ICRA LTD 2018-19 Annual Report Analysis

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ICRA LTD 2018-19 Annual Report Analysis
Fri, 18 Oct

ICRA LTD has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

ICRA LTD Income Statement Analysis

  • Operating income during the year rose 6.2% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 1.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 34.6% in FY19 as against 37.3% in FY18.
  • Depreciation charges decreased by 25.4% and finance costs increased by 410.0% YoY, respectively.
  • Other income declined by 9.2% YoY.
  • Net profit for the year grew by 3.4% YoY.
  • Net profit margins during the year declined from 28.2% in FY18 to 28.0% in FY19.

ICRA LTD Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 3,089 3,281 6.2%
Other income Rs m 494 448 -9.2%
Total Revenues Rs m 3,582 3,729 4.1%
Gross profit Rs m 1,151 1,134 -1.5%
Depreciation Rs m 75 56 -25.4%
Interest Rs m 1 5 410.0%
Profit before tax Rs m 1,568 1,520 -3.0%
Tax Rs m 556 475 -14.7%
Profit after tax Rs m 1,012 1,046 3.4%
Gross profit margin % 37.3 34.6
Effective tax rate % 35.5 31.2
Net profit margin % 28.2 28.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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ICRA LTD Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 1 billion as compared to Rs 1 billion in FY18, thereby witnessing an increase of 12.7%.
  • Current assets rose 40% and stood at Rs 6 billion, while fixed assets fell 4% and stood at Rs 352 million in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 8 billion as against Rs 8 billion during FY18, thereby witnessing a fall of 0%.

ICRA LTD Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 6,550 6,379 -2.6
 
Current Liabilities Rs m 1,068 1,203 12.7
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 7,707 7,675 -0.4
 
Current assets Rs m 4,017 5,637 40.3
Fixed Assets Rs m 367 352 -4.0
Total Assets Rs m 7,707 7,675 -0.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ICRA LTD Cash Flow Statement Analysis

  • ICRA LTD's cash flow from operating activities (CFO) during FY19 stood at Rs 809 million, an improvement of 30.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 447 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 46 million from the Rs 123 million net cash flows seen during FY18.

ICRA LTD Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 619 809 30.6%
Cash Flow from Investing Activities Rs m -538 447 -
Cash Flow from Financing Activities Rs m 41 -1,209 -
Net Cash Flow Rs m 123 46 -62.3%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ICRA LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 108.4, an improvement from the EPS of Rs 102.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,581.0, stands at 25.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.1 times, while the price to sales ratio stands at 10.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 22.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 312.0 340.0
TTM Earnings per share Rs 102.2 108.4
Diluted earnings per share Rs 104.8 108.4
Price to Cash Flow x 23.5 22.6
TTM P/E ratio x 25.7 25.0
Price / Book Value ratio x 6.0 5.1
Market Cap Rs m 25,552 24,907
Dividends per share (Unadj.) Rs 30.0 30.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ICRA LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 4.7x during FY19, from 3.8x during FY18. 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 299.1x during FY19, from 1,569.0x during FY18. 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 16.4% during FY19, from 15.4% during FY19. 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 23.9% during FY19, from 24.0% during FY18. 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 13.7% during FY19, from 13.1% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 3.8 4.7
Debtors’ Days Days 48 38
Interest coverage x 1,569.0 299.1
Debt to equity ratio x 0.0 0.0
Return on assets % 13.1 13.7
Return on equity % 15.4 16.4
Return on capital employed % 24.0 23.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how ICRA LTD has performed over the last 5 years, please visit here.

ICRA LTD Share Price Performance

Over the last one year, ICRA LTD share price has moved down from Rs 3,371.0 to Rs 2,581.0, registering a loss of Rs 790.0 or around 23.4%.

Overall, the S&P BSE SENSEX is up 12.8% over the year.

(To know more, check out historical annual results for ICRA LTD and quarterly results for ICRA LTD)

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