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SANOFI INDIA 2017-18 Annual Report Analysis

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SANOFI INDIA 2017-18 Annual Report Analysis
Tue, 16 Apr

SANOFI INDIA has announced its results for the year ended December 2018. Let us have a look at the detailed performance review of the company during FY17-18.

SANOFI INDIA Income Statement Analysis

  • Operating income during the year rose 11.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 16.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 22.5% in CY18 as against 21.6% in CY17.
  • Depreciation charges increased by 0.5% and finance costs decreased by 36.4% YoY, respectively.
  • Other income grew by 11.2% YoY.
  • Net profit for the year grew by 16.7% YoY.
  • Net profit margins during the year grew from 12.7% in CY17 to 13.3% in CY18.

SANOFI INDIA Income Statement 2017-18

No. of Mths Year Ending 12 Dec-17* 12 Dec-18* % Change
Net Sales Rs m 24,914 27,708 11.2%
Other income Rs m 807 897 11.2%
Total Revenues Rs m 25,721 28,605 11.2%
Gross profit Rs m 5,372 6,235 16.1%
Depreciation Rs m 1,022 1,027 0.5%
Interest Rs m 11 7 -36.4%
Profit before tax Rs m 5,146 6,098 18.5%
Tax Rs m 1,886 2,292 21.5%
Profit after tax Rs m 3,260 3,806 16.7%
Gross profit margin % 21.6 22.5
Effective tax rate % 36.6 37.6
Net profit margin % 12.7 13.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SANOFI INDIA Balance Sheet Analysis

  • The company's current liabilities during CY18 stood at Rs 6 billion as compared to Rs 6 billion in CY17, thereby witnessing an increase of 3.6%.
  • Current assets rose 10% and stood at Rs 16 billion, while fixed assets fell 6% and stood at Rs 8 billion in CY18.
  • Overall, the total assets and liabilities for CY18 stood at Rs 30 billion as against Rs 28 billion during CY17, thereby witnessing a growth of 7%.

SANOFI INDIA Balance Sheet as on December 2018

No. of Mths Year Ending 12 Dec-17* 12 Dec-18* % Change
Networth Rs m 20,264 22,192 9.5
 
Current Liabilities Rs m 6,017 6,235 3.6
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 27,777 29,839 7.4
 
Current assets Rs m 14,438 15,922 10.3
Fixed Assets Rs m 7,991 7,539 -5.7
Total Assets Rs m 27,777 29,839 7.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SANOFI INDIA Cash Flow Statement Analysis

  • SANOFI INDIA's cash flow from operating activities (CFO) during CY18 stood at Rs 4 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during CY18 stood at Rs -731 million on a YoY basis.
  • Cash flow from financial activities (CFF) during CY18 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during CY18 stood at Rs 1 billion from the Rs 2 billion net cash flows seen during CY17.

SANOFI INDIA Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Dec-17 Dec-18
Cash Flow from Operating Activities Rs m 4,351 3,739 -14.1%
Cash Flow from Investing Activities Rs m -787 -731 -
Cash Flow from Financing Activities Rs m -1,884 -1,972 -
Net Cash Flow Rs m 1,680 1,036 -38.3%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SANOFI INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 165.3, an improvement from the EPS of Rs 141.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 5,808.1, stands at 35.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.0 times, while the price to sales ratio stands at 4.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 27.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Dec-17* 12 Dec-18*
Sales per share (Unadj.) Rs 1,081.8 1,203.1
TTM Earnings per share Rs 141.6 165.3
Diluted earnings per share Rs 141.6 165.3
Price to Cash Flow x 31.2 27.7
TTM P/E ratio x 35.1 35.1
Price / Book Value ratio x 5.0 6.0
Market Cap Rs m 133,759 133,759
Dividends per share (Unadj.) Rs 71.0 84.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SANOFI INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.6x during CY18, from 2.4x during CY17. 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 872.1x during CY18, from 468.8x during CY17. 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 17.2% during CY18, from 16.1% during CY18. 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 27.5% during CY18, from 25.4% during CY17. 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 12.8% during CY18, from 11.8% during CY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Dec-17* 12 Dec-18*
Current ratio x 2.4 2.6
Debtors’ Days Days 29 21
Interest coverage x 468.8 872.1
Debt to equity ratio x 0.0 0.0
Return on assets % 11.8 12.8
Return on equity % 16.1 17.2
Return on capital employed % 25.4 27.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how SANOFI INDIA has performed over the last 5 years, please visit here.

SANOFI INDIA Share Price Performance

Over the last one year, SANOFI INDIA share price has moved up from Rs 5,072.7 to Rs 5,808.1, registering a gain of Rs 735.4 or around 14.5%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 14,555.6 (up 0.3%). Over the last one year it has moved up from 13,830.9 to 14,555.6, a gain of 725 points (up 5.2%).

Overall, the S&P BSE SENSEX is up 14.2% over the year.

(To know more, check out historical annual results for SANOFI INDIA and quarterly results for SANOFI INDIA)

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