BALRAMPUR CHINI 2017-18 Annual Report Analysis

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BALRAMPUR CHINI 2017-18 Annual Report Analysis
Fri, 21 Dec

BALRAMPUR CHINI 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.

BALRAMPUR CHINI Income Statement Analysis

  • Operating income during the year rose 25.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 48.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.4% in FY18 as against 25.1% in FY17.
  • Depreciation charges decreased by 9.3% and finance costs decreased by 6.1% YoY, respectively.
  • Other income grew by 21.0% YoY.
  • Net profit for the year declined by 60.9% YoY.
  • Net profit margins during the year declined from 17.0% in FY17 to 5.3% in FY18.

BALRAMPUR CHINI Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 34,601 43,425 25.5%
Other income Rs m 251 303 21.0%
Total Revenues Rs m 34,852 43,729 25.5%
Gross profit Rs m 8,690 4,517 -48.0%
Depreciation Rs m 1,050 952 -9.3%
Interest Rs m 554 520 -6.1%
Profit before tax Rs m 7,336 3,347 -54.4%
Tax Rs m 1,422 1,135 -20.2%
Profit after tax Rs m 5,928 2,317 -60.9%
Gross profit margin % 25.1 10.4
Effective tax rate % 19.4 33.9
Net profit margin % 17.0 5.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BALRAMPUR CHINI Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 19 billion as compared to Rs 22 billion in FY17, thereby witnessing an decrease of -14.3%.
  • Long-term debt down at Rs 107 million as compared to Rs 1 billion during FY17, a fall of 91.4%.
  • Current assets fell 18% and stood at Rs 21 billion, while fixed assets rose 6% and stood at Rs 16 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 37 billion as against Rs 40 billion during FY17, thereby witnessing a fall of 8%.

BALRAMPUR CHINI Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 15,606 16,171 3.6
 
Current Liabilities Rs m 21,833 18,716 -14.3
Long-term Debt Rs m 1,243 107 -91.4
Total Liabilities Rs m 40,275 37,010 -8.1
 
Current assets Rs m 25,235 20,655 -18.1
Fixed Assets Rs m 14,694 15,572 6.0
Total Assets Rs m 40,275 37,010 -8.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BALRAMPUR CHINI Cash Flow Statement Analysis

  • BALRAMPUR CHINI's cash flow from operating activities (CFO) during FY18 stood at Rs 12 billion, an improvement of 241.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion, an improvement of 36.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -10 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 4 million from the Rs -41 million net cash flows seen during FY17.

BALRAMPUR CHINI 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 3,457 11,798 241.3%
Cash Flow from Investing Activities Rs m -1,165 -1,593 -
Cash Flow from Financing Activities Rs m -2,327 -10,201 -
Net Cash Flow Rs m -41 4 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BALRAMPUR CHINI

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.1, an decline from the EPS of Rs 25.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 105.3, stands at 14.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at 0.7 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-17* 12 Mar-18*
Sales per share (Unadj.) Rs 147.2 190.1
TTM Earnings per share Rs 25.2 10.1
Diluted earnings per share Rs 22.8 8.9
Price to Cash Flow x 3.6 8.6
TTM P/E ratio x 13.5 14.9
Price / Book Value ratio x 2.0 1.8
Market Cap Rs m 24,735 27,326
Dividends per share (Unadj.) Rs 3.5 2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BALRAMPUR CHINI

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY18, from 1.2x 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 7.4x during FY18, from 14.2x 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 14.3% during FY18, from 38.0% 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 declined and down at 24.4% during FY18, from 46.9% 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 7.7% during FY18, from 16.1% 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 1.2 1.1
Debtors’ Days Days 17 15
Interest coverage x 14.2 7.4
Debt to equity ratio x 0.1 0.0
Return on assets % 16.1 7.7
Return on equity % 38.0 14.3
Return on capital employed % 46.9 24.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how BALRAMPUR CHINI has performed over the last 5 years, please visit here.

BALRAMPUR CHINI Share Price Performance

Over the last one year, BALRAMPUR CHINI share price has moved up from Rs 142.0 to Rs 105.3, registering a loss of Rs 36.8 or around 25.9%.

Overall, the S&P BSE SENSEX is up 7.8% over the year.

(To know more, check out historical annual results for BALRAMPUR CHINI and quarterly results for BALRAMPUR CHINI)

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Related Views on News

BALRAMPUR CHINI Announces Quarterly Results (3QFY20); Net Profit Down 41.8% (Quarterly Result Update)

Feb 12, 2020 | Updated on Feb 12, 2020

For the quarter ended December 2019, BALRAMPUR CHINI has posted a net profit of Rs 700 m (down 41.8% YoY). Sales on the other hand came in at Rs 12 bn (up 27.1% YoY). Read on for a complete analysis of BALRAMPUR CHINI's quarterly results.

BALRAMPUR CHINI Announces Quarterly Results (1QFY20); Net Profit Up 45.0% (Quarterly Result Update)

Aug 8, 2019 | Updated on Aug 8, 2019

For the quarter ended June 2019, BALRAMPUR CHINI has posted a net profit of Rs 1 bn (up 45.0% YoY). Sales on the other hand came in at Rs 9 bn (down 5.4% YoY). Read on for a complete analysis of BALRAMPUR CHINI's quarterly results.

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