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GE T&D INDIA 2017-18 Annual Report Analysis

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GE T&D INDIA 2017-18 Annual Report Analysis
Thu, 20 Dec

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 6.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 549.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 5.9% in FY18 as against 1.0% in FY17.
  • Depreciation charges increased by 1.9% and finance costs decreased by 46.6% 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 2.1% in FY17 to 4.6% 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 40,521 43,317 6.9%
Other income Rs m 1,407 2,401 70.6%
Total Revenues Rs m 41,928 45,718 9.0%
Gross profit Rs m 396 2,569 549.0%
Depreciation Rs m 882 899 1.9%
Interest Rs m 1,654 883 -46.6%
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 % 1.0 5.9
Effective tax rate % -18.3 34.5
Net profit margin % -2.1 4.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GE T&D INDIA Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 35 billion as compared to Rs 40 billion in FY17, thereby witnessing an decrease of -13.1%.
  • Current assets fell 6% and stood at Rs 38 billion, while fixed assets fell 11% and stood at Rs 6 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 48 billion as against Rs 51 billion during FY17, thereby witnessing a fall of 7%.

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 39,702 34,514 -13.1
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 51,140 47,688 -6.7
 
Current assets Rs m 40,191 37,725 -6.1
Fixed Assets Rs m 6,805 6,038 -11.3
Total Assets Rs m 51,140 47,688 -6.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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: Company Reports, Regulatory Filings, 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 261.6, stands at 28.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 8.5 times, while the price to sales ratio stands at 2.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 22.4 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 158.3 169.2
TTM Earnings per share Rs -3.4 8.2
Diluted earnings per share Rs -3.4 8.2
Price to Cash Flow x 4,348.7 22.4
TTM P/E ratio x 28.7 28.7
Price / Book Value ratio x 9.1 8.5
Market Cap Rs m 66,970 66,967
Dividends per share (Unadj.) Rs 1.8 1.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 deteriorated and stood at 4.6x 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 34.2% during FY18, from 8.9% 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 improved and stood at 6.2% during FY18, from 1.5% 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 1.0 1.1
Debtors’ Days Days 205 152
Interest coverage x 0.6 4.6
Debt to equity ratio x 0.0 0.0
Return on assets % 1.5 6.2
Return on equity % -8.4 17.5
Return on capital employed % 8.9 34.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 426.9 to Rs 261.6, registering a loss of Rs 165.4 or around 38.7%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,794.4 (down 0.0%). Over the last one year it has moved up from 18,684.3 to 18,794.4, a gain of 110 points (up 0.6%).

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

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

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