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

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IL&FS INV. MANAGERS 2017-18 Annual Report Analysis
Mon, 7 Jan

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 11.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 37.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 20.3% in FY18 as against 16.4% in FY17.
  • Depreciation charges decreased by 30.7% increased by 0.0% YoY, respectively.
  • Other income declined by 27.5% YoY.
  • Net profit for the year grew by 7.1% YoY.
  • Net profit margins during the year grew from 5.3% in FY17 to 5.4% 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 1,125 11.1%
Other income Rs m 139 101 -27.5%
Total Revenues Rs m 1,152 1,226 6.4%
Gross profit Rs m 166 228 37.5%
Depreciation Rs m 166 115 -30.7%
Interest Rs m 0 0 0.0%
Profit before tax Rs m 139 214 54.1%
Tax Rs m 70 119 69.8%
Profit after tax Rs m 61 66 7.1%
Gross profit margin % 16.4 20.3
Effective tax rate % 50.7 55.8
Net profit margin % 5.3 5.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



IL&FS INV. MANAGERS Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 241 million as compared to Rs 295 million in FY17, thereby witnessing an decrease of -18.5%.
  • Current assets fell 2% and stood at Rs 3 billion, while fixed assets fell 22% and stood at Rs 481 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 5%.

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 3,717 3,592 -3.4
 
Current Liabilities Rs m 295 241 -18.5
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 3,602 3,417 -5.1
 
Current assets Rs m 2,983 2,936 -1.6
Fixed Assets Rs m 620 481 -22.4
Total Assets Rs m 3,602 3,417 -5.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



IL&FS INV. MANAGERS Cash Flow Statement Analysis

  • IL&FS INV. MANAGERS's cash flow from operating activities (CFO) during FY18 stood at Rs -109 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -101 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -195 million, an improvement of 52% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -406 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 -109 -
Cash Flow from Investing Activities Rs m 236 -101 -
Cash Flow from Financing Activities Rs m -411 -195 -
Net Cash Flow Rs m 254 -406 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for IL&FS INV. MANAGERS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.2, 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 7.1, stands at 56.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.1 times, while the price to sales ratio stands at 6.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.6 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 3.6
TTM Earnings per share Rs 0.2 0.2
Diluted earnings per share Rs 0.2 0.2
Price to Cash Flow x 9.4 10.6
TTM P/E ratio x 56.3 56.3
Price / Book Value ratio x 1.4 2.1
Market Cap Rs m 2,214 2,214
Dividends per share (Unadj.) Rs 0.6 0.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for IL&FS INV. MANAGERS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 12.2x 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 1.8% during FY18, from 1.6% 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 5.2% during FY18, from 3.5% 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 1.9% during FY18, from 1.7% 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 12.2
Debtors’ Days Days 286 334
Interest coverage x 0.0 0.0
Debt to equity ratio x 0.0 0.0
Return on assets % 1.7 1.9
Return on equity % 1.6 1.8
Return on capital employed % 3.5 5.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 30.7 to Rs 7.1, registering a loss of Rs 23.6 or around 77.0%.

Overall, the S&P BSE SENSEX is up 5.6% over the year.

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

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