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KARUTURI GLOBAL 2017-18 Annual Report Analysis

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KARUTURI GLOBAL 2017-18 Annual Report Analysis
Thu, 17 Jan

KARUTURI GLOBAL 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.

KARUTURI GLOBAL Income Statement Analysis

  • Operating income during the year rose 1.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 23.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 27.8% in FY18 as against 22.9% in FY17.
  • Depreciation charges decreased by 24.8% and finance costs decreased by 47.9% YoY, respectively.
  • Other income declined by 73.3% YoY.
  • Net profit for the year declined by 43.1% YoY.
  • Net profit margins during the year declined from 28.9% in FY17 to 20.5% in FY18.

KARUTURI GLOBAL Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 2,261 2,296 1.5%
Other income Rs m 894 239 -73.3%
Total Revenues Rs m 3,156 2,535 -19.7%
Gross profit Rs m 517 638 23.4%
Depreciation Rs m 436 328 -24.8%
Interest Rs m 94 49 -47.9%
Profit before tax Rs m 882 500 -43.2%
Tax Rs m -31 -2 -94.9%
Profit after tax Rs m 913 519 -43.1%
Gross profit margin % 22.9 27.8
Effective tax rate % -3.5 -0.3
Net profit margin % 28.9 20.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KARUTURI GLOBAL Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 6 billion as compared to Rs 6 billion in FY17, thereby witnessing an increase of 4.8%.
  • Long-term debt down at Rs 124 million as compared to Rs 569 million during FY17, a fall of 78.3%.
  • Current assets rose 52% and stood at Rs 4 billion, while fixed assets fell 3% and stood at Rs 24 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 29 billion as against Rs 28 billion during FY17, thereby witnessing a growth of 4%.

KARUTURI GLOBAL Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 21,367 22,607 5.8
 
Current Liabilities Rs m 6,166 6,460 4.8
Long-term Debt Rs m 569 124 -78.3
Total Liabilities Rs m 28,325 29,377 3.7
 
Current assets Rs m 2,795 4,248 52.0
Fixed Assets Rs m 24,985 24,166 -3.3
Total Assets Rs m 28,325 29,377 3.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KARUTURI GLOBAL Cash Flow Statement Analysis

  • KARUTURI GLOBAL's cash flow from operating activities (CFO) during FY18 stood at Rs 925 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 492 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -1 billion, an improvement of 23% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 7 million from the Rs 60 million net cash flows seen during FY17.

KARUTURI GLOBAL 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 -442 925 -
Cash Flow from Investing Activities Rs m 2,343 492 -79.0%
Cash Flow from Financing Activities Rs m -1,841 -1,411 -
Net Cash Flow Rs m 60 7 -88.7%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for KARUTURI GLOBAL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.3, an decline from the EPS of Rs 0.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1.6, stands at 4.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.1 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 1.5 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 1.5 1.5
TTM Earnings per share Rs 0.6 0.3
Diluted earnings per share Rs 1.1 0.6
Price to Cash Flow x 1.8 1.5
TTM P/E ratio x 7.5 4.0
Price / Book Value ratio x 0.1 0.1
Market Cap Rs m 2,381 1,287
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for KARUTURI GLOBAL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.7x during FY18, from 0.5x 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 11.3x during FY18, from 10.4x 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 2.3% during FY18, from 4.3% 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 2.5% during FY18, from 4.4% 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 1.9% during FY18, from 3.6% 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 0.5 0.7
Debtors’ Days Days 173 370
Interest coverage x 10.4 11.3
Debt to equity ratio x 0.0 0.0
Return on assets % 3.6 1.9
Return on equity % 4.3 2.3
Return on capital employed % 4.4 2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how KARUTURI GLOBAL has performed over the last 5 years, please visit here.

KARUTURI GLOBAL Share Price Performance

Over the last one year, KARUTURI GLOBAL share price has moved up from Rs 3.1 to Rs 1.6, registering a loss of Rs 1.5 or around 48.2%.

Overall, the S&P BSE SENSEX is up 4.7% over the year.

(To know more, check out historical annual results for KARUTURI GLOBAL and quarterly results for KARUTURI GLOBAL)

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