JYOTHY LABS 2018-19 Annual Report Analysis

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JYOTHY LABS 2018-19 Annual Report Analysis
Thu, 3 Oct

JYOTHY LABS 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.

JYOTHY LABS Income Statement Analysis

  • Operating income during the year rose 8.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 9.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.5% in FY19 as against 15.4% in FY18.
  • Depreciation charges decreased by 1.8% and finance costs decreased by 26.7% YoY, respectively.
  • Other income declined by 55.6% YoY.
  • Net profit for the year grew by 10.5% YoY.
  • Net profit margins during the year grew from 10.3% in FY18 to 10.7% in FY19.

JYOTHY LABS Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 16,724 18,136 8.4%
Other income Rs m 625 278 -55.6%
Total Revenues Rs m 17,349 18,413 6.1%
Gross profit Rs m 2,575 2,811 9.2%
Depreciation Rs m 311 306 -1.8%
Interest Rs m 481 352 -26.7%
Profit before tax Rs m 2,407 2,430 1.0%
Tax Rs m 619 454 -26.6%
Profit after tax Rs m 1,789 1,976 10.5%
Gross profit margin % 15.4 15.5
Effective tax rate % 25.7 18.7
Net profit margin % 10.3 10.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



New Opportunity: India's #1 Defence Stock

JYOTHY LABS Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 6 billion as compared to Rs 8 billion in FY18, thereby witnessing an decrease of -26.6%.
  • Long-term debt down at Rs 20 million as compared to Rs 38 million during FY18, a fall of 46.4%.
  • Current assets fell 6% and stood at Rs 6 billion, while fixed assets rose 1% and stood at Rs 11 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 19 billion as against Rs 20 billion during FY18, thereby witnessing a fall of 2%.

JYOTHY LABS Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 11,442 49,618 333.6
 
Current Liabilities Rs m 8,108 5,949 -26.6
Long-term Debt Rs m 38 20 -46.4
Total Liabilities Rs m 19,790 19,423 -1.9
 
Current assets Rs m 6,628 6,218 -6.2
Fixed Assets Rs m 11,060 11,149 0.8
Total Assets Rs m 19,790 19,423 -1.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



JYOTHY LABS Cash Flow Statement Analysis

  • JYOTHY LABS's cash flow from operating activities (CFO) during FY19 stood at Rs 3 billion, an improvement of 24.5% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 304 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -3 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 135 million from the Rs 228 million net cash flows seen during FY18.

JYOTHY LABS 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 2,423 3,016 24.5%
Cash Flow from Investing Activities Rs m -742 304 -
Cash Flow from Financing Activities Rs m -1,453 -3,185 -
Net Cash Flow Rs m 228 135 -40.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for JYOTHY LABS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.4, an decline from the EPS of Rs 9.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 164.0, stands at 15.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 6.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 13.0 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 92.0 49.4
TTM Earnings per share Rs 9.8 5.4
Diluted earnings per share Rs 9.9 10.9
Price to Cash Flow x 14.2 13.0
TTM P/E ratio x 15.2 15.1
Price / Book Value ratio x 6.1 2.4
Market Cap Rs m 29,804 29,678
Dividends per share (Unadj.) Rs 0.5 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for JYOTHY LABS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.0x during FY19, from 0.8x 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 7.9x during FY19, from 6.0x 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 4.0% during FY19, from 15.6% 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 declined and down at 5.6% during FY19, from 25.2% 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 improved and stood at 12.0% during FY19, from 11.5% 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 0.8 1.0
Debtors’ Days Days 35 31
Interest coverage x 6.0 7.9
Debt to equity ratio x 0.0 0.0
Return on assets % 11.5 12.0
Return on equity % 15.6 4.0
Return on capital employed % 25.2 5.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how JYOTHY LABS has performed over the last 5 years, please visit here.

JYOTHY LABS Share Price Performance

Over the last one year, JYOTHY LABS share price has moved down from Rs 193.4 to Rs 164.0, registering a loss of Rs 29.5 or around 15.2%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 11,658.6 (up 0.0%). Over the last one year it has moved up from 11,422.9 to 11,658.6, a gain of 236 points (up 2.1%).

Overall, the S&P BSE SENSEX is up 4.6% over the year.

(To know more, check out historical annual results for JYOTHY LABS and quarterly results for JYOTHY LABS)

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Related Views on News

JYOTHY LABS Announces Quarterly Results (1QFY21); Net Profit Up 40.4% (Quarterly Result Update)

Aug 20, 2020 | Updated on Aug 20, 2020

For the quarter ended June 2020, JYOTHY LABS has posted a net profit of Rs 504 m (up 40.4% YoY). Sales on the other hand came in at Rs 4 bn (up 4.1% YoY). Read on for a complete analysis of JYOTHY LABS's quarterly results.

JYOTHY LABS Announces Quarterly Results (3QFY20); Net Profit Down 12.1% (Quarterly Result Update)

Feb 6, 2020 | Updated on Feb 6, 2020

For the quarter ended December 2019, JYOTHY LABS has posted a net profit of Rs 425 m (down 12.1% YoY). Sales on the other hand came in at Rs 4 bn (down 6.2% YoY). Read on for a complete analysis of JYOTHY LABS's quarterly results.

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