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LEEL ELECTRICALS LTD 2017-18 Annual Report Analysis

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LEEL ELECTRICALS LTD 2017-18 Annual Report Analysis
Fri, 21 Dec

LEEL ELECTRICALS LTD 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.

LEEL ELECTRICALS LTD Income Statement Analysis

  • Operating income during the year fell 30.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 177.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 32.2% in FY18 as against 8.1% in FY17.
  • Depreciation charges decreased by 7.7% and finance costs decreased by 42.7% YoY, respectively.
  • Other income grew by 1498.0% YoY.
  • Net profit for the year grew by 628.6% YoY.
  • Net profit margins during the year grew from 2.1% in FY17 to 21.5% in FY18.

LEEL ELECTRICALS LTD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 33,281 23,306 -30.0%
Other income Rs m 25 404 1,498.0%
Total Revenues Rs m 33,307 23,710 -28.8%
Gross profit Rs m 2,707 7,514 177.6%
Depreciation Rs m 490 452 -7.7%
Interest Rs m 1,200 687 -42.7%
Profit before tax Rs m 1,043 6,779 550.1%
Tax Rs m 343 1,679 389.8%
Profit after tax Rs m 700 5,100 628.6%
Gross profit margin % 8.1 32.2
Effective tax rate % 32.9 24.8
Net profit margin % 2.1 21.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



LEEL ELECTRICALS LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 10 billion as compared to Rs 15 billion in FY17, thereby witnessing an decrease of -31.2%.
  • Long-term debt down at Rs 2 million as compared to Rs 510 million during FY17, a fall of 99.6%.
  • Current assets fell 16% and stood at Rs 17 billion, while fixed assets rose 82% and stood at Rs 8 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 25 billion as against Rs 25 billion during FY17, thereby witnessing a growth of 1%.

LEEL ELECTRICALS LTD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 9,004 13,157 46.1
 
Current Liabilities Rs m 15,001 10,323 -31.2
Long-term Debt Rs m 510 2 -99.6
Total Liabilities Rs m 24,631 24,880 1.0
 
Current assets Rs m 20,409 17,228 -15.6
Fixed Assets Rs m 4,168 7,595 82.2
Total Assets Rs m 24,631 24,880 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



LEEL ELECTRICALS LTD Cash Flow Statement Analysis

  • LEEL ELECTRICALS LTD's cash flow from operating activities (CFO) during FY18 stood at Rs 11 billion, an improvement of 1,496.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -3 billion, an improvement of 807.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -8 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -676 million from the Rs 243 million net cash flows seen during FY17.

LEEL ELECTRICALS LTD 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 666 10,628 1,496.3%
Cash Flow from Investing Activities Rs m -380 -3,453 -
Cash Flow from Financing Activities Rs m -42 -7,851 -
Net Cash Flow Rs m 243 -676 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for LEEL ELECTRICALS LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 126.4, an improvement from the EPS of Rs 17.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 58.5, stands at -0.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.8 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 0.4 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 824.8 577.6
TTM Earnings per share Rs 17.3 126.4
Diluted earnings per share Rs 19.8 144.4
Price to Cash Flow x 2.0 0.4
TTM P/E ratio x -1.0 -0.9
Price / Book Value ratio x 1.2 0.8
Market Cap Rs m 2,360 2,066
Dividends per share (Unadj.) Rs 1.5 20.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for LEEL ELECTRICALS LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY18, from 1.4x 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 10.9x during FY18, from 1.9x 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 improved and stood at 38.8% during FY18, from 7.8% 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 56.7% during FY18, from 23.6% 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 improved and stood at 23.3% during FY18, from 7.7% 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 1.4 1.7
Debtors’ Days Days 83 116
Interest coverage x 1.9 10.9
Debt to equity ratio x 0.1 0.0
Return on assets % 7.7 23.3
Return on equity % 7.8 38.8
Return on capital employed % 23.6 56.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how LEEL ELECTRICALS LTD has performed over the last 5 years, please visit here.

LEEL ELECTRICALS LTD Share Price Performance

Over the last one year, LEEL ELECTRICALS LTD share price has moved up from Rs 294.1 to Rs 58.5, registering a loss of Rs 235.6 or around 80.1%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 20,633.8 (down 1.0%). Over the last one year it has moved down from 22,676.9 to 20,633.8, a loss of 2,043 points (down 9.0%).

Overall, the S&P BSE SENSEX is up 6.8% over the year.

(To know more, check out historical annual results for LEEL ELECTRICALS LTD and quarterly results for LEEL ELECTRICALS LTD)

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For the quarter ended September 2018, LEEL ELECTRICALS LTD has posted a net profit of Rs 30 m (down 100.4% YoY). Sales on the other hand came in at Rs 2 bn (down 36.1% YoY). Read on for a complete analysis of LEEL ELECTRICALS LTD's quarterly results.

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