SCHAEFFLER INDIA 2018-19 Annual Report Analysis

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SCHAEFFLER INDIA 2018-19 Annual Report Analysis
Fri, 20 Nov

SCHAEFFLER INDIA has announced its results for the year ended December 2019. Let us have a look at the detailed performance review of the company during FY18-19.

SCHAEFFLER INDIA Income Statement Analysis

  • Operating income during the year fell 4.4% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 14.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 14.5% in CY19 as against 16.2% in CY18.
  • Depreciation charges increased by 6.9% and finance costs decreased by 50.7% YoY, respectively.
  • Other income declined by 30.4% YoY.
  • Net profit for the year declined by 12.4% YoY.
  • Net profit margins during the year declined from 9.0% in CY18 to 8.3% in CY19.

SCHAEFFLER INDIA Income Statement 2018-19

No. of Mths Year Ending 12 Dec-18* 12 Dec-19* % Change
Net Sales Rs m 45,615 43,606 -4.4%
Other income Rs m 908 632 -30.4%
Total Revenues Rs m 46,523 44,238 -4.9%
Gross profit Rs m 7,396 6,336 -14.3%
Depreciation Rs m 1,485 1,587 6.9%
Interest Rs m 70 35 -50.7%
Profit before tax Rs m 6,749 5,346 -20.8%
Tax Rs m 2,119 1,666 -21.4%
Profit after tax Rs m 4,198 3,676 -12.4%
Gross profit margin % 16.2 14.5
Effective tax rate % 31.4 31.2
Net profit margin % 9.0 8.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Watch the Replay: The Smallcap Revival Summits

SCHAEFFLER INDIA Balance Sheet Analysis

  • The company's current liabilities during CY19 down at Rs 6 billion as compared to Rs 10 billion in CY18, thereby witnessing an decrease of -37.3%.
  • Current assets fell 15% and stood at Rs 23 billion, while fixed assets rose 19% and stood at Rs 11 billion in CY19.
  • Overall, the total assets and liabilities for CY19 stood at Rs 36 billion as against Rs 38 billion during CY18, thereby witnessing a fall of 3%.

SCHAEFFLER INDIA Balance Sheet as on December 2019

No. of Mths Year Ending 12 Dec-18* 12 Dec-19* % Change
Networth Rs m 27,061 29,622 9.5
 
Current Liabilities Rs m 10,170 6,376 -37.3
Long-term Debt Rs m 49 0 -100.0
Total Liabilities Rs m 37,674 36,452 -3.2
 
Current assets Rs m 26,637 22,647 -15.0
Fixed Assets Rs m 8,924 10,608 18.9
Total Assets Rs m 37,674 36,452 -3.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SCHAEFFLER INDIA Cash Flow Statement Analysis

  • SCHAEFFLER INDIA 's cash flow from operating activities (CFO) during CY19 stood at Rs 5 billion, an improvement of 114.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during CY19 stood at Rs -4 billion, an improvement of 99.5% on a YoY basis.
  • Cash flow from financial activities (CFF) during CY19 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during CY19 stood at Rs -266 million from the Rs 26 million net cash flows seen during CY18.

SCHAEFFLER INDIA Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Dec-18 Dec-19
Cash Flow from Operating Activities Rs m 2,382 5,098 114.0%
Cash Flow from Investing Activities Rs m -1,834 -3,658 -
Cash Flow from Financing Activities Rs m -522 -1,706 -
Net Cash Flow Rs m 26 -266 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SCHAEFFLER INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 117.6, an decline from the EPS of Rs 134.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 3,900.0, stands at 27.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.1 times, while the price to sales ratio stands at 3.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 12.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Dec-18* 12 Dec-19*
Sales per share (Unadj.) Rs 1,459.2 1,395.0
TTM Earnings per share Rs 134.3 117.6
Diluted earnings per share Rs 252.6 221.2
Price to Cash Flow x 21.5 12.3
TTM P/E ratio x 52.1 27.7
Price / Book Value ratio x 6.1 5.1
Market Cap Rs m 121,914 64,818
Dividends per share (Unadj.) Rs 30.0 35.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SCHAEFFLER INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.6x during CY19, from 2.6x during CY18. 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 155.1x during CY19, from 96.9x during CY18. 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 declined and down at 12.4% during CY19, from 15.5% during CY19. 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 18.2% during CY19, from 23.6% during CY18. 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 10.2% during CY19, from 11.3% during CY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Dec-18* 12 Dec-19*
Current ratio x 2.6 3.6
Debtors’ Days Days 60 53
Interest coverage x 96.9 155.1
Debt to equity ratio x 0.0 0.0
Return on assets % 11.3 10.2
Return on equity % 15.5 12.4
Return on capital employed % 23.6 18.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how SCHAEFFLER INDIA has performed over the last 5 years, please visit here.

SCHAEFFLER INDIA Share Price Performance

Over the last one year, SCHAEFFLER INDIA share price has moved down from Rs 4,349.0 to Rs 3,900.0, registering a loss of Rs 449.0 or around 10.3%.

Overall, the S&P BSE SENSEX is up 8.5% over the year.

(To know more, check out historical annual results for SCHAEFFLER INDIA and quarterly results for SCHAEFFLER INDIA )

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