BOSCH LTD 2017-18 Annual Report Analysis

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BOSCH LTD 2017-18 Annual Report Analysis
Fri, 21 Dec

BOSCH LTD 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.

BOSCH LTD Income Statement Analysis

  • Operating income during the year rose 12.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 6.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 17.9% in FY18 as against 18.8% in FY17.
  • Depreciation charges increased by 2.4% and finance costs decreased by 87.9% YoY, respectively.
  • Other income declined by 17.1% YoY.
  • Net profit for the year declined by 5.1% YoY.
  • Net profit margins during the year declined from 13.1% in FY17 to 11.2% in FY18.

BOSCH LTD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 104,352 116,901 12.0%
Other income Rs m 6,174 5,118 -17.1%
Total Revenues Rs m 110,526 122,019 10.4%
Gross profit Rs m 19,604 20,932 6.8%
Depreciation Rs m 4,562 4,672 2.4%
Interest Rs m 272 33 -87.9%
Profit before tax Rs m 20,944 21,345 1.9%
Tax Rs m 6,503 6,698 3.0%
Profit after tax Rs m 14,441 13,708 -5.1%
Gross profit margin % 18.8 17.9
Effective tax rate % 31.0 31.4
Net profit margin % 13.1 11.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BOSCH LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 35 billion as compared to Rs 26 billion in FY17, thereby witnessing an increase of 33.8%.
  • Current assets rose 24% and stood at Rs 73 billion, while fixed assets fell 1% and stood at Rs 16 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 139 billion as against Rs 118 billion during FY17, thereby witnessing a growth of 18%.

BOSCH LTD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 87,906 99,726 13.4
 
Current Liabilities Rs m 26,300 35,191 33.8
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 117,908 139,187 18.0
 
Current assets Rs m 58,995 73,347 24.3
Fixed Assets Rs m 16,426 16,307 -0.7
Total Assets Rs m 117,908 139,187 18.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BOSCH LTD Cash Flow Statement Analysis

  • BOSCH LTD's cash flow from operating activities (CFO) during FY18 stood at Rs 17 billion, an improvement of 18.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -12 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -3 billion, an improvement of 88% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 2 billion from the Rs 330 million net cash flows seen during FY17.

BOSCH LTD 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 14,567 17,287 18.7%
Cash Flow from Investing Activities Rs m 12,460 -11,703 -
Cash Flow from Financing Activities Rs m -26,697 -3,246 -
Net Cash Flow Rs m 330 2,338 608.5%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BOSCH LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 449.1, an decline from the EPS of Rs 473.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 19,746.3, stands at 38.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.5 times, while the price to sales ratio stands at 5.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 32.8 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 3,419.1 3,830.3
TTM Earnings per share Rs 473.2 449.1
Diluted earnings per share Rs 473.2 449.1
Price to Cash Flow x 31.7 32.8
TTM P/E ratio x 38.5 38.5
Price / Book Value ratio x 7.6 6.5
Market Cap Rs m 602,657 602,657
Dividends per share (Unadj.) Rs 165.0 100.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BOSCH LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.1x 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 647.8x during FY18, from 78.0x 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 13.7% during FY18, from 16.4% 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 20.5% during FY18, from 24.1% 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 9.9% during FY18, from 12.5% 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 2.1
Debtors’ Days Days 41 50
Interest coverage x 78.0 647.8
Debt to equity ratio x 0.0 0.0
Return on assets % 12.5 9.9
Return on equity % 16.4 13.7
Return on capital employed % 24.1 20.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

BOSCH LTD Share Price Performance

Over the last one year, BOSCH LTD share price has moved up from Rs 19,892.4 to Rs 19,746.3, registering a loss of Rs 146.1 or around 0.7%.

Overall, the S&P BSE SENSEX is up 7.7% over the year.

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

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