DREDGING CORP 2017-18 Annual Report Analysis

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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)

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For the quarter ended June 2019, DREDGING CORP has posted a net profit of Rs 8 m (down 71.2% YoY). Sales on the other hand came in at Rs 2 bn (up 40.5% YoY). Read on for a complete analysis of DREDGING CORP's quarterly results.

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