial analysis of GE T&D INDIA for the past 5 years.

 FY14FY15FY16FY17FY18
Operating Profit Margin (%)9.49.03.11.56.4
Net Profit Margin (%)3.53.41.1-2.34.9
Debt to Equity Ratio (x)0.00.00.00.00.0

Read: Latest Annual Report Analysis of GE T&D INDIA

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