EXIDE INDUSTRIES 2018-19 Annual Report Analysis

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EXIDE INDUSTRIES 2018-19 Annual Report Analysis
Mon, 16 Sep

EXIDE INDUSTRIES 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.

EXIDE INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 14.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 11.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.5% in FY19 as against 10.9% in FY18.
  • Depreciation charges increased by 28.6% and finance costs increased by 1.4% YoY, respectively.
  • Other income declined by 41.0% YoY.
  • Net profit for the year grew by 22.1% YoY.
  • Net profit margins during the year grew from 5.4% in FY18 to 5.7% in FY19.

EXIDE INDUSTRIES Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 128,081 147,209 14.9%
Other income Rs m 677 399 -41.0%
Total Revenues Rs m 128,757 147,608 14.6%
Gross profit Rs m 13,949 15,515 11.2%
Depreciation Rs m 2,672 3,435 28.6%
Interest Rs m 1,057 1,071 1.4%
Profit before tax Rs m 10,897 11,407 4.7%
Tax Rs m 3,538 4,017 13.5%
Profit after tax Rs m 6,941 8,474 22.1%
Gross profit margin % 10.9 10.5
Effective tax rate % 32.5 35.2
Net profit margin % 5.4 5.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



EXIDE INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 34 billion as compared to Rs 31 billion in FY18, thereby witnessing an increase of 10.5%.
  • Long-term debt stood at Rs 98 million as compared to Rs 89 million during FY18, a growth of 9.6%.
  • Current assets rose 7% and stood at Rs 55 billion, while fixed assets rose 16% and stood at Rs 35 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 224 billion as against Rs 198 billion during FY18, thereby witnessing a growth of 13%.

EXIDE INDUSTRIES Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 54,292 61,069 12.5
 
Current Liabilities Rs m 30,542 33,751 10.5
Long-term Debt Rs m 89 98 9.6
Total Liabilities Rs m 198,222 224,410 13.2
 
Current assets Rs m 50,892 54,605 7.3
Fixed Assets Rs m 29,774 34,623 16.3
Total Assets Rs m 198,222 224,410 13.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



EXIDE INDUSTRIES Cash Flow Statement Analysis

  • EXIDE INDUSTRIES's cash flow from operating activities (CFO) during FY19 stood at Rs 17 billion, an improvement of 84.5% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -14 billion, an improvement of 167.9% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -2 billion, an improvement of 44% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 323 million from the Rs -64 million net cash flows seen during FY18.

EXIDE INDUSTRIES 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 9,144 16,868 84.5%
Cash Flow from Investing Activities Rs m -5,366 -14,374 -
Cash Flow from Financing Activities Rs m -3,861 -2,167 -
Net Cash Flow Rs m -64 323 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for EXIDE INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.0, an improvement from the EPS of Rs 8.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 183.1, stands at 18.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.5 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 13.1 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 150.7 173.2
TTM Earnings per share Rs 8.2 10.0
Diluted earnings per share Rs 8.2 10.0
Price to Cash Flow x 16.2 13.1
TTM P/E ratio x 18.1 18.1
Price / Book Value ratio x 3.5 3.5
Market Cap Rs m 155,635 155,635
Dividends per share (Unadj.) Rs 2.4 2.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for EXIDE INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.6x during FY19, from 1.7x 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 11.7x during FY19, from 11.3x 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 13.9% during FY19, from 12.8% 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 22.2% during FY19, from 21.2% 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 4.3% during FY19, from 4.0% 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 1.7 1.6
Debtors’ Days Days 31 31
Interest coverage x 11.3 11.7
Debt to equity ratio x 0.0 0.0
Return on assets % 4.0 4.3
Return on equity % 12.8 13.9
Return on capital employed % 21.2 22.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

EXIDE INDUSTRIES Share Price Performance

Over the last one year, EXIDE INDUSTRIES share price has moved down from Rs 273.9 to Rs 183.1, registering a loss of Rs 90.8 or around 33.2%.

Overall, the S&P BSE SENSEX is down 2.4% over the year.

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

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For the quarter ended June 2019, EXIDE INDUSTRIES has posted a net profit of Rs 2 bn (up 6.8% YoY). Sales on the other hand came in at Rs 28 bn (up 0.2% YoY). Read on for a complete analysis of EXIDE INDUSTRIES's quarterly results.

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