CYIENT LTD 2017-18 Annual Report Analysis

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CYIENT LTD 2017-18 Annual Report Analysis
Tue, 21 Aug

CYIENT LTD 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.

CYIENT LTD Income Statement Analysis

  • Operating income during the year rose 9.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 12.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.7% in FY18 as against 13.3% in FY17.
  • Depreciation charges and finance costs increased by 10.4% YoY and 18.6% YoY, respectively.
  • Other income grew by 63.0% YoY.
  • Net profit for the year grew by 18.7% YoY.
  • Net profit margins during the year grew from 9.2% in FY17 to 9.9% in FY18.

CYIENT LTD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 35,858 39,139 9.1%
Other income Rs m 932 1,519 63.0%
Total Revenues Rs m 36,790 40,658 10.5%
Gross profit Rs m 4,772 5,354 12.2%
Depreciation Rs m 953 1,052 10.4%
Interest Rs m 172 204 18.6%
Profit before tax Rs m 4,579 5,617 22.7%
Tax Rs m 1,045 1,380 32.1%
Profit after tax Rs m 3,396 4,031 18.7%
Gross profit margin % 13.3 13.7
Effective tax rate % 22.8 24.6
Net profit margin % 9.2 9.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CYIENT LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 9 billion as compared to Rs 8 billion in FY17, thereby witnessing an increase of 4.0%.
  • Long-term debt stood at Rs 630 million as compared to Rs 492 million during FY17, a growth of 28.0%.
  • Current assets rose 13% and stood at Rs 23 billion, while fixed assets rose 9% and stood at Rs 8 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 34 billion as against Rs 31 billion during FY17, thereby witnessing a growth of 9%.

CYIENT LTD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 21,173 23,439 10.7
 
Current Liabilities Rs m 8,291 8,621 4.0
Long-term Debt Rs m 492 630 28.0
Total Liabilities Rs m 31,364 34,326 9.4
 
Current assets Rs m 20,690 23,456 13.4
Fixed Assets Rs m 7,775 8,490 9.2
Total Assets Rs m 31,364 34,326 9.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



CYIENT LTD Cash Flow Statement Analysis

  • CYIENT LTD's cash flow from operating activities (CFO) during FY18 stood at Rs 3 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -869 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 1 billion from the Rs 2 billion net cash flows seen during FY17.

CYIENT LTD Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 4,199 2,963 -29.4%
Cash Flow from Investing Activities Rs m -1,803 -869 -
Cash Flow from Financing Activities Rs m -934 -1,359 -
Net Cash Flow Rs m 1,739 1,033 -40.6%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for CYIENT LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 35.8, an improvement from the EPS of Rs 30.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 727.0, stands at 19.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.8 times, while the price to sales ratio stands at 1.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Sales per share (Unadj.) Rs 318.5 347.7
TTM Earnings per share Rs 30.2 35.8
Diluted earnings per share Rs 30.2 35.9
Price to Cash Flow x 19.4 15.6
TTM P/E ratio x 19.6 19.5
Price / Book Value ratio x 2.6 2.8
Market Cap Rs m 81,838 81,686
Dividends per share (Unadj.) Rs 5.5 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for CYIENT LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.7x during FY18, from 2.5x 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 28.5x during FY18, from 27.6x 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 improved and stood at 17.2% during FY18, from 16.0% 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 23.3% during FY18, from 21.3% 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 12.3% during FY18, from 11.4% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Current ratio x 2.5 2.7
Debtors’ Days Days 66 64
Interest coverage x 27.6 28.5
Debt to equity ratio x 0.0 0.0
Return on assets % 11.4 12.3
Return on equity % 16.0 17.2
Return on capital employed % 21.3 23.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

CYIENT LTD Share Price Performance

Over the last one year, CYIENT LTD share price has moved up from Rs 508.5 to Rs 727.0, registering a gain of Rs 218.6 or around 43.0%.

Meanwhile, the S&P BSE IT Index is trading at Rs 14,960.3 (up 0.4%). Over the last one year it has moved up from 9,875.8 to 14,960.3, a gain of 5,085 points (up 51.5%).

Overall, the S&P BSE SENSEX is up 22.5% over the year.

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

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