JK LAKSHMI CEMENT 2018-19 Annual Report Analysis

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JK LAKSHMI CEMENT 2018-19 Annual Report Analysis
Mon, 23 Sep

JK LAKSHMI CEMENT 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.

JK LAKSHMI CEMENT Income Statement Analysis

  • Operating income during the year rose 15.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 5.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.5% in FY19 as against 11.5% in FY18.
  • Depreciation charges increased by 1.8% and finance costs decreased by 3.1% YoY, respectively.
  • Other income declined by 15.9% YoY.
  • Net profit for the year declined by 6.3% YoY.
  • Net profit margins during the year declined from 1.1% in FY18 to 0.9% in FY19.

JK LAKSHMI CEMENT Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 37,484 43,163 15.2%
Other income Rs m 690 581 -15.9%
Total Revenues Rs m 38,174 43,744 14.6%
Gross profit Rs m 4,318 4,536 5.1%
Depreciation Rs m 2,073 2,110 1.8%
Interest Rs m 2,637 2,555 -3.1%
Profit before tax Rs m 298 452 51.6%
Tax Rs m -109 82 -175.5%
Profit after tax Rs m 434 406 -6.3%
Gross profit margin % 11.5 10.5
Effective tax rate % -36.5 18.2
Net profit margin % 1.1 0.9
* 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 FY19 stood at Rs 16 billion as compared to Rs 15 billion in FY18, thereby witnessing an increase of 3.7%.
  • Long-term debt down at Rs 17 billion as compared to Rs 18 billion during FY18, a fall of 9.8%.
  • Current assets fell 6% and stood at Rs 10 billion, while fixed assets rose 0% and stood at Rs 39 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 51 billion as against Rs 51 billion during FY18, thereby witnessing a fall of 1%.

JK LAKSHMI CEMENT Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 14,435 14,846 2.8
 
Current Liabilities Rs m 14,978 15,532 3.7
Long-term Debt Rs m 18,472 16,665 -9.8
Total Liabilities Rs m 51,011 50,656 -0.7
 
Current assets Rs m 10,778 10,100 -6.3
Fixed Assets Rs m 38,653 38,783 0.3
Total Assets Rs m 51,011 50,656 -0.7
* 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 FY19 stood at Rs 8 billion, an improvement of 54.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -780 million, an improvement of 11.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -7 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 70 million from the Rs 23 million net cash flows seen during FY18.

JK LAKSHMI CEMENT 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 4,932 7,638 54.9%
Cash Flow from Investing Activities Rs m -702 -780 -
Cash Flow from Financing Activities Rs m -4,208 -6,788 -
Net Cash Flow Rs m 23 70 210.2%
* 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 3.5, an decline from the EPS of Rs 3.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 315.2, stands at 35.2 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 1.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 14.7 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 318.5 366.8
TTM Earnings per share Rs 3.7 3.5
Diluted earnings per share Rs 3.7 3.5
Price to Cash Flow x 14.8 14.7
TTM P/E ratio x 35.2 35.2
Price / Book Value ratio x 3.6 2.8
Market Cap Rs m 37,084 37,084
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 deteriorated and stood at 0.7x during FY19, from 0.7x 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 improved and stood at 1.2x during FY19, from 1.1x 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 declined and down at 2.7% during FY19, from 3.0% 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 9.7% during FY19, from 9.0% 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 declined and down at 5.8% during FY19, from 6.0% 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 0.7 0.7
Debtors’ Days Days 10 9
Interest coverage x 1.1 1.2
Debt to equity ratio x 1.3 1.1
Return on assets % 6.0 5.8
Return on equity % 3.0 2.7
Return on capital employed % 9.0 9.7
* 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 down from Rs 316.1 to Rs 315.2, registering a loss of Rs 1.0 or around 0.3%.

Overall, the S&P BSE SENSEX is up 5.3% 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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For the quarter ended June 2020, JK LAKSHMI CEMENT has posted a net profit of Rs 444 m (up 12.7% YoY). Sales on the other hand came in at Rs 8 bn (down 20.8% YoY). Read on for a complete analysis of JK LAKSHMI CEMENT's quarterly results.

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