DELTA CORP. 2018-19 Annual Report Analysis

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DELTA CORP. 2018-19 Annual Report Analysis
Fri, 18 Oct

DELTA CORP. 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.

DELTA CORP. Income Statement Analysis

  • Operating income during the year rose 31.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 29.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 39.9% in FY19 as against 40.7% in FY18.
  • Depreciation charges increased by 1.5% and finance costs decreased by 82.9% YoY, respectively.
  • Other income grew by 9.3% YoY.
  • Net profit for the year grew by 29.7% YoY.
  • Net profit margins during the year declined from 24.3% in FY18 to 24.2% in FY19.

DELTA CORP. Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 6,077 7,978 31.3%
Other income Rs m 286 313 9.3%
Total Revenues Rs m 6,363 8,291 30.3%
Gross profit Rs m 2,470 3,187 29.0%
Depreciation Rs m 371 377 1.5%
Interest Rs m 104 18 -82.9%
Profit before tax Rs m 2,281 3,105 36.1%
Tax Rs m 737 1,141 54.9%
Profit after tax Rs m 1,548 2,007 29.7%
Gross profit margin % 40.7 39.9
Effective tax rate % 32.3 36.8
Net profit margin % 24.3 24.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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DELTA CORP. Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 1 billion as compared to Rs 3 billion in FY18, thereby witnessing an decrease of -57.1%.
  • Current assets rose 6% and stood at Rs 7 billion, while fixed assets rose 1% and stood at Rs 12 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 21 billion as against Rs 20 billion during FY18, thereby witnessing a growth of 4%.

DELTA CORP. Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 16,827 19,423 15.4
 
Current Liabilities Rs m 2,752 1,181 -57.1
Long-term Debt Rs m 13 0 -100.0
Total Liabilities Rs m 20,082 20,950 4.3
 
Current assets Rs m 7,053 7,445 5.6
Fixed Assets Rs m 12,277 12,424 1.2
Total Assets Rs m 20,082 20,950 4.3
* 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 FY19 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -785 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -727 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -497 million from the Rs 935 million net cash flows seen during FY18.

DELTA CORP. 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 2,285 1,014 -55.6%
Cash Flow from Investing Activities Rs m -4,605 -785 -
Cash Flow from Financing Activities Rs m 3,011 -727 -
Net Cash Flow Rs m 935 -497 -
* 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 7.4, an improvement from the EPS of Rs 5.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 178.8, stands at 19.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.5 times, while the price to sales ratio stands at 8.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 17.3 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 22.7 29.4
TTM Earnings per share Rs 5.8 7.4
Diluted earnings per share Rs 6.7 8.7
Price to Cash Flow x 24.8 17.3
TTM P/E ratio x 22.9 19.7
Price / Book Value ratio x 4.3 3.5
Market Cap Rs m 47,845 41,242
Dividends per share (Unadj.) Rs 1.0 0.7
* 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 6.3x during FY19, from 2.6x 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 175.5x during FY19, from 23.0x 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 improved and stood at 10.3% during FY19, from 9.2% 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 improved and stood at 16.3% during FY19, from 14.2% 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 9.7% during FY19, from 8.2% 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 2.6 6.3
Debtors’ Days Days 5 3
Interest coverage x 23.0 175.5
Debt to equity ratio x 0.0 0.0
Return on assets % 8.2 9.7
Return on equity % 9.2 10.3
Return on capital employed % 14.2 16.3
* 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 down from Rs 227.0 to Rs 178.8, registering a loss of Rs 48.2 or around 21.2%.

Overall, the S&P BSE SENSEX is up 12.8% over the year.

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

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Related Views on News

DELTA CORP. Announces Quarterly Results (4QFY20); Net Profit Down 49.9% (Quarterly Result Update)

May 20, 2020 | Updated on May 20, 2020

For the quarter ended March 2020, DELTA CORP. has posted a net profit of Rs 287 m (down 49.9% YoY). Sales on the other hand came in at Rs 2 bn (down 11.4% YoY). Read on for a complete analysis of DELTA CORP.'s quarterly results.

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

Jan 15, 2020 | Updated on Jan 15, 2020

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.

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