BATA INDIA 2018-19 Annual Report Analysis

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BATA INDIA 2018-19 Annual Report Analysis
Thu, 18 Jul

BATA INDIA 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.

BATA INDIA Income Statement Analysis

  • Operating income during the year rose 11.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 35.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.3% in FY19 as against 13.3% in FY18.
  • Depreciation charges increased by 6.0% and finance costs decreased by 15.5% YoY, respectively.
  • Other income grew by 35.5% YoY.
  • Net profit for the year grew by 49.2% YoY.
  • Net profit margins during the year grew from 8.2% in FY18 to 11.0% in FY19.

BATA INDIA Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 26,342 29,311 11.3%
Other income Rs m 503 682 35.5%
Total Revenues Rs m 26,845 29,993 11.7%
Gross profit Rs m 3,514 4,771 35.8%
Depreciation Rs m 605 641 6.0%
Interest Rs m 42 36 -15.5%
Profit before tax Rs m 3,370 4,777 41.7%
Tax Rs m 1,165 1,487 27.6%
Profit after tax Rs m 2,205 3,290 49.2%
Gross profit margin % 13.3 16.3
Effective tax rate % 34.6 31.1
Net profit margin % 8.2 11.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BATA INDIA Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 6 billion as compared to Rs 6 billion in FY18, thereby witnessing an increase of 12.3%.
  • Current assets rose 18% and stood at Rs 18 billion, while fixed assets rose 7% and stood at Rs 3 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 25 billion as against Rs 21 billion during FY18, thereby witnessing a growth of 16%.

BATA INDIA Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 14,747 17,418 18.1
 
Current Liabilities Rs m 5,608 6,297 12.3
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 21,414 24,741 15.5
 
Current assets Rs m 15,549 18,405 18.4
Fixed Assets Rs m 3,070 3,300 7.5
Total Assets Rs m 21,414 24,741 15.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BATA INDIA Cash Flow Statement Analysis

  • BATA INDIA's cash flow from operating activities (CFO) during FY19 stood at Rs 3 billion, an improvement of 115.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -3 billion, an improvement of 148.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -631 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 43 million from the Rs -72 million net cash flows seen during FY18.

BATA INDIA 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 1,603 3,451 115.3%
Cash Flow from Investing Activities Rs m -1,119 -2,777 -
Cash Flow from Financing Activities Rs m -556 -631 -
Net Cash Flow Rs m -72 43 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BATA INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 25.6, an improvement from the EPS of Rs 17.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,345.0, stands at 52.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 8.0 times, while the price to sales ratio stands at 4.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 44.0 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 204.9 228.0
TTM Earnings per share Rs 17.2 25.6
Diluted earnings per share Rs 17.2 25.6
Price to Cash Flow x 61.5 44.0
TTM P/E ratio x 52.4 52.4
Price / Book Value ratio x 5.9 8.0
Market Cap Rs m 172,873 172,869
Dividends per share (Unadj.) Rs 4.0 6.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BATA INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.9x during FY19, from 2.8x 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 135.6x during FY19, from 81.2x 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 18.9% during FY19, from 15.0% 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 27.6% during FY19, from 23.1% 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 13.4% during FY19, from 10.5% 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 2.8 2.9
Debtors’ Days Days 12 8
Interest coverage x 81.2 135.6
Debt to equity ratio x 0.0 0.0
Return on assets % 10.5 13.4
Return on equity % 15.0 18.9
Return on capital employed % 23.1 27.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

BATA INDIA Share Price Performance

Over the last one year, BATA INDIA share price has moved up from Rs 825.9 to Rs 1,345.0, registering a gain of Rs 519.1 or around 62.9%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 11,284.7 (down 0.0%). Over the last one year it has moved up from 11,261.0 to 11,284.7, a gain of 24 points (up 0.2%).

Overall, the S&P BSE SENSEX is up 7.2% over the year.

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

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For the quarter ended September 2019, BATA INDIA has posted a net profit of Rs 714 m (up 28.2% YoY). Sales on the other hand came in at Rs 7 bn (up 7.3% YoY). Read on for a complete analysis of BATA INDIA's quarterly results.

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