GRAPHITE INDIA 2018-19 Annual Report Analysis

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GRAPHITE INDIA 2018-19 Annual Report Analysis
Thu, 13 Jun

GRAPHITE INDIA has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

GRAPHITE INDIA Income Statement Analysis

  • Operating income during the year rose 140.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 247.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 63.9% in FY19 as against 44.2% in FY18.
  • Depreciation charges increased by 21.1% and finance costs increased by 43.2% YoY, respectively.
  • Other income grew by 136.9% YoY.
  • Net profit for the year grew by 229.0% YoY.
  • Net profit margins during the year grew from 30.8% in FY18 to 42.1% in FY19.

GRAPHITE INDIA Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 32,660 78,579 140.6%
Other income Rs m 885 2,097 136.9%
Total Revenues Rs m 33,545 80,676 140.5%
Gross profit Rs m 14,442 50,233 247.8%
Depreciation Rs m 516 625 21.1%
Interest Rs m 81 116 43.2%
Profit before tax Rs m 14,730 51,589 250.2%
Tax Rs m 4,410 17,054 286.7%
Profit after tax Rs m 10,320 33,956 229.0%
Gross profit margin % 44.2 63.9
Effective tax rate % 29.9 33.1
Net profit margin % 30.8 42.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GRAPHITE INDIA Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 14 billion as compared to Rs 10 billion in FY18, thereby witnessing an increase of 51.3%.
  • Current assets rose 98% and stood at Rs 56 billion, while fixed assets fell 0% and stood at Rs 7 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 69 billion as against Rs 38 billion during FY18, thereby witnessing a growth of 83%.

GRAPHITE INDIA Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 27,318 53,506 95.9
 
Current Liabilities Rs m 9,509 14,387 51.3
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 37,803 69,063 82.7
 
Current assets Rs m 28,241 55,985 98.2
Fixed Assets Rs m 7,097 7,097 0.0
Total Assets Rs m 37,803 69,063 82.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GRAPHITE INDIA Cash Flow Statement Analysis

  • GRAPHITE INDIA's cash flow from operating activities (CFO) during FY19 stood at Rs 23 billion, an improvement of 205.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -13 billion, an improvement of 129.4% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -7 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 4 billion from the Rs 292 million net cash flows seen during FY18.

GRAPHITE INDIA Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 7,596 23,225 205.8%
Cash Flow from Investing Activities Rs m -5,541 -12,712 -
Cash Flow from Financing Activities Rs m -1,789 -6,759 -
Net Cash Flow Rs m 292 3,599 1,133.2%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for GRAPHITE INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 173.8, an improvement from the EPS of Rs 52.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 417.7, stands at 2.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.8 times, while the price to sales ratio stands at 1.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 2.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 167.2 402.2
TTM Earnings per share Rs 52.8 173.8
Diluted earnings per share Rs 52.8 173.8
Price to Cash Flow x 7.5 2.4
TTM P/E ratio x 2.6 2.6
Price / Book Value ratio x 3.6 2.8
Market Cap Rs m 81,610 81,610
Dividends per share (Unadj.) Rs 12.0 55.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for GRAPHITE INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.9x during FY19, from 3.0x during FY18. 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 improved and stood at 445.7x during FY19, from 182.9x during FY18. 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 63.5% during FY19, from 37.8% during FY19. 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 95.6% during FY19, from 54.2% during FY18. 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 49.3% during FY19, from 27.5% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 3.0 3.9
Debtors’ Days Days 92 40
Interest coverage x 182.9 445.7
Debt to equity ratio x 0.0 0.0
Return on assets % 27.5 49.3
Return on equity % 37.8 63.5
Return on capital employed % 54.2 95.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how GRAPHITE INDIA has performed over the last 5 years, please visit here.

GRAPHITE INDIA Share Price Performance

Over the last one year, GRAPHITE INDIA share price has moved up from Rs 820.2 to Rs 417.7, registering a loss of Rs 402.5 or around 49.1%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 19,527.8 (up 0.3%). Over the last one year it has moved up from 18,632.6 to 19,527.8, a gain of 895 points (up 4.8%).

Overall, the S&P BSE SENSEX is up 11.3% over the year.

(To know more, check out historical annual results for GRAPHITE INDIA and quarterly results for GRAPHITE INDIA)

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