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DALMIA BHARAT SUG. 2018-19 Annual Report Analysis
Sun, 31 Mar

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 8.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 1.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.7% in FY19 as against 10.6% in FY18.
  • Depreciation charges decreased by 4.2% 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 5.5% in FY18 to 8.7% 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 22,139 20,185 -8.8%
Other income Rs m 253 747 195.5%
Total Revenues Rs m 22,391 20,932 -6.5%
Gross profit Rs m 2,342 2,371 1.2%
Depreciation Rs m 538 516 -4.2%
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 % 10.6 11.7
Effective tax rate % 10.2 8.6
Net profit margin % 5.5 8.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Read Now: We're Bullish on 2 Non-Nifty Stocks

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 1% and stood at Rs 17 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 33 billion as against Rs 29 billion during FY18, thereby witnessing a growth of 12%.

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 32,770 12.5
 
Current assets Rs m 12,688 16,089 26.8
Fixed Assets Rs m 16,441 16,681 1.5
Total Assets Rs m 29,129 32,770 12.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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: Accord Fintech, 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 122.8, stands at 5.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.6 times, while the price to sales ratio stands at 0.5 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 273.5 249.4
TTM Earnings per share Rs 15.1 21.6
Diluted earnings per share Rs 15.1 21.6
Price to Cash Flow x 3.0 3.2
TTM P/E ratio x 3.9 5.3
Price / Book Value ratio x 0.7 0.5
Market Cap Rs m 10,415 7,365
Dividends per share (Unadj.) Rs 0.0 1.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 7.4% 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 1 4
Interest coverage x 3.0 3.8
Debt to equity ratio x 0.2 0.3
Return on assets % 6.6 7.4
Return on equity % 8.1 11.4
Return on capital employed % 10.9 13.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 64.3 to Rs 122.8, registering a gain of Rs 58.5 or around 90.9%.

Overall, the S&P BSE SENSEX is up 16.3% over the year.

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

Annual Report FAQs

What is the current share price of DALMIA BHARAT SUG.?

DALMIA BHARAT SUG. currently trades at Rs 340.0 per share. You can check out the latest share price performance of DALMIA BHARAT SUG. here...

What was the revenue of DALMIA BHARAT SUG. in FY19? How does it compare to earlier years?

The revenues of DALMIA BHARAT SUG. stood at Rs 20,932 m in FY19, which was down -6.5% compared to Rs 22,391 m reported in FY18.

DALMIA BHARAT SUG.'s revenue has grown from Rs 11,450 m in FY16 to Rs 20,932 m in FY19.

Over the past 4 years, the revenue of DALMIA BHARAT SUG. has grown at a CAGR of 22.3%.

What was the net profit of DALMIA BHARAT SUG. in FY19? How does it compare to earlier years?

The net profit of DALMIA BHARAT SUG. stood at Rs 1,752 m in FY19, which was up 43.2% compared to Rs 1,223 m reported in FY18.

This compares to a net profit of Rs 1,863 m in FY17 and a net profit of Rs 584 m in FY16.

Over the past 4 years, DALMIA BHARAT SUG. net profit has grown at a CAGR of 44.2%.

What does the cash flow statement of DALMIA BHARAT SUG. reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of DALMIA BHARAT SUG. reveals:

  • Cash flow from operations decreased in FY19 and stood at Rs -2,204 m as compared to Rs 7,062 m in FY18.
  • Cash flow from investments increased in FY19 and stood at Rs -292 m as compared to Rs -1,781 m in FY18.
  • Cash flow from financial activity increased in FY19 and stood at Rs 2,187 m as compared to Rs -5,275 m in FY18.

Here's the cash flow statement of DALMIA BHARAT SUG. for the past 4 years.

(Rs m)FY16FY17FY18FY19
From Operations-2401,5487,062-2,204
From Investments-767-1,439-1,781-292
From Financial Activity1,11522-5,2752,187
Net Cashflow1081316-310

What does the Key Ratio analysis of DALMIA BHARAT SUG. reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of DALMIA BHARAT SUG. reveals:

  • Operating profit margins witnessed a fall and down at 11.7% in FY19 as against 10.6% in FY18.
  • Net profit margins grew from 5.5% in FY18 to 8.7% in FY19.
  • Debt to Equity ratio for FY19 stood at 0.3 as compared to 0.2 in FY18.

Here's the ratio/financial analysis of DALMIA BHARAT SUG. for the past 4 years.

 FY16FY17FY18FY19
Operating Profit Margin (%)20.223.510.611.7
Net Profit Margin (%)5.211.65.58.7
Debt to Equity Ratio (x)1.10.30.20.3

Read: Latest Annual Report Analysis of DALMIA BHARAT SUG.

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