DISA INDIA 2018-19 Annual Report Analysis

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DISA INDIA 2018-19 Annual Report Analysis
Tue, 17 Sep

DISA INDIA 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.

DISA INDIA Income Statement Analysis

  • Operating income during the year rose 22.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 57.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.5% in FY19 as against 11.4% in FY18.
  • Depreciation charges increased by 8.8% and finance costs increased by 207.7% YoY, respectively.
  • Other income grew by 37.1% YoY.
  • Net profit for the year grew by 71.3% YoY.
  • Net profit margins during the year grew from 8.0% in FY18 to 11.1% in FY19.

DISA INDIA Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 2,049 2,517 22.8%
Other income Rs m 49 68 37.1%
Total Revenues Rs m 2,098 2,584 23.2%
Gross profit Rs m 233 366 57.2%
Depreciation Rs m 22 24 8.8%
Interest Rs m 1 4 207.7%
Profit before tax Rs m 259 406 56.6%
Tax Rs m 92 120 30.0%
Profit after tax Rs m 167 286 71.3%
Gross profit margin % 11.4 14.5
Effective tax rate % 35.5 29.5
Net profit margin % 8.0 11.1
* 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 FY19 stood at Rs 876 million as compared to Rs 777 million in FY18, thereby witnessing an increase of 12.8%.
  • Current assets rose 24% and stood at Rs 2 billion, while fixed assets rose 2% and stood at Rs 222 million in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 2 billion as against Rs 2 billion during FY18, thereby witnessing a growth of 20%.

DISA INDIA Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 1,092 1,374 25.9
 
Current Liabilities Rs m 777 876 12.8
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 1,868 2,251 20.5
 
Current assets Rs m 1,602 1,995 24.5
Fixed Assets Rs m 216 222 2.4
Total Assets Rs m 1,868 2,251 20.5
* 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 FY19 stood at Rs 163 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -120 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -7 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 36 million from the Rs 40 million net cash flows seen during FY18.

DISA INDIA 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 243 163 -32.8%
Cash Flow from Investing Activities Rs m -197 -120 -
Cash Flow from Financing Activities Rs m -6 -7 -
Net Cash Flow Rs m 40 36 -9.0%
* 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 197.3, an improvement from the EPS of Rs 115.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 5,250.0, stands at 23.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.3 times, while the price to sales ratio stands at 3.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 25.6 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 1,413.0 1,735.7
TTM Earnings per share Rs 115.2 197.3
Diluted earnings per share Rs 110.6 189.5
Price to Cash Flow x 40.4 25.6
TTM P/E ratio x 22.8 23.7
Price / Book Value ratio x 8.0 6.3
Market Cap Rs m 7,613 7,928
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 2.3x during FY19, from 2.1x 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 deteriorated and stood at 102.5x during FY19, from 200.3x 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 improved and stood at 20.8% during FY19, from 15.3% 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 improved and stood at 29.8% during FY19, from 23.9% 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 12.9% during FY19, from 9.0% 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 2.1 2.3
Debtors’ Days Days 26 30
Interest coverage x 200.3 102.5
Debt to equity ratio x 0.0 0.0
Return on assets % 9.0 12.9
Return on equity % 15.3 20.8
Return on capital employed % 23.9 29.8
* 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 down from Rs 5,911.5 to Rs 5,250.0, registering a loss of Rs 661.5 or around 11.2%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,258.2 (down 0.2%). Over the last one year it has moved down from 18,429.3 to 17,258.2, a loss of 1,171 points (down 6.4%).

Overall, the S&P BSE SENSEX is down 1.5% over the year.

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

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For the quarter ended June 2019, DISA INDIA has posted a net profit of Rs 76 m (up 285.9% YoY). Sales on the other hand came in at Rs 608 m (up 61.3% YoY). Read on for a complete analysis of DISA INDIA's quarterly results.

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