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THE BYKE HOSPITALITY 2017-18 Annual Report Analysis

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THE BYKE HOSPITALITY 2017-18 Annual Report Analysis
Thu, 14 Mar

THE BYKE HOSPITALITY 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.

THE BYKE HOSPITALITY Income Statement Analysis

  • Operating income during the year fell 34.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 10.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 38.7% in FY18 as against 23.0% in FY17.
  • Depreciation charges increased by 6.9% and finance costs decreased by 31.2% YoY, respectively.
  • Other income grew by 18.5% YoY.
  • Net profit for the year grew by 12.5% YoY.
  • Net profit margins during the year grew from 11.8% in FY17 to 20.2% in FY18.

THE BYKE HOSPITALITY Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 2,700 1,774 -34.3%
Other income Rs m 7 8 18.5%
Total Revenues Rs m 2,706 1,782 -34.2%
Gross profit Rs m 622 687 10.5%
Depreciation Rs m 128 137 6.9%
Interest Rs m 11 8 -31.2%
Profit before tax Rs m 490 551 12.5%
Tax Rs m 169 191 12.5%
Profit after tax Rs m 320 360 12.5%
Gross profit margin % 23.0 38.7
Effective tax rate % 34.6 34.6
Net profit margin % 11.8 20.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



THE BYKE HOSPITALITY Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 432 million as compared to Rs 260 million in FY17, thereby witnessing an increase of 66.2%.
  • Long-term debt down at Rs 2 million as compared to Rs 5 million during FY17, a fall of 51.1%.
  • Current assets rose 24% and stood at Rs 976 million, while fixed assets rose 18% and stood at Rs 1 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 2 billion as against Rs 2 billion during FY17, thereby witnessing a growth of 26%.

THE BYKE HOSPITALITY Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 1,528 1,837 20.3
 
Current Liabilities Rs m 260 432 66.2
Long-term Debt Rs m 5 2 -51.1
Total Liabilities Rs m 1,866 2,354 26.2
 
Current assets Rs m 789 976 23.6
Fixed Assets Rs m 943 1,115 18.3
Total Assets Rs m 1,866 2,354 26.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



THE BYKE HOSPITALITY Cash Flow Statement Analysis

  • THE BYKE HOSPITALITY's cash flow from operating activities (CFO) during FY18 stood at Rs 313 million, an improvement of 11.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -301 million, an improvement of 57.4% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 63 million, an improvement of 175% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 75 million from the Rs 7 million net cash flows seen during FY17.

THE BYKE HOSPITALITY 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 282 313 11.2%
Cash Flow from Investing Activities Rs m -191 -301 -
Cash Flow from Financing Activities Rs m -83 63 -
Net Cash Flow Rs m 7 75 952.1%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for THE BYKE HOSPITALITY

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.0, an improvement from the EPS of Rs 8.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 34.4, stands at 6.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.0 times, while the price to sales ratio stands at 4.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 2.8 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 67.3 44.2
TTM Earnings per share Rs 8.0 9.0
Diluted earnings per share Rs 8.0 9.0
Price to Cash Flow x 3.1 2.8
TTM P/E ratio x 6.0 6.0
Price / Book Value ratio x 4.6 4.0
Market Cap Rs m 1,379 1,379
Dividends per share (Unadj.) Rs 1.0 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for THE BYKE HOSPITALITY

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.3x during FY18, from 3.0x 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 improved and stood at 74.4x during FY18, from 45.9x 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 19.6% during FY18, from 21.0% 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 30.3% during FY18, from 32.7% 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 15.6% during FY18, from 17.7% 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 3.0 2.3
Debtors’ Days Days 30 61
Interest coverage x 45.9 74.4
Debt to equity ratio x 0.0 0.0
Return on assets % 17.7 15.6
Return on equity % 21.0 19.6
Return on capital employed % 32.7 30.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how THE BYKE HOSPITALITY has performed over the last 5 years, please visit here.

THE BYKE HOSPITALITY Share Price Performance

Over the last one year, THE BYKE HOSPITALITY share price has moved up from Rs 161.0 to Rs 34.4, registering a loss of Rs 126.6 or around 78.6%.

Overall, the S&P BSE SENSEX is up 11.9% over the year.

(To know more, check out historical annual results for THE BYKE HOSPITALITY and quarterly results for THE BYKE HOSPITALITY)

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