ASTRA MICRO 2018-19 Annual Report Analysis

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ASTRA MICRO 2018-19 Annual Report Analysis
Tue, 17 Sep

ASTRA MICRO 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.

ASTRA MICRO Income Statement Analysis

  • Operating income during the year fell 19.0% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 74.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.8% in FY19 as against 30.6% in FY18.
  • Depreciation charges increased by 5.4% and finance costs decreased by 24.1% YoY, respectively.
  • Other income grew by 189.8% YoY.
  • Net profit for the year declined by 84.0% YoY.
  • Net profit margins during the year declined from 16.5% in FY18 to 3.1% in FY19.

ASTRA MICRO Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 3,622 2,935 -19.0%
Other income Rs m 85 245 189.8%
Total Revenues Rs m 3,707 3,180 -14.2%
Gross profit Rs m 1,109 288 -74.1%
Depreciation Rs m 274 289 5.4%
Interest Rs m 122 93 -24.1%
Profit before tax Rs m 797 151 -81.0%
Tax Rs m 187 36 -80.7%
Profit after tax Rs m 611 98 -84.0%
Gross profit margin % 30.6 9.8
Effective tax rate % 23.4 23.8
Net profit margin % 16.5 3.1
* 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 FY19 down at Rs 1 billion as compared to Rs 2 billion in FY18, thereby witnessing an decrease of -31.2%.
  • Long-term debt down at Rs 48 million as compared to Rs 143 million during FY18, a fall of 66.7%.
  • Current assets fell 12% and stood at Rs 4 billion, while fixed assets fell 0% and stood at Rs 2 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 6 billion as against Rs 7 billion during FY18, thereby witnessing a fall of 9%.

ASTRA MICRO Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 5,010 4,996 -0.3
 
Current Liabilities Rs m 1,553 1,068 -31.2
Long-term Debt Rs m 143 48 -66.7
Total Liabilities Rs m 6,760 6,161 -8.9
 
Current assets Rs m 4,631 4,060 -12.3
Fixed Assets Rs m 1,952 1,951 -0.1
Total Assets Rs m 6,760 6,161 -8.9
* 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 FY19 stood at Rs 15 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 854 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -984 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -115 million from the Rs 197 million net cash flows seen during FY18.

ASTRA MICRO 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 1,788 15 -99.2%
Cash Flow from Investing Activities Rs m -944 854 -
Cash Flow from Financing Activities Rs m -648 -984 -
Net Cash Flow Rs m 197 -115 -
* 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 1.1, an decline from the EPS of Rs 7.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 76.4, stands at -225.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.6 times, while the price to sales ratio stands at 2.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.5 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 41.8 33.9
TTM Earnings per share Rs 7.1 1.1
Diluted earnings per share Rs 7.5 1.2
Price to Cash Flow x 7.5 15.5
TTM P/E ratio x -238.4 -225.2
Price / Book Value ratio x 1.9 1.6
Market Cap Rs m 6,617 6,252
Dividends per share (Unadj.) Rs 1.2 0.3
* 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 3.8x during FY19, from 3.0x 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 deteriorated and stood at 2.6x during FY19, from 7.5x 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 declined and down at 2.0% during FY19, from 12.2% 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 declined and down at 4.5% during FY19, from 17.8% 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 declined and down at 3.1% during FY19, from 10.8% 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 3.0 3.8
Debtors’ Days Days 192 239
Interest coverage x 7.5 2.6
Debt to equity ratio x 0.0 0.0
Return on assets % 10.8 3.1
Return on equity % 12.2 2.0
Return on capital employed % 17.8 4.5
* 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 down from Rs 90.4 to Rs 76.4, registering a loss of Rs 14.0 or around 15.4%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,268.5 (down 0.2%). Over the last one year it has moved down from 18,429.3 to 17,268.5, a loss of 1,161 points (down 6.3%).

Overall, the S&P BSE SENSEX is down 1.5% over the year.

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

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