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MIRZA INTERNATIONAL 2017-18 Annual Report Analysis

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MIRZA INTERNATIONAL 2017-18 Annual Report Analysis
Mon, 25 Mar

MIRZA INTERNATIONAL 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.

MIRZA INTERNATIONAL Income Statement Analysis

  • Operating income during the year rose 3.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 8.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 17.9% in FY18 as against 17.2% in FY17.
  • Depreciation charges increased by 8.8% and finance costs decreased by 3.7% YoY, respectively.
  • Other income declined by 50.6% YoY.
  • Net profit for the year grew by 9.3% YoY.
  • Net profit margins during the year grew from 7.7% in FY17 to 8.1% in FY18.

MIRZA INTERNATIONAL Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 9,357 9,721 3.9%
Other income Rs m 8 4 -50.6%
Total Revenues Rs m 9,365 9,725 3.8%
Gross profit Rs m 1,611 1,740 8.0%
Depreciation Rs m 291 316 8.8%
Interest Rs m 259 250 -3.7%
Profit before tax Rs m 1,069 1,178 10.2%
Tax Rs m 352 394 12.0%
Profit after tax Rs m 717 784 9.3%
Gross profit margin % 17.2 17.9
Effective tax rate % 32.9 33.5
Net profit margin % 7.7 8.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MIRZA INTERNATIONAL Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 4 billion as compared to Rs 2 billion in FY17, thereby witnessing an increase of 74.6%.
  • Long-term debt stood at Rs 160 million as compared to Rs 148 million during FY17, a growth of 8.2%.
  • Current assets rose 51% and stood at Rs 6 billion, while fixed assets rose 8% and stood at Rs 4 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 10 billion as against Rs 8 billion during FY17, thereby witnessing a growth of 31%.

MIRZA INTERNATIONAL Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 5,020 5,718 13.9
 
Current Liabilities Rs m 2,147 3,748 74.6
Long-term Debt Rs m 148 160 8.2
Total Liabilities Rs m 7,643 9,990 30.7
 
Current assets Rs m 4,015 6,064 51.0
Fixed Assets Rs m 3,535 3,816 8.0
Total Assets Rs m 7,643 9,990 30.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MIRZA INTERNATIONAL Cash Flow Statement Analysis

  • MIRZA INTERNATIONAL's cash flow from operating activities (CFO) during FY18 stood at Rs -238 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -593 million, an improvement of 63.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 895 million, an improvement of 209% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 63 million from the Rs -49 million net cash flows seen during FY17.

MIRZA INTERNATIONAL 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 1,136 -238 -
Cash Flow from Investing Activities Rs m -363 -593 -
Cash Flow from Financing Activities Rs m -822 895 -
Net Cash Flow Rs m -49 63 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for MIRZA INTERNATIONAL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.2, an improvement from the EPS of Rs 6.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 54.6, stands at 9.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.5 times, while the price to sales ratio stands at 1.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.4 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 86.4 89.8
TTM Earnings per share Rs 6.6 7.2
Diluted earnings per share Rs 6.6 7.2
Price to Cash Flow x 5.9 5.4
TTM P/E ratio x 9.9 9.9
Price / Book Value ratio x 1.9 2.5
Market Cap Rs m 5,908 5,908
Dividends per share (Unadj.) Rs 0.9 0.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for MIRZA INTERNATIONAL

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.6x during FY18, from 1.9x 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 improved and stood at 5.7x during FY18, from 5.1x 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 13.7% during FY18, from 14.3% 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 24.3% during FY18, from 25.7% 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 10.3% during FY18, from 12.8% 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 1.9 1.6
Debtors’ Days Days 26 50
Interest coverage x 5.1 5.7
Debt to equity ratio x 0.0 0.0
Return on assets % 12.8 10.3
Return on equity % 14.3 13.7
Return on capital employed % 25.7 24.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

MIRZA INTERNATIONAL Share Price Performance

Over the last one year, MIRZA INTERNATIONAL share price has moved up from Rs 108.6 to Rs 54.6, registering a loss of Rs 54.0 or around 49.7%.

Overall, the S&P BSE SENSEX is up 14.7% over the year.

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

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Related Views on News

MIRZA INTERNATIONAL Announces Quarterly Results (1QFY20); Net Profit Down 47.1% (Quarterly Result Update)

Aug 16, 2019 | Updated on Aug 16, 2019

For the quarter ended June 2019, MIRZA INTERNATIONAL has posted a net profit of Rs 96 m (down 47.1% YoY). Sales on the other hand came in at Rs 3 bn (up 17.6% YoY). Read on for a complete analysis of MIRZA INTERNATIONAL's quarterly results.

MIRZA INTERNATIONAL Announces Quarterly Results (4QFY19); Net Profit Down 59.7% (Quarterly Result Update)

Jun 13, 2019 | Updated on Jun 13, 2019

For the quarter ended March 2019, MIRZA INTERNATIONAL has posted a net profit of Rs 71 m (down 59.7% YoY). Sales on the other hand came in at Rs 3 bn (up 27.2% YoY). Read on for a complete analysis of MIRZA INTERNATIONAL's quarterly results.

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