INDRAPRASTHA GAS 2018-19 Annual Report Analysis

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INDRAPRASTHA GAS 2018-19 Annual Report Analysis
Fri, 18 Oct

INDRAPRASTHA GAS 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.

INDRAPRASTHA GAS Income Statement Analysis

  • Operating income during the year rose 27.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 12.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 21.8% in FY19 as against 24.6% in FY18.
  • Depreciation charges increased by 10.9% and finance costs increased by 21.3% YoY, respectively.
  • Other income grew by 41.8% YoY.
  • Net profit for the year grew by 16.7% YoY.
  • Net profit margins during the year declined from 15.6% in FY18 to 14.3% in FY19.

INDRAPRASTHA GAS Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 45,355 57,648 27.1%
Other income Rs m 906 1,285 41.8%
Total Revenues Rs m 46,260 58,933 27.4%
Gross profit Rs m 11,165 12,570 12.6%
Depreciation Rs m 1,813 2,011 10.9%
Interest Rs m 17 21 21.3%
Profit before tax Rs m 10,241 11,823 15.5%
Tax Rs m 3,742 4,272 14.1%
Profit after tax Rs m 7,217 8,421 16.7%
Gross profit margin % 24.6 21.8
Effective tax rate % 36.5 36.1
Net profit margin % 15.6 14.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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INDRAPRASTHA GAS Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 15 billion as compared to Rs 12 billion in FY18, thereby witnessing an increase of 30.1%.
  • Current assets rose 26% and stood at Rs 22 billion, while fixed assets rose 19% and stood at Rs 38 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 62 billion as against Rs 51 billion during FY18, thereby witnessing a growth of 21%.

INDRAPRASTHA GAS Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 36,470 43,157 18.3
 
Current Liabilities Rs m 11,763 15,307 30.1
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 50,965 61,833 21.3
 
Current assets Rs m 17,826 22,424 25.8
Fixed Assets Rs m 32,445 38,470 18.6
Total Assets Rs m 50,965 61,833 21.3
* 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 FY19 stood at Rs 12 billion, an improvement of 31.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -11 billion, an improvement of 56.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -1 billion from the Rs 781 million net cash flows seen during FY18.

INDRAPRASTHA GAS 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 8,793 11,572 31.6%
Cash Flow from Investing Activities Rs m -7,170 -11,208 -
Cash Flow from Financing Activities Rs m -842 -1,688 -
Net Cash Flow Rs m 781 -1,325 -
* 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 12.0, an improvement from the EPS of Rs 10.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 378.9, stands at 32.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.3 times, while the price to sales ratio stands at 3.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 27.7 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 64.8 82.4
TTM Earnings per share Rs 10.3 12.0
Diluted earnings per share Rs 10.3 12.0
Price to Cash Flow x 31.9 27.7
TTM P/E ratio x 32.0 32.0
Price / Book Value ratio x 18.2 4.3
Market Cap Rs m 265,195 265,195
Dividends per share (Unadj.) Rs 2.0 2.4
* 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 deteriorated and stood at 1.5x during FY19, from 1.5x 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 577.7x during FY19, from 606.9x 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 declined and down at 19.5% during FY19, from 19.8% 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 29.5% during FY19, from 30.1% 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 declined and down at 13.7% during FY19, from 14.2% 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 1.5 1.5
Debtors’ Days Days 18 14
Interest coverage x 606.9 577.7
Debt to equity ratio x 0.0 0.0
Return on assets % 14.2 13.7
Return on equity % 19.8 19.5
Return on capital employed % 30.1 29.5
* 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 241.7 to Rs 378.9, registering a gain of Rs 137.2 or around 56.7%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 15,291.7 (up 0.8%). Over the last one year it has moved up from 13,248.0 to 15,291.7, a gain of 2,044 points (up 15.4%).

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

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

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Related Views on News

INDRAPRASTHA GAS Announces Quarterly Results (1QFY21); Net Profit Down 85.4% (Quarterly Result Update)

Aug 28, 2020 | Updated on Aug 28, 2020

For the quarter ended June 2020, INDRAPRASTHA GAS has posted a net profit of Rs 318 m (down 85.4% YoY). Sales on the other hand came in at Rs 7 bn (down 60.3% YoY). Read on for a complete analysis of INDRAPRASTHA GAS's quarterly results.

INDRAPRASTHA GAS Announces Quarterly Results (4QFY20); Net Profit Up 12.4% (Quarterly Result Update)

Jun 19, 2020 | Updated on Jun 19, 2020

For the quarter ended March 2020, INDRAPRASTHA GAS has posted a net profit of Rs 3 bn (up 12.4% YoY). Sales on the other hand came in at Rs 17 bn (up 0.6% YoY). Read on for a complete analysis of INDRAPRASTHA GAS's quarterly results.

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