INDIA GLYCOLS 2017-18 Annual Report Analysis

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INDIA GLYCOLS 2017-18 Annual Report Analysis
Mon, 24 Sep

INDIA GLYCOLS 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.

INDIA GLYCOLS Income Statement Analysis

  • Operating income during the year rose 21.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 36.9% YoY during the fiscal. Operating profit margins witnessed a rise and up at 10.7% in FY18 as against 9.5% in FY17.
  • Depreciation charges increased by 1.5% YoY and finance costs decreased by 1.2% YoY, respectively.
  • Other income grew by 204.6% YoY.
  • Net profit for the year grew by 175.5% YoY.
  • Net profit margins during the year grew from 1.4% in FY17 to 3.2% in FY18.

INDIA GLYCOLS Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m24,99630,34321.4%
Other incomeRs m76231204.6%
Total RevenuesRs m25,07230,57421.9%
Gross profitRs m2,3633,23536.9%
DepreciationRs m7207311.5%
InterestRs m1,2671,251-1.2%
Profit before taxRs m4511,484228.8%
TaxRs m99506408.9%
Profit after taxRs m350965175.5%
Gross profit margin%9.510.7
Effective tax rate%22.034.1
Net profit margin%1.43.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INDIA GLYCOLS Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 17 billion as compared to Rs 19 billion in FY17, thereby witnessing an decrease of -12.5%.
  • Long-term debt stood at Rs 2 billion as compared to Rs 648 million during FY17, a growth of 166.2%.
  • Current assets fell 5% and stood at Rs 11 billion, while fixed assets rose 2% and stood at Rs 22 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 34 billion as against Rs 35 billion during FY17, thereby witnessing a fall of 2%.

INDIA GLYCOLS Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m7,5238,45112.3
 
Current LiabilitiesRs m19,02216,652-12.5
Long-term DebtRs m6481,724166.2
Total LiabilitiesRs m34,92334,215-2.0
 
Current assetsRs m11,31710,787-4.7
Fixed AssetsRs m 22,02322,4592.0
Total AssetsRs m34,92334,215-2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INDIA GLYCOLS Cash Flow Statement Analysis

  • INDIA GLYCOLS's cash flow from operating activities (CFO) during FY18 stood at Rs 5 billion, an improvement of 66.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 billion, an improvement of 156.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -4 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -5 million from the Rs -9 million net cash flows seen during FY17.

INDIA GLYCOLS Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m3,0215,01766.1%
Cash Flow from Investing ActivitiesRs m-401-1,028-
Cash Flow from Financing ActivitiesRs m-2,629-3,994-
Net Cash FlowRs m-9-5-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for INDIA GLYCOLS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 31.2, an improvement from the EPS of Rs 11.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 437.9, stands at 10.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 7.9 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.)Rs807.4980.1
TTM Earnings per shareRs11.331.2
Diluted earnings per shareRs11.331.2
Price to Cash Flow x12.67.9
TTM P/E ratiox10.310.3
Price / Book Value ratiox0.51.4
Market CapRs m13,55713,557
Dividends per share (Unadj.)Rs1.04.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for INDIA GLYCOLS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.6x during FY18, from 0.6x 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 2.2x during FY18, from 1.4x 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 improved and stood at 11.4% during FY18, from 4.7% 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 26.8% during FY18, from 21.0% 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 6.5% during FY18, from 4.6% 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 ratiox0.60.6
Debtors’ DaysDays5740
Interest coveragex1.42.2
Debt to equity ratiox0.10.2
Return on assets%4.66.5
Return on equity%4.711.4
Return on capital employed%21.026.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how INDIA GLYCOLS has performed over the last 5 years, please visit here.

INDIA GLYCOLS Share Price Performance

Over the last one year, INDIA GLYCOLS share price has moved up from Rs 245.3 to Rs 437.9, registering a gain of Rs 192.6 or around 78.5%.

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

(To know more, check out historical annual results for INDIA GLYCOLS and quarterly results for INDIA GLYCOLS)

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