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ATLAS CYCLE (HAR) 2017-18 Annual Report Analysis
Sat, 31 Mar

ATLAS CYCLE (HAR) 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.

ATLAS CYCLE (HAR) Income Statement Analysis

  • Operating income during the year fell 3.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 34.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 1.5% in FY18 as against 2.2% in FY17.
  • Depreciation charges decreased by 9.7% and finance costs increased by 14.7% YoY, respectively.
  • Other income declined by 33.8% YoY.
  • Net profit for the year declined by 151.1% YoY.
  • Net profit margins during the year declined from 0.5% in FY17 to 0.3% in FY18.

ATLAS CYCLE (HAR) Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 6,723 6,465 -3.8%
Other income Rs m 40 26 -33.8%
Total Revenues Rs m 6,763 6,491 -4.0%
Gross profit Rs m 145 95 -34.4%
Depreciation Rs m 47 43 -9.7%
Interest Rs m 86 98 14.7%
Profit before tax Rs m 51 -20 -138.5%
Tax Rs m 20 -4 -118.3%
Profit after tax Rs m 32 -16 -151.1%
Gross profit margin % 2.2 1.5
Effective tax rate % 38.4 18.3
Net profit margin % 0.5 -0.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



New Research: 2 stocks to buy as Nifty50 heads towards 40,000

ATLAS CYCLE (HAR) Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 3 billion as compared to Rs 2 billion in FY17, thereby witnessing an increase of 12.3%.
  • Long-term debt down at Rs 5 million as compared to Rs 16 million during FY17, a fall of 71.0%.
  • Current assets rose 9% and stood at Rs 3 billion, while fixed assets rose 3% and stood at Rs 1 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 4 billion as against Rs 4 billion during FY17, thereby witnessing a growth of 7%.

ATLAS CYCLE (HAR) Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 991 975 -1.6
 
Current Liabilities Rs m 2,330 2,618 12.3
Long-term Debt Rs m 16 5 -71.0
Total Liabilities Rs m 3,531 3,790 7.3
 
Current assets Rs m 2,484 2,712 9.2
Fixed Assets Rs m 1,047 1,077 2.9
Total Assets Rs m 3,531 3,790 7.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ATLAS CYCLE (HAR) Cash Flow Statement Analysis

  • ATLAS CYCLE (HAR)'s cash flow from operating activities (CFO) during FY18 stood at Rs 344 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -442 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -99 million from the Rs 118 million net cash flows seen during FY17.

ATLAS CYCLE (HAR) 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 -117 344 -
Cash Flow from Investing Activities Rs m 74 -1 -
Cash Flow from Financing Activities Rs m 160 -442 -
Net Cash Flow Rs m 118 -99 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for ATLAS CYCLE (HAR)

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -2.5, an decline from the EPS of Rs 9.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 165.7, stands at -67.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 0.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 78.5 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 2,068.7 994.6
TTM Earnings per share Rs 9.7 -2.5
Diluted earnings per share Rs 4.9 -2.5
Price to Cash Flow x 34.3 78.5
TTM P/E ratio x 88.9 -67.1
Price / Book Value ratio x 1.4 2.1
Market Cap Rs m 1,433 2,090
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for ATLAS CYCLE (HAR)

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY18, from 1.1x 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 0.8x during FY18, from 1.6x 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 declined and down at -1.7% during FY18, from 3.2% 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 8.0% during FY18, from 13.6% 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 2.2% during FY18, from 3.3% 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 1.1 1.0
Debtors’ Days Days 75,204,167 95,428,143
Interest coverage x 1.6 0.8
Debt to equity ratio x 0.0 0.0
Return on assets % 3.3 2.2
Return on equity % 3.2 -1.7
Return on capital employed % 13.6 8.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how ATLAS CYCLE (HAR) has performed over the last 5 years, please visit here.

ATLAS CYCLE (HAR) Share Price Performance

Over the last one year, ATLAS CYCLE (HAR) share price has moved down from Rs 416.9 to Rs 165.7, registering a loss of Rs 251.3 or around 60.3%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 24,057.3 (down 0.1%). Over the last one year it has moved up from 0.0 to 24,057.3, a gain of 24,057 points (up 0.0%).

Overall, the S&P BSE SENSEX is up 12.1% over the year.

(To know more, check out historical annual results for ATLAS CYCLE (HAR) and quarterly results for ATLAS CYCLE (HAR))

Annual Report FAQs

What is the current share price of ATLAS CYCLE (HAR)?

ATLAS CYCLE (HAR) currently trades at Rs 29.0 per share. You can check out the latest share price performance of ATLAS CYCLE (HAR) here...

What was the revenue of ATLAS CYCLE (HAR) in FY18? How does it compare to earlier years?

The revenues of ATLAS CYCLE (HAR) stood at Rs 6,491 m in FY18, which was down -4.0% compared to Rs 6,763 m reported in FY17.

ATLAS CYCLE (HAR)'s revenue has grown from Rs 6,394 m in FY14 to Rs 6,491 m in FY18.

Over the past 5 years, the revenue of ATLAS CYCLE (HAR) has grown at a CAGR of 0.4%.

What was the net profit of ATLAS CYCLE (HAR) in FY18? How does it compare to earlier years?

The net loss of ATLAS CYCLE (HAR) stood at Rs -16 m in FY18, which was down -151.1% compared to Rs 32 m reported in FY17.

This compares to a net loss of Rs -33 m in FY16 and a net loss of Rs -190 m in FY15.

Over the past 5 years, ATLAS CYCLE (HAR) net profit has grown at a CAGR of -36.7%.

What does the cash flow statement of ATLAS CYCLE (HAR) reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of ATLAS CYCLE (HAR) reveals:

  • Cash flow from operations increased in FY18 and stood at Rs 344 m as compared to Rs -117 m in FY17.
  • Cash flow from investments decreased in FY18 and stood at Rs -1 m as compared to Rs 74 m in FY17.
  • Cash flow from financial activity decreased in FY18 and stood at Rs -442 m as compared to Rs 160 m in FY17.

Here's the cash flow statement of ATLAS CYCLE (HAR) for the past 5 years.

(Rs m)FY14FY15FY16FY17FY18
From Operations-24210407-117344
From Investments-33-12-2374-1
From Financial Activity-71-175-411160-442
Net Cashflow-12823-27118-99

What does the Key Ratio analysis of ATLAS CYCLE (HAR) reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of ATLAS CYCLE (HAR) reveals:

  • Operating profit margins witnessed a fall and stood at 1.5% in FY18 as against 2.2% in FY17.
  • Net profit margins declined from 0.5% in FY17 to 0.3% in FY18.
  • Debt to Equity ratio for FY18 stood at 0.0 as compared to 0.0 in FY17.

Here's the ratio/financial analysis of ATLAS CYCLE (HAR) for the past 5 years.

 FY14FY15FY16FY17FY18
Operating Profit Margin (%)-0.1-3.21.22.21.5
Net Profit Margin (%)-1.6-3.2-0.60.5-0.3
Debt to Equity Ratio (x)0.10.00.00.00.0

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