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MOIL 2017-18 Annual Report Analysis
Sat, 31 Mar

MOIL 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.

MOIL Income Statement Analysis

  • Operating income during the year rose 34.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 81.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 40.5% in FY18 as against 30.1% in FY17.
  • Depreciation charges increased by 14.1% and finance costs decreased by 100.0% YoY, respectively.
  • Other income declined by 19.6% YoY.
  • Net profit for the year grew by 40.2% YoY.
  • Net profit margins during the year grew from 30.9% in FY17 to 32.1% in FY18.

MOIL Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 9,740 13,144 34.9%
Other income Rs m 2,211 1,777 -19.6%
Total Revenues Rs m 11,951 14,921 24.8%
Gross profit Rs m 2,935 5,327 81.5%
Depreciation Rs m 547 625 14.1%
Interest Rs m 28 0 -100.0%
Profit before tax Rs m 4,571 6,479 41.7%
Tax Rs m 1,561 2,259 44.8%
Profit after tax Rs m 3,011 4,220 40.2%
Gross profit margin % 30.1 40.5
Effective tax rate % 34.1 34.9
Net profit margin % 30.9 32.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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MOIL Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 4 billion as compared to Rs 3 billion in FY17, thereby witnessing an increase of 59.0%.
  • Current assets rose 1% and stood at Rs 26 billion, while fixed assets rose 25% and stood at Rs 6 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 32 billion as against Rs 31 billion during FY17, thereby witnessing a growth of 5%.

MOIL Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 28,053 27,946 -0.4
 
Current Liabilities Rs m 2,659 4,227 59.0
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 30,904 32,364 4.7
 
Current assets Rs m 25,837 26,050 0.8
Fixed Assets Rs m 5,067 6,314 24.6
Total Assets Rs m 30,904 32,364 4.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



MOIL Cash Flow Statement Analysis

  • MOIL's cash flow from operating activities (CFO) during FY18 stood at Rs 5 billion, an improvement of 348.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -4 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -820 million from the Rs -6 billion net cash flows seen during FY17.

MOIL 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 1,178 5,286 348.6%
Cash Flow from Investing Activities Rs m -5,877 -3,973 -
Cash Flow from Financing Activities Rs m -805 -2,134 -
Net Cash Flow Rs m -5,504 -820 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for MOIL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 16.4, an decline from the EPS of Rs 22.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 195.8, stands at 9.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 3.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 16.2 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 73.1 51.0
TTM Earnings per share Rs 22.6 16.4
Diluted earnings per share Rs 14.8 20.7
Price to Cash Flow x 18.0 16.2
TTM P/E ratio x 20.9 9.4
Price / Book Value ratio x 1.5 2.8
Market Cap Rs m 42,720 78,242
Dividends per share (Unadj.) Rs 11.0 5.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for MOIL

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 6.2x during FY18, from 9.7x during FY17. The current ratio measures the company's ability to pay short-term and long-term obligations.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company improved and stood at 15.1% during FY18, from 10.7% 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 improved and stood at 23.2% during FY18, from 16.4% 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 13.0% during FY18, from 9.8% 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 9.7 6.2
Debtors’ Days Days 904 528
Interest coverage x 165.6 0.0
Debt to equity ratio x 0.0 0.0
Return on assets % 9.8 13.0
Return on equity % 10.7 15.1
Return on capital employed % 16.4 23.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

MOIL Share Price Performance

Over the last one year, MOIL share price has moved down from Rs 314.0 to Rs 195.8, registering a loss of Rs 118.2 or around 37.6%.

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

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

Annual Report FAQs

What is the current share price of MOIL?

MOIL currently trades at Rs 278.3 per share. You can check out the latest share price performance of MOIL here...

What was the revenue of MOIL in FY18? How does it compare to earlier years?

The revenues of MOIL stood at Rs 14,921 m in FY18, which was up 24.8% compared to Rs 11,951 m reported in FY17.

MOIL's revenue has grown from Rs 13,174 m in FY14 to Rs 14,921 m in FY18.

Over the past 5 years, the revenue of MOIL has grown at a CAGR of 3.2%.

What was the net profit of MOIL in FY18? How does it compare to earlier years?

The net profit of MOIL stood at Rs 4,220 m in FY18, which was up 40.2% compared to Rs 3,011 m reported in FY17.

This compares to a net profit of Rs 1,728 m in FY16 and a net profit of Rs 4,278 m in FY15.

Over the past 5 years, MOIL net profit has grown at a CAGR of -4.6%.

What does the cash flow statement of MOIL reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of MOIL reveals:

  • Cash flow from operations increased in FY18 and stood at Rs 5,286 m as compared to Rs 1,178 m in FY17.
  • Cash flow from investments increased in FY18 and stood at Rs -3,973 m as compared to Rs -5,877 m in FY17.
  • Cash flow from financial activity decreased in FY18 and stood at Rs -2,134 m as compared to Rs -805 m in FY17.

Here's the cash flow statement of MOIL for the past 5 years.

(Rs m)FY14FY15FY16FY17FY18
From Operations5,002275-2401,1785,286
From Investments1,6371,8071,455-5,877-3,973
From Financial Activity-1,479-1,714-1,013-805-2,134
Net Cashflow5,161369202-5,504-820

What does the Key Ratio analysis of MOIL reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of MOIL reveals:

  • Operating profit margins witnessed a fall and down at 40.5% in FY18 as against 30.1% in FY17.
  • Net profit margins grew from 30.9% in FY17 to 32.1% in FY18.
  • Debt to Equity ratio for FY18 stood at 0.0 as compared to 0.0 in FY17.

Here's the ratio/financial analysis of MOIL for the past 5 years.

 FY14FY15FY16FY17FY18
Operating Profit Margin (%)49.446.511.330.140.5
Net Profit Margin (%)50.252.527.730.932.1
Debt to Equity Ratio (x)0.00.00.00.00.0

Read: Latest Annual Report Analysis of MOIL

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