KRBL 2018-19 Annual Report Analysis

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KRBL 2018-19 Annual Report Analysis
Mon, 16 Sep

KRBL 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.

KRBL Income Statement Analysis

  • Operating income during the year rose 27.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 9.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 20.6% in FY19 as against 23.8% in FY18.
  • Depreciation charges decreased by 4.9% and finance costs decreased by 2.0% YoY, respectively.
  • Other income declined by 14.9% YoY.
  • Net profit for the year grew by 15.8% YoY.
  • Net profit margins during the year declined from 13.3% in FY18 to 12.2% in FY19.

KRBL Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 32,457 41,205 27.0%
Other income Rs m 178 152 -14.9%
Total Revenues Rs m 32,635 41,356 26.7%
Gross profit Rs m 7,739 8,499 9.8%
Depreciation Rs m 678 645 -4.9%
Interest Rs m 690 676 -2.0%
Profit before tax Rs m 6,550 7,330 11.9%
Tax Rs m 2,206 2,300 4.3%
Profit after tax Rs m 4,344 5,030 15.8%
Gross profit margin % 23.8 20.6
Effective tax rate % 33.7 31.4
Net profit margin % 13.3 12.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KRBL Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 17 billion as compared to Rs 14 billion in FY18, thereby witnessing an increase of 24.9%.
  • Long-term debt down at Rs 332 million as compared to Rs 520 million during FY18, a fall of 36.0%.
  • Current assets rose 26% and stood at Rs 36 billion, while fixed assets fell 4% and stood at Rs 9 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 46 billion as against Rs 386 billion during FY18, thereby witnessing a fall of 88%.

KRBL Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 22,879 27,267 19.2
 
Current Liabilities Rs m 13,797 17,229 24.9
Long-term Debt Rs m 520 332 -36.0
Total Liabilities Rs m 385,754 46,361 -88.0
 
Current assets Rs m 28,339 35,741 26.1
Fixed Assets Rs m 9,842 9,418 -4.3
Total Assets Rs m 385,754 46,361 -88.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KRBL Cash Flow Statement Analysis

  • KRBL's cash flow from operating activities (CFO) during FY19 stood at Rs -1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 202 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 595 million, an improvement of 141% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -347 million from the Rs 368 million net cash flows seen during FY18.

KRBL 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 608 -1,144 -
Cash Flow from Investing Activities Rs m -487 202 -
Cash Flow from Financing Activities Rs m 247 595 141.0%
Net Cash Flow Rs m 368 -347 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for KRBL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 21.4, an improvement from the EPS of Rs 18.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 238.5, stands at 10.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.6 times, while the price to sales ratio stands at 2.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.9 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 137.9 175.0
TTM Earnings per share Rs 18.5 21.4
Diluted earnings per share Rs 18.5 21.4
Price to Cash Flow x 11.2 9.9
TTM P/E ratio x 10.4 10.4
Price / Book Value ratio x 5.4 3.6
Market Cap Rs m 56,141 56,141
Dividends per share (Unadj.) Rs 2.3 2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for KRBL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.1x during FY19, from 2.1x 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 11.8x during FY19, from 10.5x 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 18.4% during FY19, from 19.0% 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 declined and down at 29.0% during FY19, from 30.9% 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 12.3% during FY19, from 1.3% 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 2.1 2.1
Debtors’ Days Days 28 35
Interest coverage x 10.5 11.8
Debt to equity ratio x 0.0 0.0
Return on assets % 1.3 12.3
Return on equity % 19.0 18.4
Return on capital employed % 30.9 29.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

KRBL Share Price Performance

Over the last one year, KRBL share price has moved down from Rs 384.4 to Rs 238.5, registering a loss of Rs 145.9 or around 37.9%.

Overall, the S&P BSE SENSEX is down 2.5% over the year.

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

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