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INDOCO REMEDIES 2017-18 Annual Report Analysis

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INDOCO REMEDIES 2017-18 Annual Report Analysis
Thu, 28 Mar

INDOCO REMEDIES 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.

INDOCO REMEDIES Income Statement Analysis

  • Operating income during the year fell 3.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 13.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 12.9% in FY18 as against 14.6% in FY17.
  • Depreciation charges increased by 7.0% and finance costs increased by 278.6% YoY, respectively.
  • Other income grew by 18.1% YoY.
  • Net profit for the year declined by 46.6% YoY.
  • Net profit margins during the year declined from 7.1% in FY17 to 3.9% in FY18.

INDOCO REMEDIES Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m10,74810,419-3.1%
Other incomeRs m404718.1%
Total RevenuesRs m10,78710,466-3.0%
Gross profitRs m1,5651,349-13.8%
DepreciationRs m6336777.0%
InterestRs m62235278.6%
Profit before taxRs m909484-46.8%
TaxRs m13972-47.8%
Profit after taxRs m771412-46.6%
Gross profit margin%14.612.9
Effective tax rate%15.315.0
Net profit margin%7.13.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INDOCO REMEDIES Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 4 billion as compared to Rs 4 billion in FY17, thereby witnessing an increase of 6.5%.
  • Long-term debt down at Rs 1 billion as compared to Rs 1 billion during FY17, a fall of 6.8%.
  • Current assets fell 6% and stood at Rs 5 billion, while fixed assets rose 18% and stood at Rs 6 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 12 billion as against Rs 12 billion during FY17, thereby witnessing a growth of 3%.

INDOCO REMEDIES Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m6,5136,7503.6
 
Current LiabilitiesRs m3,9044,1576.5
Long-term DebtRs m1,3231,233-6.8
Total LiabilitiesRs m11,96812,3633.3
 
Current assetsRs m5,7215,373-6.1
Fixed AssetsRs m 5,3076,24417.7
Total AssetsRs m11,96812,3633.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INDOCO REMEDIES Cash Flow Statement Analysis

  • INDOCO REMEDIES's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion, an improvement of 38.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -388 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -521 million from the Rs 497 million net cash flows seen during FY17.

INDOCO REMEDIES Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m8861,22738.4%
Cash Flow from Investing ActivitiesRs m-1,706-1,360-
Cash Flow from Financing ActivitiesRs m1,316-388-
Net Cash FlowRs m497-521-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for INDOCO REMEDIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.5, an decline from the EPS of Rs 8.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 187.6, stands at 286.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.4 times, while the price to sales ratio stands at 2.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Sales per share (Unadj.)Rs116.6113.1
TTM Earnings per shareRs8.44.5
Diluted earnings per shareRs8.44.5
Price to Cash Flow x12.315.9
TTM P/E ratiox286.6286.7
Price / Book Value ratiox4.33.4
Market CapRs m17,28317,287
Dividends per share (Unadj.)Rs1.61.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for INDOCO REMEDIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.3x during FY18, from 1.5x 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 3.1x during FY18, from 15.6x 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 6.1% during FY18, from 11.8% 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 declined and down at 9.0% during FY18, from 12.4% 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 5.2% during FY18, from 7.0% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Current ratiox1.51.3
Debtors’ DaysDays7373
Interest coveragex15.63.1
Debt to equity ratiox0.20.2
Return on assets%7.05.2
Return on equity%11.86.1
Return on capital employed%12.49.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how INDOCO REMEDIES has performed over the last 5 years, please visit here.

INDOCO REMEDIES Share Price Performance

Over the last one year, INDOCO REMEDIES share price has moved up from Rs 210.8 to Rs 187.6, registering a loss of Rs 23.2 or around 11.0%.

(To know more, check out historical annual results for INDOCO REMEDIES and quarterly results for INDOCO REMEDIES)

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Jan 24, 2019 | Updated on Jan 24, 2019

For the quarter ended December 2018, INDOCO REMEDIES has posted a net profit of Rs 53 m (down 76.4% YoY). Sales on the other hand came in at Rs 3 bn (down 5.6% YoY). Read on for a complete analysis of INDOCO REMEDIES's quarterly results.

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