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KOTHARI PRODUCTS 2016-17 Annual Report Analysis

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KOTHARI PRODUCTS 2016-17 Annual Report Analysis
Tue, 18 Dec

KOTHARI PRODUCTS has announced its results for the year ended March 2017. Let us have a look at the detailed performance review of the company during FY16-17.

KOTHARI PRODUCTS Income Statement Analysis

  • Operating income during the year fell 7.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 3.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 2.2% in FY17 as against 2.1% in FY16.
  • Depreciation charges increased by 2.3% and finance costs decreased by 3.2% YoY, respectively.
  • Other income grew by 124.0% YoY.
  • Net profit for the year grew by 12.9% YoY.
  • Net profit margins during the year grew from 1.0% in FY16 to 1.2% in FY17.

KOTHARI PRODUCTS Income Statement 2016-17

No. of Mths Year Ending 12 Mar-16* 12 Mar-17* % Change
Net Sales Rs m 68,660 63,281 -7.8%
Other income Rs m 109 244 124.0%
Total Revenues Rs m 68,769 63,525 -7.6%
Gross profit Rs m 1,450 1,396 -3.8%
Depreciation Rs m 26 27 2.3%
Interest Rs m 473 458 -3.2%
Profit before tax Rs m 1,060 1,154 8.9%
Tax Rs m 389 397 2.1%
Profit after tax Rs m 671 757 12.9%
Gross profit margin % 2.1 2.2
Effective tax rate % 36.7 34.4
Net profit margin % 1.0 1.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KOTHARI PRODUCTS Balance Sheet Analysis

  • The company's current liabilities during FY17 down at Rs 34 billion as compared to Rs 38 billion in FY16, thereby witnessing an decrease of -10.9%.
  • Long-term debt down at Rs 808 million as compared to Rs 808 million during FY16, a fall of 0.0%.
  • Current assets fell 8% and stood at Rs 41 billion, while fixed assets fell 5% and stood at Rs 860 million in FY17.
  • Overall, the total assets and liabilities for FY17 stood at Rs 44 billion as against Rs 48 billion during FY16, thereby witnessing a fall of 7%.

KOTHARI PRODUCTS Balance Sheet as on March 2017

No. of Mths Year Ending 12 Mar-16* 12 Mar-17* % Change
Networth Rs m 8,982 9,578 6.6
 
Current Liabilities Rs m 37,871 33,732 -10.9
Long-term Debt Rs m 808 808 0.0
Total Liabilities Rs m 47,689 44,200 -7.3
 
Current assets Rs m 44,679 41,232 -7.7
Fixed Assets Rs m 902 860 -4.7
Total Assets Rs m 47,689 44,200 -7.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KOTHARI PRODUCTS Cash Flow Statement Analysis

  • KOTHARI PRODUCTS's cash flow from operating activities (CFO) during FY17 stood at Rs -194 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY17 stood at Rs 1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY17 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY17 stood at Rs -423 million from the Rs 647 million net cash flows seen during FY16.

KOTHARI PRODUCTS Cash Flow Statement 2016-17

Particulars No. of months 12 12 % Change
Year Ending Mar-16 Mar-17
Cash Flow from Operating Activities Rs m -2,242 -194 -
Cash Flow from Investing Activities Rs m 2,321 1,350 -41.8%
Cash Flow from Financing Activities Rs m 568 -1,579 -
Net Cash Flow Rs m 647 -423 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for KOTHARI PRODUCTS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 25.4, an improvement from the EPS of Rs 22.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 94.7, stands at 13.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.6 times, while the price to sales ratio stands at 0.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 3.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-16* 12 Mar-17*
Sales per share (Unadj.) Rs 2,300.9 2,120.7
TTM Earnings per share Rs 22.5 25.4
Diluted earnings per share Rs 22.6 25.5
Price to Cash Flow x 4.1 3.6
TTM P/E ratio x 13.1 13.0
Price / Book Value ratio x 0.9 0.6
Market Cap Rs m 2,826 2,812
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 KOTHARI PRODUCTS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.2x during FY17, from 1.2x during FY16. 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 3.5x during FY17, from 3.2x during FY16. 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 7.9% during FY17, from 7.5% during FY17. 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 15.5% during FY17, from 15.7% during FY16. 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 2.7% during FY17, from 2.4% during FY16. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-16* 12 Mar-17*
Current ratio x 1.2 1.2
Debtors’ Days Days 124 127
Interest coverage x 3.2 3.5
Debt to equity ratio x 0.1 0.1
Return on assets % 2.4 2.7
Return on equity % 7.5 7.9
Return on capital employed % 15.7 15.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how KOTHARI PRODUCTS has performed over the last 5 years, please visit here.

KOTHARI PRODUCTS Share Price Performance

Over the last one year, KOTHARI PRODUCTS share price has moved up from Rs 193.5 to Rs 0.0, registering a loss of Rs 193.5 or around 100.0%.

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

(To know more, check out historical annual results for KOTHARI PRODUCTS and quarterly results for KOTHARI PRODUCTS)

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KOTHARI PRODUCTS Announces Quarterly Results (3QFY19); Net Profit Down 120.7% (Quarterly Result Update)

Feb 15, 2019 | Updated on Feb 15, 2019

For the quarter ended December 2018, KOTHARI PRODUCTS has posted a net profit of Rs 32 m (down 120.7% YoY). Sales on the other hand came in at Rs 8 bn (down 27.2% YoY). Read on for a complete analysis of KOTHARI PRODUCTS's quarterly results.

KOTHARI PRODUCTS Announces Quarterly Results (1QFY19); Net Profit Down 60.3% (Quarterly Result Update)

Aug 20, 2018 | Updated on Aug 20, 2018

For the quarter ended June 2018, KOTHARI PRODUCTS has posted a net profit of Rs 30 m (down 60.3% YoY). Sales on the other hand came in at Rs 9 bn (down 16.2% YoY). Read on for a complete analysis of KOTHARI PRODUCTS's quarterly results.

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