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CINELINE INDIA 2017-18 Annual Report Analysis

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CINELINE INDIA 2017-18 Annual Report Analysis
Wed, 9 Jan

CINELINE INDIA 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.

CINELINE INDIA Income Statement Analysis

  • Operating income during the year fell 0.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 3.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 65.3% in FY18 as against 67.5% in FY17.
  • Depreciation charges increased by 0.3% and finance costs decreased by 7.2% YoY, respectively.
  • Other income declined by 8.9% YoY.
  • Net profit for the year grew by 0.3% YoY.
  • Net profit margins during the year grew from 31.4% in FY17 to 32.6% in FY18.

CINELINE INDIA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 224 223 -0.8%
Other income Rs m 111 101 -8.9%
Total Revenues Rs m 335 324 -3.4%
Gross profit Rs m 151 145 -3.9%
Depreciation Rs m 36 36 0.3%
Interest Rs m 84 78 -7.2%
Profit before tax Rs m 143 133 -6.9%
Tax Rs m 38 27 -26.9%
Profit after tax Rs m 105 106 0.3%
Gross profit margin % 67.5 65.3
Effective tax rate % 26.3 20.6
Net profit margin % 31.4 32.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CINELINE INDIA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 95 million as compared to Rs 83 million in FY17, thereby witnessing an increase of 14.6%.
  • Long-term debt down at Rs 1 billion as compared to Rs 1 billion during FY17, a fall of 3.7%.
  • Current assets fell 92% and stood at Rs 64 million, while fixed assets fell 4% and stood at Rs 809 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 2 billion as against Rs 2 billion during FY17, thereby witnessing a growth of 3%.

CINELINE INDIA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 956 1,045 9.3
 
Current Liabilities Rs m 83 95 14.6
Long-term Debt Rs m 1,291 1,243 -3.7
Total Liabilities Rs m 2,412 2,475 2.6
 
Current assets Rs m 843 64 -92.4
Fixed Assets Rs m 845 809 -4.2
Total Assets Rs m 2,412 2,475 2.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CINELINE INDIA Cash Flow Statement Analysis

  • CINELINE INDIA's cash flow from operating activities (CFO) during FY18 stood at Rs 768 million, an improvement of 864.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -578 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -190 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -1 million from the Rs 2 million net cash flows seen during FY17.

CINELINE INDIA 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 80 768 864.2%
Cash Flow from Investing Activities Rs m 1 -578 -
Cash Flow from Financing Activities Rs m -79 -190 -
Net Cash Flow Rs m 2 -1 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for CINELINE INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.8, an improvement from the EPS of Rs 3.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 48.0, stands at 11.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.5 times, while the price to sales ratio stands at 11.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.5 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 8.0 8.0
TTM Earnings per share Rs 3.8 3.8
Diluted earnings per share Rs 3.8 3.8
Price to Cash Flow x 9.5 9.5
TTM P/E ratio x 11.9 11.9
Price / Book Value ratio x 1.9 2.5
Market Cap Rs m 1,344 1,344
Dividends per share (Unadj.) Rs 0.5 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for CINELINE INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.7x during FY18, from 10.2x 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 2.7x during FY18, from 2.7x 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 10.1% during FY18, from 11.0% 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 9.2% during FY18, from 10.1% 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 7.4% during FY18, from 7.8% 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 10.2 0.7
Debtors’ Days Days 45 44
Interest coverage x 2.7 2.7
Debt to equity ratio x 1.4 1.2
Return on assets % 7.8 7.4
Return on equity % 11.0 10.1
Return on capital employed % 10.1 9.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

CINELINE INDIA Share Price Performance

Over the last one year, CINELINE INDIA share price has moved up from Rs 109.5 to Rs 48.0, registering a loss of Rs 61.5 or around 56.2%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,143.0 (up 0.7%). Over the last one year it has moved up from 6,431.8 to 7,143.0, a gain of 711 points (up 11.1%).

Overall, the S&P BSE SENSEX is up 5.2% over the year.

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

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CINELINE INDIA Announces Quarterly Results (3QFY19); Net Profit Up 16.2% (Quarterly Result Update)

Feb 22, 2019 | Updated on Feb 22, 2019

For the quarter ended December 2018, CINELINE INDIA has posted a net profit of Rs 27 m (up 16.2% YoY). Sales on the other hand came in at Rs 60 m (up 11.7% YoY). Read on for a complete analysis of CINELINE INDIA's quarterly results.

CINELINE INDIA Announces Quarterly Results (2QFY19); Net Profit Down 6.9% (Quarterly Result Update)

Nov 12, 2018 | Updated on Nov 12, 2018

For the quarter ended September 2018, CINELINE INDIA has posted a net profit of Rs 24 m (down 6.9% YoY). Sales on the other hand came in at Rs 64 m (up 8.9% YoY). Read on for a complete analysis of CINELINE INDIA's quarterly results.

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