SWELECT ENERGY SYSTEMS 2017-18 Annual Report Analysis

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SWELECT ENERGY SYSTEMS 2017-18 Annual Report Analysis
Tue, 18 Dec

SWELECT ENERGY SYSTEMS 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.

SWELECT ENERGY SYSTEMS Income Statement Analysis

  • Operating income during the year rose 22.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 40.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.4% in FY18 as against 10.0% in FY17.
  • Depreciation charges increased by 19.6% and finance costs increased by 7.1% YoY, respectively.
  • Other income declined by 23.8% YoY.
  • Net profit for the year declined by 26.5% YoY.
  • Net profit margins during the year declined from 7.8% in FY17 to 4.9% in FY18.

SWELECT ENERGY SYSTEMS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 2,413 2,945 22.0%
Other income Rs m 359 273 -23.8%
Total Revenues Rs m 2,772 3,218 16.1%
Gross profit Rs m 240 336 40.0%
Depreciation Rs m 195 233 19.6%
Interest Rs m 96 103 7.1%
Profit before tax Rs m 309 274 -11.2%
Tax Rs m 92 115 24.7%
Profit after tax Rs m 216 159 -26.5%
Gross profit margin % 10.0 11.4
Effective tax rate % 29.9 42.0
Net profit margin % 7.8 4.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SWELECT ENERGY SYSTEMS Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 2 billion as compared to Rs 2 billion in FY17, thereby witnessing an increase of 48.8%.
  • Long-term debt down at Rs 317 million as compared to Rs 347 million during FY17, a fall of 8.8%.
  • Current assets rose 3% and stood at Rs 6 billion, while fixed assets fell 2% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 10 billion as against Rs 9 billion during FY17, thereby witnessing a growth of 10%.

SWELECT ENERGY SYSTEMS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 7,002 7,148 2.1
 
Current Liabilities Rs m 1,601 2,382 48.8
Long-term Debt Rs m 347 317 -8.8
Total Liabilities Rs m 9,009 9,935 10.3
 
Current assets Rs m 5,542 5,700 2.8
Fixed Assets Rs m 2,357 2,301 -2.3
Total Assets Rs m 9,009 9,935 10.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SWELECT ENERGY SYSTEMS Cash Flow Statement Analysis

  • SWELECT ENERGY SYSTEMS's cash flow from operating activities (CFO) during FY18 stood at Rs 28 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 485 million, an improvement of 193% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -469 million from the Rs -48 million net cash flows seen during FY17.

SWELECT ENERGY SYSTEMS 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 287 28 -90.3%
Cash Flow from Investing Activities Rs m 211 -1,009 -
Cash Flow from Financing Activities Rs m -519 485 -
Net Cash Flow Rs m -48 -469 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SWELECT ENERGY SYSTEMS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.7, an decline from the EPS of Rs 21.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 273.0, stands at 17.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.7 times, while the price to sales ratio stands at 1.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 7.0 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 238.7 291.3
TTM Earnings per share Rs 21.4 15.7
Diluted earnings per share Rs 21.4 15.7
Price to Cash Flow x 6.7 7.0
TTM P/E ratio x 17.4 17.4
Price / Book Value ratio x 0.6 0.7
Market Cap Rs m 2,760 2,757
Dividends per share (Unadj.) Rs 4.0 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SWELECT ENERGY SYSTEMS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.4x during FY18, from 3.5x 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 3.7x during FY18, from 4.2x 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 2.2% during FY18, from 3.1% 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 5.0% during FY18, from 5.5% 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 2.6% during FY18, from 3.5% 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 3.5 2.4
Debtors’ Days Days 109 72
Interest coverage x 4.2 3.7
Debt to equity ratio x 0.0 0.0
Return on assets % 3.5 2.6
Return on equity % 3.1 2.2
Return on capital employed % 5.5 5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how SWELECT ENERGY SYSTEMS has performed over the last 5 years, please visit here.

SWELECT ENERGY SYSTEMS Share Price Performance

Over the last one year, SWELECT ENERGY SYSTEMS share price has moved up from Rs 463.0 to Rs 273.0, registering a loss of Rs 190.0 or around 41.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,584.6 (up 0.6%). Over the last one year it has moved up from 18,447.1 to 18,584.6, a gain of 137 points (up 0.7%).

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for SWELECT ENERGY SYSTEMS and quarterly results for SWELECT ENERGY SYSTEMS)

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