MANUGRAPH INDIA 2017-18 Annual Report Analysis

Sat, 31 Mar

MANUGRAPH INDIA 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.

MANUGRAPH INDIA Income Statement Analysis

• Operating income during the year fell 14.0% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 527.0% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 6.3% in FY18 as against 1.3% in FY17.
• Depreciation charges decreased by 13.6% and finance costs increased by 41.5% YoY, respectively.
• Other income grew by 48.9% YoY.
• Net profit for the year declined by 59.7% YoY.
• Net profit margins during the year grew from 15.4% in FY17 to 7.2% in FY18.

MANUGRAPH INDIA Income Statement 2017-18

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Net Sales	Rs m	2,298	1,976	-14.0%
Other income	Rs m	67	99	48.9%
Total Revenues	Rs m	2,364	2,075	-12.2%
Gross profit	Rs m	29	-124	-527.0%
Depreciation	Rs m	61	53	-13.6%
Interest	Rs m	9	13	41.5%
Profit before tax	Rs m	25	-91	-461.3%
Tax	Rs m	379	52	-86.4%
Profit after tax	Rs m	-354	-142	-59.7%
Gross profit margin	%	1.3	-6.3
Effective tax rate	%	1,504.8	-56.6
Net profit margin	%	-15.4	-7.2

MANUGRAPH INDIA Balance Sheet Analysis

• The company's current liabilities during FY18 stood at Rs 813 million as compared to Rs 762 million in FY17, thereby witnessing an increase of 6.6%.
• Current assets rose 7% and stood at Rs 2 billion, while fixed assets fell 11% and stood at Rs 1 billion in FY18.
• Overall, the total assets and liabilities for FY18 stood at Rs 3 billion as against Rs 3 billion during FY17, thereby witnessing a fall of 2%.

MANUGRAPH INDIA Balance Sheet as on March 2018

No. of Mths Year Ending		12 Mar-17*	12 Mar-18*	% Change
Networth	Rs m	2,237	2,071	-7.4
Current Liabilities	Rs m	762	813	6.6
Long-term Debt	Rs m	2	0	-100.0
Total Liabilities	Rs m	3,126	3,064	-2.0
Current assets	Rs m	1,540	1,645	6.8
Fixed Assets	Rs m	1,586	1,418	-10.6
Total Assets	Rs m	3,126	3,064	-2.0

MANUGRAPH INDIA Cash Flow Statement Analysis

• MANUGRAPH INDIA's cash flow from operating activities (CFO) during FY18 stood at Rs -280 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY18 stood at Rs 315 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY18 stood at Rs -66 million, an improvement of 15% on a YoY basis.
• Overall, net cash flows for the company during FY18 stood at Rs -31 million from the Rs -24 million net cash flows seen during FY17.

MANUGRAPH INDIA 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	302	-280	-
Cash Flow from Investing Activities	Rs m	-248	315	-
Cash Flow from Financing Activities	Rs m	-77	-66	-
Net Cash Flow	Rs m	-24	-31	-

Current Valuations for MANUGRAPH INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -5.6, an improvement from the EPS of Rs -11.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 45.8, stands at -6.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.7 times, while the price to sales ratio stands at 0.6 times.
• The company's price to cash flow (P/CF) ratio stood at -16.0 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	75.5	77.3
TTM Earnings per share	Rs	-11.6	-5.6
Diluted earnings per share	Rs	-11.6	-4.7
Price to Cash Flow	x	-5.8	-16.0
TTM P/E ratio	x	-3.8	-6.8
Price / Book Value ratio	x	0.7	0.7
Market Cap	Rs m	1,585	1,431
Dividends per share (Unadj.)	Rs	0.5	0.6

Ratio Analysis for MANUGRAPH INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.0x during FY18, from 2.0x 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 -5.9x during FY18, from 3.7x 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 -6.9% during FY18, from -15.8% 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 declined and down at -3.8% during FY18, from 1.5% 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 -4.2% during FY18, from -11.0% 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	2.0	2.0
Debtors’ Days	Days	147	332
Interest coverage	x	3.7	-5.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-11.0	-4.2
Return on equity	%	-15.8	-6.9
Return on capital employed	%	1.5	-3.8

To see how MANUGRAPH INDIA has performed over the last 5 years, please visit here.

MANUGRAPH INDIA Share Price Performance

Over the last one year, MANUGRAPH INDIA share price has moved down from Rs 55.4 to Rs 45.8, registering a loss of Rs 9.6 or around 17.3%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,476.7 (down 0.1%). Over the last one year it has moved up from 16,446.0 to 18,476.7, a gain of 2,031 points (up 12.3%).

Overall, the S&P BSE SENSEX is up 12.1% over the year.

(To know more, check out historical annual results for MANUGRAPH INDIA and quarterly results for MANUGRAPH INDIA)