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BGR ENERGY 2017-18 Annual Report Analysis

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BGR ENERGY 2017-18 Annual Report Analysis
Tue, 18 Dec

BGR ENERGY 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.

BGR ENERGY Income Statement Analysis

  • Operating income during the year fell 4.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 10.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.5% in FY18 as against 11.2% in FY17.
  • Depreciation charges increased by 4.0% and finance costs increased by 9.3% YoY, respectively.
  • Other income grew by 9754.2% YoY.
  • Net profit for the year declined by 98.9% YoY.
  • Net profit margins during the year declined from 2.5% in FY17 to 0.0% in FY18.

BGR ENERGY Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 34,410 32,984 -4.1%
Other income Rs m 2 237 9,754.2%
Total Revenues Rs m 34,412 33,220 -3.5%
Gross profit Rs m 3,871 3,472 -10.3%
Depreciation Rs m 244 254 4.0%
Interest Rs m 2,627 2,870 9.3%
Profit before tax Rs m 1,002 584 -41.7%
Tax Rs m 355 320 -9.8%
Profit after tax Rs m 852 9 -98.9%
Gross profit margin % 11.2 10.5
Effective tax rate % 35.4 54.8
Net profit margin % 2.5 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BGR ENERGY Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 44 billion as compared to Rs 42 billion in FY17, thereby witnessing an increase of 5.5%.
  • Long-term debt down at Rs 2 billion as compared to Rs 3 billion during FY17, a fall of 37.7%.
  • Current assets fell 7% and stood at Rs 45 billion, while fixed assets rose 1% and stood at Rs 5 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 64 billion as against Rs 64 billion during FY17, thereby witnessing a fall of 0%.

BGR ENERGY Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 13,140 13,258 0.9
 
Current Liabilities Rs m 41,902 44,223 5.5
Long-term Debt Rs m 2,736 1,705 -37.7
Total Liabilities Rs m 64,261 64,248 0.0
 
Current assets Rs m 48,865 45,313 -7.3
Fixed Assets Rs m 4,884 4,935 1.0
Total Assets Rs m 64,261 64,248 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BGR ENERGY Cash Flow Statement Analysis

  • BGR ENERGY's cash flow from operating activities (CFO) during FY18 stood at Rs 238 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -309 million, an improvement of 71.5% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -907 million, an improvement of 83% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -978 million from the Rs -73 million net cash flows seen during FY17.

BGR ENERGY 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 5,449 238 -95.6%
Cash Flow from Investing Activities Rs m -180 -309 -
Cash Flow from Financing Activities Rs m -5,341 -907 -
Net Cash Flow Rs m -73 -978 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BGR ENERGY

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.1, an decline from the EPS of Rs 11.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 62.8, stands at 48.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.8 times, while the price to sales ratio stands at 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 17.2 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 476.9 457.1
TTM Earnings per share Rs 11.8 0.1
Diluted earnings per share Rs 11.8 0.1
Price to Cash Flow x 4.1 17.2
TTM P/E ratio x 48.3 48.3
Price / Book Value ratio x 0.7 0.8
Market Cap Rs m 4,528 4,528
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BGR ENERGY

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.0x during FY18, from 1.2x 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 1.2x during FY18, from 1.4x 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 0.1% during FY18, from 6.5% 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 declined and down at 21.4% during FY18, from 24.1% 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 4.5% during FY18, from 5.4% 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 1.2 1.0
Debtors’ Days Days 230 332
Interest coverage x 1.4 1.2
Debt to equity ratio x 0.2 0.1
Return on assets % 5.4 4.5
Return on equity % 6.5 0.1
Return on capital employed % 24.1 21.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how BGR ENERGY has performed over the last 5 years, please visit here.

BGR ENERGY Share Price Performance

Over the last one year, BGR ENERGY share price has moved up from Rs 129.0 to Rs 62.8, registering a loss of Rs 66.2 or around 51.3%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,601.7 (up 0.7%). Over the last one year it has moved up from 18,447.1 to 18,601.7, a gain of 155 points (up 0.8%).

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for BGR ENERGY and quarterly results for BGR ENERGY)

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