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INEOS STYROLUTION INDIA LTD 2017-18 Annual Report Analysis

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INEOS STYROLUTION INDIA LTD 2017-18 Annual Report Analysis
Tue, 23 Apr

INEOS STYROLUTION INDIA LTD 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.

INEOS STYROLUTION INDIA LTD Income Statement Analysis

  • Operating income during the year rose 27.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 0.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.1% in FY18 as against 9.1% in FY17.
  • Depreciation charges increased by 0.4% and finance costs increased by 0.1% YoY, respectively.
  • Other income grew by 70.0% YoY.
  • Net profit for the year declined by 4.4% YoY.
  • Net profit margins during the year declined from 4.7% in FY17 to 3.5% in FY18.

INEOS STYROLUTION INDIA LTD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 14,823 18,953 27.9%
Other income Rs m 41 69 70.0%
Total Revenues Rs m 14,864 19,023 28.0%
Gross profit Rs m 1,352 1,353 0.1%
Depreciation Rs m 253 254 0.4%
Interest Rs m 137 137 0.1%
Profit before tax Rs m 1,003 1,031 2.8%
Tax Rs m 310 369 19.0%
Profit after tax Rs m 693 662 -4.4%
Gross profit margin % 9.1 7.1
Effective tax rate % 30.9 35.8
Net profit margin % 4.7 3.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INEOS STYROLUTION INDIA LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 4 billion as compared to Rs 4 billion in FY17, thereby witnessing an decrease of -17.9%.
  • Long-term debt stood at Rs 230 million as compared to Rs 0 million during FY17, a fall of 0.0%.
  • Current assets fell 14% and stood at Rs 7 billion, while fixed assets fell 3% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 11 billion as against Rs 10 billion during FY17, thereby witnessing a growth of 0%.

INEOS STYROLUTION INDIA LTD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 5,871 6,445 9.8
 
Current Liabilities Rs m 4,307 3,534 -17.9
Long-term Debt Rs m 0 230 0.0
Total Liabilities Rs m 10,497 10,534 0.4
 
Current assets Rs m 7,766 6,644 -14.4
Fixed Assets Rs m 2,367 2,290 -3.3
Total Assets Rs m 10,497 10,534 0.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INEOS STYROLUTION INDIA LTD Cash Flow Statement Analysis

  • INEOS STYROLUTION INDIA LTD's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -212 million, an improvement of 41.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 243 million from the Rs -87 million net cash flows seen during FY17.

INEOS STYROLUTION INDIA LTD 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 -156 1,730 -
Cash Flow from Investing Activities Rs m -151 -212 -
Cash Flow from Financing Activities Rs m 219 -1,275 -
Net Cash Flow Rs m -87 243 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for INEOS STYROLUTION INDIA LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 37.6, an decline from the EPS of Rs 39.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 524.0, stands at 13.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.5 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.1 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 842.7 1,077.5
TTM Earnings per share Rs 39.4 37.6
Diluted earnings per share Rs 39.4 37.6
Price to Cash Flow x 9.7 10.1
TTM P/E ratio x 13.9 13.9
Price / Book Value ratio x 1.9 2.5
Market Cap Rs m 9,217 9,217
Dividends per share (Unadj.) Rs 4.0 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for INEOS STYROLUTION INDIA LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.9x during FY18, from 1.8x 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 improved and stood at 8.5x during FY18, from 8.3x 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 10.3% during FY18, from 11.8% 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 17.5% during FY18, from 19.4% 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 7.6% during FY18, from 7.9% 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 1.8 1.9
Debtors’ Days Days 55 47
Interest coverage x 8.3 8.5
Debt to equity ratio x 0.0 0.0
Return on assets % 7.9 7.6
Return on equity % 11.8 10.3
Return on capital employed % 19.4 17.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how INEOS STYROLUTION INDIA LTD has performed over the last 5 years, please visit here.

INEOS STYROLUTION INDIA LTD Share Price Performance

Over the last one year, INEOS STYROLUTION INDIA LTD share price has moved up from Rs 915.2 to Rs 524.0, registering a loss of Rs 391.2 or around 42.7%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 14,582.4 (up 0.4%). Over the last one year it has moved up from 14,404.2 to 14,582.4, a gain of 178 points (up 1.2%).

Overall, the S&P BSE SENSEX is up 12.5% over the year.

(To know more, check out historical annual results for INEOS STYROLUTION INDIA LTD and quarterly results for INEOS STYROLUTION INDIA LTD)

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