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ASAHI INDIA 2017-18 Annual Report Analysis

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ASAHI INDIA 2017-18 Annual Report Analysis
Wed, 19 Dec

ASAHI 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.

ASAHI INDIA Income Statement Analysis

  • Operating income during the year rose 12.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 11.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 17.8% in FY18 as against 17.9% in FY17.
  • Depreciation charges increased by 19.7% and finance costs decreased by 14.2% YoY, respectively.
  • Other income declined by 14.9% YoY.
  • Net profit for the year grew by 18.6% YoY.
  • Net profit margins during the year grew from 6.3% in FY17 to 6.7% in FY18.

ASAHI INDIA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 23,451 26,330 12.3%
Other income Rs m 286 243 -14.9%
Total Revenues Rs m 23,737 26,573 11.9%
Gross profit Rs m 4,190 4,677 11.6%
Depreciation Rs m 792 948 19.7%
Interest Rs m 1,442 1,237 -14.2%
Profit before tax Rs m 2,242 2,735 22.0%
Tax Rs m 730 930 27.5%
Profit after tax Rs m 1,496 1,774 18.6%
Gross profit margin % 17.9 17.8
Effective tax rate % 32.5 34.0
Net profit margin % 6.3 6.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ASAHI INDIA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 12 billion as compared to Rs 9 billion in FY17, thereby witnessing an increase of 28.2%.
  • Long-term debt stood at Rs 9 billion as compared to Rs 8 billion during FY17, a growth of 17.1%.
  • Current assets rose 13% and stood at Rs 11 billion, while fixed assets rose 21% and stood at Rs 20 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 33 billion as against Rs 28 billion during FY17, thereby witnessing a growth of 16%.

ASAHI INDIA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 9,267 10,756 16.1
 
Current Liabilities Rs m 9,276 11,894 28.2
Long-term Debt Rs m 7,781 9,109 17.1
Total Liabilities Rs m 28,304 32,814 15.9
 
Current assets Rs m 9,581 10,846 13.2
Fixed Assets Rs m 16,738 20,212 20.8
Total Assets Rs m 28,304 32,814 15.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ASAHI INDIA Cash Flow Statement Analysis

  • ASAHI INDIA's cash flow from operating activities (CFO) during FY18 stood at Rs 4 billion, an improvement of 7.5% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -4 billion, an improvement of 135.5% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -12 million, an improvement of 100% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 5 million from the Rs -215 million net cash flows seen during FY17.

ASAHI 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 4,180 4,493 7.5%
Cash Flow from Investing Activities Rs m -1,901 -4,475 -
Cash Flow from Financing Activities Rs m -2,494 -12 -
Net Cash Flow Rs m -215 5 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ASAHI INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.3, an improvement from the EPS of Rs 6.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 256.0, stands at 32.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.4 times, while the price to sales ratio stands at 3.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 23.0 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 96.5 108.3
TTM Earnings per share Rs 6.2 7.3
Diluted earnings per share Rs 6.2 7.3
Price to Cash Flow x 27.2 23.0
TTM P/E ratio x 32.9 32.9
Price / Book Value ratio x 4.8 7.4
Market Cap Rs m 62,231 62,231
Dividends per share (Unadj.) Rs 1.0 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ASAHI INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.9x 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 improved and stood at 3.2x during FY18, from 2.6x 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 16.5% during FY18, from 16.1% 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 declined and down at 19.8% during FY18, from 21.5% 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 9.2% during FY18, from 10.4% 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 1.0 0.9
Debtors’ Days Days 38 45
Interest coverage x 2.6 3.2
Debt to equity ratio x 0.8 0.8
Return on assets % 10.4 9.2
Return on equity % 16.1 16.5
Return on capital employed % 21.5 19.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how ASAHI INDIA has performed over the last 5 years, please visit here.

ASAHI INDIA Share Price Performance

Over the last one year, ASAHI INDIA share price has moved up from Rs 372.5 to Rs 256.0, registering a loss of Rs 116.5 or around 31.3%.

Overall, the S&P BSE SENSEX is up 8.7% over the year.

(To know more, check out historical annual results for ASAHI INDIA and quarterly results for ASAHI INDIA)

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For the quarter ended December 2018, ASAHI INDIA has posted a net profit of Rs 522 m (up 14.5% YoY). Sales on the other hand came in at Rs 7 bn (up 7.8% YoY). Read on for a complete analysis of ASAHI INDIA's quarterly results.

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