DALMIA BHARAT SUG. 2018-19 Annual Report Analysis

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DALMIA BHARAT SUG. 2018-19 Annual Report Analysis
Mon, 23 Sep

DALMIA BHARAT SUG. 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.

DALMIA BHARAT SUG. Income Statement Analysis

  • Operating income during the year fell 10.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 1.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.7% in FY19 as against 10.4% in FY18.
  • Depreciation charges decreased by 4.0% and finance costs decreased by 1.3% YoY, respectively.
  • Other income grew by 195.5% YoY.
  • Net profit for the year grew by 43.2% YoY.
  • Net profit margins during the year grew from 5.4% in FY18 to 8.4% in FY19.

DALMIA BHARAT SUG. Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 22,444 20,185 -10.1%
Other income Rs m 253 747 195.5%
Total Revenues Rs m 22,696 20,932 -7.8%
Gross profit Rs m 2,341 2,371 1.3%
Depreciation Rs m 537 516 -4.0%
Interest Rs m 695 686 -1.3%
Profit before tax Rs m 1,362 1,916 40.7%
Tax Rs m 139 164 18.3%
Profit after tax Rs m 1,223 1,752 43.2%
Gross profit margin % 10.4 11.7
Effective tax rate % 10.2 8.6
Net profit margin % 5.4 8.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DALMIA BHARAT SUG. Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 11 billion as compared to Rs 9 billion in FY18, thereby witnessing an increase of 19.8%.
  • Long-term debt stood at Rs 5 billion as compared to Rs 4 billion during FY18, a growth of 22.6%.
  • Current assets rose 27% and stood at Rs 16 billion, while fixed assets rose 2% and stood at Rs 13 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 32 billion as against Rs 29 billion during FY18, thereby witnessing a growth of 9%.

DALMIA BHARAT SUG. Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 15,046 15,317 1.8
 
Current Liabilities Rs m 8,821 10,570 19.8
Long-term Debt Rs m 3,757 4,608 22.6
Total Liabilities Rs m 29,129 31,892 9.5
 
Current assets Rs m 12,688 16,089 26.8
Fixed Assets Rs m 13,001 13,271 2.1
Total Assets Rs m 29,129 31,892 9.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DALMIA BHARAT SUG. Cash Flow Statement Analysis

  • DALMIA BHARAT SUG.'s cash flow from operating activities (CFO) during FY19 stood at Rs -2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -292 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 2 billion, an improvement of 141% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -310 million from the Rs 6 million net cash flows seen during FY18.

DALMIA BHARAT SUG. 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 7,062 -2,204 -
Cash Flow from Investing Activities Rs m -1,781 -292 -
Cash Flow from Financing Activities Rs m -5,275 2,187 -
Net Cash Flow Rs m 6 -310 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for DALMIA BHARAT SUG.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 21.6, an improvement from the EPS of Rs 15.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 89.1, stands at 4.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.5 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 3.2 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 277.3 249.4
TTM Earnings per share Rs 15.1 21.6
Diluted earnings per share Rs 15.1 21.6
Price to Cash Flow x 4.1 3.2
TTM P/E ratio x 4.0 4.0
Price / Book Value ratio x 0.7 0.5
Market Cap Rs m 7,208 7,230
Dividends per share (Unadj.) Rs 0.0 1.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for DALMIA BHARAT SUG.

  • 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 3.8x during FY19, from 3.0x 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 11.4% during FY19, from 8.1% 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 13.1% during FY19, from 10.9% 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 7.6% during FY19, from 6.6% 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 12 37
Interest coverage x 3.0 3.8
Debt to equity ratio x 0.2 0.3
Return on assets % 6.6 7.6
Return on equity % 8.1 11.4
Return on capital employed % 10.9 13.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how DALMIA BHARAT SUG. has performed over the last 5 years, please visit here.

DALMIA BHARAT SUG. Share Price Performance

Over the last one year, DALMIA BHARAT SUG. share price has moved up from Rs 82.3 to Rs 89.1, registering a gain of Rs 6.8 or around 8.2%.

Overall, the S&P BSE SENSEX is up 5.3% over the year.

(To know more, check out historical annual results for DALMIA BHARAT SUG. and quarterly results for DALMIA BHARAT SUG.)

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Related Views on News

DALMIA BHARAT SUG. Announces Quarterly Results (2QFY20); Net Profit Up 44.2% (Quarterly Result Update)

Nov 5, 2019 | Updated on Nov 5, 2019

For the quarter ended September 2019, DALMIA BHARAT SUG. has posted a net profit of Rs 517 m (up 44.2% YoY). Sales on the other hand came in at Rs 4 bn (up 8.4% YoY). Read on for a complete analysis of DALMIA BHARAT SUG.'s quarterly results.

DALMIA BHARAT SUG. Announces Quarterly Results (1QFY20); Net Profit Down 12.3% (Quarterly Result Update)

Jul 31, 2019 | Updated on Jul 31, 2019

For the quarter ended June 2019, DALMIA BHARAT SUG. has posted a net profit of Rs 544 m (down 12.3% YoY). Sales on the other hand came in at Rs 6 bn (down 9.8% YoY). Read on for a complete analysis of DALMIA BHARAT SUG.'s quarterly results.

DALMIA BHARAT SUG. 2017-18 Annual Report Analysis (Annual Result Update)

Dec 18, 2018 | Updated on Dec 18, 2018

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

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