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IL&FS INV. MANAGERS 2017-18 Annual Report Analysis

Sat, 31 Mar

IL&FS INV. MANAGERS 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.

IL&FS INV. MANAGERS Income Statement Analysis

• Operating income during the year rose 6.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 44.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 22.2% in FY18 as against 16.4% in FY17.
• Depreciation charges decreased by 30.7% increased by 0.0% YoY, respectively.
• Other income declined by 17.5% YoY.
• Net profit for the year grew by 119.8% YoY.
• Net profit margins during the year grew from 6.8% in FY17 to 13.9% in FY18.

IL&FS INV. MANAGERS Income Statement 2017-18

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Net Sales	Rs m	1,013	1,083	6.9%
Other income	Rs m	139	115	-17.5%
Total Revenues	Rs m	1,152	1,198	4.0%
Gross profit	Rs m	166	240	44.7%
Depreciation	Rs m	166	115	-30.7%
Interest	Rs m	0	0	0.0%
Profit before tax	Rs m	139	240	72.7%
Tax	Rs m	70	89	26.8%
Profit after tax	Rs m	68	151	119.8%
Gross profit margin	%	16.4	22.2
Effective tax rate	%	50.7	37.2
Net profit margin	%	6.8	13.9

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IL&FS INV. MANAGERS Balance Sheet Analysis

• The company's current liabilities during FY18 down at Rs 78 million as compared to Rs 295 million in FY17, thereby witnessing an decrease of -73.4%.
• Current assets fell 1% and stood at Rs 3 billion, while fixed assets fell 54% and stood at Rs 273 million in FY18.
• Overall, the total assets and liabilities for FY18 stood at Rs 3 billion as against Rs 4 billion during FY17, thereby witnessing a fall of 10%.

IL&FS INV. MANAGERS Balance Sheet as on March 2018

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Networth	Rs m	3,089	2,679	-13.3
Current Liabilities	Rs m	295	78	-73.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	3,571	3,231	-9.5
Current assets	Rs m	2,983	2,958	-0.8
Fixed Assets	Rs m	588	273	-53.6
Total Assets	Rs m	3,571	3,231	-9.5

IL&FS INV. MANAGERS Cash Flow Statement Analysis

• IL&FS INV. MANAGERS's cash flow from operating activities (CFO) during FY18 stood at Rs -38 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY18 stood at Rs -100 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY18 stood at Rs -195 million, an improvement of 53% on a YoY basis.
• Overall, net cash flows for the company during FY18 stood at Rs -359 million from the Rs 254 million net cash flows seen during FY17.

IL&FS INV. MANAGERS 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	283	-38	-
Cash Flow from Investing Activities	Rs m	236	-100	-
Cash Flow from Financing Activities	Rs m	-411	-195	-
Net Cash Flow	Rs m	254	-359	-

Current Valuations for IL&FS INV. MANAGERS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.5, an improvement from the EPS of Rs 0.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 17.1, stands at 75.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.0 times, while the price to sales ratio stands at 5.0 times.
• The company's price to cash flow (P/CF) ratio stood at 28.8 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	3.2	3.4
TTM Earnings per share	Rs	0.2	0.5
Diluted earnings per share	Rs	0.2	0.5
Price to Cash Flow	x	18.5	28.8
TTM P/E ratio	x	20.1	75.5
Price / Book Value ratio	x	1.7	2.9
Market Cap	Rs m	5,103	7,661
Dividends per share (Unadj.)	Rs	0.6	0.6

Ratio Analysis for IL&FS INV. MANAGERS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 37.7x during FY18, from 10.1x during FY17. The current ratio measures the company's ability to pay short-term and long-term obligations.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 5.6% during FY18, from 2.2% 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 8.9% during FY18, from 4.5% 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 4.7% during FY18, from 1.9% 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	10.1	37.7
Debtors’ Days	Days	286,353,894	2,977
Interest coverage	x	0.0	0.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	1.9	4.7
Return on equity	%	2.2	5.6
Return on capital employed	%	4.5	8.9

To see how IL&FS INV. MANAGERS has performed over the last 5 years, please visit here.

IL&FS INV. MANAGERS Share Price Performance

Over the last one year, IL&FS INV. MANAGERS share price has moved up from Rs 13.8 to Rs 17.1, registering a gain of Rs 3.3 or around 23.7%.

Overall, the S&P BSE SENSEX is up 12.1% over the year.

(To know more, check out historical annual results for IL&FS INV. MANAGERS and quarterly results for IL&FS INV. MANAGERS)

Read: Latest Annual Report Analysis of IL&FS INV. MANAGERS