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CENTURY ENKA 2017-18 Annual Report Analysis

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CENTURY ENKA 2017-18 Annual Report Analysis
Tue, 18 Dec

CENTURY ENKA 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.

CENTURY ENKA Income Statement Analysis

  • Operating income during the year rose 19.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 38.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.9% in FY18 as against 15.3% in FY17.
  • Depreciation charges decreased by 1.0% and finance costs decreased by 39.5% YoY, respectively.
  • Other income grew by 14.6% YoY.
  • Net profit for the year declined by 23.0% YoY.
  • Net profit margins during the year declined from 7.6% in FY17 to 4.9% in FY18.

CENTURY ENKA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 11,853 14,165 19.5%
Other income Rs m 155 178 14.6%
Total Revenues Rs m 12,008 14,342 19.4%
Gross profit Rs m 1,819 1,117 -38.6%
Depreciation Rs m 424 419 -1.0%
Interest Rs m 56 34 -39.5%
Profit before tax Rs m 1,494 841 -43.7%
Tax Rs m 488 389 -20.2%
Profit after tax Rs m 910 701 -23.0%
Gross profit margin % 15.3 7.9
Effective tax rate % 32.7 46.3
Net profit margin % 7.6 4.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CENTURY ENKA Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 1 billion as compared to Rs 1 billion in FY17, thereby witnessing an decrease of -3.1%.
  • Long-term debt down at Rs 306 million as compared to Rs 371 million during FY17, a fall of 17.4%.
  • Current assets rose 9% and stood at Rs 6 billion, while fixed assets rose 1% and stood at Rs 6 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 12 billion as against Rs 11 billion during FY17, thereby witnessing a growth of 4%.

CENTURY ENKA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 8,544 9,009 5.4
 
Current Liabilities Rs m 1,083 1,050 -3.1
Long-term Debt Rs m 371 306 -17.4
Total Liabilities Rs m 11,195 11,637 4.0
 
Current assets Rs m 5,131 5,572 8.6
Fixed Assets Rs m 5,749 5,786 0.6
Total Assets Rs m 11,195 11,637 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CENTURY ENKA Cash Flow Statement Analysis

  • CENTURY ENKA's cash flow from operating activities (CFO) during FY18 stood at Rs 561 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -83 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -275 million, an improvement of 36% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 204 million from the Rs -20 million net cash flows seen during FY17.

CENTURY ENKA 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 605 561 -7.3%
Cash Flow from Investing Activities Rs m -198 -83 -
Cash Flow from Financing Activities Rs m -427 -275 -
Net Cash Flow Rs m -20 204 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for CENTURY ENKA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 32.1, an decline from the EPS of Rs 41.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 270.8, stands at 6.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 0.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.3 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 542.5 648.3
TTM Earnings per share Rs 41.6 32.1
Diluted earnings per share Rs 41.6 32.1
Price to Cash Flow x 4.4 5.3
TTM P/E ratio x 6.5 6.5
Price / Book Value ratio x 0.8 0.9
Market Cap Rs m 5,916 5,916
Dividends per share (Unadj.) Rs 7.0 7.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for CENTURY ENKA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 5.3x during FY18, from 4.7x 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 25.7x during FY18, from 27.6x 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 7.8% during FY18, from 10.6% 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 12.1% during FY18, from 16.3% 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 declined and down at 6.3% during FY18, from 8.6% 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 4.7 5.3
Debtors’ Days Days 58 53
Interest coverage x 27.6 25.7
Debt to equity ratio x 0.0 0.0
Return on assets % 8.6 6.3
Return on equity % 10.6 7.8
Return on capital employed % 16.3 12.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

CENTURY ENKA Share Price Performance

Over the last one year, CENTURY ENKA share price has moved up from Rs 325.4 to Rs 270.8, registering a loss of Rs 54.6 or around 16.8%.

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

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

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Related Views on News

CENTURY ENKA Announces Quarterly Results (3QFY19); Net Profit Down 29.0% (Quarterly Result Update)

Jan 28, 2019 | Updated on Jan 28, 2019

For the quarter ended December 2018, CENTURY ENKA has posted a net profit of Rs 204 m (down 29.0% YoY). Sales on the other hand came in at Rs 5 bn (up 30.1% YoY). Read on for a complete analysis of CENTURY ENKA's quarterly results.

CENTURY ENKA Announces Quarterly Results (2QFY19); Net Profit Up 28.1% (Quarterly Result Update)

Nov 12, 2018 | Updated on Nov 12, 2018

For the quarter ended September 2018, CENTURY ENKA has posted a net profit of Rs 232 m (up 28.1% YoY). Sales on the other hand came in at Rs 5 bn (up 56.4% YoY). Read on for a complete analysis of CENTURY ENKA's quarterly results.

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