CENTURY PLYBOARDS 2017-18 Annual Report Analysis

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CENTURY PLYBOARDS 2017-18 Annual Report Analysis
Wed, 16 Jan

CENTURY PLYBOARDS 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 PLYBOARDS Income Statement Analysis

  • Operating income during the year rose 11.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 6.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 16.4% in FY18 as against 17.2% in FY17.
  • Depreciation charges increased by 52.8% and finance costs increased by 18.6% YoY, respectively.
  • Other income declined by 65.1% YoY.
  • Net profit for the year declined by 14.1% YoY.
  • Net profit margins during the year declined from 10.5% in FY17 to 8.2% in FY18.

CENTURY PLYBOARDS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 18,187 20,239 11.3%
Other income Rs m 226 79 -65.1%
Total Revenues Rs m 18,413 20,318 10.3%
Gross profit Rs m 3,120 3,311 6.1%
Depreciation Rs m 593 907 52.8%
Interest Rs m 302 358 18.6%
Profit before tax Rs m 2,450 2,124 -13.3%
Tax Rs m 515 463 -10.1%
Profit after tax Rs m 1,935 1,661 -14.1%
Gross profit margin % 17.2 16.4
Effective tax rate % 21.0 21.8
Net profit margin % 10.5 8.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CENTURY PLYBOARDS Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 7 billion as compared to Rs 7 billion in FY17, thereby witnessing an decrease of -3.4%.
  • Long-term debt stood at Rs 2 billion as compared to Rs 1 billion during FY17, a growth of 13.8%.
  • Current assets fell 3% and stood at Rs 8 billion, while fixed assets rose 28% and stood at Rs 8 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 17 billion as against Rs 16 billion during FY17, thereby witnessing a growth of 9%.

CENTURY PLYBOARDS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 7,149 8,516 19.1
 
Current Liabilities Rs m 6,989 6,753 -3.4
Long-term Debt Rs m 1,468 1,669 13.8
Total Liabilities Rs m 15,849 17,254 8.9
 
Current assets Rs m 8,703 8,458 -2.8
Fixed Assets Rs m 6,029 7,736 28.3
Total Assets Rs m 15,849 17,254 8.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CENTURY PLYBOARDS Cash Flow Statement Analysis

  • CENTURY PLYBOARDS's cash flow from operating activities (CFO) during FY18 stood at Rs 3 billion, an improvement of 38.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -3 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -461 million from the Rs 284 million net cash flows seen during FY17.

CENTURY PLYBOARDS 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 2,205 3,046 38.1%
Cash Flow from Investing Activities Rs m -3,044 -2,504 -
Cash Flow from Financing Activities Rs m 1,122 -1,003 -
Net Cash Flow Rs m 284 -461 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for CENTURY PLYBOARDS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.5, an decline from the EPS of Rs 8.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 182.1, stands at 24.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.8 times, while the price to sales ratio stands at 3.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.8 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 81.9 91.1
TTM Earnings per share Rs 8.7 7.5
Diluted earnings per share Rs 8.7 7.5
Price to Cash Flow x 16.0 15.8
TTM P/E ratio x 24.4 24.4
Price / Book Value ratio x 6.5 7.8
Market Cap Rs m 40,457 40,466
Dividends per share (Unadj.) Rs 1.0 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for CENTURY PLYBOARDS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x 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 6.9x during FY18, from 9.1x 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 19.5% during FY18, from 27.1% 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 31.9% 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 11.7% during FY18, from 14.1% 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 1.3
Debtors’ Days Days 69 64
Interest coverage x 9.1 6.9
Debt to equity ratio x 0.2 0.2
Return on assets % 14.1 11.7
Return on equity % 27.1 19.5
Return on capital employed % 31.9 24.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

CENTURY PLYBOARDS Share Price Performance

Over the last one year, CENTURY PLYBOARDS share price has moved up from Rs 348.8 to Rs 182.1, registering a loss of Rs 166.7 or around 47.8%.

Overall, the S&P BSE SENSEX is up 4.5% over the year.

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

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