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ULTRATECH CEMENT 2017-18 Annual Report Analysis

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ULTRATECH CEMENT 2017-18 Annual Report Analysis
Tue, 21 Aug

ULTRATECH CEMENT 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.

ULTRATECH CEMENT Income Statement Analysis

  • Operating income during the year rose 23.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 11.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.5% in FY18 as against 20.5% in FY17.
  • Depreciation charges and finance costs increased by 37.0% YoY and 92.6% YoY, respectively.
  • Other income declined by 9.9% YoY.
  • Net profit for the year declined by 18.0% YoY.
  • Net profit margins during the year declined from 10.4% in FY17 to 7.0% in FY18.

ULTRATECH CEMENT Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 253,749 314,108 23.8%
Other income Rs m 6,481 5,837 -9.9%
Total Revenues Rs m 260,231 319,945 22.9%
Gross profit Rs m 52,125 57,984 11.2%
Depreciation Rs m 13,484 18,479 37.0%
Interest Rs m 6,401 12,328 92.6%
Profit before tax Rs m 38,721 33,015 -14.7%
Tax Rs m 11,586 10,770 -7.0%
Profit after tax Rs m 27,135 22,245 -18.0%
Gross profit margin % 20.5 18.5
Effective tax rate % 29.9 32.6
Net profit margin % 10.4 7.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ULTRATECH CEMENT Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 113 billion as compared to Rs 83 billion in FY17, thereby witnessing an increase of 36.1%.
  • Long-term debt stood at Rs 159 billion as compared to Rs 64 billion during FY17, a growth of 149.0%.
  • Current assets fell 14% and stood at Rs 115 billion, while fixed assets rose 54% and stood at Rs 412 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 572 billion as against Rs 422 billion during FY17, thereby witnessing a growth of 35%.

ULTRATECH CEMENT Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 243,919 263,812 8.2
 
Current Liabilities Rs m 83,286 113,389 36.1
Long-term Debt Rs m 63,708 158,635 149.0
Total Liabilities Rs m 422,189 571,577 35.4
 
Current assets Rs m 133,257 114,685 -13.9
Fixed Assets Rs m 268,258 412,265 53.7
Total Assets Rs m 422,189 571,577 35.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ULTRATECH CEMENT Cash Flow Statement Analysis

  • ULTRATECH CEMENT's cash flow from operating activities (CFO) during FY18 stood at Rs 39 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 19 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -57 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 184 million from the Rs -314 million net cash flows seen during FY17.

ULTRATECH CEMENT 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 50,050 38,874 -22.3%
Cash Flow from Investing Activities Rs m -24,803 18,570 -
Cash Flow from Financing Activities Rs m -25,350 -57,302 -
Net Cash Flow Rs m -314 184 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ULTRATECH CEMENT

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 81.0, an decline from the EPS of Rs 98.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 4,353.1, stands at 61.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.4 times, while the price to sales ratio stands at 3.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 29.3 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 924.4 1,143.8
TTM Earnings per share Rs 98.8 81.0
Diluted earnings per share Rs 98.9 81.1
Price to Cash Flow x 29.4 29.3
TTM P/E ratio x 61.1 61.0
Price / Book Value ratio x 4.0 4.4
Market Cap Rs m 1,194,956 1,194,477
Dividends per share (Unadj.) Rs 10.0 10.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ULTRATECH CEMENT

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.0x during FY18, from 1.6x 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 3.7x during FY18, from 7.0x 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 8.4% during FY18, from 11.1% 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 declined and down at 10.7% during FY18, from 14.7% 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 declined and down at 6.0% during FY18, from 7.9% 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 1.6 1.0
Debtors’ Days Days 25 26
Interest coverage x 7.0 3.7
Debt to equity ratio x 0.3 0.6
Return on assets % 7.9 6.0
Return on equity % 11.1 8.4
Return on capital employed % 14.7 10.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

ULTRATECH CEMENT Share Price Performance

Over the last one year, ULTRATECH CEMENT share price has moved up from Rs 4,010.2 to Rs 4,353.1, registering a gain of Rs 342.9 or around 8.5%.

Overall, the S&P BSE SENSEX is up 22.4% over the year.

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

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