COX & KINGS 2016-17 Annual Report Analysis

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COX & KINGS 2016-17 Annual Report Analysis
Wed, 19 Dec

COX & KINGS has announced its results for the year ended March 2017. Let us have a look at the detailed performance review of the company during FY16-17.

COX & KINGS Income Statement Analysis

  • Operating income during the year fell 4.4% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 16.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.5% in FY17 as against 10.8% in FY16.
  • Depreciation charges decreased by 35.8% and finance costs decreased by 12.0% YoY, respectively.
  • Other income declined by 42.9% YoY.
  • Net profit for the year declined by 2489.8% YoY.
  • Net profit margins during the year grew from 0.1% in FY16 to 2.9% in FY17.

COX & KINGS Income Statement 2016-17

No. of Mths Year Ending 12 Mar-16* 12 Mar-17* % Change
Net Sales Rs m 75,053 71,762 -4.4%
Other income Rs m 814 465 -42.9%
Total Revenues Rs m 75,867 72,227 -4.8%
Gross profit Rs m 8,127 6,809 -16.2%
Depreciation Rs m 1,485 953 -35.8%
Interest Rs m 2,563 2,255 -12.0%
Profit before tax Rs m 4,893 4,065 -16.9%
Tax Rs m 1,567 1,722 9.9%
Profit after tax Rs m -89 2,117 -2,489.8%
Gross profit margin % 10.8 9.5
Effective tax rate % 32.0 42.4
Net profit margin % -0.1 2.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



COX & KINGS Balance Sheet Analysis

  • The company's current liabilities during FY17 down at Rs 30 billion as compared to Rs 32 billion in FY16, thereby witnessing an decrease of -5.4%.
  • Long-term debt down at Rs 26 billion as compared to Rs 28 billion during FY16, a fall of 9.4%.
  • Current assets rose 5% and stood at Rs 47 billion, while fixed assets fell 12% and stood at Rs 42 billion in FY17.
  • Overall, the total assets and liabilities for FY17 stood at Rs 90 billion as against Rs 94 billion during FY16, thereby witnessing a fall of 4%.

COX & KINGS Balance Sheet as on March 2017

No. of Mths Year Ending 12 Mar-16* 12 Mar-17* % Change
Networth Rs m 24,040 25,995 8.1
 
Current Liabilities Rs m 32,033 30,297 -5.4
Long-term Debt Rs m 28,258 25,599 -9.4
Total Liabilities Rs m 93,500 89,970 -3.8
 
Current assets Rs m 44,604 46,804 4.9
Fixed Assets Rs m 47,686 42,089 -11.7
Total Assets Rs m 93,500 89,970 -3.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



COX & KINGS Cash Flow Statement Analysis

  • COX & KINGS's cash flow from operating activities (CFO) during FY17 stood at Rs 3 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY17 stood at Rs -233 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY17 stood at Rs -3 billion on a YoY basis.
  • Overall, net cash flows for the company during FY17 stood at Rs -206 million from the Rs 2 billion net cash flows seen during FY16.

COX & KINGS Cash Flow Statement 2016-17

Particulars No. of months 12 12 % Change
Year Ending Mar-16 Mar-17
Cash Flow from Operating Activities Rs m 7,477 2,627 -64.9%
Cash Flow from Investing Activities Rs m -4,426 -233 -
Cash Flow from Financing Activities Rs m -967 -2,600 -
Net Cash Flow Rs m 2,084 -206 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for COX & KINGS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 12.0, an improvement from the EPS of Rs -0.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 162.3, stands at 8.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 8.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-16* 12 Mar-17*
Sales per share (Unadj.) Rs 443.3 406.2
TTM Earnings per share Rs -0.5 12.0
Diluted earnings per share Rs -0.5 12.5
Price to Cash Flow x 19.6 8.6
TTM P/E ratio x 8.7 8.7
Price / Book Value ratio x 1.7 1.3
Market Cap Rs m 27,479 27,479
Dividends per share (Unadj.) Rs 1.0 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for COX & KINGS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.5x during FY17, from 1.4x during FY16. 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 2.8x during FY17, from 2.9x during FY16. 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 8.1% during FY17, from -0.4% during FY17. 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 11.8% during FY17, from 7.7% during FY16. 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 4.9% during FY17, from 2.6% during FY16. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-16* 12 Mar-17*
Current ratio x 1.4 1.5
Debtors’ Days Days 68 93
Interest coverage x 2.9 2.8
Debt to equity ratio x 1.2 1.0
Return on assets % 2.6 4.9
Return on equity % -0.4 8.1
Return on capital employed % 7.7 11.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how COX & KINGS has performed over the last 5 years, please visit here.

COX & KINGS Share Price Performance

Over the last one year, COX & KINGS share price has moved up from Rs 253.9 to Rs 162.3, registering a loss of Rs 91.6 or around 36.1%.

Overall, the S&P BSE SENSEX is up 8.6% over the year.

(To know more, check out historical annual results for COX & KINGS and quarterly results for COX & KINGS)

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