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KSB PUMPS 2017-18 Annual Report Analysis

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KSB PUMPS 2017-18 Annual Report Analysis
Mon, 22 Apr

KSB PUMPS has announced its results for the year ended December 2018. Let us have a look at the detailed performance review of the company during FY17-18.

KSB PUMPS Income Statement Analysis

  • Operating income during the year rose 15.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 19.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.7% in CY18 as against 11.4% in CY17.
  • Depreciation charges increased by 28.5% and finance costs increased by 5.6% YoY, respectively.
  • Other income declined by 32.5% YoY.
  • Net profit for the year grew by 1.0% YoY.
  • Net profit margins during the year declined from 7.3% in CY17 to 6.4% in CY18.

KSB PUMPS Income Statement 2017-18

No. of Mths Year Ending 12 Dec-17* 12 Dec-18* % Change
Net Sales Rs m 9,443 10,931 15.7%
Other income Rs m 297 200 -32.5%
Total Revenues Rs m 9,740 11,131 14.3%
Gross profit Rs m 1,075 1,283 19.4%
Depreciation Rs m 309 397 28.5%
Interest Rs m 36 38 5.6%
Profit before tax Rs m 1,028 1,050 2.1%
Tax Rs m 371 377 1.6%
Profit after tax Rs m 709 716 1.0%
Gross profit margin % 11.4 11.7
Effective tax rate % 36.1 35.9
Net profit margin % 7.3 6.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KSB PUMPS Balance Sheet Analysis

  • The company's current liabilities during CY18 stood at Rs 5 billion as compared to Rs 3 billion in CY17, thereby witnessing an increase of 38.3%.
  • Current assets rose 27% and stood at Rs 8 billion, while fixed assets rose 4% and stood at Rs 3 billion in CY18.
  • Overall, the total assets and liabilities for CY18 stood at Rs 13 billion as against Rs 11 billion during CY17, thereby witnessing a growth of 16%.

KSB PUMPS Balance Sheet as on December 2018

No. of Mths Year Ending 12 Dec-17* 12 Dec-18* % Change
Networth Rs m 7,104 7,578 6.7
 
Current Liabilities Rs m 3,294 4,556 38.3
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 10,772 12,500 16.0
 
Current assets Rs m 6,356 8,063 26.8
Fixed Assets Rs m 3,123 3,252 4.1
Total Assets Rs m 10,772 12,500 16.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



KSB PUMPS Cash Flow Statement Analysis

  • KSB PUMPS's cash flow from operating activities (CFO) during CY18 stood at Rs 775 million on a YoY basis.
  • Cash flow from investing activities (CFI) during CY18 stood at Rs -855 million on a YoY basis.
  • Cash flow from financial activities (CFF) during CY18 stood at Rs 17 million, an improvement of 108% on a YoY basis.
  • Overall, net cash flows for the company during CY18 stood at Rs -63 million from the Rs -74 million net cash flows seen during CY17.

KSB PUMPS Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Dec-17 Dec-18
Cash Flow from Operating Activities Rs m -254 775 -
Cash Flow from Investing Activities Rs m 388 -855 -
Cash Flow from Financing Activities Rs m -208 17 -
Net Cash Flow Rs m -74 -63 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for KSB PUMPS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 20.6, an improvement from the EPS of Rs 20.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 690.0, stands at 32.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.7 times, while the price to sales ratio stands at 2.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 22.5 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Dec-17* 12 Dec-18*
Sales per share (Unadj.) Rs 271.3 314.0
TTM Earnings per share Rs 20.4 20.6
Diluted earnings per share Rs 20.4 20.6
Price to Cash Flow x 24.9 22.5
TTM P/E ratio x 32.5 32.5
Price / Book Value ratio x 3.8 3.7
Market Cap Rs m 24,019 24,019
Dividends per share (Unadj.) Rs 6.0 6.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for KSB PUMPS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.8x during CY18, from 1.9x during CY17. 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 29.0x during CY18, from 29.9x during CY17. 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 9.5% during CY18, from 10.0% during CY18. 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 14.9% during CY18, from 15.7% during CY17. 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 6.0% during CY18, from 6.9% during CY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Dec-17* 12 Dec-18*
Current ratio x 1.9 1.8
Debtors’ Days Days 99 97
Interest coverage x 29.9 29.0
Debt to equity ratio x 0.0 0.0
Return on assets % 6.9 6.0
Return on equity % 10.0 9.5
Return on capital employed % 15.7 14.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how KSB PUMPS has performed over the last 5 years, please visit here.

KSB PUMPS Share Price Performance

Over the last one year, KSB PUMPS share price has moved up from Rs 857.6 to Rs 690.0, registering a loss of Rs 167.6 or around 19.5%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,257.1 (down 0.5%). Over the last one year it has moved down from 19,191.1 to 18,257.1, a loss of 934 points (down 4.9%).

Overall, the S&P BSE SENSEX is up 13.0% over the year.

(To know more, check out historical annual results for KSB PUMPS and quarterly results for KSB PUMPS)

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