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HIMACHAL FUTURISTIC 2017-18 Annual Report Analysis

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HIMACHAL FUTURISTIC 2017-18 Annual Report Analysis
Tue, 29 Jan

HIMACHAL FUTURISTIC 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.

HIMACHAL FUTURISTIC Income Statement Analysis

  • Operating income during the year rose 51.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 45.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.7% in FY18 as against 9.0% in FY17.
  • Depreciation charges increased by 6.8% and finance costs increased by 2.0% YoY, respectively.
  • Other income grew by 23.4% YoY.
  • Net profit for the year grew by 38.8% YoY.
  • Net profit margins during the year declined from 5.7% in FY17 to 5.3% in FY18.

HIMACHAL FUTURISTIC Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 21,314 32,306 51.6%
Other income Rs m 214 264 23.4%
Total Revenues Rs m 21,528 32,570 51.3%
Gross profit Rs m 1,929 2,812 45.8%
Depreciation Rs m 218 232 6.8%
Interest Rs m 624 636 2.0%
Profit before tax Rs m 1,302 2,208 69.6%
Tax Rs m 5 487 9,640.0%
Profit after tax Rs m 1,237 1,717 38.8%
Gross profit margin % 9.0 8.7
Effective tax rate % 0.4 22.1
Net profit margin % 5.7 5.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HIMACHAL FUTURISTIC Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 13 billion as compared to Rs 10 billion in FY17, thereby witnessing an increase of 23.8%.
  • Long-term debt down at Rs 1 billion as compared to Rs 3 billion during FY17, a fall of 47.2%.
  • Current assets rose 15% and stood at Rs 22 billion, while fixed assets rose 33% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 26 billion as against Rs 23 billion during FY17, thereby witnessing a growth of 14%.

HIMACHAL FUTURISTIC Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 9,641 11,512 19.4
 
Current Liabilities Rs m 10,235 12,671 23.8
Long-term Debt Rs m 2,676 1,413 -47.2
Total Liabilities Rs m 22,754 25,884 13.8
 
Current assets Rs m 19,058 21,961 15.2
Fixed Assets Rs m 1,593 2,114 32.7
Total Assets Rs m 22,754 25,884 13.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HIMACHAL FUTURISTIC Cash Flow Statement Analysis

  • HIMACHAL FUTURISTIC's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion, an improvement of 52.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -300 million, an improvement of 19.9% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 607 million from the Rs -32 million net cash flows seen during FY17.

HIMACHAL FUTURISTIC 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 1,361 2,071 52.2%
Cash Flow from Investing Activities Rs m -250 -300 -
Cash Flow from Financing Activities Rs m -1,142 -1,164 -
Net Cash Flow Rs m -32 607 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for HIMACHAL FUTURISTIC

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.4, an improvement from the EPS of Rs 1.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 21.7, stands at 14.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.6 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 13.9 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 17.2 26.1
TTM Earnings per share Rs 1.0 1.4
Diluted earnings per share Rs 1.0 1.4
Price to Cash Flow x 17.8 13.9
TTM P/E ratio x 14.3 14.3
Price / Book Value ratio x 2.0 2.6
Market Cap Rs m 26,895 26,895
Dividends per share (Unadj.) Rs 6.5 0.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for HIMACHAL FUTURISTIC

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.7x during FY18, from 1.9x 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 improved and stood at 4.5x during FY18, from 3.1x 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 14.9% during FY18, from 12.8% 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 22.0% during FY18, from 15.2% 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 9.1% during FY18, from 8.2% 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 1.9 1.7
Debtors’ Days Days 202 139
Interest coverage x 3.1 4.5
Debt to equity ratio x 0.3 0.1
Return on assets % 8.2 9.1
Return on equity % 12.8 14.9
Return on capital employed % 15.2 22.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how HIMACHAL FUTURISTIC has performed over the last 5 years, please visit here.

HIMACHAL FUTURISTIC Share Price Performance

Over the last one year, HIMACHAL FUTURISTIC share price has moved up from Rs 29.7 to Rs 21.7, registering a loss of Rs 8.0 or around 26.8%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,297.6 (down 0.5%). Over the last one year it has moved up from 6,962.0 to 7,297.6, a gain of 336 points (up 4.8%).

Overall, the S&P BSE SENSEX is down 2.0% over the year.

(To know more, check out historical annual results for HIMACHAL FUTURISTIC and quarterly results for HIMACHAL FUTURISTIC)

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