KIRLOSKAR INDUSTRIES 2017-18 Annual Report Analysis

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KIRLOSKAR INDUSTRIES 2017-18 Annual Report Analysis
Tue, 18 Dec

KIRLOSKAR INDUSTRIES 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.

KIRLOSKAR INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 52.2% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 36.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 6.4% in FY18 as against 15.2% in FY17.
  • Depreciation charges increased by 8.0% and finance costs increased by 4.1% YoY, respectively.
  • Other income declined by 3.4% YoY.
  • Net profit for the year declined by 56.7% YoY.
  • Net profit margins during the year declined from 7.7% in FY17 to 2.2% in FY18.

KIRLOSKAR INDUSTRIES Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 11,327 17,239 52.2%
Other income Rs m 53 52 -3.4%
Total Revenues Rs m 11,380 17,290 51.9%
Gross profit Rs m 1,722 1,098 -36.2%
Depreciation Rs m 459 495 8.0%
Interest Rs m 105 110 4.1%
Profit before tax Rs m 1,211 544 -55.1%
Tax Rs m 333 164 -50.6%
Profit after tax Rs m 878 380 -56.7%
Gross profit margin % 15.2 6.4
Effective tax rate % 27.5 30.2
Net profit margin % 7.7 2.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KIRLOSKAR INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 5 billion as compared to Rs 3 billion in FY17, thereby witnessing an increase of 62.4%.
  • Current assets rose 44% and stood at Rs 5 billion, while fixed assets rose 6% and stood at Rs 6 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 12 billion as against Rs 10 billion during FY17, thereby witnessing a growth of 22%.

KIRLOSKAR INDUSTRIES Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 5,826 5,925 1.7
 
Current Liabilities Rs m 3,211 5,214 62.4
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 9,855 11,982 21.6
 
Current assets Rs m 3,797 5,483 44.4
Fixed Assets Rs m 5,999 6,341 5.7
Total Assets Rs m 9,855 11,982 21.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KIRLOSKAR INDUSTRIES Cash Flow Statement Analysis

  • KIRLOSKAR INDUSTRIES's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion, an improvement of 72.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -574 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -786 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -75 million from the Rs 69 million net cash flows seen during FY17.

KIRLOSKAR INDUSTRIES 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 746 1,286 72.4%
Cash Flow from Investing Activities Rs m -701 -574 -
Cash Flow from Financing Activities Rs m 24 -786 -
Net Cash Flow Rs m 69 -75 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for KIRLOSKAR INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.8, an decline from the EPS of Rs 6.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 877.0, stands at 245.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.2 times, while the price to sales ratio stands at 0.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 137.6 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 82.5 125.5
TTM Earnings per share Rs 6.4 2.8
Diluted earnings per share Rs 6.4 2.8
Price to Cash Flow x 90.1 137.6
TTM P/E ratio x 245.1 245.1
Price / Book Value ratio x 20.1 2.2
Market Cap Rs m 120,414 120,414
Dividends per share (Unadj.) Rs 20.0 1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for KIRLOSKAR INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY18, from 1.2x 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 6.0x during FY18, from 12.5x 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 6.4% during FY18, from 15.1% 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 11.0% during FY18, from 22.6% 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 4.1% during FY18, from 10.0% 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 1.2 1.1
Debtors’ Days Days 68 62
Interest coverage x 12.5 6.0
Debt to equity ratio x 0.0 0.0
Return on assets % 10.0 4.1
Return on equity % 15.1 6.4
Return on capital employed % 22.6 11.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

KIRLOSKAR INDUSTRIES Share Price Performance

Over the last one year, KIRLOSKAR INDUSTRIES share price has moved up from Rs 1,414.6 to Rs 0.0, registering a loss of Rs 1,414.6 or around 100.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,575.4 (up 0.5%). Over the last one year it has moved up from 18,447.1 to 18,575.4, a gain of 128 points (up 0.7%).

Overall, the NIFTY 50 is down 0.5% over the year.

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

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KIRLOSKAR INDUSTRIES Announces Quarterly Results (2QFY19); Net Profit Down 5.5% (Quarterly Result Update)

Nov 9, 2018 | Updated on Nov 9, 2018

For the quarter ended September 2018, KIRLOSKAR INDUSTRIES has posted a net profit of Rs 318 m (down 5.5% YoY). Sales on the other hand came in at Rs 305 m (up 5888.2% YoY). Read on for a complete analysis of KIRLOSKAR INDUSTRIES's quarterly results.

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