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MAH. SEAMLESS 2017-18 Annual Report Analysis

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MAH. SEAMLESS 2017-18 Annual Report Analysis
Fri, 21 Dec

MAH. SEAMLESS 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.

MAH. SEAMLESS Income Statement Analysis

  • Operating income during the year rose 49.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 53.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.0% in FY18 as against 15.7% in FY17.
  • Depreciation charges increased by 7.4% and finance costs increased by 23.0% YoY, respectively.
  • Other income declined by 14.8% YoY.
  • Net profit for the year grew by 72.8% YoY.
  • Net profit margins during the year grew from 7.7% in FY17 to 9.0% in FY18.

MAH. SEAMLESS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 14,342 21,497 49.9%
Other income Rs m 763 650 -14.8%
Total Revenues Rs m 15,105 22,147 46.6%
Gross profit Rs m 2,249 3,450 53.4%
Depreciation Rs m 710 762 7.4%
Interest Rs m 339 417 23.0%
Profit before tax Rs m 1,963 2,921 48.8%
Tax Rs m 805 920 14.2%
Profit after tax Rs m 1,158 2,001 72.8%
Gross profit margin % 15.7 16.0
Effective tax rate % 41.0 31.5
Net profit margin % 7.7 9.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MAH. SEAMLESS Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 4 billion as compared to Rs 7 billion in FY17, thereby witnessing an decrease of -47.3%.
  • Long-term debt stood at Rs 5 billion as compared to Rs 2 billion during FY17, a growth of 162.7%.
  • Current assets rose 2% and stood at Rs 15 billion, while fixed assets fell 6% and stood at Rs 14 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 40 billion as against Rs 39 billion during FY17, thereby witnessing a growth of 5%.

MAH. SEAMLESS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 27,464 29,300 6.7
 
Current Liabilities Rs m 6,678 3,519 -47.3
Long-term Debt Rs m 1,798 4,723 162.7
Total Liabilities Rs m 38,561 40,456 4.9
 
Current assets Rs m 14,372 14,719 2.4
Fixed Assets Rs m 14,862 14,021 -5.7
Total Assets Rs m 38,561 40,456 4.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MAH. SEAMLESS Cash Flow Statement Analysis

  • MAH. SEAMLESS's cash flow from operating activities (CFO) during FY18 stood at Rs 927 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 122 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -954 million, an improvement of 28% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 104 million from the Rs 17 million net cash flows seen during FY17.

MAH. SEAMLESS 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 2,414 927 -61.6%
Cash Flow from Investing Activities Rs m -1,011 122 -
Cash Flow from Financing Activities Rs m -1,329 -954 -
Net Cash Flow Rs m 17 104 517.9%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for MAH. SEAMLESS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 29.9, 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 513.4, stands at 11.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.0 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 13.1 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 214.1 320.8
TTM Earnings per share Rs 17.3 29.9
Diluted earnings per share Rs 16.4 28.4
Price to Cash Flow x 18.4 13.1
TTM P/E ratio x 10.9 11.5
Price / Book Value ratio x 0.6 1.0
Market Cap Rs m 34,394 36,207
Dividends per share (Unadj.) Rs 5.0 6.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for MAH. SEAMLESS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 4.2x during FY18, from 2.2x 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 8.0x during FY18, from 6.8x 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 6.8% during FY18, from 4.2% 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 9.8% during FY18, from 7.9% 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 6.0% during FY18, from 3.9% 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 2.2 4.2
Debtors’ Days Days 79 68
Interest coverage x 6.8 8.0
Debt to equity ratio x 0.1 0.2
Return on assets % 3.9 6.0
Return on equity % 4.2 6.8
Return on capital employed % 7.9 9.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how MAH. SEAMLESS has performed over the last 5 years, please visit here.

MAH. SEAMLESS Share Price Performance

Over the last one year, MAH. SEAMLESS share price has moved up from Rs 498.9 to Rs 513.4, registering a gain of Rs 14.5 or around 2.9%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 11,997.7 (up 0.9%). Over the last one year it has moved down from 14,536.6 to 11,997.7, a loss of 2,539 points (down 17.5%).

Overall, the S&P BSE SENSEX is up 7.9% over the year.

(To know more, check out historical annual results for MAH. SEAMLESS and quarterly results for MAH. SEAMLESS)

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For the quarter ended March 2019, MAHARASHTRA SEAMLESS has posted a net profit of Rs 192 m (down 121.8% YoY). Sales on the other hand came in at Rs 10 bn (up 52.8% YoY). Read on for a complete analysis of MAHARASHTRA SEAMLESS's quarterly results.

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