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EVEREST INDUSTRIES 2017-18 Annual Report Analysis

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EVEREST INDUSTRIES 2017-18 Annual Report Analysis
Thu, 20 Dec

EVEREST INDUSTRIES 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.

EVEREST INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 15.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 116.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.2% in FY18 as against 3.9% in FY17.
  • Depreciation charges decreased by 7.5% and finance costs decreased by 39.6% YoY, respectively.
  • Other income grew by 10.0% YoY.
  • Net profit for the year grew by 1657.0% YoY.
  • Net profit margins during the year grew from 0.3% in FY17 to 4.2% in FY18.

EVEREST INDUSTRIES Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 10,794 12,441 15.3%
Other income Rs m 91 100 10.0%
Total Revenues Rs m 10,886 12,542 15.2%
Gross profit Rs m 416 899 116.0%
Depreciation Rs m 255 236 -7.5%
Interest Rs m 208 126 -39.6%
Profit before tax Rs m 45 638 1,330.7%
Tax Rs m 14 108 646.5%
Profit after tax Rs m 30 531 1,657.0%
Gross profit margin % 3.9 7.2
Effective tax rate % 32.3 16.8
Net profit margin % 0.3 4.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



EVEREST INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 3 billion as compared to Rs 4 billion in FY17, thereby witnessing an decrease of -15.6%.
  • Long-term debt down at Rs 511 million as compared to Rs 915 million during FY17, a fall of 44.1%.
  • Current assets fell 10% and stood at Rs 4 billion, while fixed assets fell 0% and stood at Rs 4 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 8 billion as against Rs 8 billion during FY17, thereby witnessing a fall of 5%.

EVEREST INDUSTRIES Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 3,387 3,981 17.5
 
Current Liabilities Rs m 3,840 3,242 -15.6
Long-term Debt Rs m 915 511 -44.1
Total Liabilities Rs m 8,457 8,021 -5.2
 
Current assets Rs m 4,316 3,884 -10.0
Fixed Assets Rs m 3,626 3,611 -0.4
Total Assets Rs m 8,457 8,021 -5.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



EVEREST INDUSTRIES Cash Flow Statement Analysis

  • EVEREST INDUSTRIES's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion, an improvement of 154.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -157 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 94 million from the Rs -467 million net cash flows seen during FY17.

EVEREST INDUSTRIES 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 583 1,481 154.1%
Cash Flow from Investing Activities Rs m -186 -157 -
Cash Flow from Financing Activities Rs m -864 -1,230 -
Net Cash Flow Rs m -467 94 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for EVEREST INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 33.9, an improvement from the EPS of Rs 2.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 518.9, stands at 11.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.4 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 700.0 796.0
TTM Earnings per share Rs 2.0 33.9
Diluted earnings per share Rs 2.0 34.7
Price to Cash Flow x 28.1 10.4
TTM P/E ratio x 11.9 11.8
Price / Book Value ratio x 1.2 1.7
Market Cap Rs m 8,001 7,934
Dividends per share (Unadj.) Rs 1.0 6.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for EVEREST INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.2x during FY18, from 1.1x 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 deteriorated and stood at 6.1x during FY18, from 1.2x 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 13.3% during FY18, from 0.9% 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 17.0% during FY18, from 5.9% 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 8.2% during FY18, from 2.8% 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 1.1 1.2
Debtors’ Days Days 34 21
Interest coverage x 1.2 6.1
Debt to equity ratio x 0.3 0.1
Return on assets % 2.8 8.2
Return on equity % 0.9 13.3
Return on capital employed % 5.9 17.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how EVEREST INDUSTRIES has performed over the last 5 years, please visit here.

EVEREST INDUSTRIES Share Price Performance

Over the last one year, EVEREST INDUSTRIES share price has moved up from Rs 576.8 to Rs 518.9, registering a loss of Rs 57.9 or around 10.0%.

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for EVEREST INDUSTRIES and quarterly results for EVEREST INDUSTRIES)

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Related Views on News

EVEREST INDUSTRIES Announces Quarterly Results (4QFY19); Net Profit Down 25.9% (Quarterly Result Update)

Jun 5, 2019 | Updated on Jun 5, 2019

For the quarter ended March 2019, EVEREST INDUSTRIES has posted a net profit of Rs 147 m (down 25.9% YoY). Sales on the other hand came in at Rs 4 bn (up 7.6% YoY). Read on for a complete analysis of EVEREST INDUSTRIES's quarterly results.

EVEREST INDUSTRIES Announces Quarterly Results (3QFY19); Net Profit Up 21.4% (Quarterly Result Update)

Jan 24, 2019 | Updated on Jan 24, 2019

For the quarter ended December 2018, EVEREST INDUSTRIES has posted a net profit of Rs 114 m (up 21.4% YoY). Sales on the other hand came in at Rs 3 bn (up 5.7% YoY). Read on for a complete analysis of EVEREST INDUSTRIES's quarterly results.

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