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MANGALAM CEMENT 2016-17 Annual Report Analysis

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MANGALAM CEMENT 2016-17 Annual Report Analysis
Tue, 18 Dec

MANGALAM CEMENT has announced its results for the year ended March 2017. Let us have a look at the detailed performance review of the company during FY16-17.

MANGALAM CEMENT Income Statement Analysis

  • Operating income during the year rose 7.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 171.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.4% in FY17 as against 5.3% in FY16.
  • Depreciation charges increased by 10.0% and finance costs increased by 3.4% YoY, respectively.
  • Other income grew by 156.4% YoY.
  • Net profit for the year declined by 270.7% YoY.
  • Net profit margins during the year grew from 2.5% in FY16 to 4.0% in FY17.

MANGALAM CEMENT Income Statement 2016-17

No. of Mths Year Ending 12 Mar-16* 12 Mar-17* % Change
Net Sales Rs m 8,418 9,086 7.9%
Other income Rs m 66 169 156.4%
Total Revenues Rs m 8,483 9,254 9.1%
Gross profit Rs m 447 1,214 171.7%
Depreciation Rs m 367 403 10.0%
Interest Rs m 459 475 3.4%
Profit before tax Rs m -313 505 -261.1%
Tax Rs m -99 138 -240.2%
Profit after tax Rs m -215 366 -270.7%
Gross profit margin % 5.3 13.4
Effective tax rate % 31.5 27.4
Net profit margin % -2.5 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MANGALAM CEMENT Balance Sheet Analysis

  • The company's current liabilities during FY17 stood at Rs 4 billion as compared to Rs 3 billion in FY16, thereby witnessing an increase of 16.9%.
  • Long-term debt down at Rs 2 billion as compared to Rs 3 billion during FY16, a fall of 18.7%.
  • Current assets fell 2% and stood at Rs 3 billion, while fixed assets rose 6% and stood at Rs 9 billion in FY17.
  • Overall, the total assets and liabilities for FY17 stood at Rs 12 billion as against Rs 12 billion during FY16, thereby witnessing a growth of 2%.

MANGALAM CEMENT Balance Sheet as on March 2017

No. of Mths Year Ending 12 Mar-16* 12 Mar-17* % Change
Networth Rs m 4,733 5,060 6.9
 
Current Liabilities Rs m 3,199 3,738 16.9
Long-term Debt Rs m 2,805 2,280 -18.7
Total Liabilities Rs m 11,924 12,131 1.7
 
Current assets Rs m 3,017 2,970 -1.5
Fixed Assets Rs m 8,156 8,624 5.7
Total Assets Rs m 11,924 12,131 1.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MANGALAM CEMENT Cash Flow Statement Analysis

  • MANGALAM CEMENT's cash flow from operating activities (CFO) during FY17 stood at Rs 2 billion, an improvement of 119.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY17 stood at Rs -903 million, an improvement of 46.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY17 stood at Rs -773 million on a YoY basis.
  • Overall, net cash flows for the company during FY17 stood at Rs -41 million from the Rs -1 million net cash flows seen during FY16.

MANGALAM CEMENT Cash Flow Statement 2016-17

Particulars No. of months 12 12 % Change
Year Ending Mar-16 Mar-17
Cash Flow from Operating Activities Rs m 745 1,635 119.4%
Cash Flow from Investing Activities Rs m -618 -903 -
Cash Flow from Financing Activities Rs m -128 -773 -
Net Cash Flow Rs m -1 -41 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for MANGALAM CEMENT

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.7, 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 213.0, stands at -40.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.6 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 7.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-16* 12 Mar-17*
Sales per share (Unadj.) Rs 315.4 340.4
TTM Earnings per share Rs -8.0 13.7
Diluted earnings per share Rs -8.0 13.7
Price to Cash Flow x 37.4 7.4
TTM P/E ratio x -40.6 -40.6
Price / Book Value ratio x 1.3 1.6
Market Cap Rs m 5,685 5,685
Dividends per share (Unadj.) Rs 0.5 0.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for MANGALAM CEMENT

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.8x during FY17, from 0.9x during FY16. 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 2.1x during FY17, from 0.3x during FY16. 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 7.2% during FY17, from -4.5% during FY17. 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 13.3% during FY17, from 1.9% during FY16. 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 6.9% during FY17, from 2.1% during FY16. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-16* 12 Mar-17*
Current ratio x 0.9 0.8
Debtors’ Days Days 15 14
Interest coverage x 0.3 2.1
Debt to equity ratio x 0.6 0.5
Return on assets % 2.1 6.9
Return on equity % -4.5 7.2
Return on capital employed % 1.9 13.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how MANGALAM CEMENT has performed over the last 5 years, please visit here.

MANGALAM CEMENT Share Price Performance

Over the last one year, MANGALAM CEMENT share price has moved up from Rs 348.7 to Rs 213.0, registering a loss of Rs 135.7 or around 38.9%.

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for MANGALAM CEMENT and quarterly results for MANGALAM CEMENT)

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Related Views on News

MANGALAM CEMENT Announces Quarterly Results (4QFY19); Net Profit Up 137.1% (Quarterly Result Update)

May 15, 2019 | Updated on May 15, 2019

For the quarter ended March 2019, MANGALAM CEMENT has posted a net profit of Rs 17 m (up 137.1% YoY). Sales on the other hand came in at Rs 3 bn (up 4.6% YoY). Read on for a complete analysis of MANGALAM CEMENT's quarterly results.

MANGALAM CEMENT Announces Quarterly Results (3QFY19); Net Profit Down 71.0% (Quarterly Result Update)

Feb 11, 2019 | Updated on Feb 11, 2019

For the quarter ended December 2018, MANGALAM CEMENT has posted a net profit of Rs 8 m (down 71.0% YoY). Sales on the other hand came in at Rs 3 bn (up 14.7% YoY). Read on for a complete analysis of MANGALAM CEMENT's quarterly results.

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