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MANUGRAPH INDIA 2017-18 Annual Report Analysis

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MANUGRAPH INDIA 2017-18 Annual Report Analysis
Tue, 18 Dec

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 28.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 1051.7% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 3.7% in FY18 as against 0.2% in FY17.
  • Depreciation charges decreased by 13.6% and finance costs increased by 73.1% YoY, respectively.
  • Other income grew by 48.6% YoY.
  • Net profit for the year grew by 434.7% YoY.
  • Net profit margins during the year declined from 0.4% in FY17 to 2.8% in FY18.

MANUGRAPH INDIA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 2,578 1,847 -28.4%
Other income Rs m 67 99 48.6%
Total Revenues Rs m 2,645 1,946 -26.4%
Gross profit Rs m -6 -69 1,051.7%
Depreciation Rs m 61 53 -13.6%
Interest Rs m 7 12 73.1%
Profit before tax Rs m -7 -35 374.0%
Tax Rs m 17 19 12.1%
Profit after tax Rs m -10 -54 434.7%
Gross profit margin % -0.2 -3.7
Effective tax rate % -237.0 -56.1
Net profit margin % -0.4 -2.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MANUGRAPH INDIA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 813 million as compared to Rs 763 million in FY17, thereby witnessing an increase of 6.6%.
  • Current assets rose 12% and stood at Rs 2 billion, while fixed assets fell 15% 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 2,092 -6.5
 
Current Liabilities Rs m 763 813 6.6
Long-term Debt Rs m 2 0 -100.0
Total Liabilities Rs m 3,126 3,075 -1.6
 
Current assets Rs m 1,540 1,725 12.0
Fixed Assets Rs m 1,204 1,028 -14.6
Total Assets Rs m 3,126 3,075 -1.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MANUGRAPH INDIA Cash Flow Statement Analysis

  • MANUGRAPH INDIA's cash flow from operating activities (CFO) during FY18 stood at Rs -278 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 -67 million, an improvement of 14% 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 -278 -
Cash Flow from Investing Activities Rs m -248 315 -
Cash Flow from Financing Activities Rs m -78 -67 -
Net Cash Flow Rs m -24 -31 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for MANUGRAPH INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -1.8, an decline from the EPS of Rs -0.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 31.5, stands at -11.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.8 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at -871.1 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 84.8 60.7
TTM Earnings per share Rs -0.3 -1.8
Diluted earnings per share Rs -0.3 -1.8
Price to Cash Flow x 26.2 -871.1
TTM P/E ratio x -11.4 -11.4
Price / Book Value ratio x 0.7 0.8
Market Cap Rs m 958 958
Dividends per share (Unadj.) Rs 0.5 0.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for MANUGRAPH INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.1x 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 -2.0x during FY18, from -0.1x 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 declined and down at -2.6% during FY18, from -0.5% 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 -1.1% during FY18, from 0.6% 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 declined and down at -1.4% during FY18, from -0.1% 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 2.1
Debtors’ Days Days 13 35
Interest coverage x -0.1 -2.0
Debt to equity ratio x 0.0 0.0
Return on assets % -0.1 -1.4
Return on equity % -0.5 -2.6
Return on capital employed % 0.6 -1.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 up from Rs 47.7 to Rs 31.5, registering a loss of Rs 16.2 or around 34.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,601.7 (up 0.7%). Over the last one year it has moved up from 18,447.1 to 18,601.7, a gain of 155 points (up 0.8%).

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

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

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