KALPATARU POWER 2018-19 Annual Report Analysis

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KALPATARU POWER 2018-19 Annual Report Analysis
Thu, 19 Sep

KALPATARU POWER 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.

KALPATARU POWER Income Statement Analysis

  • Operating income during the year rose 24.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 31.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.4% in FY19 as against 11.7% in FY18.
  • Depreciation charges increased by 10.1% and finance costs increased by 6.2% YoY, respectively.
  • Other income grew by 74.4% YoY.
  • Net profit for the year grew by 75.0% YoY.
  • Net profit margins during the year grew from 3.2% in FY18 to 4.5% in FY19.

KALPATARU POWER Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 87,044 108,405 24.5%
Other income Rs m 253 441 74.4%
Total Revenues Rs m 87,297 108,846 24.7%
Gross profit Rs m 10,217 13,472 31.9%
Depreciation Rs m 1,915 2,109 10.1%
Interest Rs m 3,777 4,010 6.2%
Profit before tax Rs m 4,778 7,794 63.1%
Tax Rs m 1,827 2,742 50.1%
Profit after tax Rs m 2,783 4,871 75.0%
Gross profit margin % 11.7 12.4
Effective tax rate % 38.2 35.2
Net profit margin % 3.2 4.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KALPATARU POWER Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 67 billion as compared to Rs 60 billion in FY18, thereby witnessing an increase of 11.2%.
  • Long-term debt down at Rs 19 billion as compared to Rs 24 billion during FY18, a fall of 19.2%.
  • Current assets rose 16% and stood at Rs 92 billion, while fixed assets fell 17% and stood at Rs 32 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 141 billion as against Rs 124 billion during FY18, thereby witnessing a growth of 14%.

KALPATARU POWER Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 26,734 31,195 16.7
 
Current Liabilities Rs m 60,184 66,934 11.2
Long-term Debt Rs m 23,740 19,182 -19.2
Total Liabilities Rs m 124,019 141,480 14.1
 
Current assets Rs m 79,261 92,023 16.1
Fixed Assets Rs m 37,856 31,565 -16.6
Total Assets Rs m 124,019 141,480 14.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KALPATARU POWER Cash Flow Statement Analysis

  • KALPATARU POWER's cash flow from operating activities (CFO) during FY19 stood at Rs 10 billion, an improvement of 59.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -8 billion, an improvement of 19.4% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -189 million from the Rs 166 million net cash flows seen during FY18.

KALPATARU POWER 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 6,496 10,353 59.4%
Cash Flow from Investing Activities Rs m -7,000 -8,356 -
Cash Flow from Financing Activities Rs m 658 -2,189 -
Net Cash Flow Rs m 166 -189 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for KALPATARU POWER

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 31.7, an improvement from the EPS of Rs 18.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 443.6, stands at 16.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.5 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 567.2 706.4
TTM Earnings per share Rs 18.1 31.7
Diluted earnings per share Rs 18.1 31.7
Price to Cash Flow x 14.0 9.5
TTM P/E ratio x 16.5 16.5
Price / Book Value ratio x 2.4 1.9
Market Cap Rs m 68,067 68,067
Dividends per share (Unadj.) Rs 2.5 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for KALPATARU POWER

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY19, from 1.3x 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 2.9x during FY19, from 2.3x 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 improved and stood at 15.6% during FY19, from 10.4% 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 23.1% during FY19, from 16.6% 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 6.3% during FY19, from 5.3% 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 1.3 1.4
Debtors’ Days Days 166 142
Interest coverage x 2.3 2.9
Debt to equity ratio x 0.9 0.6
Return on assets % 5.3 6.3
Return on equity % 10.4 15.6
Return on capital employed % 16.6 23.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how KALPATARU POWER has performed over the last 5 years, please visit here.

KALPATARU POWER Share Price Performance

Over the last one year, KALPATARU POWER share price has moved up from Rs 330.1 to Rs 443.6, registering a gain of Rs 113.5 or around 34.4%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 16,786.8 (down 1.0%). Over the last one year it has moved down from 18,168.6 to 16,786.8, a loss of 1,382 points (down 7.6%).

Overall, the S&P BSE SENSEX is down 2.7% over the year.

(To know more, check out historical annual results for KALPATARU POWER and quarterly results for KALPATARU POWER)

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