PROCTER & GAMBLE HEALTH 2017-18 Annual Report Analysis

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PROCTER & GAMBLE HEALTH 2017-18 Annual Report Analysis
Thu, 8 Aug

PROCTER & GAMBLE HEALTH has announced its results for the year ended December 2018. Let us have a look at the detailed performance review of the company during FY17-18.

PROCTER & GAMBLE HEALTH Income Statement Analysis

  • Operating income during the year rose 21.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 92.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 17.5% in CY18 as against 11.0% in CY17.
  • Depreciation charges increased by 10.5% increased by 0.0% YoY, respectively.
  • Other income grew by 1.3% YoY.
  • Net profit for the year grew by 66.7% YoY.
  • Net profit margins during the year grew from 8.5% in CY17 to 11.6% in CY18.

PROCTER & GAMBLE HEALTH Income Statement 2017-18

No. of Mths Year Ending 12 Dec-17* 12 Dec-18* % Change
Net Sales Rs m 6,981 8,490 21.6%
Other income Rs m 241 244 1.3%
Total Revenues Rs m 7,222 8,734 20.9%
Gross profit Rs m 770 1,482 92.5%
Depreciation Rs m 191 211 10.5%
Interest Rs m 0 0 0.0%
Profit before tax Rs m 819 1,514 84.9%
Tax Rs m 379 563 48.5%
Profit after tax Rs m 610 1,017 66.7%
Gross profit margin % 11.0 17.5
Effective tax rate % 46.2 37.1
Net profit margin % 8.5 11.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PROCTER & GAMBLE HEALTH Balance Sheet Analysis

  • The company's current liabilities during CY18 down at Rs 2 billion as compared to Rs 2 billion in CY17, thereby witnessing an decrease of -13.0%.
  • Current assets rose 104% and stood at Rs 15 billion, while fixed assets fell 2% and stood at Rs 1 billion in CY18.
  • Overall, the total assets and liabilities for CY18 stood at Rs 18 billion as against Rs 10 billion during CY17, thereby witnessing a growth of 78%.

PROCTER & GAMBLE HEALTH Balance Sheet as on December 2018

No. of Mths Year Ending 12 Dec-17* 12 Dec-18* % Change
Networth Rs m 7,333 15,401 110.0
 
Current Liabilities Rs m 2,253 1,960 -13.0
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 9,912 17,595 77.5
 
Current assets Rs m 7,523 15,343 103.9
Fixed Assets Rs m 1,240 1,209 -2.5
Total Assets Rs m 9,912 17,595 77.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PROCTER & GAMBLE HEALTH Cash Flow Statement Analysis

  • PROCTER & GAMBLE HEALTH's cash flow from operating activities (CFO) during CY18 stood at Rs -1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during CY18 stood at Rs 13 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during CY18 stood at Rs -301 million on a YoY basis.
  • Overall, net cash flows for the company during CY18 stood at Rs 11 billion from the Rs -160 million net cash flows seen during CY17.

PROCTER & GAMBLE HEALTH Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Dec-17 Dec-18
Cash Flow from Operating Activities Rs m 537 -1,304 -
Cash Flow from Investing Activities Rs m -476 12,697 -
Cash Flow from Financing Activities Rs m -220 -301 -
Net Cash Flow Rs m -160 11,093 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for PROCTER & GAMBLE HEALTH

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 61.3, an improvement from the EPS of Rs 36.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 4,610.0, stands at 59.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.6 times, while the price to sales ratio stands at 4.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 62.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Dec-17* 12 Dec-18*
Sales per share (Unadj.) Rs 420.6 511.4
TTM Earnings per share Rs 36.8 61.3
Diluted earnings per share Rs 36.8 61.3
Price to Cash Flow x 95.5 62.3
TTM P/E ratio x 59.7 59.7
Price / Book Value ratio x 2.6 2.6
Market Cap Rs m 76,526 76,526
Dividends per share (Unadj.) Rs 15.0 440.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for PROCTER & GAMBLE HEALTH

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 7.8x during CY18, from 3.3x during CY17. The current ratio measures the company's ability to pay short-term and long-term obligations.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 6.6% during CY18, from 8.3% during CY18. 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 declined and down at 10.3% during CY18, from 13.5% during CY17. 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 declined and down at 5.8% during CY18, from 6.2% during CY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Dec-17* 12 Dec-18*
Current ratio x 3.3 7.8
Debtors’ Days Days 64 28
Interest coverage x 0.0 0.0
Debt to equity ratio x 0.0 0.0
Return on assets % 6.2 5.8
Return on equity % 8.3 6.6
Return on capital employed % 13.5 10.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how PROCTER & GAMBLE HEALTH has performed over the last 5 years, please visit here.

PROCTER & GAMBLE HEALTH Share Price Performance

Over the last one year, PROCTER & GAMBLE HEALTH share price has moved up from Rs 2,954.2 to Rs 4,610.0, registering a gain of Rs 1,655.8 or around 56.0%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 12,604.9 (up 0.3%). Over the last one year it has moved down from 14,502.8 to 12,604.9, a loss of 1,898 points (down 13.1%).

Overall, the S&P BSE SENSEX is down 2.2% over the year.

(To know more, check out historical annual results for PROCTER & GAMBLE HEALTH and quarterly results for PROCTER & GAMBLE HEALTH)

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PROCTER & GAMBLE HEALTH Announces Quarterly Results (2QFY20); Net Profit Down 13.0% (Quarterly Result Update)

Nov 14, 2019 | Updated on Nov 14, 2019

For the quarter ended September 2019, PROCTER & GAMBLE HEALTH has posted a net profit of Rs 358 m (down 13.0% YoY). Sales on the other hand came in at Rs 2 bn (down 0.4% YoY). Read on for a complete analysis of PROCTER & GAMBLE HEALTH's quarterly results.

PROCTER & GAMBLE HEALTH Announces Quarterly Results (1QFY20); Net Profit Up 34.3% (Quarterly Result Update)

Aug 13, 2019 | Updated on Aug 13, 2019

For the quarter ended June 2019, PROCTER & GAMBLE HEALTH has posted a net profit of Rs 441 m (up 34.3% YoY). Sales on the other hand came in at Rs 2 bn (up 6.1% YoY). Read on for a complete analysis of PROCTER & GAMBLE HEALTH's quarterly results.

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