NILKAMAL 2018-19 Annual Report Analysis

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NILKAMAL 2018-19 Annual Report Analysis
Wed, 5 Jun

NILKAMAL 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.

NILKAMAL Income Statement Analysis

  • Operating income during the year rose 11.2% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 23.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.8% in FY19 as against 11.3% in FY18.
  • Depreciation charges decreased by 57.1% and finance costs increased by 26.3% YoY, respectively.
  • Other income grew by 252.0% YoY.
  • Net profit for the year declined by 5.0% YoY.
  • Net profit margins during the year declined from 5.8% in FY18 to 5.0% in FY19.

NILKAMAL Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 21,241 23,624 11.2%
Other income Rs m 37 130 252.0%
Total Revenues Rs m 21,277 23,754 11.6%
Gross profit Rs m 2,394 1,834 -23.4%
Depreciation Rs m 505 217 -57.1%
Interest Rs m 125 158 26.3%
Profit before tax Rs m 1,801 1,589 -11.8%
Tax Rs m 630 483 -23.3%
Profit after tax Rs m 1,239 1,177 -5.0%
Gross profit margin % 11.3 7.8
Effective tax rate % 35.0 30.4
Net profit margin % 5.8 5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NILKAMAL Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 2 billion as compared to Rs 3 billion in FY18, thereby witnessing an decrease of -32.2%.
  • Long-term debt stood at Rs 444 million as compared to Rs 0 million during FY18, a fall of 0.0%.
  • Current assets fell 3% and stood at Rs 8 billion, while fixed assets rose 16% and stood at Rs 5 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 13 billion as against Rs 12 billion during FY18, thereby witnessing a growth of 4%.

NILKAMAL Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 8,486 9,412 10.9
 
Current Liabilities Rs m 3,188 2,160 -32.2
Long-term Debt Rs m 0 444 0.0
Total Liabilities Rs m 12,482 12,937 3.6
 
Current assets Rs m 8,032 7,795 -3.0
Fixed Assets Rs m 3,972 4,622 16.4
Total Assets Rs m 12,482 12,937 3.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NILKAMAL Cash Flow Statement Analysis

  • NILKAMAL's cash flow from operating activities (CFO) during FY19 stood at Rs 2 billion, an improvement of 44.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -1 billion, an improvement of 11.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -725 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -43 million from the Rs 42 million net cash flows seen during FY18.

NILKAMAL 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 1,207 1,748 44.8%
Cash Flow from Investing Activities Rs m -957 -1,065 -
Cash Flow from Financing Activities Rs m -203 -725 -
Net Cash Flow Rs m 42 -43 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for NILKAMAL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 78.9, an decline from the EPS of Rs 83.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,251.4, stands at 16.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.7 times, while the price to sales ratio stands at 1.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 14.1 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 1,423.6 1,583.4
TTM Earnings per share Rs 83.0 78.9
Diluted earnings per share Rs 83.0 78.9
Price to Cash Flow x 11.1 14.1
TTM P/E ratio x 16.8 16.8
Price / Book Value ratio x 3.3 2.7
Market Cap Rs m 18,671 18,671
Dividends per share (Unadj.) Rs 13.0 9.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for NILKAMAL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.6x during FY19, from 2.5x 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 11.0x during FY19, from 15.4x 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 declined and down at 12.5% during FY19, from 14.6% 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 declined and down at 18.4% during FY19, from 23.5% 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 declined and down at 10.3% during FY19, from 10.9% 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 2.5 3.6
Debtors’ Days Days 58 48
Interest coverage x 15.4 11.0
Debt to equity ratio x 0.0 0.0
Return on assets % 10.9 10.3
Return on equity % 14.6 12.5
Return on capital employed % 23.5 18.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

NILKAMAL Share Price Performance

Over the last one year, NILKAMAL share price has moved up from Rs 1,652.8 to Rs 1,251.4, registering a loss of Rs 401.4 or around 24.3%.

Overall, the S&P BSE SENSEX is up 14.5% over the year.

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

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Related Views on News

NILKAMAL Announces Quarterly Results (1QFY20); Net Profit Down 2.2% (Quarterly Result Update)

Aug 7, 2019 | Updated on Aug 7, 2019

For the quarter ended June 2019, NILKAMAL has posted a net profit of Rs 300 m (down 2.2% YoY). Sales on the other hand came in at Rs 5 bn (down 8.1% YoY). Read on for a complete analysis of NILKAMAL's quarterly results.

NILKAMAL Announces Quarterly Results (4QFY19); Net Profit Down 16.8% (Quarterly Result Update)

May 13, 2019 | Updated on May 13, 2019

For the quarter ended March 2019, NILKAMAL has posted a net profit of Rs 281 m (down 16.8% YoY). Sales on the other hand came in at Rs 6 bn (down 6.9% YoY). Read on for a complete analysis of NILKAMAL's quarterly results.

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