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BL KASHYAP & SONS 2017-18 Annual Report Analysis

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BL KASHYAP & SONS 2017-18 Annual Report Analysis
Tue, 18 Dec

BL KASHYAP & SONS 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.

BL KASHYAP & SONS Income Statement Analysis

  • Operating income during the year rose 9.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 2.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.9% in FY18 as against 9.6% in FY17.
  • Depreciation charges decreased by 8.2% and finance costs decreased by 6.7% YoY, respectively.
  • Other income grew by 2229.8% YoY.
  • Net profit for the year grew by 409.7% YoY.
  • Net profit margins during the year grew from 0.5% in FY17 to 2.4% in FY18.

BL KASHYAP & SONS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 9,236 10,122 9.6%
Other income Rs m 13 305 2,229.8%
Total Revenues Rs m 9,250 10,427 12.7%
Gross profit Rs m 882 900 2.0%
Depreciation Rs m 130 119 -8.2%
Interest Rs m 827 772 -6.7%
Profit before tax Rs m -62 314 -609.6%
Tax Rs m -111 61 -154.9%
Profit after tax Rs m 50 253 409.7%
Gross profit margin % 9.6 8.9
Effective tax rate % 180.5 19.5
Net profit margin % 0.5 2.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BL KASHYAP & SONS Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 9 billion as compared to Rs 10 billion in FY17, thereby witnessing an decrease of -5.5%.
  • Long-term debt down at Rs 1 billion as compared to Rs 2 billion during FY17, a fall of 11.8%.
  • Current assets fell 2% and stood at Rs 10 billion, while fixed assets fell 3% and stood at Rs 5 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 17 billion as against Rs 18 billion during FY17, thereby witnessing a fall of 2%.

BL KASHYAP & SONS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 4,342 4,978 14.7
 
Current Liabilities Rs m 10,002 9,447 -5.5
Long-term Debt Rs m 1,508 1,330 -11.8
Total Liabilities Rs m 17,740 17,467 -1.5
 
Current assets Rs m 10,424 10,209 -2.1
Fixed Assets Rs m 5,263 5,106 -3.0
Total Assets Rs m 17,740 17,467 -1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BL KASHYAP & SONS Cash Flow Statement Analysis

  • BL KASHYAP & SONS's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -225 million, an improvement of 742.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -449 million, an improvement of 82% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 501 million from the Rs -8 million net cash flows seen during FY17.

BL KASHYAP & SONS 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 2,451 1,175 -52.1%
Cash Flow from Investing Activities Rs m -27 -225 -
Cash Flow from Financing Activities Rs m -2,432 -449 -
Net Cash Flow Rs m -8 501 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BL KASHYAP & SONS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.2, an improvement from the EPS of Rs 0.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 19.8, stands at 7.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.0 times, while the price to sales ratio stands at 1.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.9 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 45.0 47.0
TTM Earnings per share Rs 0.2 1.2
Diluted earnings per share Rs 0.2 1.2
Price to Cash Flow x 22.7 10.9
TTM P/E ratio x 7.1 7.1
Price / Book Value ratio x 1.0 2.0
Market Cap Rs m 4,068 4,068
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 BL KASHYAP & SONS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY18, from 1.0x 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 1.4x 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 improved and stood at 5.1% during FY18, from 1.1% 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 17.2% during FY18, from 13.1% 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 improved and stood at 5.9% during FY18, from 4.9% 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 1.0 1.1
Debtors’ Days Days 156 169
Interest coverage x 0.9 1.4
Debt to equity ratio x 0.3 0.3
Return on assets % 4.9 5.9
Return on equity % 1.1 5.1
Return on capital employed % 13.1 17.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how BL KASHYAP & SONS has performed over the last 5 years, please visit here.

BL KASHYAP & SONS Share Price Performance

Over the last one year, BL KASHYAP & SONS share price has moved up from Rs 58.2 to Rs 19.8, registering a loss of Rs 38.4 or around 66.0%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,835.2 (up 0.2%). Over the last one year it has moved down from 2,378.1 to 1,835.2, a loss of 543 points (down 22.8%).

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

(To know more, check out historical annual results for BL KASHYAP & SONS and quarterly results for BL KASHYAP & SONS)

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BL KASHYAP & SONS Announces Quarterly Results (3QFY19); Net Profit Down 53.6% (Quarterly Result Update)

Feb 15, 2019 | Updated on Feb 15, 2019

For the quarter ended December 2018, BL KASHYAP & SONS has posted a net profit of Rs 45 m (down 53.6% YoY). Sales on the other hand came in at Rs 2 bn (down 22.9% YoY). Read on for a complete analysis of BL KASHYAP & SONS's quarterly results.

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Nov 14, 2018 | Updated on Nov 14, 2018

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