CYIENT 2018-19 Annual Report Analysis

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CYIENT 2018-19 Annual Report Analysis
Tue, 21 May

CYIENT 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.

CYIENT Income Statement Analysis

  • Operating income during the year rose 18.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 18.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.7% in FY19 as against 13.7% in FY18.
  • Depreciation charges increased by 5.9% and finance costs increased by 59.8% YoY, respectively.
  • Other income declined by 11.8% YoY.
  • Net profit for the year grew by 18.4% YoY.
  • Net profit margins during the year grew from 9.9% in FY18 to 10.0% in FY19.

CYIENT Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 39,139 46,175 18.0%
Other income Rs m 1,519 1,340 -11.8%
Total Revenues Rs m 40,658 47,515 16.9%
Gross profit Rs m 5,354 6,328 18.2%
Depreciation Rs m 1,052 1,114 5.9%
Interest Rs m 204 326 59.8%
Profit before tax Rs m 5,617 6,228 10.9%
Tax Rs m 1,380 1,427 3.4%
Profit after tax Rs m 4,031 4,771 18.4%
Gross profit margin % 13.7 13.7
Effective tax rate % 24.6 22.9
Net profit margin % 9.9 10.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CYIENT Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 10 billion as compared to Rs 9 billion in FY18, thereby witnessing an increase of 14.8%.
  • Long-term debt stood at Rs 1 billion as compared to Rs 630 million during FY18, a growth of 77.1%.
  • Current assets rose 10% and stood at Rs 26 billion, while fixed assets rose 27% and stood at Rs 11 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 39 billion as against Rs 34 billion during FY18, thereby witnessing a growth of 13%.

CYIENT Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 23,439 25,641 9.4
 
Current Liabilities Rs m 8,621 9,895 14.8
Long-term Debt Rs m 630 1,116 77.1
Total Liabilities Rs m 34,326 38,892 13.3
 
Current assets Rs m 23,456 25,853 10.2
Fixed Assets Rs m 8,490 10,820 27.4
Total Assets Rs m 34,326 38,892 13.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CYIENT Cash Flow Statement Analysis

  • CYIENT's cash flow from operating activities (CFO) during FY19 stood at Rs 4 billion, an improvement of 24.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -2 billion, an improvement of 154.0% 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 -531 million from the Rs 1 billion net cash flows seen during FY18.

CYIENT 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 2,963 3,701 24.9%
Cash Flow from Investing Activities Rs m -869 -2,207 -
Cash Flow from Financing Activities Rs m -1,359 -2,321 -
Net Cash Flow Rs m 1,033 -531 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for CYIENT

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 43.2, an improvement from the EPS of Rs 35.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 553.0, stands at 13.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.1 times, while the price to sales ratio stands at 1.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.6 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 347.6 418.0
TTM Earnings per share Rs 35.8 43.2
Diluted earnings per share Rs 35.9 42.5
Price to Cash Flow x 11.9 10.6
TTM P/E ratio x 13.1 13.0
Price / Book Value ratio x 2.8 3.1
Market Cap Rs m 62,268 62,135
Dividends per share (Unadj.) Rs 4.0 9.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for CYIENT

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.6x during FY19, from 2.7x 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 20.1x during FY19, from 28.5x 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 18.6% during FY19, from 17.2% 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 improved and stood at 24.4% during FY19, from 23.3% 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 13.1% during FY19, from 12.3% 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 2.7 2.6
Debtors’ Days Days 64 64
Interest coverage x 28.5 20.1
Debt to equity ratio x 0.0 0.0
Return on assets % 12.3 13.1
Return on equity % 17.2 18.6
Return on capital employed % 23.3 24.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

CYIENT Share Price Performance

Over the last one year, CYIENT share price has moved up from Rs 764.0 to Rs 553.0, registering a loss of Rs 211.0 or around 27.6%.

Meanwhile, the S&P BSE IT Index is trading at Rs 15,411.8 (down 0.7%). Over the last one year it has moved up from 13,223.1 to 15,411.8, a gain of 2,189 points (up 16.6%).

Overall, the S&P BSE SENSEX is up 14.0% over the year.

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

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