INDIA GLYCOLS 2018-19 Annual Report Analysis

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INDIA GLYCOLS 2018-19 Annual Report Analysis
Tue, 24 Sep

INDIA GLYCOLS 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.

INDIA GLYCOLS Income Statement Analysis

  • Operating income during the year rose 10.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 28.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.4% in FY19 as against 10.7% in FY18.
  • Depreciation charges increased by 4.3% and finance costs increased by 14.7% YoY, respectively.
  • Other income declined by 26.9% YoY.
  • Net profit for the year grew by 37.4% YoY.
  • Net profit margins during the year grew from 3.2% in FY18 to 3.9% in FY19.

INDIA GLYCOLS Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 30,343 33,566 10.6%
Other income Rs m 231 169 -26.9%
Total Revenues Rs m 30,574 33,735 10.3%
Gross profit Rs m 3,235 4,169 28.9%
Depreciation Rs m 731 762 4.3%
Interest Rs m 1,251 1,435 14.7%
Profit before tax Rs m 1,484 2,141 44.2%
Tax Rs m 506 805 59.0%
Profit after tax Rs m 965 1,326 37.4%
Gross profit margin % 10.7 12.4
Effective tax rate % 34.1 37.6
Net profit margin % 3.2 3.9
* 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 FY19 stood at Rs 17 billion as compared to Rs 17 billion in FY18, thereby witnessing an increase of 3.6%.
  • Long-term debt stood at Rs 4 billion as compared to Rs 2 billion during FY18, a growth of 129.8%.
  • Current assets rose 28% and stood at Rs 14 billion, while fixed assets rose 3% and stood at Rs 23 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 38 billion as against Rs 34 billion during FY18, thereby witnessing a growth of 11%.

INDIA GLYCOLS Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 8,451 9,626 13.9
 
Current Liabilities Rs m 16,652 17,250 3.6
Long-term Debt Rs m 1,724 3,961 129.8
Total Liabilities Rs m 34,215 37,843 10.6
 
Current assets Rs m 10,787 13,853 28.4
Fixed Assets Rs m 22,459 23,103 2.9
Total Assets Rs m 34,215 37,843 10.6
* 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 FY19 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -1 billion, an improvement of 24.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 30 million, an improvement of 101% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 219 million from the Rs -5 million net cash flows seen during FY18.

INDIA GLYCOLS 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 5,017 1,471 -70.7%
Cash Flow from Investing Activities Rs m -1,028 -1,281 -
Cash Flow from Financing Activities Rs m -3,994 30 -
Net Cash Flow Rs m -5 219 -
* 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 42.8, an improvement from the EPS of Rs 31.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 247.0, stands at 5.3 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 3.6 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 980.1 1,084.2
TTM Earnings per share Rs 31.2 42.8
Diluted earnings per share Rs 31.2 42.8
Price to Cash Flow x 4.5 3.6
TTM P/E ratio x 5.3 5.3
Price / Book Value ratio x 1.4 1.4
Market Cap Rs m 7,647 7,647
Dividends per share (Unadj.) Rs 4.0 6.0
* 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 0.8x during FY19, from 0.6x 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 improved and stood at 2.5x during FY19, from 2.2x 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 improved and stood at 13.8% during FY19, from 11.4% 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 26.2% during FY19, from 26.8% 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 improved and stood at 7.3% during FY19, from 6.5% 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 0.6 0.8
Debtors’ Days Days 40 35
Interest coverage x 2.2 2.5
Debt to equity ratio x 0.2 0.4
Return on assets % 6.5 7.3
Return on equity % 11.4 13.8
Return on capital employed % 26.8 26.2
* 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 down from Rs 437.9 to Rs 247.0, registering a loss of Rs 190.9 or around 43.6%.

Overall, the S&P BSE SENSEX is up 8.0% over the year.

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

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INDIA GLYCOLS Announces Quarterly Results (1QFY20); Net Profit Down 8.1% (Quarterly Result Update)

Aug 19, 2019 | Updated on Aug 19, 2019

For the quarter ended June 2019, INDIA GLYCOLS has posted a net profit of Rs 388 m (down 8.1% YoY). Sales on the other hand came in at Rs 14 bn (up 25.8% YoY). Read on for a complete analysis of INDIA GLYCOLS's quarterly results.

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May 27, 2019 | Updated on May 27, 2019

For the quarter ended March 2019, INDIA GLYCOLS has posted a net profit of Rs 274 m (down 32.9% YoY). Sales on the other hand came in at Rs 14 bn (up 36.2% YoY). Read on for a complete analysis of INDIA GLYCOLS's quarterly results.

INDIA GLYCOLS 2017-18 Annual Report Analysis (Annual Result Update)

Sep 24, 2018 | Updated on Sep 24, 2018

Here's an analysis of the annual report of INDIA GLYCOLS for 2017-18. It includes a full income statement, balance sheet and cash flow analysis of INDIA GLYCOLS. Also includes updates on the valuation of INDIA GLYCOLS.

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