UFLEX LTD. 2017-18 Annual Report Analysis

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UFLEX LTD. 2017-18 Annual Report Analysis
Wed, 3 Apr

UFLEX 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.

UFLEX LTD. Income Statement Analysis

  • Operating income during the year rose 4.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 0.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.3% in FY18 as against 13.8% in FY17.
  • Depreciation charges increased by 10.7% and finance costs increased by 5.5% YoY, respectively.
  • Other income declined by 2.5% YoY.
  • Net profit for the year declined by 10.9% YoY.
  • Net profit margins during the year declined from 5.5% in FY17 to 4.7% in FY18.

UFLEX LTD. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 63,629 66,489 4.5%
Other income Rs m 205 200 -2.5%
Total Revenues Rs m 63,834 66,689 4.5%
Gross profit Rs m 8,784 8,826 0.5%
Depreciation Rs m 3,175 3,516 10.7%
Interest Rs m 1,868 1,971 5.5%
Profit before tax Rs m 3,945 3,539 -10.3%
Tax Rs m 438 417 -4.7%
Profit after tax Rs m 3,485 3,105 -10.9%
Gross profit margin % 13.8 13.3
Effective tax rate % 11.1 11.8
Net profit margin % 5.5 4.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



UFLEX LTD. Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 25 billion as compared to Rs 23 billion in FY17, thereby witnessing an increase of 7.5%.
  • Long-term debt stood at Rs 11 billion as compared to Rs 10 billion during FY17, a growth of 2.4%.
  • Current assets rose 16% and stood at Rs 35 billion, while fixed assets rose 2% and stood at Rs 39 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 77 billion as against Rs 71 billion during FY17, thereby witnessing a growth of 8%.

UFLEX LTD. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 36,441 39,796 9.2
 
Current Liabilities Rs m 23,208 24,957 7.5
Long-term Debt Rs m 10,298 10,550 2.4
Total Liabilities Rs m 71,484 76,882 7.6
 
Current assets Rs m 30,027 34,868 16.1
Fixed Assets Rs m 38,429 39,076 1.7
Total Assets Rs m 71,484 76,882 7.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



UFLEX LTD. Cash Flow Statement Analysis

  • UFLEX LTD.'s cash flow from operating activities (CFO) during FY18 stood at Rs 7 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -4 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -3 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 192 million from the Rs -916 million net cash flows seen during FY17.

UFLEX LTD. 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 7,792 6,564 -15.8%
Cash Flow from Investing Activities Rs m -6,691 -3,819 -
Cash Flow from Financing Activities Rs m -2,017 -2,553 -
Net Cash Flow Rs m -916 192 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for UFLEX LTD.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 43.0, an decline from the EPS of Rs 48.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 234.7, stands at 6.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.7 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 2.6 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 881.2 920.8
TTM Earnings per share Rs 48.3 43.0
Diluted earnings per share Rs 48.3 43.0
Price to Cash Flow x 2.5 2.6
TTM P/E ratio x 6.9 6.9
Price / Book Value ratio x 0.5 0.7
Market Cap Rs m 16,948 16,948
Dividends per share (Unadj.) Rs 3.5 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for UFLEX LTD.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY18, from 1.3x 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 2.8x during FY18, from 3.1x 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 7.8% during FY18, from 9.6% 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 10.9% during FY18, from 12.4% 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 6.6% during FY18, from 7.5% 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 1.3 1.4
Debtors’ Days Days 95 106
Interest coverage x 3.1 2.8
Debt to equity ratio x 0.3 0.3
Return on assets % 7.5 6.6
Return on equity % 9.6 7.8
Return on capital employed % 12.4 10.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

UFLEX LTD. Share Price Performance

Over the last one year, UFLEX LTD. share price has moved up from Rs 350.0 to Rs 234.7, registering a loss of Rs 115.3 or around 32.9%.

Overall, the S&P BSE SENSEX is up 17.2% over the year.

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

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