BARTRONICS INDIA 2017-18 Annual Report Analysis

Sat, 31 Mar

BARTRONICS INDIA 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.

BARTRONICS INDIA Income Statement Analysis

• Operating income during the year fell 11.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 110.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.2% in FY18 as against 8.1% in FY17.
• Depreciation charges decreased by 7.2% and finance costs increased by 1.0% YoY, respectively.
• Other income grew by 957.8% YoY.
• Net profit for the year declined by 18.0% YoY.
• Net profit margins during the year grew from 61.8% in FY17 to 57.1% in FY18.

BARTRONICS INDIA Income Statement 2017-18

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Net Sales	Rs m	825	733	-11.2%
Other income	Rs m	2	20	957.8%
Total Revenues	Rs m	827	753	-9.0%
Gross profit	Rs m	67	141	110.6%
Depreciation	Rs m	64	59	-7.2%
Interest	Rs m	519	524	1.0%
Profit before tax	Rs m	-514	-422	-17.9%
Tax	Rs m	-4	-4	-2.0%
Profit after tax	Rs m	-510	-418	-18.0%
Gross profit margin	%	8.1	19.2
Effective tax rate	%	0.8	0.9
Net profit margin	%	-61.8	-57.1

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BARTRONICS INDIA Balance Sheet Analysis

• The company's current liabilities during FY18 down at Rs 13 billion as compared to Rs 14 billion in FY17, thereby witnessing an decrease of -10.1%.
• Current assets fell 13% and stood at Rs 11 billion, while fixed assets fell 2% and stood at Rs 4 billion in FY18.
• Overall, the total assets and liabilities for FY18 stood at Rs 15 billion as against Rs 16 billion during FY17, thereby witnessing a fall of 10%.

BARTRONICS INDIA Balance Sheet as on March 2018

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Networth	Rs m	1,972	1,798	-8.8
Current Liabilities	Rs m	14,478	13,023	-10.1
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	16,305	14,665	-10.1
Current assets	Rs m	12,273	10,723	-12.6
Fixed Assets	Rs m	4,032	3,942	-2.2
Total Assets	Rs m	16,305	14,665	-10.1

BARTRONICS INDIA Cash Flow Statement Analysis

• BARTRONICS INDIA's cash flow from operating activities (CFO) during FY18 stood at Rs -38 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY18 stood at Rs 36 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY18 stood at Rs 1 million, an improvement of 104% on a YoY basis.
• Overall, net cash flows for the company during FY18 stood at Rs -1 million from the Rs 9 million net cash flows seen during FY17.

BARTRONICS INDIA 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	36	-38	-
Cash Flow from Investing Activities	Rs m	-8	36	-
Cash Flow from Financing Activities	Rs m	-19	1	-
Net Cash Flow	Rs m	9	-1	-

Current Valuations for BARTRONICS INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -12.3, an improvement from the EPS of Rs -15.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 9.6, stands at -0.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.2 times, while the price to sales ratio stands at 0.4 times.
• The company's price to cash flow (P/CF) ratio stood at -1.4 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	24.2	21.5
TTM Earnings per share	Rs	-15.0	-12.3
Diluted earnings per share	Rs	-15.0	-12.3
Price to Cash Flow	x	-1.1	-1.4
TTM P/E ratio	x	-0.8	-0.8
Price / Book Value ratio	x	0.3	0.3
Market Cap	Rs m	562	489
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BARTRONICS INDIA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY18, from 0.8x 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 0.2x during FY18, from 0.0x 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 improved and stood at -23.3% during FY18, from -25.9% 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 5.7% during FY18, from 0.2% 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 0.7% during FY18, from 0.1% 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	0.8	0.8
Debtors’ Days	Days	50,753	44,687
Interest coverage	x	0.0	0.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	0.1	0.7
Return on equity	%	-25.9	-23.3
Return on capital employed	%	0.2	5.7

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

BARTRONICS INDIA Share Price Performance

Over the last one year, BARTRONICS INDIA share price has moved down from Rs 14.0 to Rs 9.6, registering a loss of Rs 4.5 or around 31.8%.

Meanwhile, the S&P BSE IT Index is trading at Rs 12,100.6 (down 0.3%). Over the last one year it has moved up from 10,365.5 to 12,100.6, a gain of 1,735 points (up 16.7%).

Overall, the S&P BSE SENSEX is up 12.1% over the year.

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

Read: Latest Annual Report Analysis of BARTRONICS INDIA