AUTOLINE INDUST. 2017-18 Annual Report Analysis

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AUTOLINE INDUST. 2017-18 Annual Report Analysis
Wed, 19 Dec

AUTOLINE INDUST. 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.

AUTOLINE INDUST. Income Statement Analysis

  • Operating income during the year rose 7.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 154.9% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 0.8% in FY18 as against 1.5% in FY17.
  • Depreciation charges decreased by 5.2% and finance costs increased by 0.3% YoY, respectively.
  • Other income grew by 140.3% YoY.
  • Net profit for the year declined by 27.2% YoY.
  • Net profit margins during the year grew from 19.8% in FY17 to 13.3% in FY18.

AUTOLINE INDUST. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 3,592 3,846 7.1%
Other income Rs m 41 99 140.3%
Total Revenues Rs m 3,633 3,945 8.6%
Gross profit Rs m 55 -30 -154.9%
Depreciation Rs m 235 223 -5.2%
Interest Rs m 368 369 0.3%
Profit before tax Rs m -506 -523 3.4%
Tax Rs m -126 1 -101.0%
Profit after tax Rs m -719 -524 -27.2%
Gross profit margin % 1.5 -0.8
Effective tax rate % 24.8 -0.2
Net profit margin % -19.8 -13.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



AUTOLINE INDUST. Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 2 billion as compared to Rs 2 billion in FY17, thereby witnessing an decrease of -2.4%.
  • Long-term debt down at Rs 1 billion as compared to Rs 2 billion during FY17, a fall of 6.1%.
  • Current assets rose 1% and stood at Rs 2 billion, while fixed assets rose 9% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 5 billion as against Rs 5 billion during FY17, thereby witnessing a fall of 2%.

AUTOLINE INDUST. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 740 681 -8.0
 
Current Liabilities Rs m 2,120 2,068 -2.4
Long-term Debt Rs m 1,570 1,474 -6.1
Total Liabilities Rs m 5,068 4,973 -1.9
 
Current assets Rs m 2,348 2,363 0.6
Fixed Assets Rs m 2,055 2,241 9.1
Total Assets Rs m 5,068 4,973 -1.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



AUTOLINE INDUST. Cash Flow Statement Analysis

  • AUTOLINE INDUST.'s cash flow from operating activities (CFO) during FY18 stood at Rs -173 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 66 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 125 million, an improvement of 131% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 19 million from the Rs -4 million net cash flows seen during FY17.

AUTOLINE INDUST. 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 445 -173 -
Cash Flow from Investing Activities Rs m -46 66 -
Cash Flow from Financing Activities Rs m -402 125 -
Net Cash Flow Rs m -4 19 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for AUTOLINE INDUST.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -24.9, an improvement from the EPS of Rs -44.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 60.1, stands at -1.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.7 times, while the price to sales ratio stands at 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at -2.5 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 224.1 183.1
TTM Earnings per share Rs -44.9 -24.9
Diluted earnings per share Rs -58.3 -42.4
Price to Cash Flow x -2.0 -2.5
TTM P/E ratio x -2.4 -1.8
Price / Book Value ratio x 1.1 2.7
Market Cap Rs m 963 742
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 AUTOLINE INDUST.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x 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 -0.4x during FY18, from -0.4x 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 improved and stood at -77.0% during FY18, from -97.2% 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 improved and stood at -7.1% during FY18, from -20.7% 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 -3.1% during FY18, from -6.9% 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 1.1
Debtors’ Days Days 54 43
Interest coverage x -0.4 -0.4
Debt to equity ratio x 2.1 2.2
Return on assets % -6.9 -3.1
Return on equity % -97.2 -77.0
Return on capital employed % -20.7 -7.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

AUTOLINE INDUST. Share Price Performance

Over the last one year, AUTOLINE INDUST. share price has moved up from Rs 107.8 to Rs 60.1, registering a loss of Rs 47.7 or around 44.2%.

Overall, the S&P BSE SENSEX is up 8.6% over the year.

(To know more, check out historical annual results for AUTOLINE INDUST. and quarterly results for AUTOLINE INDUST.)

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