DABUR 2018-19 Annual Report Analysis

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DABUR 2018-19 Annual Report Analysis
Mon, 30 Sep

DABUR 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.

DABUR Income Statement Analysis

  • Operating income during the year rose 10.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 7.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 20.4% in FY19 as against 20.9% in FY18.
  • Depreciation charges increased by 9.1% and finance costs increased by 12.3% YoY, respectively.
  • Other income declined by 3.0% YoY.
  • Net profit for the year grew by 6.5% YoY.
  • Net profit margins during the year declined from 16.9% in FY18 to 16.4% in FY19.

DABUR Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 77,219 85,150 10.3%
Other income Rs m 3,052 2,962 -3.0%
Total Revenues Rs m 80,270 88,112 9.8%
Gross profit Rs m 16,177 17,405 7.6%
Depreciation Rs m 1,622 1,769 9.1%
Interest Rs m 531 596 12.3%
Profit before tax Rs m 17,076 18,002 5.4%
Tax Rs m 3,354 2,786 -16.9%
Profit after tax Rs m 13,577 14,463 6.5%
Gross profit margin % 20.9 20.4
Effective tax rate % 19.6 15.5
Net profit margin % 16.9 16.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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DABUR Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 27 billion as compared to Rs 24 billion in FY18, thereby witnessing an increase of 9.3%.
  • Long-term debt down at Rs 261 million as compared to Rs 4 billion during FY18, a fall of 92.9%.
  • Current assets rose 4% and stood at Rs 36 billion, while fixed assets rose 23% and stood at Rs 20 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 84 billion as against Rs 87 billion during FY18, thereby witnessing a fall of 3%.

DABUR Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 57,065 56,317 -1.3
 
Current Liabilities Rs m 24,344 26,603 9.3
Long-term Debt Rs m 3,643 261 -92.9
Total Liabilities Rs m 87,016 84,366 -3.0
 
Current assets Rs m 34,398 35,862 4.3
Fixed Assets Rs m 16,478 20,328 23.4
Total Assets Rs m 87,016 84,366 -3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DABUR Cash Flow Statement Analysis

  • DABUR's cash flow from operating activities (CFO) during FY19 stood at Rs 15 billion, an improvement of 37.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 3 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -19 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -515 million from the Rs -265 million net cash flows seen during FY18.

DABUR 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 10,915 14,991 37.3%
Cash Flow from Investing Activities Rs m -5,400 3,369 -
Cash Flow from Financing Activities Rs m -5,771 -18,882 -
Net Cash Flow Rs m -265 -515 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for DABUR

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.2, an improvement from the EPS of Rs 7.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 446.0, stands at 53.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 12.8 times, while the price to sales ratio stands at 8.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 48.3 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 43.8 48.2
TTM Earnings per share Rs 7.7 8.2
Diluted earnings per share Rs 7.7 8.2
Price to Cash Flow x 51.7 48.3
TTM P/E ratio x 53.1 53.0
Price / Book Value ratio x 9.8 12.8
Market Cap Rs m 785,541 783,316
Dividends per share (Unadj.) Rs 7.5 2.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for DABUR

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.3x 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 deteriorated and stood at 31.2x during FY19, from 33.2x 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 25.7% during FY19, from 23.8% 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 31.5% during FY19, from 28.8% 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 17.8% during FY19, from 16.2% 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 1.3
Debtors’ Days Days 33 36
Interest coverage x 33.2 31.2
Debt to equity ratio x 0.1 0.0
Return on assets % 16.2 17.8
Return on equity % 23.8 25.7
Return on capital employed % 28.8 31.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

DABUR Share Price Performance

Over the last one year, DABUR share price has moved up from Rs 427.6 to Rs 446.0, registering a gain of Rs 18.4 or around 4.3%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 11,711.6 (down 0.2%). Over the last one year it has moved up from 11,502.8 to 11,711.6, a gain of 209 points (up 1.8%).

Overall, the S&P BSE SENSEX is up 6.0% over the year.

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

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Related Views on News

DABUR Announces Quarterly Results (3QFY20); Net Profit Up 8.8% (Quarterly Result Update)

Jan 31, 2020 | Updated on Jan 31, 2020

For the quarter ended December 2019, DABUR has posted a net profit of Rs 4 bn (up 8.8% YoY). Sales on the other hand came in at Rs 24 bn (up 7.0% YoY). Read on for a complete analysis of DABUR's quarterly results.

DABUR Announces Quarterly Results (2QFY20); Net Profit Up 6.9% (Quarterly Result Update)

Nov 8, 2019 | Updated on Nov 8, 2019

For the quarter ended September 2019, DABUR has posted a net profit of Rs 4 bn (up 6.9% YoY). Sales on the other hand came in at Rs 22 bn (up 4.1% YoY). Read on for a complete analysis of DABUR's quarterly results.

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