ATUL 2018-19 Annual Report Analysis

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ATUL 2018-19 Annual Report Analysis
Fri, 28 Jun

ATUL 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.

ATUL Income Statement Analysis

  • Operating income during the year rose 22.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 51.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.0% in FY19 as against 15.3% in FY18.
  • Depreciation charges increased by 7.7% and finance costs decreased by 41.8% YoY, respectively.
  • Other income grew by 34.5% YoY.
  • Net profit for the year grew by 55.0% YoY.
  • Net profit margins during the year grew from 8.5% in FY18 to 10.7% in FY19.

ATUL Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 32,958 40,378 22.5%
Other income Rs m 259 349 34.5%
Total Revenues Rs m 33,217 40,727 22.6%
Gross profit Rs m 5,052 7,668 51.8%
Depreciation Rs m 1,104 1,189 7.7%
Interest Rs m 127 74 -41.8%
Profit before tax Rs m 4,080 6,753 65.5%
Tax Rs m 1,310 2,443 86.5%
Profit after tax Rs m 2,812 4,360 55.0%
Gross profit margin % 15.3 19.0
Effective tax rate % 32.1 36.2
Net profit margin % 8.5 10.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ATUL Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 6 billion as compared to Rs 6 billion in FY18, thereby witnessing an increase of 1.5%.
  • Long-term debt stood at Rs 431 million as compared to Rs 0 million during FY18, a fall of 0.0%.
  • Current assets rose 23% and stood at Rs 17 billion, while fixed assets rose 12% and stood at Rs 13 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 35 billion as against Rs 30 billion during FY18, thereby witnessing a growth of 18%.

ATUL Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 22,439 27,057 20.6
 
Current Liabilities Rs m 5,687 5,772 1.5
Long-term Debt Rs m 0 431 0.0
Total Liabilities Rs m 30,136 35,440 17.6
 
Current assets Rs m 13,555 16,623 22.6
Fixed Assets Rs m 11,235 12,570 11.9
Total Assets Rs m 30,136 35,440 17.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ATUL Cash Flow Statement Analysis

  • ATUL's cash flow from operating activities (CFO) during FY19 stood at Rs 4 billion, an improvement of 13.5% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -4 billion, an improvement of 213.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 11 million, an improvement of 101% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -30 million from the Rs 192 million net cash flows seen during FY18.

ATUL 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 3,557 4,036 13.5%
Cash Flow from Investing Activities Rs m -1,301 -4,075 -
Cash Flow from Financing Activities Rs m -2,074 11 -
Net Cash Flow Rs m 192 -30 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ATUL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 147.0, an improvement from the EPS of Rs 94.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 3,976.3, stands at 27.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.4 times, while the price to sales ratio stands at 2.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 21.4 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 1,111.2 1,361.4
TTM Earnings per share Rs 94.8 147.0
Diluted earnings per share Rs 94.8 147.0
Price to Cash Flow x 30.4 21.4
TTM P/E ratio x 27.5 27.5
Price / Book Value ratio x 3.3 3.4
Market Cap Rs m 117,937 117,937
Dividends per share (Unadj.) Rs 12.0 15.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ATUL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.9x during FY19, from 2.4x 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 improved and stood at 92.1x during FY19, from 33.0x 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 improved and stood at 16.1% during FY19, from 12.5% 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 improved and stood at 25.0% during FY19, from 18.9% 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 improved and stood at 12.5% during FY19, from 9.8% 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 2.4 2.9
Debtors’ Days Days 80 63
Interest coverage x 33.0 92.1
Debt to equity ratio x 0.0 0.0
Return on assets % 9.8 12.5
Return on equity % 12.5 16.1
Return on capital employed % 18.9 25.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

ATUL Share Price Performance

Over the last one year, ATUL share price has moved up from Rs 2,626.8 to Rs 3,976.3, registering a gain of Rs 1,349.6 or around 51.4%.

Overall, the S&P BSE SENSEX is up 12.2% over the year.

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

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