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IZMO LIMITED 2017-18 Annual Report Analysis

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IZMO LIMITED 2017-18 Annual Report Analysis
Wed, 15 May

IZMO LIMITED 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.

IZMO LIMITED Income Statement Analysis

  • Operating income during the year rose 16.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 35.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 27.5% in FY18 as against 23.5% in FY17.
  • Depreciation charges increased by 2.8% and finance costs increased by 0.8% YoY, respectively.
  • Other income grew by 19.3% YoY.
  • Net profit for the year grew by 30.1% YoY.
  • Net profit margins during the year grew from 7.9% in FY17 to 8.9% in FY18.

IZMO LIMITED Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 543 630 16.0%
Other income Rs m 43 51 19.3%
Total Revenues Rs m 585 681 16.3%
Gross profit Rs m 128 173 35.7%
Depreciation Rs m 119 123 2.8%
Interest Rs m 12 12 0.8%
Profit before tax Rs m 39 90 128.9%
Tax Rs m -7 10 -233.8%
Profit after tax Rs m 47 61 30.1%
Gross profit margin % 23.5 27.5
Effective tax rate % -18.9 11.1
Net profit margin % 7.9 8.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



IZMO LIMITED Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 226 million as compared to Rs 181 million in FY17, thereby witnessing an increase of 24.6%.
  • Long-term debt down at Rs 132 million as compared to Rs 170 million during FY17, a fall of 22.4%.
  • Current assets fell 5% and stood at Rs 403 million, while fixed assets rose 7% and stood at Rs 2 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 4%.

IZMO LIMITED Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 1,805 1,893 4.9
 
Current Liabilities Rs m 181 226 24.6
Long-term Debt Rs m 170 132 -22.4
Total Liabilities Rs m 2,184 2,276 4.2
 
Current assets Rs m 425 403 -5.2
Fixed Assets Rs m 1,689 1,810 7.1
Total Assets Rs m 2,184 2,276 4.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



IZMO LIMITED Cash Flow Statement Analysis

  • IZMO LIMITED's cash flow from operating activities (CFO) during FY18 stood at Rs 234 million, an improvement of 157.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -130 million, an improvement of 86.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -86 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 19 million from the Rs -25 million net cash flows seen during FY17.

IZMO LIMITED 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 91 234 157.8%
Cash Flow from Investing Activities Rs m -70 -130 -
Cash Flow from Financing Activities Rs m -46 -86 -
Net Cash Flow Rs m -25 19 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for IZMO LIMITED

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.7, an improvement from the EPS of Rs 3.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 49.0, stands at 11.3 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 1.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 3.3 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 44.6 49.1
TTM Earnings per share Rs 3.8 4.7
Diluted earnings per share Rs 3.8 4.9
Price to Cash Flow x 3.6 3.3
TTM P/E ratio x 11.2 11.3
Price / Book Value ratio x 0.4 0.6
Market Cap Rs m 596 600
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for IZMO LIMITED

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.8x during FY18, from 2.3x 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 8.5x during FY18, from 4.3x 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 3.2% during FY18, from 2.6% 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 4.1% during FY18, from 2.6% 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 3.2% during FY18, from 2.7% 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 2.3 1.8
Debtors’ Days Days 86 101
Interest coverage x 4.3 8.5
Debt to equity ratio x 0.1 0.1
Return on assets % 2.7 3.2
Return on equity % 2.6 3.2
Return on capital employed % 2.6 4.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how IZMO LIMITED has performed over the last 5 years, please visit here.

IZMO LIMITED Share Price Performance

Over the last one year, IZMO LIMITED share price has moved up from Rs 103.8 to Rs 49.0, registering a loss of Rs 54.8 or around 52.8%.

Meanwhile, the S&P BSE IT Index is trading at Rs 15,431.6 (up 0.7%). Over the last one year it has moved up from 13,239.7 to 15,431.6, a gain of 2,192 points (up 16.6%).

Overall, the S&P BSE SENSEX is up 4.9% over the year.

(To know more, check out historical annual results for IZMO LIMITED and quarterly results for IZMO LIMITED)

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