BALMER LAWRIE 2017-18 Annual Report Analysis

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BALMER LAWRIE 2017-18 Annual Report Analysis
Mon, 31 Dec

BALMER LAWRIE 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.

BALMER LAWRIE Income Statement Analysis

  • Operating income during the year rose 1.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 3.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.7% in FY18 as against 12.4% in FY17.
  • Depreciation charges increased by 4.0% and finance costs decreased by 6.8% YoY, respectively.
  • Other income declined by 9.0% YoY.
  • Net profit for the year grew by 6.5% YoY.
  • Net profit margins during the year grew from 8.8% in FY17 to 9.3% in FY18.

BALMER LAWRIE Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 17,064 17,246 1.1%
Other income Rs m 556 506 -9.0%
Total Revenues Rs m 17,620 17,752 0.8%
Gross profit Rs m 2,108 2,188 3.8%
Depreciation Rs m 259 269 4.0%
Interest Rs m 45 42 -6.8%
Profit before tax Rs m 2,360 2,383 1.0%
Tax Rs m 812 735 -9.5%
Profit after tax Rs m 1,548 1,648 6.5%
Gross profit margin % 12.4 12.7
Effective tax rate % 34.4 30.8
Net profit margin % 8.8 9.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BALMER LAWRIE Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 6 billion as compared to Rs 6 billion in FY17, thereby witnessing an decrease of -1.2%.
  • Current assets rose 1% and stood at Rs 13 billion, while fixed assets rose 18% and stood at Rs 5 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 22 billion as against Rs 20 billion during FY17, thereby witnessing a growth of 8%.

BALMER LAWRIE Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 13,589 14,569 7.2
 
Current Liabilities Rs m 5,805 5,733 -1.2
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 20,299 21,957 8.2
 
Current assets Rs m 12,522 12,632 0.9
Fixed Assets Rs m 4,594 5,418 17.9
Total Assets Rs m 20,299 21,957 8.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BALMER LAWRIE Cash Flow Statement Analysis

  • BALMER LAWRIE's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -193 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -858 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 237 million from the Rs -93 million net cash flows seen during FY17.

BALMER LAWRIE 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 1,815 1,287 -29.1%
Cash Flow from Investing Activities Rs m -1,175 -193 -
Cash Flow from Financing Activities Rs m -732 -858 -
Net Cash Flow Rs m -93 237 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BALMER LAWRIE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.5, an improvement from the EPS of Rs 13.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 206.1, stands at 11.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.0 times, while the price to sales ratio stands at 1.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 12.3 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 149.7 151.3
TTM Earnings per share Rs 13.6 14.5
Diluted earnings per share Rs 13.6 14.5
Price to Cash Flow x 13.0 12.3
TTM P/E ratio x 11.6 11.6
Price / Book Value ratio x 5.7 2.0
Market Cap Rs m 23,490 23,498
Dividends per share (Unadj.) Rs 7.0 10.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BALMER LAWRIE

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.2x during FY18, from 2.2x 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 57.3x during FY18, from 53.0x 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 11.3% during FY18, from 11.4% 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 16.6% during FY18, from 17.7% 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 declined and down at 7.7% 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 2.2 2.2
Debtors’ Days Days 60 57
Interest coverage x 53.0 57.3
Debt to equity ratio x 0.0 0.0
Return on assets % 7.9 7.7
Return on equity % 11.4 11.3
Return on capital employed % 17.7 16.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

BALMER LAWRIE Share Price Performance

Over the last one year, BALMER LAWRIE share price has moved up from Rs 274.6 to Rs 206.1, registering a loss of Rs 68.5 or around 24.9%.

Overall, the S&P BSE SENSEX is up 6.6% over the year.

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

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Related Views on News

BALMER LAWRIE Announces Quarterly Results (1QFY20); Net Profit Down 27.8% (Quarterly Result Update)

Aug 21, 2019 | Updated on Aug 21, 2019

For the quarter ended June 2019, BALMER LAWRIE has posted a net profit of Rs 281 m (down 27.8% YoY). Sales on the other hand came in at Rs 4 bn (down 11.8% YoY). Read on for a complete analysis of BALMER LAWRIE's quarterly results.

BALMER LAWRIE Announces Quarterly Results (4QFY19); Net Profit Up 0.4% (Quarterly Result Update)

Jun 6, 2019 | Updated on Jun 6, 2019

For the quarter ended March 2019, BALMER LAWRIE has posted a net profit of Rs 883 m (up 0.4% YoY). Sales on the other hand came in at Rs 5 bn (down 0.7% YoY). Read on for a complete analysis of BALMER LAWRIE's quarterly results.

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