X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2019 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
DREDGING CORP 2017-18 Annual Report Analysis

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

DREDGING CORP 2017-18 Annual Report Analysis
Wed, 20 Mar

DREDGING CORP 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.

DREDGING CORP Income Statement Analysis

  • Operating income during the year rose 1.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 16.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 22.8% in FY18 as against 19.9% in FY17.
  • Depreciation charges increased by 13.6% and finance costs increased by 11.0% YoY, respectively.
  • Other income grew by 46.5% YoY.
  • Net profit for the year grew by 131.3% YoY.
  • Net profit margins during the year grew from 1.2% in FY17 to 2.8% in FY18.

DREDGING CORP Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 5,852 5,919 1.1%
Other income Rs m 138 203 46.5%
Total Revenues Rs m 5,990 6,121 2.2%
Gross profit Rs m 1,163 1,349 16.0%
Depreciation Rs m 996 1,132 13.6%
Interest Rs m 182 202 11.0%
Profit before tax Rs m 123 218 77.3%
Tax Rs m 49 46 -4.9%
Profit after tax Rs m 74 171 131.3%
Gross profit margin % 19.9 22.8
Effective tax rate % 39.7 21.3
Net profit margin % 1.2 2.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DREDGING CORP Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 4 billion as compared to Rs 4 billion in FY17, thereby witnessing an decrease of -5.0%.
  • Long-term debt down at Rs 7 billion as compared to Rs 7 billion during FY17, a fall of 4.0%.
  • Current assets fell 6% and stood at Rs 8 billion, while fixed assets rose 1% and stood at Rs 19 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 26 billion as against Rs 27 billion during FY17, thereby witnessing a fall of 1%.

DREDGING CORP Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 15,206 15,441 1.5
 
Current Liabilities Rs m 4,371 4,152 -5.0
Long-term Debt Rs m 7,002 6,724 -4.0
Total Liabilities Rs m 26,663 26,459 -0.8
 
Current assets Rs m 8,237 7,772 -5.6
Fixed Assets Rs m 18,335 18,595 1.4
Total Assets Rs m 26,663 26,459 -0.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DREDGING CORP Cash Flow Statement Analysis

  • DREDGING CORP's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion, an improvement of 52.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 10 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -1 billion, an improvement of 10% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 70 million from the Rs -616 million net cash flows seen during FY17.

DREDGING CORP 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 869 1,328 52.7%
Cash Flow from Investing Activities Rs m -76 10 -
Cash Flow from Financing Activities Rs m -1,409 -1,268 -
Net Cash Flow Rs m -616 70 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for DREDGING CORP

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.1, an improvement from the EPS of Rs 2.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 417.5, stands at -23.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 3.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.0 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 209.1 211.5
TTM Earnings per share Rs 2.6 6.1
Diluted earnings per share Rs 2.6 6.1
Price to Cash Flow x 10.9 9.0
TTM P/E ratio x -23.7 -23.7
Price / Book Value ratio x 1.0 1.3
Market Cap Rs m 11,686 11,690
Dividends per share (Unadj.) Rs 0.0 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for DREDGING CORP

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.9x during FY18, from 1.9x 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 improved and stood at 2.1x during FY18, from 1.7x 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 improved and stood at 1.1% during FY18, from 0.5% 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 improved and stood at 1.9% during FY18, from 1.4% 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 improved and stood at 1.4% during FY18, from 1.0% 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 1.9 1.9
Debtors’ Days Days 177 147
Interest coverage x 1.7 2.1
Debt to equity ratio x 0.5 0.4
Return on assets % 1.0 1.4
Return on equity % 0.5 1.1
Return on capital employed % 1.4 1.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

DREDGING CORP Share Price Performance

Over the last one year, DREDGING CORP share price has moved up from Rs 645.3 to Rs 417.5, registering a loss of Rs 227.8 or around 35.3%.

Overall, the S&P BSE SENSEX is up 16.7% over the year.

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

Equitymaster requests your view! Post a comment on "DREDGING CORP 2017-18 Annual Report Analysis". Click here!

  

Related Views on News

DREDGING CORP Announces Quarterly Results (3QFY19); Net Profit Up 143.5% (Quarterly Result Update)

Feb 4, 2019 | Updated on Feb 4, 2019

For the quarter ended December 2018, DREDGING CORP has posted a net profit of Rs 98 m (up 143.5% YoY). Sales on the other hand came in at Rs 2 bn (up 37.6% YoY). Read on for a complete analysis of DREDGING CORP's quarterly results.

DREDGING CORP Announces Quarterly Results (2QFY19); Net Profit Down 525.8% (Quarterly Result Update)

Nov 14, 2018 | Updated on Nov 14, 2018

For the quarter ended September 2018, DREDGING CORP has posted a net profit of Rs 792 m (down 525.8% YoY). Sales on the other hand came in at Rs 1 bn (down 8.0% YoY). Read on for a complete analysis of DREDGING CORP's quarterly results.

Cochin Shipyard Limited (IPO)

Aug 1, 2017

Should you subscribe to the IPO of Cochin Shipyard Ltd?

More Views on News

Most Popular

7 Stocks That Will Remain Evergreen in this Era of Technological Disruption(The 5 Minute Wrapup)

Jun 13, 2019

We are living in an era of disruption. Are your stocks well equipped to adapt to changes that disruption will bring along?

Kenneth Andrade Would Like Our Real Estate Stock Recommendation with Triple Digit Upside(The 5 Minute Wrapup)

Jun 12, 2019

This real estate stock recommended in Smart Money Secrets offers the most favourable upside potential.

Why I Believe Smallcaps Will Catch up to the Sensex(Profit Hunter)

Jun 14, 2019

Smallcaps have gone nowhere even as the Sensex makes new all-time highs. Find out why Richa believes this a good opportunity to invest in smallcaps.

Why Super Investor Kenneth Andrade is Bullish on Agri Stocks...and So Are We(The 5 Minute Wrapup)

Jun 21, 2019

Andrade gives his take on agriculture, an industry from which we have already recommended two stocks.

This Little-Known Opportunity Promises Both Health and Wealth for Your Grandchildren(Profit Hunter)

Jun 20, 2019

The next big opportunity that has the potential to make you both rich and healthy.

More

Get the Indian Stock Market's
Most Profitable Ideas

How To Beat Sensex Guide 2019
Get our special report, How to Beat Sensex Nearly 3X Now!
We will never sell or rent your email id.
Please read our Terms

TRACK DREDGING CORP

  • Track your investment in DREDGING CORP with Equitymaster's Portfolio Tracker. Set live price alerts, get research alerts and more. Get access now...
  • Add To MyStocks

DREDGING CORP 8-QTR ANALYSIS

COMPARE DREDGING CORP WITH

MARKET STATS