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HAVELLS IND 2017-18 Annual Report Analysis

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HAVELLS IND 2017-18 Annual Report Analysis
Tue, 21 Aug

HAVELLS 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.

HAVELLS IND Income Statement Analysis

  • Operating income during the year rose 32.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 27.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 12.8% in FY18 as against 13.3% in FY17.
  • Depreciation charges and finance costs increased by 16.6% YoY and 86.1% YoY, respectively.
  • Other income declined by 14.7% YoY.
  • Net profit for the year grew by 39.7% YoY.
  • Net profit margins during the year grew from 7.7% in FY17 to 8.1% in FY18.

HAVELLS IND Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 61,558 81,464 32.3%
Other income Rs m 1,382 1,179 -14.7%
Total Revenues Rs m 62,939 82,643 31.3%
Gross profit Rs m 8,182 10,434 27.5%
Depreciation Rs m 1,205 1,405 16.6%
Interest Rs m 133 248 86.1%
Profit before tax Rs m 8,225 9,960 21.1%
Tax Rs m 2,288 3,038 32.8%
Profit after tax Rs m 4,822 6,735 39.7%
Gross profit margin % 13.3 12.8
Effective tax rate % 27.8 30.5
Net profit margin % 7.7 8.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HAVELLS IND Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 25 billion as compared to Rs 16 billion in FY17, thereby witnessing an increase of 60.6%.
  • Long-term debt stood at Rs 810 million as compared to Rs 0 million during FY17, a fall of 0.0%.
  • Current assets rose 14% and stood at Rs 37 billion, while fixed assets rose 5% and stood at Rs 13 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 66 billion as against Rs 52 billion during FY17, thereby witnessing a growth of 28%.

HAVELLS IND Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 32,768 37,292 13.8
 
Current Liabilities Rs m 15,752 25,300 60.6
Long-term Debt Rs m 0 810 0.0
Total Liabilities Rs m 51,693 66,075 27.8
 
Current assets Rs m 32,344 36,896 14.1
Fixed Assets Rs m 12,665 13,319 5.2
Total Assets Rs m 51,693 66,075 27.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HAVELLS IND Cash Flow Statement Analysis

  • HAVELLS IND's cash flow from operating activities (CFO) during FY18 stood at Rs 11 billion, an improvement of 43.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -9 billion, an improvement of 337.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -4 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -3 billion from the Rs 4 billion net cash flows seen during FY17.

HAVELLS 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 7,671 10,999 43.4%
Cash Flow from Investing Activities Rs m -2,160 -9,441 -
Cash Flow from Financing Activities Rs m -975 -4,091 -
Net Cash Flow Rs m 4,499 -2,554 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for HAVELLS IND

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.8, an improvement from the EPS of Rs 7.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 699.0, stands at 54.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 8.6 times, while the price to sales ratio stands at 3.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 53.6 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 98.5 130.3
TTM Earnings per share Rs 7.7 10.8
Diluted earnings per share Rs 7.7 10.8
Price to Cash Flow x 71.9 53.6
TTM P/E ratio x 54.5 54.5
Price / Book Value ratio x 7.4 8.6
Market Cap Rs m 436,746 436,480
Dividends per share (Unadj.) Rs 3.5 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for HAVELLS IND

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.5x during FY18, from 2.1x 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 41.1x during FY18, from 62.7x 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 18.1% during FY18, from 14.7% 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 improved and stood at 26.3% during FY18, from 22.1% 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 10.6% during FY18, from 9.6% 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 2.1 1.5
Debtors’ Days Days 14 15
Interest coverage x 62.7 41.1
Debt to equity ratio x 0.0 0.0
Return on assets % 9.6 10.6
Return on equity % 14.7 18.1
Return on capital employed % 22.1 26.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

HAVELLS IND Share Price Performance

Over the last one year, HAVELLS IND share price has moved up from Rs 474.2 to Rs 699.0, registering a gain of Rs 224.8 or around 47.4%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 21,869.6 (down 0.2%). Over the last one year it has moved up from 17,651.9 to 21,869.6, a gain of 4,218 points (up 23.9%).

Overall, the S&P BSE SENSEX is up 22.5% over the year.

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

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Jan 24, 2019 | Updated on Jan 24, 2019

For the quarter ended December 2018, HAVELLS IND has posted a net profit of Rs 2 bn (up 0.7% YoY). Sales on the other hand came in at Rs 25 bn (up 28.1% YoY). Read on for a complete analysis of HAVELLS IND's quarterly results.

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