KRBL LIMITED 2017-18 Annual Report Analysis

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KRBL LIMITED 2017-18 Annual Report Analysis
Tue, 1 Jan

KRBL LIMITED 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.

KRBL LIMITED Income Statement Analysis

  • Operating income during the year rose 3.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 20.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 23.9% in FY18 as against 20.4% in FY17.
  • Depreciation charges increased by 10.4% and finance costs increased by 26.3% YoY, respectively.
  • Other income grew by 70.6% YoY.
  • Net profit for the year grew by 8.8% YoY.
  • Net profit margins during the year grew from 12.6% in FY17 to 13.3% in FY18.

KRBL LIMITED Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 31,477 32,465 3.1%
Other income Rs m 103 175 70.6%
Total Revenues Rs m 31,579 32,641 3.4%
Gross profit Rs m 6,435 7,745 20.3%
Depreciation Rs m 614 678 10.4%
Interest Rs m 548 692 26.3%
Profit before tax Rs m 5,376 6,550 21.8%
Tax Rs m 1,382 2,206 59.6%
Profit after tax Rs m 3,994 4,344 8.8%
Gross profit margin % 20.4 23.9
Effective tax rate % 25.7 33.7
Net profit margin % 12.6 13.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KRBL LIMITED Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 14 billion as compared to Rs 13 billion in FY17, thereby witnessing an increase of 4.4%.
  • Long-term debt down at Rs 520 million as compared to Rs 873 million during FY17, a fall of 40.5%.
  • Current assets rose 20% and stood at Rs 28 billion, while fixed assets fell 3% and stood at Rs 10 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 38 billion as against Rs 34 billion during FY17, thereby witnessing a growth of 12%.

KRBL LIMITED Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 19,073 22,879 20.0
 
Current Liabilities Rs m 13,081 13,652 4.4
Long-term Debt Rs m 873 520 -40.5
Total Liabilities Rs m 34,222 38,439 12.3
 
Current assets Rs m 23,531 28,202 19.9
Fixed Assets Rs m 10,149 9,842 -3.0
Total Assets Rs m 34,222 38,439 12.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KRBL LIMITED Cash Flow Statement Analysis

  • KRBL LIMITED's cash flow from operating activities (CFO) during FY18 stood at Rs 417 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -610 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 545 million, an improvement of 174% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 352 million from the Rs -233 million net cash flows seen during FY17.

KRBL LIMITED 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 2,583 417 -83.9%
Cash Flow from Investing Activities Rs m -2,079 -610 -
Cash Flow from Financing Activities Rs m -737 545 -
Net Cash Flow Rs m -233 352 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for KRBL LIMITED

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 18.5, an improvement from the EPS of Rs 17.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 282.6, stands at 14.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.4 times, while the price to sales ratio stands at 3.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 13.2 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 133.7 137.9
TTM Earnings per share Rs 17.0 18.5
Diluted earnings per share Rs 17.0 18.5
Price to Cash Flow x 14.4 13.2
TTM P/E ratio x 14.0 14.0
Price / Book Value ratio x 3.9 5.4
Market Cap Rs m 66,509 66,509
Dividends per share (Unadj.) Rs 2.1 2.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for KRBL LIMITED

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.1x during FY18, from 1.8x 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 10.5x during FY18, from 10.8x 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 19.0% during FY18, from 20.9% 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 improved and stood at 31.0% during FY18, from 29.7% 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 13.1% during FY18, from 13.3% 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 1.8 2.1
Debtors’ Days Days 27 27
Interest coverage x 10.8 10.5
Debt to equity ratio x 0.0 0.0
Return on assets % 13.3 13.1
Return on equity % 20.9 19.0
Return on capital employed % 29.7 31.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

KRBL LIMITED Share Price Performance

Over the last one year, KRBL LIMITED share price has moved up from Rs 602.6 to Rs 282.6, registering a loss of Rs 320.0 or around 53.1%.

Overall, the S&P BSE SENSEX is up 6.2% over the year.

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

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