SCHAEFFLER INDIA LTD 2017-18 Annual Report Analysis

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SCHAEFFLER INDIA LTD 2017-18 Annual Report Analysis
Tue, 9 Apr

SCHAEFFLER INDIA LTD 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.

SCHAEFFLER INDIA LTD Income Statement Analysis

  • Operating income during the year rose 16.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 8.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 16.2% in CY18 as against 17.3% in CY17.
  • Depreciation charges increased by 7.5% and finance costs decreased by 30.7% YoY, respectively.
  • Other income grew by 52.5% YoY.
  • Net profit for the year grew by 8.1% YoY.
  • Net profit margins during the year declined from 9.7% in CY17 to 9.0% in CY18.

SCHAEFFLER INDIA LTD Income Statement 2017-18

No. of Mths Year Ending 12 Dec-17* 12 Dec-18* % Change
Net Sales Rs m 39,331 45,615 16.0%
Other income Rs m 596 908 52.5%
Total Revenues Rs m 39,927 46,523 16.5%
Gross profit Rs m 6,821 7,396 8.4%
Depreciation Rs m 1,382 1,485 7.5%
Interest Rs m 102 70 -30.7%
Profit before tax Rs m 5,934 6,749 13.7%
Tax Rs m 2,003 2,119 5.8%
Profit after tax Rs m 3,885 4,198 8.1%
Gross profit margin % 17.3 16.2
Effective tax rate % 33.8 31.4
Net profit margin % 9.7 9.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SCHAEFFLER INDIA LTD Balance Sheet Analysis

  • The company's current liabilities during CY18 stood at Rs 10 billion as compared to Rs 8 billion in CY17, thereby witnessing an increase of 35.1%.
  • Long-term debt down at Rs 49 million as compared to Rs 569 million during CY17, a fall of 91.4%.
  • Current assets rose 18% and stood at Rs 27 billion, while fixed assets rose 12% and stood at Rs 9 billion in CY18.
  • Overall, the total assets and liabilities for CY18 stood at Rs 38 billion as against Rs 32 billion during CY17, thereby witnessing a growth of 18%.

SCHAEFFLER INDIA LTD Balance Sheet as on December 2018

No. of Mths Year Ending 12 Dec-17* 12 Dec-18* % Change
Networth Rs m 23,252 27,061 16.4
 
Current Liabilities Rs m 7,527 10,170 35.1
Long-term Debt Rs m 569 49 -91.4
Total Liabilities Rs m 31,804 37,674 18.5
 
Current assets Rs m 22,508 26,637 18.3
Fixed Assets Rs m 7,977 8,924 11.9
Total Assets Rs m 31,804 37,674 18.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SCHAEFFLER INDIA LTD Cash Flow Statement Analysis

  • SCHAEFFLER INDIA LTD 's cash flow from operating activities (CFO) during CY18 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during CY18 stood at Rs -2 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during CY18 stood at Rs -527 million, an improvement of 40% on a YoY basis.
  • Overall, net cash flows for the company during CY18 stood at Rs 22 million from the Rs 431 million net cash flows seen during CY17.

SCHAEFFLER INDIA LTD 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 4,010 2,382 -40.6%
Cash Flow from Investing Activities Rs m -3,050 -1,834 -
Cash Flow from Financing Activities Rs m -882 -527 -
Net Cash Flow Rs m 431 22 -95.0%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SCHAEFFLER INDIA LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 134.3, an decline from the EPS of Rs 233.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 5,450.0, stands at 27.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.1 times, while the price to sales ratio stands at 3.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.9 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 2,366.5 1,459.2
TTM Earnings per share Rs 233.7 134.3
Diluted earnings per share Rs 233.7 252.6
Price to Cash Flow x 17.2 15.9
TTM P/E ratio x 27.9 27.9
Price / Book Value ratio x 3.5 6.1
Market Cap Rs m 90,579 90,579
Dividends per share (Unadj.) Rs 17.0 30.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SCHAEFFLER INDIA LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.6x during CY18, from 3.0x during CY17. 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 96.9x during CY18, from 59.4x during CY17. 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 15.5% during CY18, from 16.7% 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 23.6% during CY18, from 25.1% 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 11.3% during CY18, from 12.5% 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 3.0 2.6
Debtors’ Days Days 59 60
Interest coverage x 59.4 96.9
Debt to equity ratio x 0.0 0.0
Return on assets % 12.5 11.3
Return on equity % 16.7 15.5
Return on capital employed % 25.1 23.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

SCHAEFFLER INDIA LTD Share Price Performance

Over the last one year, SCHAEFFLER INDIA LTD share price has moved up from Rs 5,314.5 to Rs 5,450.0, registering a gain of Rs 135.6 or around 2.6%.

Overall, the S&P BSE SENSEX is up 14.9% over the year.

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

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