GODFREY PHILLIPS 2017-18 Annual Report Analysis

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GODFREY PHILLIPS 2017-18 Annual Report Analysis
Thu, 20 Dec

GODFREY PHILLIPS 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.

GODFREY PHILLIPS Income Statement Analysis

  • Operating income during the year fell 3.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 2.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.1% in FY18 as against 10.5% in FY17.
  • Depreciation charges increased by 0.6% and finance costs decreased by 53.1% YoY, respectively.
  • Other income grew by 15.6% YoY.
  • Net profit for the year grew by 16.2% YoY.
  • Net profit margins during the year grew from 5.6% in FY17 to 6.7% in FY18.

GODFREY PHILLIPS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 24,026 23,256 -3.2%
Other income Rs m 472 546 15.6%
Total Revenues Rs m 24,499 23,802 -2.8%
Gross profit Rs m 2,534 2,586 2.1%
Depreciation Rs m 978 984 0.6%
Interest Rs m 36 17 -53.1%
Profit before tax Rs m 1,992 2,130 7.0%
Tax Rs m 623 740 18.7%
Profit after tax Rs m 1,369 1,591 16.2%
Gross profit margin % 10.5 11.1
Effective tax rate % 31.3 34.7
Net profit margin % 5.6 6.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GODFREY PHILLIPS Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 6 billion as compared to Rs 4 billion in FY17, thereby witnessing an increase of 30.0%.
  • Long-term debt stood at Rs 7 million as compared to Rs 0 million during FY17, a fall of 0.0%.
  • Current assets fell 5% and stood at Rs 10 billion, while fixed assets fell 6% and stood at Rs 7 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 25 billion as against Rs 22 billion during FY17, thereby witnessing a growth of 12%.

GODFREY PHILLIPS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 16,605 17,934 8.0
 
Current Liabilities Rs m 4,330 5,627 30.0
Long-term Debt Rs m 0 7 0.0
Total Liabilities Rs m 22,109 24,663 11.6
 
Current assets Rs m 10,145 9,687 -4.5
Fixed Assets Rs m 7,132 6,681 -6.3
Total Assets Rs m 22,109 24,663 11.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GODFREY PHILLIPS Cash Flow Statement Analysis

  • GODFREY PHILLIPS's cash flow from operating activities (CFO) during FY18 stood at Rs 5 billion, an improvement of 110.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -4 billion, an improvement of 225.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -996 million, an improvement of 20% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 118 million from the Rs -41 million net cash flows seen during FY17.

GODFREY PHILLIPS 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 2,453 5,162 110.4%
Cash Flow from Investing Activities Rs m -1,246 -4,049 -
Cash Flow from Financing Activities Rs m -1,249 -996 -
Net Cash Flow Rs m -41 118 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for GODFREY PHILLIPS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 152.9, an improvement from the EPS of Rs 131.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 907.2, stands at 20.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.6 times, while the price to sales ratio stands at 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 18.3 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 2,310.2 2,236.2
TTM Earnings per share Rs 131.6 152.9
Diluted earnings per share Rs 26.3 30.6
Price to Cash Flow x 4.0 18.3
TTM P/E ratio x 4.1 20.3
Price / Book Value ratio x 0.7 0.6
Market Cap Rs m 9,435 47,174
Dividends per share (Unadj.) Rs 8.0 8.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for GODFREY PHILLIPS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY18, from 2.3x 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 128.6x during FY18, from 56.9x 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 improved and stood at 8.9% during FY18, from 8.2% 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 improved and stood at 13.1% during FY18, from 12.2% 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 improved and stood at 6.5% during FY18, from 6.4% 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 2.3 1.7
Debtors’ Days Days 27 13
Interest coverage x 56.9 128.6
Debt to equity ratio x 0.0 0.0
Return on assets % 6.4 6.5
Return on equity % 8.2 8.9
Return on capital employed % 12.2 13.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

GODFREY PHILLIPS Share Price Performance

Over the last one year, GODFREY PHILLIPS share price has moved up from Rs 986.9 to Rs 907.2, registering a loss of Rs 79.7 or around 8.1%.

Overall, the S&P BSE SENSEX is up 7.4% over the year.

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

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Related Views on News

GODFREY PHILLIPS Announces Quarterly Results (2QFY20); Net Profit Up 63.8% (Quarterly Result Update)

Nov 15, 2019 | Updated on Nov 15, 2019

For the quarter ended September 2019, GODFREY PHILLIPS has posted a net profit of Rs 1 bn (up 63.8% YoY). Sales on the other hand came in at Rs 7 bn (up 13.4% YoY). Read on for a complete analysis of GODFREY PHILLIPS's quarterly results.

GODFREY PHILLIPS 2018-19 Annual Report Analysis (Annual Result Update)

Sep 16, 2019 | Updated on Sep 16, 2019

Here's an analysis of the annual report of GODFREY PHILLIPS for 2018-19. It includes a full income statement, balance sheet and cash flow analysis of GODFREY PHILLIPS. Also includes updates on the valuation of GODFREY PHILLIPS.

GODFREY PHILLIPS Announces Quarterly Results (1QFY20); Net Profit Up 102.5% (Quarterly Result Update)

Aug 13, 2019 | Updated on Aug 13, 2019

For the quarter ended June 2019, GODFREY PHILLIPS has posted a net profit of Rs 1 bn (up 102.5% YoY). Sales on the other hand came in at Rs 8 bn (up 38.9% YoY). Read on for a complete analysis of GODFREY PHILLIPS's quarterly results.

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