GUJ.AMB.EXP. 2018-19 Annual Report Analysis

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GUJ.AMB.EXP. 2018-19 Annual Report Analysis
Mon, 16 Sep

GUJ.AMB.EXP. has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

GUJ.AMB.EXP. Income Statement Analysis

  • Operating income during the year rose 19.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 17.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.3% in FY19 as against 9.4% in FY18.
  • Depreciation charges increased by 25.4% and finance costs increased by 4.9% YoY, respectively.
  • Other income grew by 27.8% YoY.
  • Net profit for the year grew by 10.2% YoY.
  • Net profit margins during the year declined from 5.3% in FY18 to 4.9% in FY19.

GUJ.AMB.EXP. Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 33,644 40,214 19.5%
Other income Rs m 91 116 27.8%
Total Revenues Rs m 33,735 40,331 19.6%
Gross profit Rs m 3,173 3,724 17.4%
Depreciation Rs m 763 957 25.4%
Interest Rs m 179 188 4.9%
Profit before tax Rs m 2,322 2,696 16.1%
Tax Rs m 523 714 36.6%
Profit after tax Rs m 1,799 1,982 10.2%
Gross profit margin % 9.4 9.3
Effective tax rate % 22.5 26.5
Net profit margin % 5.3 4.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GUJ.AMB.EXP. Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 5 billion as compared to Rs 8 billion in FY18, thereby witnessing an decrease of -44.4%.
  • Long-term debt down at Rs 8 million as compared to Rs 72 million during FY18, a fall of 89.2%.
  • Current assets fell 18% and stood at Rs 8 billion, while fixed assets fell 1% and stood at Rs 8 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 17 billion as against Rs 19 billion during FY18, thereby witnessing a fall of 9%.

GUJ.AMB.EXP. Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 10,224 12,082 18.2
 
Current Liabilities Rs m 8,135 4,527 -44.4
Long-term Debt Rs m 72 8 -89.2
Total Liabilities Rs m 18,948 17,152 -9.5
 
Current assets Rs m 10,247 8,442 -17.6
Fixed Assets Rs m 8,261 8,138 -1.5
Total Assets Rs m 18,948 17,152 -9.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GUJ.AMB.EXP. Cash Flow Statement Analysis

  • GUJ.AMB.EXP.'s cash flow from operating activities (CFO) during FY19 stood at Rs 6 billion, an improvement of 313.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -5 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 79 million from the Rs 1 million net cash flows seen during FY18.

GUJ.AMB.EXP. Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 1,385 5,728 313.7%
Cash Flow from Investing Activities Rs m -1,255 -1,103 -
Cash Flow from Financing Activities Rs m -129 -4,546 -
Net Cash Flow Rs m 1 79 7,090.9%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for GUJ.AMB.EXP.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 17.3, an improvement from the EPS of Rs 15.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 166.0, stands at 13.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.3 times, while the price to sales ratio stands at 0.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 7.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 293.4 350.7
TTM Earnings per share Rs 15.7 17.3
Diluted earnings per share Rs 12.9 14.2
Price to Cash Flow x 7.4 7.9
TTM P/E ratio x 11.3 13.8
Price / Book Value ratio x 2.2 2.3
Market Cap Rs m 19,029 23,092
Dividends per share (Unadj.) Rs 0.9 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for GUJ.AMB.EXP.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.9x during FY19, from 1.3x during FY18. 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 15.3x during FY19, from 13.9x during FY18. 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 16.4% during FY19, from 17.6% during FY19. 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 23.9% during FY19, from 24.3% during FY18. 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 12.7% during FY19, from 10.4% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 1.3 1.9
Debtors’ Days Days 25 20
Interest coverage x 13.9 15.3
Debt to equity ratio x 0.0 0.0
Return on assets % 10.4 12.7
Return on equity % 17.6 16.4
Return on capital employed % 24.3 23.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how GUJ.AMB.EXP. has performed over the last 5 years, please visit here.

GUJ.AMB.EXP. Share Price Performance

Over the last one year, GUJ.AMB.EXP. share price has moved down from Rs 214.0 to Rs 166.0, registering a loss of Rs 48.1 or around 22.5%.

Overall, the S&P BSE SENSEX is down 2.5% over the year.

(To know more, check out historical annual results for GUJ.AMB.EXP. and quarterly results for GUJ.AMB.EXP.)

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