J.B.CHEMICALS 2017-18 Annual Report Analysis

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J.B.CHEMICALS 2017-18 Annual Report Analysis
Thu, 28 Mar

J.B.CHEMICALS 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.

J.B.CHEMICALS Income Statement Analysis

  • Operating income during the year rose 3.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 6.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 15.4% in FY18 as against 17.0% in FY17.
  • Depreciation charges increased by 20.6% and finance costs decreased by 35.0% YoY, respectively.
  • Other income declined by 27.1% YoY.
  • Net profit for the year declined by 24.8% YoY.
  • Net profit margins during the year declined from 13.0% in FY17 to 9.6% in FY18.

J.B.CHEMICALS Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m13,68314,1353.3%
Other incomeRs m502366-27.1%
Total RevenuesRs m14,18514,5012.2%
Gross profitRs m2,3242,178-6.3%
DepreciationRs m47257020.6%
InterestRs m5435-35.0%
Profit before taxRs m2,2991,940-15.7%
TaxRs m45555221.3%
Profit after taxRs m1,8441,387-24.8%
Gross profit margin%17.015.4
Effective tax rate%19.828.5
Net profit margin%13.09.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



J.B.CHEMICALS Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 3 billion as compared to Rs 3 billion in FY17, thereby witnessing an decrease of -2.2%.
  • Current assets rose 32% and stood at Rs 10 billion, while fixed assets fell 3% and stood at Rs 6 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 18 billion as against Rs 17 billion during FY17, thereby witnessing a growth of 5%.

J.B.CHEMICALS Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m13,63714,4165.7
 
Current LiabilitiesRs m2,8122,749-2.2
Long-term DebtRs m000.0
Total LiabilitiesRs m16,74017,6495.4
 
Current assetsRs m7,94910,47031.7
Fixed AssetsRs m 6,0105,811-3.3
Total AssetsRs m16,74017,6495.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



J.B.CHEMICALS Cash Flow Statement Analysis

  • J.B.CHEMICALS's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -208 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -595 million, an improvement of 68% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 427 million from the Rs -280 million net cash flows seen during FY17.

J.B.CHEMICALS Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m2,0111,231-38.8%
Cash Flow from Investing ActivitiesRs m-453-208-
Cash Flow from Financing ActivitiesRs m-1,838-595-
Net Cash FlowRs m-280427-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for J.B.CHEMICALS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 16.6, an decline from the EPS of Rs 21.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 352.6, stands at 20.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at 1.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.3 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.)Rs161.3169.1
TTM Earnings per shareRs21.716.6
Diluted earnings per shareRs21.716.4
Price to Cash Flow x12.915.3
TTM P/E ratiox20.220.2
Price / Book Value ratiox2.01.8
Market CapRs m29,90829,900
Dividends per share (Unadj.)Rs1.02.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for J.B.CHEMICALS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.8x during FY18, from 2.8x 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 improved and stood at 56.6x during FY18, from 43.8x 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 9.6% during FY18, from 13.5% 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 declined and down at 13.7% during FY18, from 17.3% 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 declined and down at 8.1% during FY18, from 11.3% 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 ratiox2.83.8
Debtors’ DaysDays7178
Interest coveragex43.856.6
Debt to equity ratiox0.00.0
Return on assets%11.38.1
Return on equity%13.59.6
Return on capital employed%17.313.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how J.B.CHEMICALS has performed over the last 5 years, please visit here.

J.B.CHEMICALS Share Price Performance

Over the last one year, J.B.CHEMICALS share price has moved up from Rs 309.2 to Rs 352.6, registering a gain of Rs 43.4 or around 14.0%.

(To know more, check out historical annual results for J.B.CHEMICALS and quarterly results for J.B.CHEMICALS)

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