BAJAJ CONSUMER CARE 2018-19 Annual Report Analysis

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BAJAJ CONSUMER CARE 2018-19 Annual Report Analysis
Mon, 24 Jun

BAJAJ CONSUMER CARE 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.

BAJAJ CONSUMER CARE Income Statement Analysis

  • Operating income during the year rose 10.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 8.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 29.9% in FY19 as against 30.6% in FY18.
  • Depreciation charges decreased by 3.9% and finance costs decreased by 4.9% YoY, respectively.
  • Other income declined by 30.4% YoY.
  • Net profit for the year grew by 5.0% YoY.
  • Net profit margins during the year declined from 24.7% in FY18 to 23.7% in FY19.

BAJAJ CONSUMER CARE Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 8,285 9,185 10.9%
Other income Rs m 244 170 -30.4%
Total Revenues Rs m 8,529 9,355 9.7%
Gross profit Rs m 2,539 2,744 8.1%
Depreciation Rs m 74 71 -3.9%
Interest Rs m 12 12 -4.9%
Profit before tax Rs m 2,698 2,832 5.0%
Tax Rs m 587 616 4.9%
Profit after tax Rs m 2,111 2,216 5.0%
Gross profit margin % 30.6 29.9
Effective tax rate % 21.7 21.7
Net profit margin % 24.7 23.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BAJAJ CONSUMER CARE Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 1 billion as compared to Rs 1 billion in FY18, thereby witnessing an increase of 20.4%.
  • Current assets fell 2% and stood at Rs 4 billion, while fixed assets rose 2% and stood at Rs 2 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 6 billion as against Rs 6 billion during FY18, thereby witnessing a fall of 0%.

BAJAJ CONSUMER CARE Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 4,925 4,674 -5.1
 
Current Liabilities Rs m 1,143 1,376 20.4
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 6,075 6,052 -0.4
 
Current assets Rs m 4,318 4,250 -1.6
Fixed Assets Rs m 1,734 1,769 2.0
Total Assets Rs m 6,075 6,052 -0.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BAJAJ CONSUMER CARE Cash Flow Statement Analysis

  • BAJAJ CONSUMER CARE's cash flow from operating activities (CFO) during FY19 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 686 million, an improvement of 86.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 62 million from the Rs 13 million net cash flows seen during FY18.

BAJAJ CONSUMER CARE 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 1,801 1,764 -2.1%
Cash Flow from Investing Activities Rs m 368 686 86.1%
Cash Flow from Financing Activities Rs m -2,156 -2,384 -
Net Cash Flow Rs m 13 62 387.4%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BAJAJ CONSUMER CARE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.0, an improvement from the EPS of Rs 14.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 332.4, stands at 21.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 12.9 times, while the price to sales ratio stands at 6.6 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 56.2 62.3
TTM Earnings per share Rs 14.3 15.0
Diluted earnings per share Rs 14.3 15.0
Price to Cash Flow x 22.4 21.4
TTM P/E ratio x 21.7 21.7
Price / Book Value ratio x 12.9 12.9
Market Cap Rs m 49,029 49,029
Dividends per share (Unadj.) Rs 12.0 14.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BAJAJ CONSUMER CARE

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 3.1x during FY19, from 3.8x 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 243.0x during FY19, from 220.3x 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 47.4% during FY19, from 42.9% 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 60.8% during FY19, from 55.0% 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 36.8% during FY19, from 34.9% 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 3.8 3.1
Debtors’ Days Days 14 15
Interest coverage x 220.3 243.0
Debt to equity ratio x 0.0 0.0
Return on assets % 34.9 36.8
Return on equity % 42.9 47.4
Return on capital employed % 55.0 60.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how BAJAJ CONSUMER CARE has performed over the last 5 years, please visit here.

BAJAJ CONSUMER CARE Share Price Performance

Over the last one year, BAJAJ CONSUMER CARE share price has moved up from Rs 402.1 to Rs 332.4, registering a loss of Rs 69.7 or around 17.3%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 11,331.4 (up 0.2%). Over the last one year it has moved up from 11,130.0 to 11,331.4, a gain of 201 points (up 1.8%).

Overall, the S&P BSE SENSEX is up 10.4% over the year.

(To know more, check out historical annual results for BAJAJ CONSUMER CARE and quarterly results for BAJAJ CONSUMER CARE)

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Related Views on News

BAJAJ CONSUMER CARE Announces Quarterly Results (2QFY21); Net Profit Down 0.1% (Quarterly Result Update)

Oct 19, 2020 | Updated on Oct 19, 2020

For the quarter ended September 2020, BAJAJ CONSUMER CARE has posted a net profit of Rs 573 m (down 0.1% YoY). Sales on the other hand came in at Rs 2 bn (up 3.8% YoY). Read on for a complete analysis of BAJAJ CONSUMER CARE's quarterly results.

BAJAJ CONSUMER CARE Announces Quarterly Results (3QFY20); Net Profit Down 16.7% (Quarterly Result Update)

Feb 11, 2020 | Updated on Feb 11, 2020

For the quarter ended December 2019, BAJAJ CONSUMER CARE has posted a net profit of Rs 501 m (down 16.7% YoY). Sales on the other hand came in at Rs 2 bn (down 7.9% YoY). Read on for a complete analysis of BAJAJ CONSUMER CARE's quarterly results.

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