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BATLIBOI 2017-18 Annual Report Analysis

Sat, 31 Mar

BATLIBOI 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.

BATLIBOI Income Statement Analysis

• Operating income during the year rose 7.0% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 9.9% YoY during the fiscal. Operating profit margins witnessed a growth and down at 2.5% in FY18 as against 3.0% in FY17.
• Depreciation charges decreased by 9.5% and finance costs decreased by 13.3% YoY, respectively.
• Other income grew by 291.0% YoY.
• Net profit for the year declined by 23.4% YoY.
• Net profit margins during the year grew from 6.9% in FY17 to 4.9% in FY18.

BATLIBOI Income Statement 2017-18

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Net Sales	Rs m	1,957	2,095	7.0%
Other income	Rs m	21	82	291.0%
Total Revenues	Rs m	1,978	2,177	10.0%
Gross profit	Rs m	-59	-53	-9.9%
Depreciation	Rs m	53	48	-9.5%
Interest	Rs m	80	70	-13.3%
Profit before tax	Rs m	-171	-89	-48.0%
Tax	Rs m	-36	15	-140.2%
Profit after tax	Rs m	-135	-104	-23.4%
Gross profit margin	%	-3.0	-2.5
Effective tax rate	%	21.1	-16.3
Net profit margin	%	-6.9	-4.9

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BATLIBOI Balance Sheet Analysis

• The company's current liabilities during FY18 stood at Rs 1 billion as compared to Rs 881 million in FY17, thereby witnessing an increase of 32.1%.
• Long-term debt down at Rs 322 million as compared to Rs 335 million during FY17, a fall of 3.8%.
• Current assets rose 31% and stood at Rs 895 million, while fixed assets fell 2% and stood at Rs 2 billion in FY18.
• Overall, the total assets and liabilities for FY18 stood at Rs 3 billion as against Rs 3 billion during FY17, thereby witnessing a growth of 5%.

BATLIBOI Balance Sheet as on March 2018

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Networth	Rs m	1,381	1,235	-10.6
Current Liabilities	Rs m	881	1,164	32.1
Long-term Debt	Rs m	335	322	-3.8
Total Liabilities	Rs m	2,975	3,136	5.4
Current assets	Rs m	686	895	30.5
Fixed Assets	Rs m	2,289	2,240	-2.1
Total Assets	Rs m	2,975	3,136	5.4

BATLIBOI Cash Flow Statement Analysis

• BATLIBOI's cash flow from operating activities (CFO) during FY18 stood at Rs 12 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY18 stood at Rs -10 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY18 stood at Rs -29 million on a YoY basis.
• Overall, net cash flows for the company during FY18 stood at Rs -27 million from the Rs -3 million net cash flows seen during FY17.

BATLIBOI 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	-93	12	-
Cash Flow from Investing Activities	Rs m	98	-10	-
Cash Flow from Financing Activities	Rs m	-7	-29	-
Net Cash Flow	Rs m	-3	-27	-

Current Valuations for BATLIBOI

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.6, an improvement from the EPS of Rs -4.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 23.2, stands at -7.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.5 times, while the price to sales ratio stands at 0.3 times.
• The company's price to cash flow (P/CF) ratio stood at -19.8 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	68.2	72.9
TTM Earnings per share	Rs	-4.7	-3.6
Diluted earnings per share	Rs	-4.7	-3.6
Price to Cash Flow	x	-8.3	-19.8
TTM P/E ratio	x	123.4	-7.4
Price / Book Value ratio	x	0.5	0.9
Market Cap	Rs m	673	1,103
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BATLIBOI

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY18, from 0.8x 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 -0.3x during FY18, from -1.1x 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 -8.4% during FY18, from -9.8% 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 -1.3% during FY18, from -5.3% 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 -1.1% during FY18, from -1.8% 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	0.8	0.8
Debtors’ Days	Days	435	768
Interest coverage	x	-1.1	-0.3
Debt to equity ratio	x	0.2	0.3
Return on assets	%	-1.8	-1.1
Return on equity	%	-9.8	-8.4
Return on capital employed	%	-5.3	-1.3

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

BATLIBOI Share Price Performance

Over the last one year, BATLIBOI share price has moved down from Rs 23.9 to Rs 23.2, registering a loss of Rs 0.7 or around 2.7%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,476.7 (down 0.1%). Over the last one year it has moved up from 16,446.0 to 18,476.7, a gain of 2,031 points (up 12.3%).

Overall, the S&P BSE SENSEX is up 12.1% over the year.

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

Read: Latest Annual Report Analysis of BATLIBOI