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MAN IND.(I) 2017-18 Annual Report Analysis

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MAN IND.(I) 2017-18 Annual Report Analysis
Thu, 31 Jan

MAN IND.(I) 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.

MAN IND.(I) Income Statement Analysis

  • Operating income during the year rose 51.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 157.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.7% in FY18 as against 4.6% in FY17.
  • Depreciation charges decreased by 2.1% and finance costs increased by 18.5% YoY, respectively.
  • Other income declined by 21.5% YoY.
  • Net profit for the year grew by 89.7% YoY.
  • Net profit margins during the year grew from 3.0% in FY17 to 3.8% in FY18.

MAN IND.(I) Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 10,579 16,075 51.9%
Other income Rs m 724 568 -21.5%
Total Revenues Rs m 11,303 16,643 47.2%
Gross profit Rs m 483 1,244 157.4%
Depreciation Rs m 401 392 -2.1%
Interest Rs m 363 430 18.5%
Profit before tax Rs m 443 989 123.2%
Tax Rs m 107 352 228.0%
Profit after tax Rs m 336 637 89.7%
Gross profit margin % 4.6 7.7
Effective tax rate % 24.2 35.6
Net profit margin % 3.0 3.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MAN IND.(I) Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 9 billion as compared to Rs 6 billion in FY17, thereby witnessing an increase of 55.9%.
  • Long-term debt down at Rs 896 million as compared to Rs 1 billion during FY17, a fall of 31.8%.
  • Current assets rose 25% and stood at Rs 11 billion, while fixed assets rose 19% and stood at Rs 4 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 17 billion as against Rs 14 billion during FY17, thereby witnessing a growth of 25%.

MAN IND.(I) Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 5,983 6,522 9.0
 
Current Liabilities Rs m 5,812 9,060 55.9
Long-term Debt Rs m 1,313 896 -31.8
Total Liabilities Rs m 13,564 16,976 25.2
 
Current assets Rs m 8,703 10,920 25.5
Fixed Assets Rs m 3,508 4,184 19.3
Total Assets Rs m 13,564 16,976 25.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MAN IND.(I) Cash Flow Statement Analysis

  • MAN IND.(I)'s cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -881 million from the Rs -130 million net cash flows seen during FY17.

MAN IND.(I) 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 -748 1,320 -
Cash Flow from Investing Activities Rs m 206 -1,049 -
Cash Flow from Financing Activities Rs m 412 -1,152 -
Net Cash Flow Rs m -130 -881 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for MAN IND.(I)

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.2, an improvement from the EPS of Rs 5.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 62.4, stands at 4.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 0.4 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-17* 12 Mar-18*
Sales per share (Unadj.) Rs 185.2 281.5
TTM Earnings per share Rs 5.9 11.2
Diluted earnings per share Rs 5.6 10.7
Price to Cash Flow x 4.8 3.6
TTM P/E ratio x 4.3 4.5
Price / Book Value ratio x 0.7 0.9
Market Cap Rs m 3,561 3,729
Dividends per share (Unadj.) Rs 1.5 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for MAN IND.(I)

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY18, from 1.5x 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 3.3x during FY18, from 2.2x 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 9.8% during FY18, from 5.6% 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 19.1% during FY18, from 11.1% 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 6.3% during FY18, from 5.2% 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 1.5 1.2
Debtors’ Days Days 118 87
Interest coverage x 2.2 3.3
Debt to equity ratio x 0.2 0.1
Return on assets % 5.2 6.3
Return on equity % 5.6 9.8
Return on capital employed % 11.1 19.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how MAN IND.(I) has performed over the last 5 years, please visit here.

MAN IND.(I) Share Price Performance

Over the last one year, MAN IND.(I) share price has moved up from Rs 122.5 to Rs 62.4, registering a loss of Rs 60.2 or around 49.1%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 10,945.3 (up 1.2%). Over the last one year it has moved down from 15,427.4 to 10,945.3, a loss of 4,482 points (down 29.1%).

Overall, the S&P BSE SENSEX is up 0.4% over the year.

(To know more, check out historical annual results for MAN IND.(I) and quarterly results for MAN IND.(I))

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MAN INDUSTRIES Announces Quarterly Results (4QFY19); Net Profit Down 94.0% (Quarterly Result Update)

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For the quarter ended March 2019, MAN INDUSTRIES has posted a net profit of Rs 16 m (down 94.0% YoY). Sales on the other hand came in at Rs 3 bn (down 45.9% YoY). Read on for a complete analysis of MAN INDUSTRIES's quarterly results.

MAN IND.(I) Announces Quarterly Results (3QFY19); Net Profit Down 8.9% (Quarterly Result Update)

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