DISA INDIA 2017-18 Annual Report Analysis

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DISA INDIA 2017-18 Annual Report Analysis
Tue, 14 Aug

DISA INDIA 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.

DISA INDIA Income Statement Analysis

  • Operating income during the year rose 24.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 52.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.4% in FY18 as against 9.2% in FY17.
  • Depreciation charges and finance costs decreased by 1.4% YoY and 50.0% YoY, respectively.
  • Other income declined by 7.3% YoY.
  • Net profit for the year grew by 47.5% YoY.
  • Net profit margins during the year grew from 6.6% in FY17 to 7.9% in FY18.

DISA INDIA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 1,647 2,049 24.4%
Other income Rs m 53 49 -7.3%
Total Revenues Rs m 1,701 2,098 23.4%
Gross profit Rs m 152 233 52.8%
Depreciation Rs m 22 22 -1.4%
Interest Rs m 3 1 -50.0%
Profit before tax Rs m 181 259 43.1%
Tax Rs m 68 93 36.0%
Profit after tax Rs m 113 167 47.5%
Gross profit margin % 9.2 11.4
Effective tax rate % 37.6 35.7
Net profit margin % 6.6 7.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DISA INDIA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 777 million as compared to Rs 494 million in FY17, thereby witnessing an increase of 57.3%.
  • Current assets rose 36% and stood at Rs 2 billion, while fixed assets fell 5% and stood at Rs 216 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 2 billion as against Rs 1 billion during FY17, thereby witnessing a growth of 30%.

DISA INDIA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 928 1,092 17.6
 
Current Liabilities Rs m 494 777 57.3
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 1,433 1,868 30.4
 
Current assets Rs m 1,182 1,602 35.5
Fixed Assets Rs m 227 216 -4.5
Total Assets Rs m 1,433 1,868 30.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



DISA INDIA Cash Flow Statement Analysis

  • DISA INDIA's cash flow from operating activities (CFO) during FY18 stood at Rs 243 million, an improvement of 93.5% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -197 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -6 million, an improvement of 98% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 40 million from the Rs -5 million net cash flows seen during FY17.

DISA INDIA 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 126 243 93.5%
Cash Flow from Investing Activities Rs m 145 -197 -
Cash Flow from Financing Activities Rs m -276 -6 -
Net Cash Flow Rs m -5 40 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for DISA INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 114.8, an improvement from the EPS of Rs 77.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 6,040.0, stands at 50.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 8.0 times, while the price to sales ratio stands at 4.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 48.5 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 1,136.1 1,413.0
TTM Earnings per share Rs 77.9 114.8
Diluted earnings per share Rs 74.8 110.3
Price to Cash Flow x 65.0 48.5
TTM P/E ratio x 48.9 50.9
Price / Book Value ratio x 6.9 8.0
Market Cap Rs m 8,758 9,120
Dividends per share (Unadj.) Rs 2.5 2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for DISA INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.1x during FY18, from 2.4x 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 200.3x during FY18, from 70.6x 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 15.3% during FY18, from 12.2% 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 23.9% during FY18, from 19.8% 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 9.0% during FY18, from 8.1% 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 2.4 2.1
Debtors’ Days Days 22 26
Interest coverage x 70.6 200.3
Debt to equity ratio x 0.0 0.0
Return on assets % 8.1 9.0
Return on equity % 12.2 15.3
Return on capital employed % 19.8 23.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how DISA INDIA has performed over the last 5 years, please visit here.

DISA INDIA Share Price Performance

Over the last one year, DISA INDIA share price has moved up from Rs 5,600.0 to Rs 6,040.0, registering a gain of Rs 440.0 or around 7.9%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,926.0 (down 0.6%). Over the last one year it has moved up from 17,277.3 to 17,926.0, a gain of 649 points (up 3.8%).

Overall, the S&P BSE SENSEX is up 20.4% over the year.

(To know more, check out historical annual results for DISA INDIA and quarterly results for DISA INDIA)

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