MUKAND LIMITED 2017-18 Annual Report Analysis

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MUKAND LIMITED 2017-18 Annual Report Analysis
Wed, 30 Jan

MUKAND LIMITED 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.

MUKAND LIMITED Income Statement Analysis

  • Operating income during the year rose 26.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 41.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 6.2% in FY18 as against 13.3% in FY17.
  • Depreciation charges increased by 121.4% and finance costs increased by 61.0% YoY, respectively.
  • Other income grew by 42.7% YoY.
  • Net profit for the year declined by 7333.7% YoY.
  • Net profit margins during the year grew from 0.4% in FY17 to 23.6% in FY18.

MUKAND LIMITED Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 27,128 34,358 26.7%
Other income Rs m 315 450 42.7%
Total Revenues Rs m 27,443 34,807 26.8%
Gross profit Rs m 3,614 2,119 -41.4%
Depreciation Rs m 715 1,583 121.4%
Interest Rs m 2,936 4,726 61.0%
Profit before tax Rs m 278 -3,741 -1,445.1%
Tax Rs m 532 991 86.3%
Profit after tax Rs m -114 8,210 -7,333.7%
Gross profit margin % 13.3 6.2
Effective tax rate % 191.2 -26.5
Net profit margin % -0.4 23.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MUKAND LIMITED Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 25 billion as compared to Rs 24 billion in FY17, thereby witnessing an increase of 2.7%.
  • Long-term debt down at Rs 8 billion as compared to Rs 17 billion during FY17, a fall of 54.4%.
  • Current assets fell 29% and stood at Rs 24 billion, while fixed assets rose 141% and stood at Rs 19 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 44 billion as against Rs 45 billion during FY17, thereby witnessing a fall of 2%.

MUKAND LIMITED Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 3,142 10,798 243.7
 
Current Liabilities Rs m 24,044 24,699 2.7
Long-term Debt Rs m 17,093 7,791 -54.4
Total Liabilities Rs m 44,761 44,058 -1.6
 
Current assets Rs m 33,550 23,945 -28.6
Fixed Assets Rs m 7,681 18,530 141.2
Total Assets Rs m 44,761 44,058 -1.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MUKAND LIMITED Cash Flow Statement Analysis

  • MUKAND LIMITED's cash flow from operating activities (CFO) during FY18 stood at Rs 9 billion, an improvement of 184.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 876 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -10 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -51 million from the Rs -4 million net cash flows seen during FY17.

MUKAND LIMITED 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 3,188 9,073 184.6%
Cash Flow from Investing Activities Rs m -362 876 -
Cash Flow from Financing Activities Rs m -2,830 -10,000 -
Net Cash Flow Rs m -4 -51 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for MUKAND LIMITED

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 58.1, an improvement from the EPS of Rs -0.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 51.1, stands at 17.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.1 times, while the price to sales ratio stands at 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 0.7 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 191.8 243.0
TTM Earnings per share Rs -0.8 58.1
Diluted earnings per share Rs -0.8 58.1
Price to Cash Flow x 15.7 0.7
TTM P/E ratio x 17.6 17.6
Price / Book Value ratio x 2.7 1.1
Market Cap Rs m 7,226 7,226
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for MUKAND LIMITED

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY18, from 1.4x 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 0.2x during FY18, from 1.1x 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 improved and stood at 76.0% during FY18, from -3.6% 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 74.9% during FY18, from 16.6% 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 improved and stood at 29.4% during FY18, from 6.3% 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 1.4 1.0
Debtors’ Days Days 137 31
Interest coverage x 1.1 0.2
Debt to equity ratio x 5.4 0.7
Return on assets % 6.3 29.4
Return on equity % -3.6 76.0
Return on capital employed % 16.6 74.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

MUKAND LIMITED Share Price Performance

Over the last one year, MUKAND LIMITED share price has moved up from Rs 85.7 to Rs 51.1, registering a loss of Rs 34.6 or around 40.3%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 10,795.4 (up 1.7%). Over the last one year it has moved down from 15,622.2 to 10,795.4, a loss of 4,827 points (down 30.9%).

Overall, the S&P BSE SENSEX is down 1.9% over the year.

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

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Related Views on News

MUKAND LIMITED Announces Quarterly Results (1QFY20); Net Profit Down 45.0% (Quarterly Result Update)

Aug 13, 2019 | Updated on Aug 13, 2019

For the quarter ended June 2019, MUKAND LIMITED has posted a net profit of Rs 322 m (down 45.0% YoY). Sales on the other hand came in at Rs 8 bn (up 0.2% YoY). Read on for a complete analysis of MUKAND LIMITED's quarterly results.

MUKAND LIMITED Announces Quarterly Results (4QFY19); Net Profit Down 119.1% (Quarterly Result Update)

May 24, 2019 | Updated on May 24, 2019

For the quarter ended March 2019, MUKAND LIMITED has posted a net profit of Rs 222 m (down 119.1% YoY). Sales on the other hand came in at Rs 8 bn (up 1.4% YoY). Read on for a complete analysis of MUKAND LIMITED's quarterly results.

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