HIL LIMITED 2017-18 Annual Report Analysis

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HIL LIMITED 2017-18 Annual Report Analysis
Tue, 18 Dec

HIL LIMITED 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.

HIL LIMITED Income Statement Analysis

  • Operating income during the year rose 14.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 41.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.5% in FY18 as against 9.3% in FY17.
  • Depreciation charges increased by 14.5% and finance costs decreased by 25.3% YoY, respectively.
  • Other income grew by 4.8% YoY.
  • Net profit for the year grew by 47.9% YoY.
  • Net profit margins during the year grew from 4.8% in FY17 to 6.2% in FY18.

HIL LIMITED Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 11,191 12,786 14.3%
Other income Rs m 226 236 4.8%
Total Revenues Rs m 11,417 13,023 14.1%
Gross profit Rs m 1,040 1,470 41.4%
Depreciation Rs m 410 469 14.5%
Interest Rs m 52 39 -25.3%
Profit before tax Rs m 804 1,199 49.2%
Tax Rs m 189 392 107.3%
Profit after tax Rs m 546 808 47.9%
Gross profit margin % 9.3 11.5
Effective tax rate % 23.5 32.7
Net profit margin % 4.8 6.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HIL LIMITED Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 3 billion as compared to Rs 3 billion in FY17, thereby witnessing an increase of 25.5%.
  • Long-term debt stood at Rs 665 million as compared to Rs 590 million during FY17, a growth of 12.7%.
  • Current assets rose 29% and stood at Rs 4 billion, while fixed assets rose 5% and stood at Rs 5 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 10 billion as against Rs 9 billion during FY17, thereby witnessing a growth of 16%.

HIL LIMITED Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 5,035 5,661 12.4
 
Current Liabilities Rs m 2,678 3,362 25.5
Long-term Debt Rs m 590 665 12.7
Total Liabilities Rs m 8,805 10,187 15.7
 
Current assets Rs m 3,456 4,460 29.1
Fixed Assets Rs m 5,146 5,410 5.1
Total Assets Rs m 8,805 10,187 15.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HIL LIMITED Cash Flow Statement Analysis

  • HIL LIMITED's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion, an improvement of 24.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion, an improvement of 365.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -203 million, an improvement of 81% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 19 million from the Rs 61 million net cash flows seen during FY17.

HIL LIMITED 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 1,506 1,874 24.4%
Cash Flow from Investing Activities Rs m -355 -1,652 -
Cash Flow from Financing Activities Rs m -1,090 -203 -
Net Cash Flow Rs m 61 19 -69.5%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for HIL LIMITED

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 108.3, an improvement from the EPS of Rs 73.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,137.5, stands at 14.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 0.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 12.5 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 1,500.2 1,714.0
TTM Earnings per share Rs 73.2 108.3
Diluted earnings per share Rs 73.2 108.3
Price to Cash Flow x 16.7 12.5
TTM P/E ratio x 14.1 14.1
Price / Book Value ratio x 1.0 1.7
Market Cap Rs m 15,946 15,946
Dividends per share (Unadj.) Rs 20.0 22.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for HIL LIMITED

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY18, from 1.3x 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 32.0x during FY18, from 16.5x 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 14.3% during FY18, from 10.8% 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 19.6% during FY18, from 14.0% 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 8.3% during FY18, from 6.8% 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 1.3 1.3
Debtors’ Days Days 28 28
Interest coverage x 16.5 32.0
Debt to equity ratio x 0.1 0.1
Return on assets % 6.8 8.3
Return on equity % 10.8 14.3
Return on capital employed % 14.0 19.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how HIL LIMITED has performed over the last 5 years, please visit here.

HIL LIMITED Share Price Performance

Over the last one year, HIL LIMITED share price has moved up from Rs 1,260.9 to Rs 2,137.5, registering a gain of Rs 876.7 or around 69.5%.

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

(To know more, check out historical annual results for HIL LIMITED and quarterly results for HIL LIMITED)

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