KAJARIA CERAMICS 2017-18 Annual Report Analysis

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KAJARIA CERAMICS 2017-18 Annual Report Analysis
Thu, 20 Dec

KAJARIA CERAMICS 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.

KAJARIA CERAMICS Income Statement Analysis

  • Operating income during the year rose 6.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 8.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 16.8% in FY18 as against 19.5% in FY17.
  • Depreciation charges increased by 8.8% and finance costs decreased by 29.1% YoY, respectively.
  • Other income declined by 29.4% YoY.
  • Net profit for the year declined by 9.9% YoY.
  • Net profit margins during the year declined from 9.9% in FY17 to 8.4% in FY18.

KAJARIA CERAMICS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 25,496 27,106 6.3%
Other income Rs m 154 108 -29.4%
Total Revenues Rs m 25,650 27,214 6.1%
Gross profit Rs m 4,963 4,564 -8.1%
Depreciation Rs m 814 885 8.8%
Interest Rs m 340 241 -29.1%
Profit before tax Rs m 3,963 3,546 -10.5%
Tax Rs m 1,425 1,267 -11.1%
Profit after tax Rs m 2,538 2,286 -9.9%
Gross profit margin % 19.5 16.8
Effective tax rate % 36.0 35.7
Net profit margin % 9.9 8.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KAJARIA CERAMICS Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 5 billion as compared to Rs 6 billion in FY17, thereby witnessing an decrease of -1.0%.
  • Long-term debt down at Rs 594 million as compared to Rs 1 billion during FY17, a fall of 48.6%.
  • Current assets rose 16% and stood at Rs 10 billion, while fixed assets fell 2% and stood at Rs 12 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 21 billion as against Rs 20 billion during FY17, thereby witnessing a growth of 5%.

KAJARIA CERAMICS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 11,751 13,510 15.0
 
Current Liabilities Rs m 5,540 5,487 -1.0
Long-term Debt Rs m 1,155 594 -48.6
Total Liabilities Rs m 20,401 21,403 4.9
 
Current assets Rs m 8,221 9,513 15.7
Fixed Assets Rs m 11,856 11,627 -1.9
Total Assets Rs m 20,401 21,403 4.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KAJARIA CERAMICS Cash Flow Statement Analysis

  • KAJARIA CERAMICS's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -720 million, an improvement of 57% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 298 million from the Rs 301 million net cash flows seen during FY17.

KAJARIA CERAMICS 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 3,377 2,383 -29.4%
Cash Flow from Investing Activities Rs m -1,397 -1,368 -
Cash Flow from Financing Activities Rs m -1,679 -720 -
Net Cash Flow Rs m 301 298 -0.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for KAJARIA CERAMICS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.4, an decline from the EPS of Rs 16.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 486.3, stands at 34.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.8 times, while the price to sales ratio stands at 3.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 24.4 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 160.4 170.5
TTM Earnings per share Rs 16.0 14.4
Diluted earnings per share Rs 16.0 14.4
Price to Cash Flow x 23.1 24.4
TTM P/E ratio x 34.3 34.3
Price / Book Value ratio x 12.6 7.8
Market Cap Rs m 77,285 77,289
Dividends per share (Unadj.) Rs 3.0 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for KAJARIA CERAMICS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY18, from 1.5x 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 15.7x during FY18, from 12.7x 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 16.9% during FY18, from 21.6% 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 26.9% during FY18, from 33.3% 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 11.8% during FY18, from 14.1% 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 1.5 1.7
Debtors’ Days Days 49 61
Interest coverage x 12.7 15.7
Debt to equity ratio x 0.1 0.0
Return on assets % 14.1 11.8
Return on equity % 21.6 16.9
Return on capital employed % 33.3 26.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

KAJARIA CERAMICS Share Price Performance

Over the last one year, KAJARIA CERAMICS share price has moved up from Rs 711.3 to Rs 486.3, registering a loss of Rs 225.0 or around 31.6%.

Overall, the S&P BSE SENSEX is up 7.5% over the year.

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

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KAJARIA CERAMICS 2018-19 Annual Report Analysis (Annual Result Update)

Sep 23, 2019 | Updated on Sep 23, 2019

Here's an analysis of the annual report of KAJARIA CERAMICS for 2018-19. It includes a full income statement, balance sheet and cash flow analysis of KAJARIA CERAMICS. Also includes updates on the valuation of KAJARIA CERAMICS.

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