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INDO RAMA SYN. 2017-18 Annual Report Analysis

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INDO RAMA SYN. 2017-18 Annual Report Analysis
Tue, 18 Dec

INDO RAMA SYN. 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.

INDO RAMA SYN. Income Statement Analysis

  • Operating income during the year fell 8.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 543.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 2.5% in FY18 as against 0.4% in FY17.
  • Depreciation charges increased by 4.7% and finance costs increased by 3.6% YoY, respectively.
  • Other income declined by 86.9% YoY.
  • Net profit for the year declined by 1.6% YoY.
  • Net profit margins during the year declined from 3.4% in FY17 to 3.7% in FY18.

INDO RAMA SYN. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 24,680 22,556 -8.6%
Other income Rs m 285 37 -86.9%
Total Revenues Rs m 24,966 22,594 -9.5%
Gross profit Rs m 88 563 543.0%
Depreciation Rs m 795 832 4.7%
Interest Rs m 911 944 3.6%
Profit before tax Rs m -1,333 -1,175 -11.8%
Tax Rs m -540 -422 -21.9%
Profit after tax Rs m -840 -827 -1.6%
Gross profit margin % 0.4 2.5
Effective tax rate % 40.5 35.9
Net profit margin % -3.4 -3.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INDO RAMA SYN. Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 11 billion as compared to Rs 11 billion in FY17, thereby witnessing an decrease of -2.6%.
  • Long-term debt down at Rs 368 million as compared to Rs 809 million during FY17, a fall of 54.6%.
  • Current assets fell 15% and stood at Rs 5 billion, while fixed assets fell 7% and stood at Rs 8 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 15 billion as against Rs 16 billion during FY17, thereby witnessing a fall of 7%.

INDO RAMA SYN. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 5,017 4,197 -16.3
 
Current Liabilities Rs m 11,061 10,776 -2.6
Long-term Debt Rs m 809 368 -54.6
Total Liabilities Rs m 16,078 14,973 -6.9
 
Current assets Rs m 6,113 5,211 -14.8
Fixed Assets Rs m 9,089 8,424 -7.3
Total Assets Rs m 16,078 14,973 -6.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INDO RAMA SYN. Cash Flow Statement Analysis

  • INDO RAMA SYN.'s cash flow from operating activities (CFO) during FY18 stood at Rs 281 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -58 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -145 million, an improvement of 84% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 77 million from the Rs -8 million net cash flows seen during FY17.

INDO RAMA SYN. 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 392 281 -28.4%
Cash Flow from Investing Activities Rs m 526 -58 -
Cash Flow from Financing Activities Rs m -926 -145 -
Net Cash Flow Rs m -8 77 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for INDO RAMA SYN.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -5.4, an improvement from the EPS of Rs -5.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 22.2, stands at -3.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 660.9 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 162.6 148.6
TTM Earnings per share Rs -5.5 -5.4
Diluted earnings per share Rs -5.5 -5.4
Price to Cash Flow x -74.1 660.9
TTM P/E ratio x -3.0 -3.0
Price / Book Value ratio x 1.1 1.5
Market Cap Rs m 3,370 3,371
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for INDO RAMA SYN.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.5x 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 -0.2x during FY18, from -0.5x 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 -19.7% during FY18, from -16.7% 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 -6.7% during FY18, from -8.1% 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 0.8% during FY18, from 0.4% 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 0.6 0.5
Debtors’ Days Days 20 18
Interest coverage x -0.5 -0.2
Debt to equity ratio x 0.2 0.1
Return on assets % 0.4 0.8
Return on equity % -16.7 -19.7
Return on capital employed % -8.1 -6.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how INDO RAMA SYN. has performed over the last 5 years, please visit here.

INDO RAMA SYN. Share Price Performance

Over the last one year, INDO RAMA SYN. share price has moved up from Rs 40.7 to Rs 22.2, registering a loss of Rs 18.5 or around 45.5%.

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for INDO RAMA SYN. and quarterly results for INDO RAMA SYN.)

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Related Views on News

INDO RAMA SYN. Announces Quarterly Results (2QFY19); Net Profit Down 85.1% (Quarterly Result Update)

Nov 14, 2018 | Updated on Nov 14, 2018

For the quarter ended September 2018, INDO RAMA SYN. has posted a net profit of Rs 326 m (down 85.1% YoY). Sales on the other hand came in at Rs 4 bn (down 36.2% YoY). Read on for a complete analysis of INDO RAMA SYN.'s quarterly results.

INDO RAMA SYN. Announces Quarterly Results (1QFY19); Net Profit Down 87.5% (Quarterly Result Update)

Aug 20, 2018 | Updated on Aug 20, 2018

For the quarter ended June 2018, INDO RAMA SYN. has posted a net profit of Rs 292 m (down 87.5% YoY). Sales on the other hand came in at Rs 4 bn (down 45.4% YoY). Read on for a complete analysis of INDO RAMA SYN.'s quarterly results.

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