COAL INDIA 2018-19 Annual Report Analysis

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COAL INDIA 2018-19 Annual Report Analysis
Mon, 22 Jul

COAL 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.

COAL INDIA Income Statement Analysis

  • Operating income during the year rose 14.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 168.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 26.9% in FY19 as against 11.5% in FY18.
  • Depreciation charges increased by 12.7% and finance costs decreased by 36.1% YoY, respectively.
  • Other income grew by 18.1% YoY.
  • Net profit for the year grew by 148.1% YoY.
  • Net profit margins during the year grew from 8.2% in FY18 to 17.7% in FY19.

COAL INDIA Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 810,818 928,961 14.6%
Other income Rs m 49,749 58,737 18.1%
Total Revenues Rs m 860,567 987,698 14.8%
Gross profit Rs m 92,878 249,780 168.9%
Depreciation Rs m 30,627 34,504 12.7%
Interest Rs m 4,301 2,750 -36.1%
Profit before tax Rs m 107,699 271,263 151.9%
Tax Rs m 37,323 96,625 158.9%
Profit after tax Rs m 70,380 174,630 148.1%
Gross profit margin % 11.5 26.9
Effective tax rate % 34.7 35.6
Net profit margin % 8.2 17.7
* 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 FY19 down at Rs 458 billion as compared to Rs 483 billion in FY18, thereby witnessing an decrease of -5.2%.
  • Long-term debt stood at Rs 15 billion as compared to Rs 11 billion during FY18, a growth of 39.6%.
  • Current assets rose 5% and stood at Rs 693 billion, while fixed assets rose 12% and stood at Rs 423 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 1,327 billion as against Rs 1,255 billion during FY18, thereby witnessing a growth of 6%.

COAL INDIA Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 201,787 264,539 31.1
 
Current Liabilities Rs m 483,191 458,122 -5.2
Long-term Debt Rs m 10,544 14,723 39.6
Total Liabilities Rs m 1,254,707 1,327,188 5.8
 
Current assets Rs m 661,156 693,197 4.8
Fixed Assets Rs m 378,468 422,726 11.7
Total Assets Rs m 1,254,707 1,327,188 5.8
* 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 FY19 stood at Rs 167 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -83 billion, an improvement of 6.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -102 billion, an improvement of 25% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -17 billion from the Rs -2 billion net cash flows seen during FY18.

COAL 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 211,149 166,955 -20.9%
Cash Flow from Investing Activities Rs m -77,469 -82,658 -
Cash Flow from Financing Activities Rs m -135,642 -101,516 -
Net Cash Flow Rs m -1,962 -17,220 -
* 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 28.3, an improvement from the EPS of Rs 11.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 220.2, stands at 8.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.0 times, while the price to sales ratio stands at 1.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.7 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 130.6 150.7
TTM Earnings per share Rs 11.3 28.3
Diluted earnings per share Rs 11.1 27.6
Price to Cash Flow x 13.5 6.7
TTM P/E ratio x 7.8 8.0
Price / Book Value ratio x 8.5 6.0
Market Cap Rs m 1,366,872 1,390,863
Dividends per share (Unadj.) Rs 16.5 13.1
* 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 1.5x during FY19, from 1.4x 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 99.6x during FY19, from 26.0x 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 66.0% during FY19, from 34.9% 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 98.1% during FY19, from 52.7% 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 13.4% during FY19, from 6.0% 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 1.4 1.5
Debtors’ Days Days 28 22
Interest coverage x 26.0 99.6
Debt to equity ratio x 0.1 0.1
Return on assets % 6.0 13.4
Return on equity % 34.9 66.0
Return on capital employed % 52.7 98.1
* 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 down from Rs 263.2 to Rs 220.2, registering a loss of Rs 43.0 or around 16.3%.

Overall, the S&P BSE SENSEX is up 4.7% over the year.

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

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COAL INDIA Announces Quarterly Results (1QFY20); Net Profit Up 22.4% (Quarterly Result Update)

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For the quarter ended June 2019, COAL INDIA has posted a net profit of Rs 46 bn (up 22.4% YoY). Sales on the other hand came in at Rs 249 bn (up 2.8% YoY). Read on for a complete analysis of COAL INDIA's quarterly results.

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