CHAMBAL FERTILISERS 2017-18 Annual Report Analysis

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CHAMBAL FERTILISERS 2017-18 Annual Report Analysis
Thu, 3 Jan

CHAMBAL FERTILISERS 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.

CHAMBAL FERTILISERS Income Statement Analysis

  • Operating income during the year fell 0.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 2.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.6% in FY18 as against 10.3% in FY17.
  • Depreciation charges decreased by 7.4% and finance costs decreased by 38.9% YoY, respectively.
  • Other income grew by 3.3% YoY.
  • Net profit for the year grew by 29.4% YoY.
  • Net profit margins during the year grew from 4.9% in FY17 to 6.4% in FY18.

CHAMBAL FERTILISERS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 75,535 75,410 -0.2%
Other income Rs m 1,370 1,415 3.3%
Total Revenues Rs m 76,905 76,825 -0.1%
Gross profit Rs m 7,762 7,965 2.6%
Depreciation Rs m 922 854 -7.4%
Interest Rs m 2,540 1,552 -38.9%
Profit before tax Rs m 5,670 6,974 23.0%
Tax Rs m 1,855 2,449 32.0%
Profit after tax Rs m 3,801 4,917 29.4%
Gross profit margin % 10.3 10.6
Effective tax rate % 32.7 35.1
Net profit margin % 4.9 6.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CHAMBAL FERTILISERS Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 33 billion as compared to Rs 44 billion in FY17, thereby witnessing an decrease of -24.3%.
  • Long-term debt stood at Rs 35 billion as compared to Rs 14 billion during FY17, a growth of 145.5%.
  • Current assets fell 22% and stood at Rs 38 billion, while fixed assets rose 83% and stood at Rs 56 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 95 billion as against Rs 81 billion during FY17, thereby witnessing a growth of 18%.

CHAMBAL FERTILISERS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 21,235 25,056 18.0
 
Current Liabilities Rs m 43,912 33,254 -24.3
Long-term Debt Rs m 14,320 35,160 145.5
Total Liabilities Rs m 80,571 94,796 17.7
 
Current assets Rs m 48,699 37,894 -22.2
Fixed Assets Rs m 30,415 55,756 83.3
Total Assets Rs m 80,571 94,796 17.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CHAMBAL FERTILISERS Cash Flow Statement Analysis

  • CHAMBAL FERTILISERS's cash flow from operating activities (CFO) during FY18 stood at Rs 12 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -18 billion, an improvement of 163.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 6 billion, an improvement of 221% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -491 million from the Rs 763 million net cash flows seen during FY17.

CHAMBAL FERTILISERS 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 12,795 11,715 -8.4%
Cash Flow from Investing Activities Rs m -6,906 -18,205 -
Cash Flow from Financing Activities Rs m -4,999 6,063 -
Net Cash Flow Rs m 763 -491 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for CHAMBAL FERTILISERS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.8, an improvement from the EPS of Rs 9.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 152.6, stands at 12.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.1 times, while the price to sales ratio stands at 0.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.8 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 181.5 181.2
TTM Earnings per share Rs 9.1 11.8
Diluted earnings per share Rs 9.1 11.8
Price to Cash Flow x 13.5 11.8
TTM P/E ratio x 12.8 12.8
Price / Book Value ratio x 1.4 2.1
Market Cap Rs m 63,514 63,514
Dividends per share (Unadj.) Rs 1.9 1.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for CHAMBAL FERTILISERS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY18, from 1.1x 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 5.5x during FY18, from 3.2x 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 improved and stood at 19.6% during FY18, from 17.9% 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 14.8% during FY18, from 23.1% 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 6.8% 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 1.1 1.1
Debtors’ Days Days 147 123
Interest coverage x 3.2 5.5
Debt to equity ratio x 0.7 1.4
Return on assets % 7.9 6.8
Return on equity % 17.9 19.6
Return on capital employed % 23.1 14.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how CHAMBAL FERTILISERS has performed over the last 5 years, please visit here.

CHAMBAL FERTILISERS Share Price Performance

Over the last one year, CHAMBAL FERTILISERS share price has moved up from Rs 160.1 to Rs 152.6, registering a loss of Rs 7.5 or around 4.7%.

Overall, the S&P BSE SENSEX is up 5.6% over the year.

(To know more, check out historical annual results for CHAMBAL FERTILISERS and quarterly results for CHAMBAL FERTILISERS)

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Related Views on News

CHAMBAL FERTILISERS Announces Quarterly Results (2QFY20); Net Profit Up 158.8% (Quarterly Result Update)

Nov 12, 2019 | Updated on Nov 12, 2019

For the quarter ended September 2019, CHAMBAL FERTILISERS has posted a net profit of Rs 4 bn (up 158.8% YoY). Sales on the other hand came in at Rs 36 bn (up 42.8% YoY). Read on for a complete analysis of CHAMBAL FERTILISERS's quarterly results.

CHAMBAL FERTILISERS Announces Quarterly Results (1QFY20); Net Profit Up 51.8% (Quarterly Result Update)

Aug 13, 2019 | Updated on Aug 13, 2019

For the quarter ended June 2019, CHAMBAL FERTILISERS has posted a net profit of Rs 2 bn (up 51.8% YoY). Sales on the other hand came in at Rs 29 bn (up 30.3% YoY). Read on for a complete analysis of CHAMBAL FERTILISERS's quarterly results.

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