CENTURY TEXTILES 2017-18 Annual Report Analysis

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CENTURY TEXTILES 2017-18 Annual Report Analysis
Tue, 25 Sep

CENTURY TEXTILES 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 TEXTILES Income Statement Analysis

  • Operating income during the year rose 7.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 42.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.1% in FY18 as against 12.2% in FY17.
  • Depreciation charges increased by 0.1% YoY and finance costs decreased by 18.0% YoY.
  • Other income grew by 12.2% YoY.
  • Net profit for the year grew by 229.7% YoY.
  • Net profit margins during the year grew from 1.6% in FY17 to 4.9% in FY18.

CENTURY TEXTILES Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m76,44881,8957.1%
Other incomeRs m74483512.2%
Total RevenuesRs m77,19182,7307.2%
Gross profitRs m9,30313,21142.0%
DepreciationRs m3,1333,1380.1%
InterestRs m5,5084,517-18.0%
Profit before taxRs m1,4066,391354.6%
TaxRs m1672,3071,280.3%
Profit after taxRs m1,2394,085229.7%
Gross profit margin%12.216.1
Effective tax rate%11.936.1
Net profit margin%1.64.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CENTURY TEXTILES Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 41 billion as compared to Rs 44 billion in FY17, thereby witnessing an decrease of -8.8%.
  • Long-term debt down at Rs 24 billion as compared to Rs 31 billion during FY17, a fall of 23.5%.
  • Current assets rose 5% and stood at Rs 24 billion, while fixed assets fell 1% and stood at Rs 73 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 103 billion as against Rs 103 billion during FY17, thereby witnessing a fall of 0%.

CENTURY TEXTILES Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m24,81927,47910.7
 
Current LiabilitiesRs m44,47140,559-8.8
Long-term DebtRs m31,26023,924-23.5
Total LiabilitiesRs m103,363103,3130.0
 
Current assetsRs m22,54423,5854.6
Fixed AssetsRs m 73,43772,906-0.7
Total AssetsRs m103,363103,3130.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CENTURY TEXTILES Cash Flow Statement Analysis

  • CENTURY TEXTILES's cash flow from operating activities (CFO) during FY18 stood at Rs 22 billion, an improvement of 135.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -18 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 2 billion from the Rs 5 billion net cash flows seen during FY17.

CENTURY TEXTILES Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m9,40022,091135.0%
Cash Flow from Investing ActivitiesRs m-2,470-1,949-
Cash Flow from Financing ActivitiesRs m-1,752-17,952-
Net Cash FlowRs m5,1792,190-57.7%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for CENTURY TEXTILES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 36.6, an improvement from the EPS of Rs 11.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 865.5, stands at 19.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.0 times, while the price to sales ratio stands at 1.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 12.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Sales per share (Unadj.)Rs684.5733.2
TTM Earnings per shareRs11.136.6
Diluted earnings per shareRs12.240.2
Price to Cash Flow x22.112.2
TTM P/E ratiox20.919.0
Price / Book Value ratiox3.65.0
Market CapRs m96,66287,860
Dividends per share (Unadj.)Rs5.56.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for CENTURY TEXTILES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.6x during FY18, from 0.5x 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 2.4x during FY18, from 1.3x 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 14.9% during FY18, from 5.0% 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 21.2% during FY18, from 12.3% 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 8.3% during FY18, from 6.5% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Current ratiox0.50.6
Debtors’ DaysDays2419
Interest coveragex1.32.4
Debt to equity ratiox1.30.9
Return on assets%6.58.3
Return on equity%5.014.9
Return on capital employed%12.321.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

CENTURY TEXTILES Share Price Performance

Over the last one year, CENTURY TEXTILES share price has moved up from Rs 1,242.5 to Rs 865.5, registering a loss of Rs 377.0 or around 30.3%.

Overall, the S&P BSE SENSEX is up 15.9% over the year.

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

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