GUJ.NARMADA 2017-18 Annual Report Analysis

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GUJ.NARMADA 2017-18 Annual Report Analysis
Thu, 3 Jan

GUJ.NARMADA 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.

GUJ.NARMADA Income Statement Analysis

  • Operating income during the year rose 27.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 113.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 23.8% in FY18 as against 14.2% in FY17.
  • Depreciation charges increased by 7.6% and finance costs decreased by 51.0% YoY, respectively.
  • Other income declined by 37.1% YoY.
  • Net profit for the year grew by 50.3% YoY.
  • Net profit margins during the year grew from 11.0% in FY17 to 13.3% in FY18.

GUJ.NARMADA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 45,888 58,373 27.2%
Other income Rs m 2,249 1,415 -37.1%
Total Revenues Rs m 48,136 59,788 24.2%
Gross profit Rs m 6,528 13,906 113.0%
Depreciation Rs m 2,514 2,705 7.6%
Interest Rs m 2,034 997 -51.0%
Profit before tax Rs m 4,228 11,619 174.8%
Tax Rs m 1,938 3,725 92.2%
Profit after tax Rs m 5,288 7,949 50.3%
Gross profit margin % 14.2 23.8
Effective tax rate % 45.8 32.1
Net profit margin % 11.0 13.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GUJ.NARMADA Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 12 billion as compared to Rs 21 billion in FY17, thereby witnessing an decrease of -43.9%.
  • Current assets fell 14% and stood at Rs 21 billion, while fixed assets fell 6% and stood at Rs 42 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 72 billion as against Rs 79 billion during FY17, thereby witnessing a fall of 9%.

GUJ.NARMADA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 38,552 45,170 17.2
 
Current Liabilities Rs m 21,068 11,827 -43.9
Long-term Debt Rs m 5,334 0 -100.0
Total Liabilities Rs m 79,175 72,324 -8.7
 
Current assets Rs m 24,570 21,087 -14.2
Fixed Assets Rs m 44,566 41,748 -6.3
Total Assets Rs m 79,175 72,324 -8.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GUJ.NARMADA Cash Flow Statement Analysis

  • GUJ.NARMADA's cash flow from operating activities (CFO) during FY18 stood at Rs 18 billion, an improvement of 25.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 495 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -14 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 5 billion from the Rs 3 billion net cash flows seen during FY17.

GUJ.NARMADA 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 14,452 18,186 25.8%
Cash Flow from Investing Activities Rs m -528 495 -
Cash Flow from Financing Activities Rs m -10,727 -14,000 -
Net Cash Flow Rs m 3,197 4,680 46.4%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for GUJ.NARMADA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 51.1, an improvement from the EPS of Rs 34.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 342.0, stands at 5.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 1.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.0 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 295.2 375.6
TTM Earnings per share Rs 34.0 51.1
Diluted earnings per share Rs 34.0 51.1
Price to Cash Flow x 6.9 5.0
TTM P/E ratio x 5.1 5.1
Price / Book Value ratio x 0.8 1.4
Market Cap Rs m 53,154 53,154
Dividends per share (Unadj.) Rs 5.0 7.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for GUJ.NARMADA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.8x during FY18, from 1.2x 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 12.7x 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 improved and stood at 17.6% during FY18, from 13.7% 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 28.1% during FY18, from 21.1% 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 12.4% during FY18, from 9.2% 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 1.2 1.8
Debtors’ Days Days 88 70
Interest coverage x 3.1 12.7
Debt to equity ratio x 0.1 0.0
Return on assets % 9.2 12.4
Return on equity % 13.7 17.6
Return on capital employed % 21.1 28.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

GUJ.NARMADA Share Price Performance

Over the last one year, GUJ.NARMADA share price has moved up from Rs 485.3 to Rs 342.0, registering a loss of Rs 143.3 or around 29.5%.

Overall, the S&P BSE SENSEX is up 5.2% over the year.

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

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Feb 17, 2020 | Updated on Feb 17, 2020

For the quarter ended December 2019, GUJARAT NARMADA has posted a net profit of Rs 1 bn (down 32.5% YoY). Sales on the other hand came in at Rs 13 bn (up 4.8% YoY). Read on for a complete analysis of GUJARAT NARMADA's quarterly results.

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