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BIRLA CABLE LTD 2017-18 Annual Report Analysis

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BIRLA CABLE LTD 2017-18 Annual Report Analysis
Thu, 24 Jan

BIRLA CABLE 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.

BIRLA CABLE LTD Income Statement Analysis

  • Operating income during the year rose 54.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 155.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.6% in FY18 as against 6.4% in FY17.
  • Depreciation charges increased by 2.7% and finance costs increased by 11.5% YoY, respectively.
  • Other income declined by 58.5% YoY.
  • Net profit for the year grew by 384.7% YoY.
  • Net profit margins during the year grew from 1.6% in FY17 to 4.9% in FY18.

BIRLA CABLE LTD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 2,111 3,251 54.0%
Other income Rs m 32 13 -58.5%
Total Revenues Rs m 2,143 3,264 52.3%
Gross profit Rs m 135 345 155.0%
Depreciation Rs m 77 79 2.7%
Interest Rs m 35 39 11.5%
Profit before tax Rs m 55 240 337.5%
Tax Rs m 22 79 264.8%
Profit after tax Rs m 33 161 384.7%
Gross profit margin % 6.4 10.6
Effective tax rate % 39.3 32.8
Net profit margin % 1.6 4.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BIRLA CABLE LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 1 billion as compared to Rs 962 million in FY17, thereby witnessing an increase of 23.6%.
  • Long-term debt stood at Rs 120 million as compared to Rs 116 million during FY17, a growth of 2.8%.
  • Current assets rose 42% and stood at Rs 2 billion, while fixed assets rose 9% and stood at Rs 611 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 3 billion as against Rs 2 billion during FY17, thereby witnessing a growth of 24%.

BIRLA CABLE LTD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 963 1,214 26.1
 
Current Liabilities Rs m 962 1,189 23.6
Long-term Debt Rs m 116 120 2.8
Total Liabilities Rs m 2,093 2,592 23.9
 
Current assets Rs m 1,291 1,837 42.3
Fixed Assets Rs m 560 611 9.0
Total Assets Rs m 2,093 2,592 23.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BIRLA CABLE LTD Cash Flow Statement Analysis

  • BIRLA CABLE LTD's cash flow from operating activities (CFO) during FY18 stood at Rs -69 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 63 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 5 million, an improvement of 102% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -1 million from the Rs -74 million net cash flows seen during FY17.

BIRLA CABLE 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 295 -69 -
Cash Flow from Investing Activities Rs m -55 63 -
Cash Flow from Financing Activities Rs m -315 5 -
Net Cash Flow Rs m -74 -1 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BIRLA CABLE LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.4, an improvement from the EPS of Rs 1.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 178.3, stands at 13.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 22.2 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 70.4 108.4
TTM Earnings per share Rs 1.1 5.4
Diluted earnings per share Rs 1.1 5.4
Price to Cash Flow x 48.4 22.2
TTM P/E ratio x 13.2 13.2
Price / Book Value ratio x 1.2 1.4
Market Cap Rs m 5,349 5,349
Dividends per share (Unadj.) Rs 0.0 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BIRLA CABLE LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.5x during FY18, from 1.3x 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 7.2x during FY18, from 2.6x 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 13.3% during FY18, from 3.5% 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 20.9% during FY18, from 8.3% 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 7.7% during FY18, from 3.3% 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 1.3 1.5
Debtors’ Days Days 118 117
Interest coverage x 2.6 7.2
Debt to equity ratio x 0.1 0.1
Return on assets % 3.3 7.7
Return on equity % 3.5 13.3
Return on capital employed % 8.3 20.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how BIRLA CABLE LTD has performed over the last 5 years, please visit here.

BIRLA CABLE LTD Share Price Performance

Over the last one year, BIRLA CABLE LTD share price has moved up from Rs 57.5 to Rs 178.3, registering a gain of Rs 120.9 or around 210.4%.

Overall, the S&P BSE SENSEX is down 0.0% over the year.

(To know more, check out historical annual results for BIRLA CABLE LTD and quarterly results for BIRLA CABLE LTD)

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Related Views on News

BIRLA CABLE Announces Quarterly Results (4QFY19); Net Profit Down 42.9% (Quarterly Result Update)

May 21, 2019 | Updated on May 21, 2019

For the quarter ended March 2019, BIRLA CABLE has posted a net profit of Rs 51 m (down 42.9% YoY). Sales on the other hand came in at Rs 1 bn (down 12.2% YoY). Read on for a complete analysis of BIRLA CABLE's quarterly results.

BIRLA CABLE LTD Announces Quarterly Results (3QFY19); Net Profit Up 210.0% (Quarterly Result Update)

Feb 14, 2019 | Updated on Feb 14, 2019

For the quarter ended December 2018, BIRLA CABLE LTD has posted a net profit of Rs 152 m (up 210.0% YoY). Sales on the other hand came in at Rs 1 bn (up 74.4% YoY). Read on for a complete analysis of BIRLA CABLE LTD's quarterly results.

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