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JK LAKSHMI CEMENT 2017-18 Annual Report Analysis

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JK LAKSHMI CEMENT 2017-18 Annual Report Analysis
Tue, 1 Jan

JK LAKSHMI CEMENT 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.

JK LAKSHMI CEMENT Income Statement Analysis

  • Operating income during the year rose 28.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 16.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.5% in FY18 as against 12.7% in FY17.
  • Depreciation charges increased by 18.5% and finance costs increased by 7.9% YoY, respectively.
  • Other income declined by 44.8% YoY.
  • Net profit for the year declined by 50.3% YoY.
  • Net profit margins during the year declined from 2.9% in FY17 to 1.1% in FY18.

JK LAKSHMI CEMENT Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 29,216 37,484 28.3%
Other income Rs m 1,251 690 -44.8%
Total Revenues Rs m 30,467 38,174 25.3%
Gross profit Rs m 3,697 4,318 16.8%
Depreciation Rs m 1,750 2,073 18.5%
Interest Rs m 2,444 2,637 7.9%
Profit before tax Rs m 755 298 -60.5%
Tax Rs m -78 -109 39.5%
Profit after tax Rs m 873 434 -50.3%
Gross profit margin % 12.7 11.5
Effective tax rate % -10.3 -36.5
Net profit margin % 2.9 1.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



JK LAKSHMI CEMENT Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 15 billion as compared to Rs 13 billion in FY17, thereby witnessing an increase of 12.6%.
  • Long-term debt down at Rs 18 billion as compared to Rs 21 billion during FY17, a fall of 12.3%.
  • Current assets fell 4% and stood at Rs 11 billion, while fixed assets fell 0% and stood at Rs 39 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 51 billion as against Rs 51 billion during FY17, thereby witnessing a fall of 1%.

JK LAKSHMI CEMENT Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 14,010 14,435 3.0
 
Current Liabilities Rs m 13,297 14,978 12.6
Long-term Debt Rs m 21,062 18,472 -12.3
Total Liabilities Rs m 51,318 51,011 -0.6
 
Current assets Rs m 11,188 10,773 -3.7
Fixed Assets Rs m 38,717 38,653 -0.2
Total Assets Rs m 51,318 51,011 -0.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



JK LAKSHMI CEMENT Cash Flow Statement Analysis

  • JK LAKSHMI CEMENT's cash flow from operating activities (CFO) during FY18 stood at Rs 5 billion, an improvement of 24.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -702 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -4 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 23 million from the Rs -226 million net cash flows seen during FY17.

JK LAKSHMI CEMENT 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 3,964 4,932 24.4%
Cash Flow from Investing Activities Rs m -6,001 -702 -
Cash Flow from Financing Activities Rs m 1,811 -4,208 -
Net Cash Flow Rs m -226 23 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for JK LAKSHMI CEMENT

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.7, an decline from the EPS of Rs 7.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 305.2, stands at 56.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.6 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 14.3 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 248.3 318.5
TTM Earnings per share Rs 7.4 3.7
Diluted earnings per share Rs 7.4 3.7
Price to Cash Flow x 13.7 14.3
TTM P/E ratio x 56.1 56.1
Price / Book Value ratio x 3.5 3.6
Market Cap Rs m 35,907 35,907
Dividends per share (Unadj.) Rs 0.8 0.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for JK LAKSHMI CEMENT

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.7x during FY18, from 0.8x 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 deteriorated and stood at 1.1x during FY18, from 1.3x 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 3.0% during FY18, from 6.2% 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 9.0% during FY18, from 9.2% 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 6.0% during FY18, from 6.5% 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 0.8 0.7
Debtors’ Days Days 11 10
Interest coverage x 1.3 1.1
Debt to equity ratio x 1.5 1.3
Return on assets % 6.5 6.0
Return on equity % 6.2 3.0
Return on capital employed % 9.2 9.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how JK LAKSHMI CEMENT has performed over the last 5 years, please visit here.

JK LAKSHMI CEMENT Share Price Performance

Over the last one year, JK LAKSHMI CEMENT share price has moved up from Rs 441.1 to Rs 305.2, registering a loss of Rs 135.9 or around 30.8%.

Overall, the S&P BSE SENSEX is up 6.3% over the year.

(To know more, check out historical annual results for JK LAKSHMI CEMENT and quarterly results for JK LAKSHMI CEMENT)

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JK LAKSHMI CEMENT Announces Quarterly Results (3QFY19); Net Profit Up 71.7% (Quarterly Result Update)

Feb 11, 2019 | Updated on Feb 11, 2019

For the quarter ended December 2018, JK LAKSHMI CEMENT has posted a net profit of Rs 148 m (up 71.7% YoY). Sales on the other hand came in at Rs 9 bn (up 11.7% YoY). Read on for a complete analysis of JK LAKSHMI CEMENT's quarterly results.

JK LAKSHMI CEMENT Announces Quarterly Results (2QFY19); Net Profit Down 41.0% (Quarterly Result Update)

Nov 15, 2018 | Updated on Nov 15, 2018

For the quarter ended September 2018, JK LAKSHMI CEMENT has posted a net profit of Rs 78 m (down 41.0% YoY). Sales on the other hand came in at Rs 9 bn (up 9.6% YoY). Read on for a complete analysis of JK LAKSHMI CEMENT's quarterly results.

JK LAKSHMI CEMENT 2017-18 Annual Report Analysis (Annual Result Update)

Aug 20, 2018 | Updated on Aug 20, 2018

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

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