BHAGYANAGAR IND 2017-18 Annual Report Analysis

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BHAGYANAGAR IND 2017-18 Annual Report Analysis
Fri, 25 Jan

BHAGYANAGAR IND 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.

BHAGYANAGAR IND Income Statement Analysis

  • Operating income during the year rose 50.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 4.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 2.8% in FY18 as against 4.5% in FY17.
  • Depreciation charges decreased by 20.2% and finance costs decreased by 38.0% YoY, respectively.
  • Other income grew by 65.3% YoY.
  • Net profit for the year grew by 137.2% YoY.
  • Net profit margins during the year grew from 1.8% in FY17 to 2.8% in FY18.

BHAGYANAGAR IND Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 2,974 4,469 50.3%
Other income Rs m 70 115 65.3%
Total Revenues Rs m 3,044 4,584 50.6%
Gross profit Rs m 133 127 -4.9%
Depreciation Rs m 47 38 -20.2%
Interest Rs m 62 38 -38.0%
Profit before tax Rs m 94 166 76.4%
Tax Rs m -2 39 -2,184.6%
Profit after tax Rs m 54 127 137.2%
Gross profit margin % 4.5 2.8
Effective tax rate % -2.0 23.6
Net profit margin % 1.8 2.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BHAGYANAGAR IND Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 346 million as compared to Rs 598 million in FY17, thereby witnessing an decrease of -42.1%.
  • Long-term debt down at Rs 160 million as compared to Rs 289 million during FY17, a fall of 44.6%.
  • Current assets fell 13% and stood at Rs 1 billion, while fixed assets fell 13% and stood at Rs 632 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 2 billion as against Rs 2 billion during FY17, thereby witnessing a fall of 14%.

BHAGYANAGAR IND Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 1,036 1,156 11.6
 
Current Liabilities Rs m 598 346 -42.1
Long-term Debt Rs m 289 160 -44.6
Total Liabilities Rs m 1,933 1,662 -14.0
 
Current assets Rs m 1,157 1,004 -13.2
Fixed Assets Rs m 724 632 -12.6
Total Assets Rs m 1,933 1,662 -14.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BHAGYANAGAR IND Cash Flow Statement Analysis

  • BHAGYANAGAR IND's cash flow from operating activities (CFO) during FY18 stood at Rs 279 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 315 million, an improvement of 12.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -488 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 105 million from the Rs 4 million net cash flows seen during FY17.

BHAGYANAGAR IND 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 -144 279 -
Cash Flow from Investing Activities Rs m 279 315 12.7%
Cash Flow from Financing Activities Rs m -131 -488 -
Net Cash Flow Rs m 4 105 2,346.5%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BHAGYANAGAR IND

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.0, an improvement from the EPS of Rs 1.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 34.3, stands at 18.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.5 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 92.9 139.6
TTM Earnings per share Rs 1.7 4.0
Diluted earnings per share Rs 0.7 1.7
Price to Cash Flow x 10.9 15.5
TTM P/E ratio x 8.0 18.6
Price / Book Value ratio x 0.7 1.1
Market Cap Rs m 1,096 2,552
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 BHAGYANAGAR IND

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.9x 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 5.4x during FY18, from 2.5x 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 11.0% during FY18, from 5.2% 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 15.5% during FY18, from 8.6% 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 9.9% during FY18, from 6.0% 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 1.9 2.9
Debtors’ Days Days 45 28
Interest coverage x 2.5 5.4
Debt to equity ratio x 0.3 0.1
Return on assets % 6.0 9.9
Return on equity % 5.2 11.0
Return on capital employed % 8.6 15.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

BHAGYANAGAR IND Share Price Performance

Over the last one year, BHAGYANAGAR IND share price has moved up from Rs 41.9 to Rs 34.3, registering a loss of Rs 7.6 or around 18.2%.

Overall, the S&P BSE SENSEX is up 0.0% over the year.

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

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For the quarter ended June 2019, BHAGYANAGAR IND has posted a net profit of Rs 12 m (down 37.0% YoY). Sales on the other hand came in at Rs 1 bn (down 2.0% YoY). Read on for a complete analysis of BHAGYANAGAR IND's quarterly results.

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