DELTA CORP. 2017-18 Annual Report Analysis

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DELTA CORP. 2017-18 Annual Report Analysis
Thu, 20 Dec

DELTA CORP. 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.

DELTA CORP. Income Statement Analysis

  • Operating income during the year rose 33.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 50.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 40.7% in FY18 as against 36.1% in FY17.
  • Depreciation charges increased by 2.8% and finance costs decreased by 70.3% YoY, respectively.
  • Other income grew by 478.2% YoY.
  • Net profit for the year grew by 118.4% YoY.
  • Net profit margins during the year grew from 15.4% in FY17 to 24.3% in FY18.

DELTA CORP. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 4,547 6,077 33.7%
Other income Rs m 50 286 478.2%
Total Revenues Rs m 4,596 6,363 38.4%
Gross profit Rs m 1,640 2,470 50.7%
Depreciation Rs m 361 371 2.8%
Interest Rs m 350 104 -70.3%
Profit before tax Rs m 978 2,281 133.2%
Tax Rs m 280 737 162.9%
Profit after tax Rs m 709 1,548 118.4%
Gross profit margin % 36.1 40.7
Effective tax rate % 28.7 32.3
Net profit margin % 15.4 24.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DELTA CORP. Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 3 billion as compared to Rs 3 billion in FY17, thereby witnessing an decrease of -3.7%.
  • Long-term debt down at Rs 13 million as compared to Rs 242 million during FY17, a fall of 94.8%.
  • Current assets rose 111% and stood at Rs 7 billion, while fixed assets rose 44% and stood at Rs 12 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 20 billion as against Rs 13 billion during FY17, thereby witnessing a growth of 58%.

DELTA CORP. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 9,202 16,827 82.9
 
Current Liabilities Rs m 2,858 2,752 -3.7
Long-term Debt Rs m 242 13 -94.8
Total Liabilities Rs m 12,573 19,836 57.8
 
Current assets Rs m 3,371 7,099 110.6
Fixed Assets Rs m 8,526 12,277 44.0
Total Assets Rs m 12,573 19,836 57.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DELTA CORP. Cash Flow Statement Analysis

  • DELTA CORP.'s cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion, an improvement of 74.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -5 billion, an improvement of 608.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 3 billion, an improvement of 611% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 935 million from the Rs 70 million net cash flows seen during FY17.

DELTA CORP. 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 1,309 2,285 74.6%
Cash Flow from Investing Activities Rs m -650 -4,605 -
Cash Flow from Financing Activities Rs m -589 3,011 -
Net Cash Flow Rs m 70 935 1,231.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for DELTA CORP.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.8, an improvement from the EPS of Rs 3.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 255.8, stands at 32.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.3 times, while the price to sales ratio stands at 11.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 30.6 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 19.6 22.7
TTM Earnings per share Rs 3.1 5.8
Diluted earnings per share Rs 3.1 6.7
Price to Cash Flow x 53.8 30.6
TTM P/E ratio x 33.0 32.9
Price / Book Value ratio x 3.1 4.3
Market Cap Rs m 59,237 58,991
Dividends per share (Unadj.) Rs 0.4 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for DELTA CORP.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.6x during FY18, from 1.2x 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 23.0x during FY18, from 3.8x 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 9.2% during FY18, from 7.7% 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 14.2% during FY18, from 14.2% 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 8.3% during FY18, from 8.4% 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 1.2 2.6
Debtors’ Days Days 3 5
Interest coverage x 3.8 23.0
Debt to equity ratio x 0.0 0.0
Return on assets % 8.4 8.3
Return on equity % 7.7 9.2
Return on capital employed % 14.2 14.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how DELTA CORP. has performed over the last 5 years, please visit here.

DELTA CORP. Share Price Performance

Over the last one year, DELTA CORP. share price has moved up from Rs 309.9 to Rs 255.8, registering a loss of Rs 54.2 or around 17.5%.

Overall, the S&P BSE SENSEX is up 7.5% over the year.

(To know more, check out historical annual results for DELTA CORP. and quarterly results for DELTA CORP.)

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DELTA CORP. Announces Quarterly Results (3QFY20); Net Profit Up 9.4% (Quarterly Result Update)

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For the quarter ended December 2019, DELTA CORP. has posted a net profit of Rs 551 m (up 9.4% YoY). Sales on the other hand came in at Rs 2 bn (down 0.3% YoY). Read on for a complete analysis of DELTA CORP.'s quarterly results.

DELTA CORP. 2018-19 Annual Report Analysis (Annual Result Update)

Oct 18, 2019 | Updated on Oct 18, 2019

Here's an analysis of the annual report of DELTA CORP. for 2018-19. It includes a full income statement, balance sheet and cash flow analysis of DELTA CORP.. Also includes updates on the valuation of DELTA CORP..

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For the quarter ended September 2019, DELTA CORP. has posted a net profit of Rs 590 m (up 22.7% YoY). Sales on the other hand came in at Rs 2 bn (down 0.3% YoY). Read on for a complete analysis of DELTA CORP.'s quarterly results.

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