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KEWAL KIRAN CLOTHING 2017-18 Annual Report Analysis

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KEWAL KIRAN CLOTHING 2017-18 Annual Report Analysis
Mon, 25 Mar

KEWAL KIRAN CLOTHING 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.

KEWAL KIRAN CLOTHING Income Statement Analysis

  • Operating income during the year fell 1.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 0.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 21.3% in FY18 as against 21.2% in FY17.
  • Depreciation charges increased by 21.2% and finance costs increased by 52.3% YoY, respectively.
  • Other income grew by 20.7% YoY.
  • Net profit for the year declined by 1.8% YoY.
  • Net profit margins during the year declined from 15.4% in FY17 to 15.2% in FY18.

KEWAL KIRAN CLOTHING Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 4,665 4,603 -1.3%
Other income Rs m 175 211 20.7%
Total Revenues Rs m 4,840 4,814 -0.5%
Gross profit Rs m 989 982 -0.6%
Depreciation Rs m 48 58 21.2%
Interest Rs m 33 50 52.3%
Profit before tax Rs m 1,083 1,086 0.2%
Tax Rs m 337 353 4.8%
Profit after tax Rs m 746 732 -1.8%
Gross profit margin % 21.2 21.3
Effective tax rate % 31.1 32.5
Net profit margin % 15.4 15.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KEWAL KIRAN CLOTHING Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 2 billion as compared to Rs 1 billion in FY17, thereby witnessing an increase of 21.1%.
  • Current assets rose 15% and stood at Rs 4 billion, while fixed assets rose 10% and stood at Rs 766 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 6 billion as against Rs 5 billion during FY17, thereby witnessing a growth of 12%.

KEWAL KIRAN CLOTHING Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 3,741 3,992 6.7
 
Current Liabilities Rs m 1,374 1,664 21.1
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 5,127 5,719 11.5
 
Current assets Rs m 3,048 3,515 15.3
Fixed Assets Rs m 697 766 9.9
Total Assets Rs m 5,127 5,719 11.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KEWAL KIRAN CLOTHING Cash Flow Statement Analysis

  • KEWAL KIRAN CLOTHING's cash flow from operating activities (CFO) during FY18 stood at Rs 557 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -141 million, an improvement of 51.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -456 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -40 million from the Rs 434 million net cash flows seen during FY17.

KEWAL KIRAN CLOTHING 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 801 557 -30.5%
Cash Flow from Investing Activities Rs m -93 -141 -
Cash Flow from Financing Activities Rs m -274 -456 -
Net Cash Flow Rs m 434 -40 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for KEWAL KIRAN CLOTHING

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 59.4, an decline from the EPS of Rs 60.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,339.0, stands at 20.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.6 times, while the price to sales ratio stands at 4.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 20.9 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 378.3 373.3
TTM Earnings per share Rs 60.5 59.4
Diluted earnings per share Rs 60.5 59.4
Price to Cash Flow x 20.8 20.9
TTM P/E ratio x 20.7 20.7
Price / Book Value ratio x 6.0 5.6
Market Cap Rs m 16,510 16,510
Dividends per share (Unadj.) Rs 19.0 31.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for KEWAL KIRAN CLOTHING

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.1x during FY18, from 2.2x 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 22.8x during FY18, from 34.1x 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 18.3% during FY18, from 19.9% 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 declined and down at 28.4% during FY18, from 29.8% 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 13.7% during FY18, from 15.2% 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 2.2 2.1
Debtors’ Days Days 83 108
Interest coverage x 34.1 22.8
Debt to equity ratio x 0.0 0.0
Return on assets % 15.2 13.7
Return on equity % 19.9 18.3
Return on capital employed % 29.8 28.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how KEWAL KIRAN CLOTHING has performed over the last 5 years, please visit here.

KEWAL KIRAN CLOTHING Share Price Performance

Over the last one year, KEWAL KIRAN CLOTHING share price has moved up from Rs 1,525.3 to Rs 1,339.0, registering a loss of Rs 186.3 or around 12.2%.

Overall, the S&P BSE SENSEX is up 14.6% over the year.

(To know more, check out historical annual results for KEWAL KIRAN CLOTHING and quarterly results for KEWAL KIRAN CLOTHING)

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Related Views on News

KEWAL KIRAN CLOTH Announces Quarterly Results (3QFY19); Net Profit Up 22.2% (Quarterly Result Update)

Jan 24, 2019 | Updated on Jan 24, 2019

For the quarter ended December 2018, KEWAL KIRAN CLOTH has posted a net profit of Rs 127 m (up 22.2% YoY). Sales on the other hand came in at Rs 1 bn (up 17.7% YoY). Read on for a complete analysis of KEWAL KIRAN CLOTH's quarterly results.

KEWAL KIRAN CLOTH Announces Quarterly Results (2QFY19); Net Profit Down 4.6% (Quarterly Result Update)

Nov 9, 2018 | Updated on Nov 9, 2018

For the quarter ended September 2018, KEWAL KIRAN CLOTH has posted a net profit of Rs 336 m (down 4.6% YoY). Sales on the other hand came in at Rs 2 bn (down 9.1% YoY). Read on for a complete analysis of KEWAL KIRAN CLOTH's quarterly results.

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