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GOKALDAS EXPORTS 2017-18 Annual Report Analysis

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GOKALDAS EXPORTS 2017-18 Annual Report Analysis
Tue, 18 Dec

GOKALDAS EXPORTS 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.

GOKALDAS EXPORTS Income Statement Analysis

  • Operating income during the year rose 10.9% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 27.0% YoY during the fiscal. Operating profit margins witnessed a growth and down at 2.3% in FY18 as against 3.4% in FY17.
  • Depreciation charges decreased by 10.1% and finance costs increased by 2.9% YoY, respectively.
  • Other income grew by 13.4% YoY.
  • Net profit for the year declined by 34.4% YoY.
  • Net profit margins during the year grew from 4.9% in FY17 to 2.9% in FY18.

GOKALDAS EXPORTS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 9,305 10,319 10.9%
Other income Rs m 415 471 13.4%
Total Revenues Rs m 9,720 10,790 11.0%
Gross profit Rs m -319 -233 -27.0%
Depreciation Rs m 183 165 -10.1%
Interest Rs m 364 375 2.9%
Profit before tax Rs m -451 -301 -33.2%
Tax Rs m 21 9 -58.7%
Profit after tax Rs m -472 -310 -34.4%
Gross profit margin % -3.4 -2.3
Effective tax rate % -4.7 -2.9
Net profit margin % -4.9 -2.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GOKALDAS EXPORTS Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 6 billion as compared to Rs 6 billion in FY17, thereby witnessing an increase of 3.1%.
  • Current assets fell 5% and stood at Rs 5 billion, while fixed assets rose 1% and stood at Rs 957 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 8 billion as against Rs 8 billion during FY17, thereby witnessing a fall of 2%.

GOKALDAS EXPORTS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 1,694 1,309 -22.7
 
Current Liabilities Rs m 6,268 6,465 3.1
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 8,008 7,811 -2.5
 
Current assets Rs m 5,188 4,907 -5.4
Fixed Assets Rs m 948 957 1.0
Total Assets Rs m 8,008 7,811 -2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GOKALDAS EXPORTS Cash Flow Statement Analysis

  • GOKALDAS EXPORTS's cash flow from operating activities (CFO) during FY18 stood at Rs 252 million, an improvement of 114.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -137 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -398 million, an improvement of 27% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -283 million from the Rs -171 million net cash flows seen during FY17.

GOKALDAS EXPORTS 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 118 252 114.2%
Cash Flow from Investing Activities Rs m 257 -137 -
Cash Flow from Financing Activities Rs m -545 -398 -
Net Cash Flow Rs m -171 -283 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for GOKALDAS EXPORTS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -8.9, an improvement from the EPS of Rs -13.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 78.7, stands at -58.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.9 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at -18.7 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 266.4 295.2
TTM Earnings per share Rs -13.5 -8.9
Diluted earnings per share Rs -13.7 -9.0
Price to Cash Flow x -9.5 -18.7
TTM P/E ratio x -59.2 -58.6
Price / Book Value ratio x 1.8 2.9
Market Cap Rs m 2,747 2,721
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for GOKALDAS EXPORTS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.8x during FY18, from 0.8x 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 0.2x during FY18, from -0.2x 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 improved and stood at -23.7% during FY18, from -27.9% 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 5.6% during FY18, from -5.1% 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 0.8% during FY18, from -1.4% 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 0.8 0.8
Debtors’ Days Days 84 76
Interest coverage x -0.2 0.2
Debt to equity ratio x 0.0 0.0
Return on assets % -1.4 0.8
Return on equity % -27.9 -23.7
Return on capital employed % -5.1 5.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

GOKALDAS EXPORTS Share Price Performance

Over the last one year, GOKALDAS EXPORTS share price has moved up from Rs 112.2 to Rs 78.7, registering a loss of Rs 33.6 or around 29.9%.

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

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

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