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COAL INDIA 2017-18 Annual Report Analysis

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COAL INDIA 2017-18 Annual Report Analysis
Tue, 1 Jan

COAL 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.

COAL INDIA Income Statement Analysis

  • Operating income during the year rose 8.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 23.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.7% in FY18 as against 16.5% in FY17.
  • Depreciation charges increased by 5.5% and finance costs increased by 5.5% YoY, respectively.
  • Other income declined by 12.5% YoY.
  • Net profit for the year declined by 24.3% YoY.
  • Net profit margins during the year declined from 11.5% in FY17 to 8.1% in FY18.

COAL INDIA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 754,591 817,000 8.3%
Other income Rs m 53,242 46,583 -12.5%
Total Revenues Rs m 807,833 863,583 6.9%
Gross profit Rs m 124,380 95,663 -23.1%
Depreciation Rs m 29,068 30,664 5.5%
Interest Rs m 4,092 4,318 5.5%
Profit before tax Rs m 144,463 107,264 -25.7%
Tax Rs m 51,648 37,067 -28.2%
Profit after tax Rs m 92,798 70,202 -24.3%
Gross profit margin % 16.5 11.7
Effective tax rate % 35.8 34.6
Net profit margin % 11.5 8.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



COAL INDIA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 508 billion as compared to Rs 440 billion in FY17, thereby witnessing an increase of 15.4%.
  • Long-term debt stood at Rs 11 billion as compared to Rs 3 billion during FY17, a growth of 257.7%.
  • Current assets fell 2% and stood at Rs 688 billion, while fixed assets rose 17% and stood at Rs 379 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 1,275 billion as against Rs 1,178 billion during FY17, thereby witnessing a growth of 8%.

COAL INDIA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 245,181 198,466 -19.1
 
Current Liabilities Rs m 440,158 507,951 15.4
Long-term Debt Rs m 2,948 10,544 257.7
Total Liabilities Rs m 1,178,152 1,274,917 8.2
 
Current assets Rs m 699,199 688,143 -1.6
Fixed Assets Rs m 323,978 378,638 16.9
Total Assets Rs m 1,178,152 1,274,917 8.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



COAL INDIA Cash Flow Statement Analysis

  • COAL INDIA 's cash flow from operating activities (CFO) during FY18 stood at Rs 213 billion, an improvement of 29.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -77 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -136 billion, an improvement of 23% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -12 million from the Rs -7 billion net cash flows seen during FY17.

COAL 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 164,608 212,623 29.2%
Cash Flow from Investing Activities Rs m 4,546 -76,763 -
Cash Flow from Financing Activities Rs m -175,980 -135,873 -
Net Cash Flow Rs m -6,825 -12 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for COAL INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.3, an decline from the EPS of Rs 14.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 240.4, stands at 13.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 8.6 times, while the price to sales ratio stands at 2.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.1 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 121.6 131.6
TTM Earnings per share Rs 14.9 11.3
Diluted earnings per share Rs 14.7 11.1
Price to Cash Flow x 12.2 15.1
TTM P/E ratio x 13.4 13.6
Price / Book Value ratio x 7.9 8.6
Market Cap Rs m 1,492,261 1,518,454
Dividends per share (Unadj.) Rs 19.9 16.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for COAL INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY18, from 1.6x 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 25.8x during FY18, from 36.3x 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 35.4% during FY18, from 37.8% 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 53.4% during FY18, from 59.9% 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 5.8% during FY18, from 8.2% 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 1.6 1.4
Debtors’ Days Days 60 39
Interest coverage x 36.3 25.8
Debt to equity ratio x 0.0 0.1
Return on assets % 8.2 5.8
Return on equity % 37.8 35.4
Return on capital employed % 59.9 53.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

COAL INDIA Share Price Performance

Over the last one year, COAL INDIA share price has moved up from Rs 263.0 to Rs 240.4, registering a loss of Rs 22.6 or around 8.6%.

Overall, the S&P BSE SENSEX is up 6.2% over the year.

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

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For the quarter ended December 2018, COAL INDIA has posted a net profit of Rs 46 bn (up 51.9% YoY). Sales on the other hand came in at Rs 250 bn (up 15.7% YoY). Read on for a complete analysis of COAL INDIA's quarterly results.

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Here's an analysis of the annual report of COAL INDIA for 2017-18. It includes a full income statement, balance sheet and cash flow analysis of COAL INDIA. Also includes updates on the valuation of COAL INDIA.

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