HERCULES HOISTS 2017-18 Annual Report Analysis

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HERCULES HOISTS 2017-18 Annual Report Analysis
Tue, 18 Dec

HERCULES HOISTS 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.

HERCULES HOISTS Income Statement Analysis

  • Operating income during the year rose 3.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 277.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 5.1% in FY18 as against 1.4% in FY17.
  • Depreciation charges increased by 12.7% and finance costs decreased by 82.6% YoY, respectively.
  • Other income declined by 16.5% YoY.
  • Net profit for the year grew by 23.0% YoY.
  • Net profit margins during the year grew from 9.4% in FY17 to 11.5% in FY18.

HERCULES HOISTS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 731 755 3.3%
Other income Rs m 118 98 -16.5%
Total Revenues Rs m 848 853 0.6%
Gross profit Rs m 10 39 277.5%
Depreciation Rs m 26 29 12.7%
Interest Rs m 2 0 -82.6%
Profit before tax Rs m 100 107 7.5%
Tax Rs m 20 9 -54.3%
Profit after tax Rs m 80 98 23.0%
Gross profit margin % 1.4 5.1
Effective tax rate % 20.0 8.5
Net profit margin % 9.4 11.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HERCULES HOISTS Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 141 million as compared to Rs 115 million in FY17, thereby witnessing an increase of 22.7%.
  • Current assets fell 7% and stood at Rs 968 million, while fixed assets fell 1% and stood at Rs 352 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 4 billion as against Rs 4 billion during FY17, thereby witnessing a growth of 12%.

HERCULES HOISTS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 3,393 3,801 12.0
 
Current Liabilities Rs m 115 141 22.7
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 3,541 3,970 12.1
 
Current assets Rs m 1,036 968 -6.6
Fixed Assets Rs m 357 352 -1.3
Total Assets Rs m 3,541 3,970 12.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HERCULES HOISTS Cash Flow Statement Analysis

  • HERCULES HOISTS's cash flow from operating activities (CFO) during FY18 stood at Rs 151 million, an improvement of 24.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -114 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -39 million, an improvement of 71% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -1 million from the Rs -1 million net cash flows seen during FY17.

HERCULES HOISTS 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 122 151 24.0%
Cash Flow from Investing Activities Rs m 10 -114 -
Cash Flow from Financing Activities Rs m -133 -39 -
Net Cash Flow Rs m -1 -1 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for HERCULES HOISTS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.1, an improvement from the EPS of Rs 2.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 104.4, stands at 28.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.2 times, while the price to sales ratio stands at 6.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 26.3 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 22.8 23.6
TTM Earnings per share Rs 2.5 3.1
Diluted earnings per share Rs 2.5 3.1
Price to Cash Flow x 31.7 26.3
TTM P/E ratio x 28.0 28.0
Price / Book Value ratio x 1.5 1.2
Market Cap Rs m 3,341 3,341
Dividends per share (Unadj.) Rs 1.0 1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for HERCULES HOISTS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 6.9x during FY18, from 9.0x 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 268.5x during FY18, from 44.3x 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 2.6% during FY18, from 2.3% 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 2.8% during FY18, from 3.0% 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 2.5% during FY18, from 2.3% 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 9.0 6.9
Debtors’ Days Days 113 92
Interest coverage x 44.3 268.5
Debt to equity ratio x 0.0 0.0
Return on assets % 2.3 2.5
Return on equity % 2.3 2.6
Return on capital employed % 3.0 2.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how HERCULES HOISTS has performed over the last 5 years, please visit here.

HERCULES HOISTS Share Price Performance

Over the last one year, HERCULES HOISTS share price has moved up from Rs 144.2 to Rs 104.4, registering a loss of Rs 39.8 or around 27.6%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,575.4 (up 0.5%). Over the last one year it has moved up from 18,447.1 to 18,575.4, a gain of 128 points (up 0.7%).

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for HERCULES HOISTS and quarterly results for HERCULES HOISTS)

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