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JOHNSON CONTROLS - HITACHI AC INDIA 2017-18 Annual Report Analysis

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JOHNSON CONTROLS - HITACHI AC INDIA 2017-18 Annual Report Analysis
Mon, 31 Dec

JOHNSON CONTROLS - HITACHI AC 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.

JOHNSON CONTROLS - HITACHI AC INDIA Income Statement Analysis

  • Operating income during the year rose 14.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 18.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 9.1% in FY18 as against 8.7% in FY17.
  • Depreciation charges increased by 2.1% and finance costs decreased by 54.9% YoY, respectively.
  • Other income grew by 9.0% YoY.
  • Net profit for the year grew by 23.1% YoY.
  • Net profit margins during the year grew from 4.2% in FY17 to 4.6% in FY18.

JOHNSON CONTROLS - HITACHI AC INDIA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 19,173 21,854 14.0%
Other income Rs m 68 74 9.0%
Total Revenues Rs m 19,241 21,928 14.0%
Gross profit Rs m 1,678 1,989 18.5%
Depreciation Rs m 519 529 2.1%
Interest Rs m 44 20 -54.9%
Profit before tax Rs m 1,183 1,514 27.9%
Tax Rs m 370 512 38.5%
Profit after tax Rs m 813 1,002 23.1%
Gross profit margin % 8.7 9.1
Effective tax rate % 31.3 33.8
Net profit margin % 4.2 4.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



JOHNSON CONTROLS - HITACHI AC INDIA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 7 billion as compared to Rs 6 billion in FY17, thereby witnessing an increase of 5.5%.
  • Current assets rose 18% and stood at Rs 10 billion, while fixed assets fell 4% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 13 billion as against Rs 11 billion during FY17, thereby witnessing a growth of 12%.

JOHNSON CONTROLS - HITACHI AC INDIA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 4,402 5,352 21.6
 
Current Liabilities Rs m 6,368 6,720 5.5
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 11,205 12,561 12.1
 
Current assets Rs m 8,146 9,644 18.4
Fixed Assets Rs m 2,572 2,459 -4.4
Total Assets Rs m 11,205 12,561 12.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



JOHNSON CONTROLS - HITACHI AC INDIA Cash Flow Statement Analysis

  • JOHNSON CONTROLS - HITACHI AC INDIA's cash flow from operating activities (CFO) during FY18 stood at Rs 972 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -320 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -531 million, an improvement of 52% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 122 million from the Rs 199 million net cash flows seen during FY17.

JOHNSON CONTROLS - HITACHI AC 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 1,716 972 -43.3%
Cash Flow from Investing Activities Rs m -414 -320 -
Cash Flow from Financing Activities Rs m -1,102 -531 -
Net Cash Flow Rs m 199 122 -38.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for JOHNSON CONTROLS - HITACHI AC INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 36.8, an improvement from the EPS of Rs 29.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,750.0, stands at 52.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 11.2 times, while the price to sales ratio stands at 2.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 31.1 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 705.1 803.7
TTM Earnings per share Rs 29.9 36.8
Diluted earnings per share Rs 29.9 36.8
Price to Cash Flow x 35.7 31.1
TTM P/E ratio x 52.9 52.9
Price / Book Value ratio x 9.3 11.2
Market Cap Rs m 47,583 47,583
Dividends per share (Unadj.) Rs 1.5 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for JOHNSON CONTROLS - HITACHI AC INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY18, from 1.3x 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 deteriorated and stood at 77.4x during FY18, from 27.9x 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 18.7% during FY18, from 18.5% 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 28.7% during FY18, from 27.9% 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 8.1% during FY18, from 7.7% 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 1.3 1.4
Debtors’ Days Days 54 69
Interest coverage x 27.9 77.4
Debt to equity ratio x 0.0 0.0
Return on assets % 7.7 8.1
Return on equity % 18.5 18.7
Return on capital employed % 27.9 28.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how JOHNSON CONTROLS - HITACHI AC INDIA has performed over the last 5 years, please visit here.

JOHNSON CONTROLS - HITACHI AC INDIA Share Price Performance

Over the last one year, JOHNSON CONTROLS - HITACHI AC INDIA share price has moved up from Rs 2,673.9 to Rs 1,750.0, registering a loss of Rs 923.9 or around 34.6%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 20,745.3 (up 0.9%). Over the last one year it has moved down from 22,689.5 to 20,745.3, a loss of 1,944 points (down 8.6%).

Overall, the S&P BSE SENSEX is up 6.8% over the year.

(To know more, check out historical annual results for JOHNSON CONTROLS - HITACHI AC INDIA and quarterly results for JOHNSON CONTROLS - HITACHI AC INDIA)

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