JINDAL DRILLING 2017-18 Annual Report Analysis

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JINDAL DRILLING 2017-18 Annual Report Analysis
Fri, 21 Dec

JINDAL DRILLING 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.

JINDAL DRILLING Income Statement Analysis

  • Operating income during the year fell 59.9% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 471.8% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 40.6% in FY18 as against 4.4% in FY17.
  • Depreciation charges decreased by 0.5% and finance costs decreased by 69.3% YoY, respectively.
  • Other income grew by 71.2% YoY.
  • Net profit for the year declined by 110.4% YoY.
  • Net profit margins during the year declined from 20.0% in FY17 to 4.3% in FY18.

JINDAL DRILLING Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 3,716 1,489 -59.9%
Other income Rs m 262 448 71.2%
Total Revenues Rs m 3,978 1,938 -51.3%
Gross profit Rs m 163 -605 -471.8%
Depreciation Rs m 92 92 -0.5%
Interest Rs m 95 29 -69.3%
Profit before tax Rs m 237 -278 -217.5%
Tax Rs m 67 -86 -227.4%
Profit after tax Rs m 798 -83 -110.4%
Gross profit margin % 4.4 -40.6
Effective tax rate % 28.4 30.8
Net profit margin % 20.0 -4.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



JINDAL DRILLING Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 1 billion as compared to Rs 1 billion in FY17, thereby witnessing an decrease of -11.5%.
  • Current assets fell 12% and stood at Rs 3 billion, while fixed assets rose 1% and stood at Rs 11 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 18 billion as against Rs 19 billion during FY17, thereby witnessing a fall of 1%.

JINDAL DRILLING Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 16,898 16,834 -0.4
 
Current Liabilities Rs m 1,338 1,185 -11.5
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 18,603 18,366 -1.3
 
Current assets Rs m 3,165 2,780 -12.2
Fixed Assets Rs m 11,001 11,127 1.1
Total Assets Rs m 18,603 18,366 -1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



JINDAL DRILLING Cash Flow Statement Analysis

  • JINDAL DRILLING's cash flow from operating activities (CFO) during FY18 stood at Rs -667 million, an improvement of 9.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 858 million, an improvement of 2.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -191 million, an improvement of 9% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 0 million from the Rs 18 million net cash flows seen during FY17.

JINDAL DRILLING 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 -611 -667 -
Cash Flow from Investing Activities Rs m 840 858 2.0%
Cash Flow from Financing Activities Rs m -211 -191 -
Net Cash Flow Rs m 18 0 -99.5%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for JINDAL DRILLING

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -2.9, an decline from the EPS of Rs 27.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 116.0, stands at -208.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 3.6 times.
  • The company's price to cash flow (P/CF) ratio stood at -33.3 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 128.2 51.4
TTM Earnings per share Rs 27.5 -2.9
Diluted earnings per share Rs 27.5 -2.9
Price to Cash Flow x 12.8 -33.3
TTM P/E ratio x -208.8 -208.8
Price / Book Value ratio x 0.3 0.3
Market Cap Rs m 3,362 3,362
Dividends per share (Unadj.) Rs 0.5 0.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for JINDAL DRILLING

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.3x during FY18, from 2.4x 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 -8.5x during FY18, from 3.5x 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 -0.5% during FY18, from 4.7% 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 declined and down at -0.8% during FY18, from 5.7% 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 -0.3% during FY18, from 4.8% 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 2.4 2.3
Debtors’ Days Days 85 250
Interest coverage x 3.5 -8.5
Debt to equity ratio x 0.0 0.0
Return on assets % 4.8 -0.3
Return on equity % 4.7 -0.5
Return on capital employed % 5.7 -0.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how JINDAL DRILLING has performed over the last 5 years, please visit here.

JINDAL DRILLING Share Price Performance

Over the last one year, JINDAL DRILLING share price has moved up from Rs 157.4 to Rs 116.0, registering a loss of Rs 41.4 or around 26.3%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,953.5 (up 0.3%). Over the last one year it has moved up from 18,950.5 to 18,953.5, a gain of 3 points (up 0.0%).

Overall, the S&P BSE SENSEX is up 7.9% over the year.

(To know more, check out historical annual results for JINDAL DRILLING and quarterly results for JINDAL DRILLING)

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