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HIMATSINGKA SEIDE 2017-18 Annual Report Analysis

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HIMATSINGKA SEIDE 2017-18 Annual Report Analysis
Wed, 19 Dec

HIMATSINGKA SEIDE 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.

HIMATSINGKA SEIDE Income Statement Analysis

  • Operating income during the year rose 5.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 18.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.9% in FY18 as against 17.7% in FY17.
  • Depreciation charges increased by 24.0% and finance costs increased by 11.0% YoY, respectively.
  • Other income grew by 33.6% YoY.
  • Net profit for the year grew by 10.7% YoY.
  • Net profit margins during the year grew from 8.5% in FY17 to 8.9% in FY18.

HIMATSINGKA SEIDE Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 21,384 22,491 5.2%
Other income Rs m 132 176 33.6%
Total Revenues Rs m 21,516 22,667 5.3%
Gross profit Rs m 3,777 4,486 18.8%
Depreciation Rs m 580 720 24.0%
Interest Rs m 935 1,038 11.0%
Profit before tax Rs m 2,394 2,905 21.4%
Tax Rs m 573 888 55.2%
Profit after tax Rs m 1,821 2,016 10.7%
Gross profit margin % 17.7 19.9
Effective tax rate % 23.9 30.6
Net profit margin % 8.5 8.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HIMATSINGKA SEIDE Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 15 billion as compared to Rs 10 billion in FY17, thereby witnessing an increase of 50.2%.
  • Long-term debt stood at Rs 12 billion as compared to Rs 7 billion during FY17, a growth of 64.4%.
  • Current assets rose 44% and stood at Rs 18 billion, while fixed assets rose 64% and stood at Rs 23 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 42 billion as against Rs 29 billion during FY17, thereby witnessing a growth of 46%.

HIMATSINGKA SEIDE Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 10,673 12,275 15.0
 
Current Liabilities Rs m 10,156 15,251 50.2
Long-term Debt Rs m 7,398 12,165 64.4
Total Liabilities Rs m 28,934 42,190 45.8
 
Current assets Rs m 12,251 17,624 43.9
Fixed Assets Rs m 13,798 22,676 64.3
Total Assets Rs m 28,934 42,190 45.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HIMATSINGKA SEIDE Cash Flow Statement Analysis

  • HIMATSINGKA SEIDE's cash flow from operating activities (CFO) during FY18 stood at Rs 195 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -6 billion, an improvement of 18.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 7 billion, an improvement of 128% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 504 million from the Rs -625 million net cash flows seen during FY17.

HIMATSINGKA SEIDE 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 1,857 195 -89.5%
Cash Flow from Investing Activities Rs m -5,436 -6,426 -
Cash Flow from Financing Activities Rs m 2,955 6,733 127.9%
Net Cash Flow Rs m -625 504 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for HIMATSINGKA SEIDE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 20.5, an improvement from the EPS of Rs 18.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 209.5, stands at 10.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.9 times, while the price to sales ratio stands at 1.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 7.5 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 217.2 228.4
TTM Earnings per share Rs 18.5 20.5
Diluted earnings per share Rs 18.5 20.5
Price to Cash Flow x 8.6 7.5
TTM P/E ratio x 10.4 10.4
Price / Book Value ratio x 2.6 2.9
Market Cap Rs m 20,627 20,627
Dividends per share (Unadj.) Rs 2.5 2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for HIMATSINGKA SEIDE

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.2x during FY18, from 1.2x 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 3.8x during FY18, from 3.6x 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 16.4% during FY18, from 17.1% 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 16.1% during FY18, from 18.4% 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 7.2% during FY18, from 9.5% 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 1.2 1.2
Debtors’ Days Days 12 16
Interest coverage x 3.6 3.8
Debt to equity ratio x 0.7 1.0
Return on assets % 9.5 7.2
Return on equity % 17.1 16.4
Return on capital employed % 18.4 16.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how HIMATSINGKA SEIDE has performed over the last 5 years, please visit here.

HIMATSINGKA SEIDE Share Price Performance

Over the last one year, HIMATSINGKA SEIDE share price has moved up from Rs 365.5 to Rs 209.5, registering a loss of Rs 156.0 or around 42.7%.

Overall, the S&P BSE SENSEX is up 8.6% over the year.

(To know more, check out historical annual results for HIMATSINGKA SEIDE and quarterly results for HIMATSINGKA SEIDE)

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Related Views on News

HIMATSINGKA SEIDE Announces Quarterly Results (3QFY19); Net Profit Up 2.1% (Quarterly Result Update)

Feb 13, 2019 | Updated on Feb 13, 2019

For the quarter ended December 2018, HIMATSINGKA SEIDE has posted a net profit of Rs 512 m (up 2.1% YoY). Sales on the other hand came in at Rs 7 bn (up 13.9% YoY). Read on for a complete analysis of HIMATSINGKA SEIDE's quarterly results.

HIMATSINGKA SEIDE Announces Quarterly Results (2QFY19); Net Profit Up 4.3% (Quarterly Result Update)

Nov 12, 2018 | Updated on Nov 12, 2018

For the quarter ended September 2018, HIMATSINGKA SEIDE has posted a net profit of Rs 527 m (up 4.3% YoY). Sales on the other hand came in at Rs 7 bn (up 15.1% YoY). Read on for a complete analysis of HIMATSINGKA SEIDE's quarterly results.

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