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GREENPLY IND 2017-18 Annual Report Analysis

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GREENPLY IND 2017-18 Annual Report Analysis
Wed, 16 Jan

GREENPLY IND 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.

GREENPLY IND Income Statement Analysis

  • Operating income during the year rose 2.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 5.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.5% in FY18 as against 14.7% in FY17.
  • Depreciation charges decreased by 1.7% and finance costs decreased by 40.0% YoY, respectively.
  • Other income declined by 42.9% YoY.
  • Net profit for the year declined by 11.8% YoY.
  • Net profit margins during the year declined from 7.5% in FY17 to 6.4% in FY18.

GREENPLY IND Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 16,680 17,132 2.7%
Other income Rs m 38 22 -42.9%
Total Revenues Rs m 16,717 17,154 2.6%
Gross profit Rs m 2,449 2,308 -5.8%
Depreciation Rs m 507 498 -1.7%
Interest Rs m 189 114 -40.0%
Profit before tax Rs m 1,791 1,717 -4.1%
Tax Rs m 559 535 -4.2%
Profit after tax Rs m 1,254 1,106 -11.8%
Gross profit margin % 14.7 13.5
Effective tax rate % 31.2 31.2
Net profit margin % 7.5 6.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GREENPLY IND Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 6 billion as compared to Rs 5 billion in FY17, thereby witnessing an increase of 30.5%.
  • Long-term debt stood at Rs 5 billion as compared to Rs 3 billion during FY17, a growth of 82.4%.
  • Current assets rose 8% and stood at Rs 6 billion, while fixed assets rose 70% and stood at Rs 14 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 21 billion as against Rs 16 billion during FY17, thereby witnessing a growth of 34%.

GREENPLY IND Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 7,727 8,775 13.6
 
Current Liabilities Rs m 4,718 6,157 30.5
Long-term Debt Rs m 2,659 4,848 82.4
Total Liabilities Rs m 15,745 21,111 34.1
 
Current assets Rs m 5,976 6,482 8.5
Fixed Assets Rs m 7,946 13,509 70.0
Total Assets Rs m 15,745 21,111 34.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GREENPLY IND Cash Flow Statement Analysis

  • GREENPLY IND's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -3 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -502 million from the Rs 387 million net cash flows seen during FY17.

GREENPLY IND 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 2,120 1,134 -46.5%
Cash Flow from Investing Activities Rs m -3,628 -3,280 -
Cash Flow from Financing Activities Rs m 1,896 1,644 -13.3%
Net Cash Flow Rs m 387 -502 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for GREENPLY IND

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.0, an decline from the EPS of Rs 10.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 139.1, stands at 15.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.6 times, while the price to sales ratio stands at 2.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.0 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 136.0 139.7
TTM Earnings per share Rs 10.2 9.0
Diluted earnings per share Rs 10.4 9.2
Price to Cash Flow x 9.8 10.0
TTM P/E ratio x 16.0 15.7
Price / Book Value ratio x 3.8 4.6
Market Cap Rs m 17,052 16,783
Dividends per share (Unadj.) Rs 0.6 0.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for GREENPLY IND

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY18, from 1.3x 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 16.1x during FY18, from 10.5x 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 declined and down at 12.6% during FY18, from 16.2% 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 declined and down at 12.9% during FY18, from 19.3% 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 declined and down at 5.8% 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 1.3 1.1
Debtors’ Days Days 65 61
Interest coverage x 10.5 16.1
Debt to equity ratio x 0.3 0.6
Return on assets % 9.2 5.8
Return on equity % 16.2 12.6
Return on capital employed % 19.3 12.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how GREENPLY IND has performed over the last 5 years, please visit here.

GREENPLY IND Share Price Performance

Over the last one year, GREENPLY IND share price has moved up from Rs 380.1 to Rs 139.1, registering a loss of Rs 241.0 or around 63.4%.

Overall, the S&P BSE SENSEX is up 4.4% over the year.

(To know more, check out historical annual results for GREENPLY IND and quarterly results for GREENPLY IND)

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