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BF UTILITIES 2017-18 Annual Report Analysis

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BF UTILITIES 2017-18 Annual Report Analysis
Wed, 27 Mar

BF UTILITIES 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.

BF UTILITIES Income Statement Analysis

  • Operating income during the year rose 19.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 20.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 75.2% in FY18 as against 74.6% in FY17.
  • Depreciation charges increased by 4.7% and finance costs decreased by 6.3% YoY, respectively.
  • Other income grew by 32.3% YoY.
  • Net profit for the year declined by 221.9% YoY.
  • Net profit margins during the year grew from 8.5% in FY17 to 8.7% in FY18.

BF UTILITIES Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m3,3634,01019.2%
Other incomeRs m8110732.3%
Total RevenuesRs m3,4444,11719.5%
Gross profitRs m2,5083,01320.2%
DepreciationRs m5986264.7%
InterestRs m2,2252,084-6.3%
Profit before taxRs m-234410-275.4%
TaxRs m5953-10.6%
Profit after taxRs m-293357-221.9%
Gross profit margin%74.675.2
Effective tax rate%-25.312.9
Net profit margin%-8.58.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BF UTILITIES Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 2 billion as compared to Rs 2 billion in FY17, thereby witnessing an decrease of -1.2%.
  • Long-term debt down at Rs 16 billion as compared to Rs 17 billion during FY17, a fall of 5.8%.
  • Current assets rose 5% and stood at Rs 3 billion, while fixed assets fell 6% and stood at Rs 12 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 18 billion as against Rs 19 billion during FY17, thereby witnessing a fall of 3%.

BF UTILITIES Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m-3,155-2,923-7.3
 
Current LiabilitiesRs m1,5961,576-1.2
Long-term DebtRs m16,77415,803-5.8
Total LiabilitiesRs m18,74118,169-3.1
 
Current assetsRs m2,9843,1224.6
Fixed AssetsRs m 12,72112,017-5.5
Total AssetsRs m18,74118,169-3.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BF UTILITIES Cash Flow Statement Analysis

  • BF UTILITIES's cash flow from operating activities (CFO) during FY18 stood at Rs 3 billion, an improvement of 10.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -243 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -3 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -80 million from the Rs 73 million net cash flows seen during FY17.

BF UTILITIES Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m2,5382,81310.8%
Cash Flow from Investing ActivitiesRs m123-243-
Cash Flow from Financing ActivitiesRs m-2,589-2,650-
Net Cash FlowRs m73-80-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BF UTILITIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.5, an improvement from the EPS of Rs -7.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 191.5, stands at 24.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at -5.9 times, while the price to sales ratio stands at 4.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 7.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Sales per share (Unadj.)Rs89.3106.4
TTM Earnings per shareRs-7.89.5
Diluted earnings per shareRs-7.89.5
Price to Cash Flow x23.77.3
TTM P/E ratiox24.624.6
Price / Book Value ratiox-6.0-5.9
Market CapRs m7,2127,212
Dividends per share (Unadj.)Rs0.00.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BF UTILITIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.0x during FY18, from 1.9x 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 1.2x during FY18, from 0.9x 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 -12.2% during FY18, from 9.3% 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 19.4% during FY18, from 14.6% 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 13.4% during FY18, from 10.3% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Current ratiox1.92.0
Debtors’ DaysDays102
Interest coveragex0.91.2
Debt to equity ratiox-5.3-5.4
Return on assets%10.313.4
Return on equity%9.3-12.2
Return on capital employed%14.619.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how BF UTILITIES has performed over the last 5 years, please visit here.

BF UTILITIES Share Price Performance

Over the last one year, BF UTILITIES share price has moved up from Rs 388.3 to Rs 191.5, registering a loss of Rs 196.9 or around 50.7%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 2,047.3 (up 0.2%). Over the last one year it has moved down from 2,148.5 to 2,047.3, a loss of 101 points (down 4.7%).

(To know more, check out historical annual results for BF UTILITIES and quarterly results for BF UTILITIES)

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Related Views on News

BF UTILITIES Announces Quarterly Results (4QFY19); Net Profit Down 184.8% (Quarterly Result Update)

May 21, 2019 | Updated on May 21, 2019

For the quarter ended March 2019, BF UTILITIES has posted a net profit of Rs 10 m (down 184.8% YoY). Sales on the other hand came in at Rs 21 m (down 42.1% YoY). Read on for a complete analysis of BF UTILITIES's quarterly results.

BF UTILITIES Announces Quarterly Results (3QFY19); Net Profit Up 19.8% (Quarterly Result Update)

Feb 1, 2019 | Updated on Feb 1, 2019

For the quarter ended December 2018, BF UTILITIES has posted a net profit of Rs 188 m (up 19.8% YoY). Sales on the other hand came in at Rs 34 m (down 30.7% YoY). Read on for a complete analysis of BF UTILITIES's quarterly results.

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