KOLTE PATIL 2017-18 Annual Report Analysis

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KOLTE PATIL 2017-18 Annual Report Analysis
Wed, 19 Dec

KOLTE PATIL 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.

KOLTE PATIL Income Statement Analysis

  • Operating income during the year rose 45.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 27.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 21.6% in FY18 as against 24.7% in FY17.
  • Depreciation charges increased by 3.4% and finance costs increased by 14.7% YoY, respectively.
  • Other income grew by 41.4% YoY.
  • Net profit for the year grew by 80.9% YoY.
  • Net profit margins during the year grew from 8.7% in FY17 to 10.8% in FY18.

KOLTE PATIL Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 9,638 14,027 45.5%
Other income Rs m 101 143 41.4%
Total Revenues Rs m 9,740 14,171 45.5%
Gross profit Rs m 2,381 3,026 27.1%
Depreciation Rs m 149 154 3.4%
Interest Rs m 860 987 14.7%
Profit before tax Rs m 1,473 2,028 37.7%
Tax Rs m 624 493 -21.1%
Profit after tax Rs m 849 1,536 80.9%
Gross profit margin % 24.7 21.6
Effective tax rate % 42.4 24.3
Net profit margin % 8.7 10.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KOLTE PATIL Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 10 billion as compared to Rs 14 billion in FY17, thereby witnessing an decrease of -30.3%.
  • Long-term debt stood at Rs 4 billion as compared to Rs 3 billion during FY17, a growth of 50.6%.
  • Current assets fell 7% and stood at Rs 23 billion, while fixed assets fell 9% and stood at Rs 1 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 27 billion as against Rs 29 billion during FY17, thereby witnessing a fall of 7%.

KOLTE PATIL Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 8,762 9,838 12.3
 
Current Liabilities Rs m 14,286 9,955 -30.3
Long-term Debt Rs m 2,902 4,368 50.6
Total Liabilities Rs m 28,727 26,681 -7.1
 
Current assets Rs m 24,359 22,583 -7.3
Fixed Assets Rs m 1,295 1,175 -9.2
Total Assets Rs m 28,727 26,681 -7.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KOLTE PATIL Cash Flow Statement Analysis

  • KOLTE PATIL's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion, an improvement of 61.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 376 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -3 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 128 million from the Rs 98 million net cash flows seen during FY17.

KOLTE PATIL 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 1,426 2,298 61.1%
Cash Flow from Investing Activities Rs m 380 376 -1.1%
Cash Flow from Financing Activities Rs m -1,708 -2,545 -
Net Cash Flow Rs m 98 128 31.4%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for KOLTE PATIL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 20.3, an improvement from the EPS of Rs 11.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 249.0, stands at 10.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.1 times, while the price to sales ratio stands at 1.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.2 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 127.2 185.1
TTM Earnings per share Rs 11.2 20.3
Diluted earnings per share Rs 11.2 20.3
Price to Cash Flow x 18.9 11.2
TTM P/E ratio x 10.2 10.2
Price / Book Value ratio x 1.2 2.1
Market Cap Rs m 18,867 18,867
Dividends per share (Unadj.) Rs 1.6 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for KOLTE PATIL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.3x during FY18, from 1.7x 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 3.1x during FY18, from 2.7x 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 improved and stood at 15.6% during FY18, from 9.7% 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 21.2% during FY18, from 20.0% 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 improved and stood at 9.5% during FY18, from 5.9% 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 1.7 2.3
Debtors’ Days Days 67 48
Interest coverage x 2.7 3.1
Debt to equity ratio x 0.3 0.4
Return on assets % 5.9 9.5
Return on equity % 9.7 15.6
Return on capital employed % 20.0 21.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

KOLTE PATIL Share Price Performance

Over the last one year, KOLTE PATIL share price has moved up from Rs 357.3 to Rs 249.0, registering a loss of Rs 108.3 or around 30.3%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,888.9 (up 2.8%). Over the last one year it has moved down from 2,411.2 to 1,888.9, a loss of 522 points (down 21.7%).

Overall, the S&P BSE SENSEX is up 8.6% over the year.

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

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