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ASTRA MICRO 2017-18 Annual Report Analysis

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ASTRA MICRO 2017-18 Annual Report Analysis
Thu, 20 Dec

ASTRA MICRO 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.

ASTRA MICRO Income Statement Analysis

  • Operating income during the year fell 7.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 11.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 30.6% in FY18 as against 25.5% in FY17.
  • Depreciation charges increased by 11.9% and finance costs increased by 8.6% YoY, respectively.
  • Other income grew by 40.3% YoY.
  • Net profit for the year grew by 6.1% YoY.
  • Net profit margins during the year grew from 14.5% in FY17 to 16.5% in FY18.

ASTRA MICRO Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 3,898 3,622 -7.1%
Other income Rs m 60 85 40.3%
Total Revenues Rs m 3,958 3,707 -6.4%
Gross profit Rs m 995 1,109 11.5%
Depreciation Rs m 245 274 11.9%
Interest Rs m 112 122 8.6%
Profit before tax Rs m 698 797 14.3%
Tax Rs m 122 187 53.1%
Profit after tax Rs m 576 611 6.1%
Gross profit margin % 25.5 30.6
Effective tax rate % 17.5 23.4
Net profit margin % 14.5 16.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ASTRA MICRO Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 2 billion as compared to Rs 1 billion in FY17, thereby witnessing an increase of 21.2%.
  • Long-term debt down at Rs 143 million as compared to Rs 673 million during FY17, a fall of 78.8%.
  • Current assets rose 7% and stood at Rs 5 billion, while fixed assets rose 4% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 7 billion as against Rs 6 billion during FY17, thereby witnessing a growth of 4%.

ASTRA MICRO Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 4,500 5,010 11.4
 
Current Liabilities Rs m 1,282 1,553 21.2
Long-term Debt Rs m 673 143 -78.8
Total Liabilities Rs m 6,492 6,760 4.1
 
Current assets Rs m 4,346 4,631 6.6
Fixed Assets Rs m 1,869 1,952 4.4
Total Assets Rs m 6,492 6,760 4.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ASTRA MICRO Cash Flow Statement Analysis

  • ASTRA MICRO's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion, an improvement of 1,142.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -944 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -648 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 197 million from the Rs -631 million net cash flows seen during FY17.

ASTRA MICRO 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 144 1,788 1,142.7%
Cash Flow from Investing Activities Rs m -1,234 -944 -
Cash Flow from Financing Activities Rs m 459 -648 -
Net Cash Flow Rs m -631 197 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ASTRA MICRO

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.1, an improvement from the EPS of Rs 6.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 82.3, stands at 13.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 2.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 7.6 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 45.0 41.8
TTM Earnings per share Rs 6.6 7.1
Diluted earnings per share Rs 7.0 7.5
Price to Cash Flow x 8.7 7.6
TTM P/E ratio x 14.4 13.6
Price / Book Value ratio x 2.3 1.9
Market Cap Rs m 7,128 6,735
Dividends per share (Unadj.) Rs 1.0 1.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ASTRA MICRO

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.0x during FY18, from 3.4x 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 7.5x during FY18, from 7.2x 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 declined and down at 12.2% during FY18, from 12.8% 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 17.8% during FY18, from 15.7% 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 10.8% during FY18, from 10.6% 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 3.4 3.0
Debtors’ Days Days 206 192
Interest coverage x 7.2 7.5
Debt to equity ratio x 0.1 0.0
Return on assets % 10.6 10.8
Return on equity % 12.8 12.2
Return on capital employed % 15.7 17.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how ASTRA MICRO has performed over the last 5 years, please visit here.

ASTRA MICRO Share Price Performance

Over the last one year, ASTRA MICRO share price has moved up from Rs 116.5 to Rs 82.3, registering a loss of Rs 34.2 or around 29.3%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,794.4 (down 0.0%). Over the last one year it has moved up from 18,684.3 to 18,794.4, a gain of 110 points (up 0.6%).

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for ASTRA MICRO and quarterly results for ASTRA MICRO)

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