BOSCH 2018-19 Annual Report Analysis

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BOSCH 2018-19 Annual Report Analysis
Mon, 16 Sep

BOSCH has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

BOSCH Income Statement Analysis

  • Operating income during the year rose 4.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 3.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 17.6% in FY19 as against 17.9% in FY18.
  • Depreciation charges decreased by 13.4% and finance costs increased by 303.0% YoY, respectively.
  • Other income grew by 16.3% YoY.
  • Net profit for the year grew by 16.6% YoY.
  • Net profit margins during the year grew from 11.2% in FY18 to 12.4% in FY19.

BOSCH Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 116,901 122,579 4.9%
Other income Rs m 5,118 5,953 16.3%
Total Revenues Rs m 122,019 128,532 5.3%
Gross profit Rs m 20,932 21,635 3.4%
Depreciation Rs m 4,672 4,045 -13.4%
Interest Rs m 33 133 303.0%
Profit before tax Rs m 21,345 23,410 9.7%
Tax Rs m 6,698 7,430 10.9%
Profit after tax Rs m 13,708 15,980 16.6%
Gross profit margin % 17.9 17.6
Effective tax rate % 31.4 31.7
Net profit margin % 11.2 12.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BOSCH Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 32 billion as compared to Rs 35 billion in FY18, thereby witnessing an decrease of -8.2%.
  • Current assets fell 12% and stood at Rs 65 billion, while fixed assets rose 12% and stood at Rs 18 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 127 billion as against Rs 139 billion during FY18, thereby witnessing a fall of 9%.

BOSCH Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 99,726 91,178 -8.6
 
Current Liabilities Rs m 35,191 32,311 -8.2
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 139,187 127,012 -8.7
 
Current assets Rs m 73,347 64,632 -11.9
Fixed Assets Rs m 16,307 18,199 11.6
Total Assets Rs m 139,187 127,012 -8.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BOSCH Cash Flow Statement Analysis

  • BOSCH's cash flow from operating activities (CFO) during FY19 stood at Rs 6 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 18 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -25 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -2 billion from the Rs 2 billion net cash flows seen during FY18.

BOSCH Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 17,287 6,054 -65.0%
Cash Flow from Investing Activities Rs m -11,703 17,659 -
Cash Flow from Financing Activities Rs m -3,246 -25,308 -
Net Cash Flow Rs m 2,338 -1,595 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BOSCH

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 541.9, an improvement from the EPS of Rs 449.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 13,942.7, stands at 29.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.4 times, while the price to sales ratio stands at 4.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 21.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 3,830.3 4,156.6
TTM Earnings per share Rs 449.1 541.9
Diluted earnings per share Rs 449.1 523.6
Price to Cash Flow x 23.2 21.2
TTM P/E ratio x 29.4 29.4
Price / Book Value ratio x 6.5 6.4
Market Cap Rs m 425,530 425,530
Dividends per share (Unadj.) Rs 100.0 105.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BOSCH

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.0x during FY19, from 2.1x during FY18. 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 177.0x during FY19, from 647.8x during FY18. 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 17.5% during FY19, from 13.7% during FY19. 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 25.8% during FY19, from 20.5% during FY18. 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 12.7% during FY19, from 9.9% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 2.1 2.0
Debtors’ Days Days 50 47
Interest coverage x 647.8 177.0
Debt to equity ratio x 0.0 0.0
Return on assets % 9.9 12.7
Return on equity % 13.7 17.5
Return on capital employed % 20.5 25.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

BOSCH Share Price Performance

Over the last one year, BOSCH share price has moved down from Rs 21,127.7 to Rs 13,942.7, registering a loss of Rs 7,185.1 or around 34.0%.

Overall, the S&P BSE SENSEX is down 2.4% over the year.

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

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