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GE T&D INDIA 2018-19 Annual Report Analysis
Sun, 31 Mar

GE T&D INDIA has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

GE T&D INDIA Income Statement Analysis

  • Operating income during the year fell 1.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 62.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.5% in FY19 as against 6.4% in FY18.
  • Depreciation charges decreased by 7.4% and finance costs decreased by 19.7% YoY, respectively.
  • Other income declined by 75.7% YoY.
  • Net profit for the year grew by 1.9% YoY.
  • Net profit margins during the year grew from 4.9% in FY18 to 5.0% in FY19.

GE T&D INDIA Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 42,776 42,188 -1.4%
Other income Rs m 2,401 583 -75.7%
Total Revenues Rs m 45,177 42,771 -5.3%
Gross profit Rs m 2,744 4,445 62.0%
Depreciation Rs m 899 832 -7.4%
Interest Rs m 1,059 850 -19.7%
Profit before tax Rs m 3,188 3,346 4.9%
Tax Rs m 1,101 1,219 10.8%
Profit after tax Rs m 2,088 2,127 1.9%
Gross profit margin % 6.4 10.5
Effective tax rate % 34.5 36.4
Net profit margin % 4.9 5.0
* 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 FY19 down at Rs 30 billion as compared to Rs 38 billion in FY18, thereby witnessing an decrease of -20.2%.
  • Current assets fell 11% and stood at Rs 36 billion, while fixed assets rose 3% and stood at Rs 15 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 51 billion as against Rs 56 billion during FY18, thereby witnessing a fall of 8%.

GE T&D INDIA Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 11,896 14,280 20.0
 
Current Liabilities Rs m 37,742 30,116 -20.2
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 55,672 51,452 -7.6
 
Current assets Rs m 40,953 36,309 -11.3
Fixed Assets Rs m 14,720 15,143 2.9
Total Assets Rs m 55,672 51,452 -7.6
* 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 FY19 stood at Rs -4 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 3 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -1 billion, an improvement of 80% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -2 billion from the Rs 2 billion net cash flows seen during FY18.

GE T&D INDIA Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 10,540 -3,549 -
Cash Flow from Investing Activities Rs m -3,045 2,869 -
Cash Flow from Financing Activities Rs m -5,848 -1,145 -
Net Cash Flow Rs m 1,634 -1,823 -
* 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 8.3, an improvement from the EPS of Rs 8.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 274.6, stands at 33.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.9 times, while the price to sales ratio stands at 1.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 27.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 167.1 164.8
TTM Earnings per share Rs 8.2 8.3
Diluted earnings per share Rs 8.2 8.3
Price to Cash Flow x 34.7 27.4
TTM P/E ratio x 49.6 33.1
Price / Book Value ratio x 8.5 5.7
Market Cap Rs m 101,202 80,962
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 1.2x during FY19, from 1.1x during FY18. 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 4.9x during FY19, from 4.0x during FY18. 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 14.9% during FY19, from 17.5% during FY19. 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 29.4% during FY19, from 35.7% during FY18. 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 5.8% during FY19, from 5.7% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 1.1 1.2
Debtors’ Days Days 154 175
Interest coverage x 4.0 4.9
Debt to equity ratio x 0.0 0.0
Return on assets % 5.7 5.8
Return on equity % 17.5 14.9
Return on capital employed % 35.7 29.4
* 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 down from Rs 404.8 to Rs 274.6, registering a loss of Rs 130.2 or around 32.2%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,472.0 (up 0.5%). Over the last one year it has moved down from 18,476.7 to 18,472.0, a loss of 5 points (down 0.0%).

Overall, the S&P BSE SENSEX is up 16.3% 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 834.0 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 FY19? How does it compare to earlier years?

The revenues of GE T&D INDIA stood at Rs 42,771 m in FY19, which was down -5.3% compared to Rs 45,177 m reported in FY18.

GE T&D INDIA's revenue has grown from Rs 35,564 m in FY15 to Rs 42,771 m in FY19.

Over the past 5 years, the revenue of GE T&D INDIA has grown at a CAGR of 4.7%.

What was the net profit of GE T&D INDIA in FY19? How does it compare to earlier years?

The net profit of GE T&D INDIA stood at Rs 2,127 m in FY19, which was up 1.9% compared to Rs 2,088 m reported in FY18.

This compares to a net loss of Rs -867 m in FY17 and a net profit of Rs 345 m in FY16.

Over the past 5 years, GE T&D INDIA net profit has grown at a CAGR of 15.2%.

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 decreased in FY19 and stood at Rs -3,549 m as compared to Rs 10,540 m in FY18.
  • Cash flow from investments increased in FY19 and stood at Rs 2,869 m as compared to Rs -3,045 m in FY18.
  • Cash flow from financial activity increased in FY19 and stood at Rs -1,145 m as compared to Rs -5,848 m in FY18.

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

(Rs m)FY15FY16FY17FY18FY19
From Operations5,021-9091,88410,540-3,549
From Investments-1,369-496-461-3,0452,869
From Financial Activity-3,2011,201-1,306-5,848-1,145
Net Cashflow451-2041061,634-1,823

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 10.5% in FY19 as against 6.4% in FY18.
  • Net profit margins grew from 4.9% in FY18 to 5.0% in FY19.
  • Debt to Equity ratio for FY19 stood at 0.0 as compared to 0.0 in FY18.

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

 FY15FY16FY17FY18FY19
Operating Profit Margin (%)9.03.11.56.410.5
Net Profit Margin (%)3.41.1-2.34.95.0
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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