FLUIDOMAT 2017-18 Annual Report Analysis

Sat, 31 Mar

FLUIDOMAT 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.

FLUIDOMAT Income Statement Analysis

• Operating income during the year fell 21.6% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 28.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 15.1% in FY18 as against 16.5% in FY17.
• Depreciation charges increased by 1.7% and finance costs decreased by 28.6% YoY, respectively.
• Other income grew by 9.6% YoY.
• Net profit for the year declined by 15.3% YoY.
• Net profit margins during the year grew from 11.5% in FY17 to 12.5% in FY18.

FLUIDOMAT Income Statement 2017-18

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Net Sales	Rs m	238	186	-21.6%
Other income	Rs m	10	11	9.6%
Total Revenues	Rs m	248	197	-20.4%
Gross profit	Rs m	39	28	-28.3%
Depreciation	Rs m	7	7	1.7%
Interest	Rs m	1	1	-28.6%
Profit before tax	Rs m	41	31	-24.1%
Tax	Rs m	14	8	-41.4%
Profit after tax	Rs m	27	23	-15.3%
Gross profit margin	%	16.5	15.1
Effective tax rate	%	33.6	26.0
Net profit margin	%	11.5	12.5

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FLUIDOMAT Balance Sheet Analysis

• The company's current liabilities during FY18 stood at Rs 58 million as compared to Rs 51 million in FY17, thereby witnessing an increase of 12.8%.
• Current assets rose 27% and stood at Rs 191 million, while fixed assets fell 10% and stood at Rs 188 million in FY18.
• Overall, the total assets and liabilities for FY18 stood at Rs 379 million as against Rs 360 million during FY17, thereby witnessing a growth of 5%.

FLUIDOMAT Balance Sheet as on March 2018

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Networth	Rs m	297	310	4.3
Current Liabilities	Rs m	51	58	12.8
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	360	379	5.3
Current assets	Rs m	151	191	26.6
Fixed Assets	Rs m	209	188	-10.0
Total Assets	Rs m	360	379	5.3

FLUIDOMAT Cash Flow Statement Analysis

• FLUIDOMAT's cash flow from operating activities (CFO) during FY18 stood at Rs 26 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY18 stood at Rs -10 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY18 stood at Rs -14 million on a YoY basis.
• Overall, net cash flows for the company during FY18 stood at Rs 1 million from the Rs -2 million net cash flows seen during FY17.

FLUIDOMAT 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	61	26	-58.0%
Cash Flow from Investing Activities	Rs m	-53	-10	-
Cash Flow from Financing Activities	Rs m	-11	-14	-
Net Cash Flow	Rs m	-2	1	-

Current Valuations for FLUIDOMAT

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.7, an decline from the EPS of Rs 5.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 171.1, stands at 36.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.7 times, while the price to sales ratio stands at 4.5 times.
• The company's price to cash flow (P/CF) ratio stood at 32.6 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	48.3	37.8
TTM Earnings per share	Rs	5.6	4.7
Diluted earnings per share	Rs	5.6	4.7
Price to Cash Flow	x	23.7	32.6
TTM P/E ratio	x	29.6	36.2
Price / Book Value ratio	x	3.1	3.2
Market Cap	Rs m	916	986
Dividends per share (Unadj.)	Rs	1.8	1.8

Ratio Analysis for FLUIDOMAT

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.3x during FY18, from 2.9x 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 improved and stood at 45.9x during FY18, from 43.2x 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 declined and down at 7.5% during FY18, from 9.3% 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 10.4% during FY18, from 14.3% 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 6.3% during FY18, from 7.9% 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	2.9	3.3
Debtors’ Days	Days	1,343	2,043
Interest coverage	x	43.2	45.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	7.9	6.3
Return on equity	%	9.3	7.5
Return on capital employed	%	14.3	10.4

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

FLUIDOMAT Share Price Performance

Over the last one year, FLUIDOMAT share price has moved up from Rs 165.0 to Rs 171.1, registering a gain of Rs 6.1 or around 3.7%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,476.7 (down 0.1%). Over the last one year it has moved up from 16,446.0 to 18,476.7, a gain of 2,031 points (up 12.3%).

Overall, the S&P BSE SENSEX is up 12.1% over the year.

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

Read: Latest Annual Report Analysis of FLUIDOMAT