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FEDERAL - MOGUL G 2017-18 Annual Report Analysis

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FEDERAL - MOGUL G 2017-18 Annual Report Analysis
Fri, 24 Aug

FEDERAL - MOGUL G 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.

FEDERAL - MOGUL G Income Statement Analysis

  • Operating income during the year rose 3.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 6.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 17.7% in FY18 as against 17.2% in FY17.
  • Depreciation charges and finance costs decreased by 2.9% YoY and 59.1% YoY, respectively.
  • Other income declined by 3.6% YoY.
  • Net profit for the year grew by 14.9% YoY.
  • Net profit margins during the year grew from 6.5% in FY17 to 7.2% in FY18.

FEDERAL - MOGUL G Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 12,791 13,253 3.6%
Other income Rs m 120 116 -3.6%
Total Revenues Rs m 12,911 13,369 3.5%
Gross profit Rs m 2,201 2,347 6.6%
Depreciation Rs m 793 770 -2.9%
Interest Rs m 163 67 -59.1%
Profit before tax Rs m 1,365 1,625 19.1%
Tax Rs m 463 585 26.3%
Profit after tax Rs m 837 962 14.9%
Gross profit margin % 17.2 17.7
Effective tax rate % 33.9 36.0
Net profit margin % 6.5 7.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



FEDERAL - MOGUL G Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 3 billion as compared to Rs 3 billion in FY17, thereby witnessing an decrease of -18.8%.
  • Current assets rose 1% and stood at Rs 5 billion, while fixed assets rose 1% and stood at Rs 6 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 11 billion as against Rs 11 billion during FY17, thereby witnessing a growth of 1%.

FEDERAL - MOGUL G Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 6,131 7,039 14.8
 
Current Liabilities Rs m 3,182 2,583 -18.8
Long-term Debt Rs m 233 0 -100.0
Total Liabilities Rs m 10,801 10,891 0.8
 
Current assets Rs m 4,560 4,595 0.8
Fixed Assets Rs m 5,815 5,888 1.3
Total Assets Rs m 10,801 10,891 0.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



FEDERAL - MOGUL G Cash Flow Statement Analysis

  • FEDERAL - MOGUL G'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 -721 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -588 million, an improvement of 41% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -33 million from the Rs -273 million net cash flows seen during FY17.

FEDERAL - MOGUL G 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 1,593 1,276 -19.9%
Cash Flow from Investing Activities Rs m -863 -721 -
Cash Flow from Financing Activities Rs m -1,003 -588 -
Net Cash Flow Rs m -273 -33 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for FEDERAL - MOGUL G

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 17.3, an improvement from the EPS of Rs 15.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 460.0, stands at 29.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.2 times, while the price to sales ratio stands at 2.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 14.1 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 229.9 238.2
TTM Earnings per share Rs 15.1 17.3
Diluted earnings per share Rs 15.1 17.3
Price to Cash Flow x 15.1 14.1
TTM P/E ratio x 29.8 29.8
Price / Book Value ratio x 4.1 4.2
Market Cap Rs m 25,587 25,587
Dividends per share (Unadj.) Rs 4.9 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for FEDERAL - MOGUL G

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.8x during FY18, from 1.4x 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 25.4x during FY18, from 9.4x 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 13.7% 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 declined and down at 22.9% during FY18, from 23.0% 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 9.4% during FY18, from 9.3% 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 1.4 1.8
Debtors’ Days Days 55 60
Interest coverage x 9.4 25.4
Debt to equity ratio x 0.0 0.0
Return on assets % 9.3 9.4
Return on equity % 13.7 13.7
Return on capital employed % 23.0 22.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how FEDERAL - MOGUL G has performed over the last 5 years, please visit here.

FEDERAL - MOGUL G Share Price Performance

Over the last one year, FEDERAL - MOGUL G share price has moved up from Rs 510.0 to Rs 460.0, registering a loss of Rs 50.0 or around 9.8%.

Overall, the S&P BSE SENSEX is up 21.2% over the year.

(To know more, check out historical annual results for FEDERAL - MOGUL G and quarterly results for FEDERAL - MOGUL G)

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For the quarter ended September 2018, FEDERAL - MOGUL G has posted a net profit of Rs 210 m (down 7.8% YoY). Sales on the other hand came in at Rs 3 bn (up 3.9% YoY). Read on for a complete analysis of FEDERAL - MOGUL G's quarterly results.

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