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ATLAS CYCLE (HAR) 2017-18 Annual Report Analysis

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ATLAS CYCLE (HAR) 2017-18 Annual Report Analysis
Tue, 18 Dec

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 5.0% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 29.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 1.6% in FY18 as against 2.1% 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 151.3% YoY.
  • Net profit margins during the year declined from 0.5% in FY17 to 0.2% 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 6,843 6,499 -5.0%
Other income Rs m 40 26 -33.8%
Total Revenues Rs m 6,882 6,525 -5.2%
Gross profit Rs m 145 102 -29.4%
Depreciation Rs m 47 43 -9.7%
Interest Rs m 86 98 14.7%
Profit before tax Rs m 51 -13 -124.5%
Tax Rs m 20 4 -81.8%
Profit after tax Rs m 32 -16 -151.3%
Gross profit margin % 2.1 1.6
Effective tax rate % 38.5 -28.6
Net profit margin % 0.5 -0.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 70.8%.
  • Current assets rose 9% and stood at Rs 3 billion, while fixed assets rose 2% and stood at Rs 896 million 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 970 975 0.4
 
Current Liabilities Rs m 2,330 2,618 12.3
Long-term Debt Rs m 16 5 -70.8
Total Liabilities Rs m 3,592 3,855 7.3
 
Current assets Rs m 2,484 2,712 9.2
Fixed Assets Rs m 874 896 2.5
Total Assets Rs m 3,592 3,855 7.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ATLAS CYCLE (HAR)

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -5.0, 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 79.3, stands at -32.1 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 19.4 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 2,105.5 1,999.6
TTM Earnings per share Rs 9.7 -5.0
Diluted earnings per share Rs 4.9 -2.5
Price to Cash Flow x 3.3 19.4
TTM P/E ratio x -16.0 -32.1
Price / Book Value ratio x 1.5 1.1
Market Cap Rs m 258 515
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ATLAS CYCLE (HAR)

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved 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 0.9x 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 3.3% 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 8.8% during FY18, from 13.9% 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 2.1% 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 74 95
Interest coverage x 1.6 0.9
Debt to equity ratio x 0.0 0.0
Return on assets % 3.3 2.1
Return on equity % 3.3 -1.7
Return on capital employed % 13.9 8.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 up from Rs 207.6 to Rs 79.3, registering a loss of Rs 128.3 or around 61.8%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 21,002.1 (down 0.1%). Over the last one year it has moved down from 25,858.2 to 21,002.1, a loss of 4,856 points (down 18.8%).

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

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

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