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FDC LTD. 2017-18 Annual Report Analysis

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FDC LTD. 2017-18 Annual Report Analysis
Thu, 28 Mar

FDC LTD. 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.

FDC LTD. Income Statement Analysis

  • Operating income during the year rose 6.0% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 6.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 21.1% in FY18 as against 24.0% in FY17.
  • Depreciation charges increased by 1.5% and finance costs decreased by 0.7% YoY, respectively.
  • Other income grew by 1.5% YoY.
  • Net profit for the year declined by 8.0% YoY.
  • Net profit margins during the year declined from 17.7% in FY17 to 15.4% in FY18.

FDC LTD. Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m10,13910,7516.0%
Other incomeRs m5025101.5%
Total RevenuesRs m10,64111,2605.8%
Gross profitRs m2,4352,267-6.9%
DepreciationRs m3463511.5%
InterestRs m1414-0.7%
Profit before taxRs m2,5772,411-6.4%
TaxRs m6336716.0%
Profit after taxRs m1,8851,735-8.0%
Gross profit margin%24.021.1
Effective tax rate%24.627.8
Net profit margin%17.715.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



FDC LTD. Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 2 billion as compared to Rs 2 billion in FY17, thereby witnessing an increase of 17.3%.
  • Long-term debt down at Rs 6 million as compared to Rs 7 million during FY17, a fall of 13.0%.
  • Current assets rose 2% and stood at Rs 7 billion, while fixed assets rose 0% and stood at Rs 7 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 15 billion as against Rs 15 billion during FY17, thereby witnessing a growth of 2%.

FDC LTD. Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m12,70212,7610.5
 
Current LiabilitiesRs m1,7932,10417.3
Long-term DebtRs m76-13.0
Total LiabilitiesRs m14,67915,0412.5
 
Current assetsRs m7,0837,2131.8
Fixed AssetsRs m 6,8446,8650.3
Total AssetsRs m14,67915,0412.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



FDC LTD. Cash Flow Statement Analysis

  • FDC LTD.'s cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 201 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 10 million from the Rs 109 million net cash flows seen during FY17.

FDC LTD. Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m1,5451,498-3.0%
Cash Flow from Investing ActivitiesRs m-1,436201-
Cash Flow from Financing ActivitiesRs m4-1,694-
Net Cash FlowRs m10910-90.5%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for FDC LTD.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.9, an decline from the EPS of Rs 10.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 166.0, stands at 17.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.3 times, while the price to sales ratio stands at 3.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 13.8 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Sales per share (Unadj.)Rs57.061.6
TTM Earnings per shareRs10.69.9
Diluted earnings per shareRs10.89.9
Price to Cash Flow x13.213.8
TTM P/E ratiox17.417.1
Price / Book Value ratiox2.83.3
Market CapRs m29,52028,950
Dividends per share (Unadj.)Rs2.30.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for FDC LTD.

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 3.4x during FY18, from 3.9x 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 173.2x during FY18, from 183.7x 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 declined and down at 13.6% during FY18, from 14.8% 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 declined and down at 19.0% during FY18, from 19.9% 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 declined and down at 11.6% during FY18, from 12.9% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Current ratiox3.93.4
Debtors’ DaysDays2728
Interest coveragex183.7173.2
Debt to equity ratiox0.00.0
Return on assets%12.911.6
Return on equity%14.813.6
Return on capital employed%19.919.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

FDC LTD. Share Price Performance

Over the last one year, FDC LTD. share price has moved up from Rs 251.8 to Rs 166.0, registering a loss of Rs 85.8 or around 34.1%.

(To know more, check out historical annual results for FDC LTD. and quarterly results for FDC LTD.)

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Aug 6, 2019 | Updated on Aug 6, 2019

For the quarter ended June 2019, FDC LTD. has posted a net profit of Rs 523 m (up 2.4% YoY). Sales on the other hand came in at Rs 3 bn (up 17.9% YoY). Read on for a complete analysis of FDC LTD.'s quarterly results.

FDC LTD. Announces Quarterly Results (4QFY19); Net Profit Up 6.8% (Quarterly Result Update)

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For the quarter ended March 2019, FDC LTD. has posted a net profit of Rs 337 m (up 6.8% YoY). Sales on the other hand came in at Rs 3 bn (down 0.6% YoY). Read on for a complete analysis of FDC LTD.'s quarterly results.

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