INDRAPRASTHA GAS 2017-18 Annual Report Analysis

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INDRAPRASTHA GAS 2017-18 Annual Report Analysis
Tue, 25 Sep

INDRAPRASTHA GAS 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.

INDRAPRASTHA GAS Income Statement Analysis

  • Operating income during the year rose 20.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 15.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 24.3% in FY18 as against 25.3% in FY17.
  • Depreciation charges and finance costs increased by 8.5% YoY and 39.7% YoY, respectively.
  • Other income grew by 101.7% YoY.
  • Net profit for the year grew by 19.0% YoY.
  • Net profit margins during the year declined from 15.7% in FY17 to 15.4% in FY18.

INDRAPRASTHA GAS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 38,148 45,921 20.4%
Other income Rs m 459 926 101.7%
Total Revenues Rs m 38,607 46,848 21.3%
Gross profit Rs m 9,638 11,144 15.6%
Depreciation Rs m 1,671 1,813 8.5%
Interest Rs m 12 17 39.7%
Profit before tax Rs m 8,414 10,241 21.7%
Tax Rs m 2,976 3,742 25.8%
Profit after tax Rs m 6,063 7,217 19.0%
Gross profit margin % 25.3 24.3
Effective tax rate % 35.4 36.5
Net profit margin % 15.7 15.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INDRAPRASTHA GAS Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 12 billion as compared to Rs 10 billion in FY17, thereby witnessing an increase of 22.7%.
  • Current assets rose 34% and stood at Rs 18 billion, while fixed assets rose 14% and stood at Rs 32 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 51 billion as against Rs 42 billion during FY17, thereby witnessing a growth of 22%.

INDRAPRASTHA GAS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 30,117 36,470 21.1
 
Current Liabilities Rs m 9,586 11,763 22.7
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 41,930 50,965 21.5
 
Current assets Rs m 13,301 17,826 34.0
Fixed Assets Rs m 28,350 32,445 14.4
Total Assets Rs m 41,930 50,965 21.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INDRAPRASTHA GAS Cash Flow Statement Analysis

  • INDRAPRASTHA GAS's cash flow from operating activities (CFO) during FY18 stood at Rs 9 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -7 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -842 million, an improvement of 47% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 781 million from the Rs -3 billion net cash flows seen during FY17.

INDRAPRASTHA GAS 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 9,463 8,793 -7.1%
Cash Flow from Investing Activities Rs m -11,140 -7,170 -
Cash Flow from Financing Activities Rs m -1,601 -842 -
Net Cash Flow Rs m -3,277 781 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for INDRAPRASTHA GAS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.3, an decline from the EPS of Rs 43.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 264.5, stands at 27.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 18.2 times, while the price to sales ratio stands at 14.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 22.3 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 272.5 65.6
TTM Earnings per share Rs 43.3 10.3
Diluted earnings per share Rs 8.7 10.3
Price to Cash Flow x 5.2 22.3
TTM P/E ratio x 5.4 27.0
Price / Book Value ratio x 3.7 18.2
Market Cap Rs m 37,030 185,150
Dividends per share (Unadj.) Rs 8.5 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for INDRAPRASTHA GAS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.5x during FY18, from 1.4x 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 606.9x during FY18, from 696.4x 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 declined and down at 19.8% during FY18, from 20.1% 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 30.1% during FY18, from 30.1% 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 declined and down at 14.2% during FY18, from 14.5% 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 1.4 1.5
Debtors’ Days Days 19 18
Interest coverage x 696.4 606.9
Debt to equity ratio x 0.0 0.0
Return on assets % 14.5 14.2
Return on equity % 20.1 19.8
Return on capital employed % 30.1 30.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how INDRAPRASTHA GAS has performed over the last 5 years, please visit here.

INDRAPRASTHA GAS Share Price Performance

Over the last one year, INDRAPRASTHA GAS share price has moved up from Rs 290.9 to Rs 264.5, registering a loss of Rs 26.4 or around 9.1%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 14,841.1 (down 0.4%). Over the last one year it has moved up from 14,837.2 to 14,841.1, a gain of 4 points (up 0.0%).

Overall, the S&P BSE SENSEX is up 15.9% over the year.

(To know more, check out historical annual results for INDRAPRASTHA GAS and quarterly results for INDRAPRASTHA GAS)

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For the quarter ended December 2019, INDRAPRASTHA GAS has posted a net profit of Rs 3 bn (up 43.4% YoY). Sales on the other hand came in at Rs 18 bn (up 10.4% YoY). Read on for a complete analysis of INDRAPRASTHA GAS's quarterly results.

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Here's an analysis of the annual report of INDRAPRASTHA GAS for 2018-19. It includes a full income statement, balance sheet and cash flow analysis of INDRAPRASTHA GAS. Also includes updates on the valuation of INDRAPRASTHA GAS.

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