BALLARPUR INDUSTRIES 2017-18 Annual Report Analysis

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BALLARPUR INDUSTRIES 2017-18 Annual Report Analysis
Tue, 2 Apr

BALLARPUR INDUSTRIES 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.

BALLARPUR INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 22.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 122.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 5.4% in FY18 as against 30.0% in FY17.
  • Depreciation charges increased by 4.6% and finance costs increased by 1.8% YoY, respectively.
  • Other income declined by 60.1% YoY.
  • Net profit for the year declined by 45.4% YoY.
  • Net profit margins during the year grew from 74.5% in FY17 to 34.0% in FY18.

BALLARPUR INDUSTRIES Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 20,587 25,187 22.3%
Other income Rs m 651 260 -60.1%
Total Revenues Rs m 21,238 25,447 19.8%
Gross profit Rs m -6,182 1,357 -122.0%
Depreciation Rs m 2,645 2,767 4.6%
Interest Rs m 8,992 9,156 1.8%
Profit before tax Rs m -17,168 -10,305 -40.0%
Tax Rs m -1,354 -1,664 22.9%
Profit after tax Rs m -15,814 -8,641 -45.4%
Gross profit margin % -30.0 5.4
Effective tax rate % 7.9 16.1
Net profit margin % -74.5 -34.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BALLARPUR INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 64 billion as compared to Rs 92 billion in FY17, thereby witnessing an decrease of -30.0%.
  • Long-term debt stood at Rs 48 billion as compared to Rs 35 billion during FY17, a growth of 36.6%.
  • Current assets fell 23% and stood at Rs 36 billion, while fixed assets fell 8% and stood at Rs 76 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 115 billion as against Rs 132 billion during FY17, thereby witnessing a fall of 13%.

BALLARPUR INDUSTRIES Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m -749 3,145 -519.9
 
Current Liabilities Rs m 91,663 64,198 -30.0
Long-term Debt Rs m 35,108 47,954 36.6
Total Liabilities Rs m 132,189 115,172 -12.9
 
Current assets Rs m 46,681 36,026 -22.8
Fixed Assets Rs m 82,471 75,564 -8.4
Total Assets Rs m 132,189 115,172 -12.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BALLARPUR INDUSTRIES Cash Flow Statement Analysis

  • BALLARPUR INDUSTRIES's cash flow from operating activities (CFO) during FY18 stood at Rs 4 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -420 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -4 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 287 million from the Rs -1 billion net cash flows seen during FY17.

BALLARPUR INDUSTRIES 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 -8,058 4,172 -
Cash Flow from Investing Activities Rs m -1,074 -420 -
Cash Flow from Financing Activities Rs m 6,957 -4,397 -
Net Cash Flow Rs m -1,323 287 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BALLARPUR INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -6.7, an improvement from the EPS of Rs -24.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 3.1, stands at -0.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.0 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at -0.4 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 31.4 19.5
TTM Earnings per share Rs -24.1 -6.7
Diluted earnings per share Rs -24.1 -13.2
Price to Cash Flow x -0.2 -0.4
TTM P/E ratio x -0.2 -0.2
Price / Book Value ratio x -14.9 7.0
Market Cap Rs m 2,059 2,058
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 BALLARPUR INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.6x during FY18, from 0.5x 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 -0.1x 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 -274.8% during FY18, from 2,111.3% 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 -2.2% during FY18, from -23.8% 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 0.4% during FY18, from -5.2% 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 0.5 0.6
Debtors’ Days Days 12 13
Interest coverage x -0.9 -0.1
Debt to equity ratio x -46.9 15.2
Return on assets % -5.2 0.4
Return on equity % 2,111.3 -274.8
Return on capital employed % -23.8 -2.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how BALLARPUR INDUSTRIES has performed over the last 5 years, please visit here.

BALLARPUR INDUSTRIES Share Price Performance

Over the last one year, BALLARPUR INDUSTRIES share price has moved up from Rs 13.0 to Rs 3.1, registering a loss of Rs 9.9 or around 75.9%.

Overall, the S&P BSE SENSEX is up 16.9% over the year.

(To know more, check out historical annual results for BALLARPUR INDUSTRIES and quarterly results for BALLARPUR INDUSTRIES)

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Aug 14, 2019 | Updated on Aug 14, 2019

For the quarter ended June 2019, BALLARPUR INDUSTRIES has posted a net profit of Rs 570 m (up 57.0% YoY). Sales on the other hand came in at Rs 9 bn (up 5.8% YoY). Read on for a complete analysis of BALLARPUR INDUSTRIES's quarterly results.

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