SWELECT ENERGY SYSTEMS 2017-18 Annual Report Analysis

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SWELECT ENERGY SYSTEMS 2017-18 Annual Report Analysis
Sat, 31 Mar

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 24.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 46.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.5% in FY18 as against 9.7% in FY17.
  • Depreciation charges increased by 26.9% 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 9.2% in FY17 to 5.4% 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 2,357 2,928 24.2%
Other income Rs m 359 273 -23.8%
Total Revenues Rs m 2,716 3,201 17.8%
Gross profit Rs m 229 336 46.7%
Depreciation Rs m 183 233 26.9%
Interest Rs m 96 103 7.1%
Profit before tax Rs m 309 274 -11.2%
Tax Rs m 92 115 24.6%
Profit after tax Rs m 216 159 -26.5%
Gross profit margin % 9.7 11.5
Effective tax rate % 29.9 42.0
Net profit margin % 9.2 5.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Update: Richa is Very Bullish on this Little-known Smallcap Stock

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 rose 22% and stood at Rs 4 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 9,006 9,915 10.1
 
Current assets Rs m 5,542 5,700 2.8
Fixed Assets Rs m 3,464 4,215 21.7
Total Assets Rs m 9,006 9,915 10.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 286 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: Accord Fintech, 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 355.6, stands at 23.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.8 times, while the price to sales ratio stands at 1.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 12.5 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 233.2 289.6
TTM Earnings per share Rs 21.4 15.7
Diluted earnings per share Rs 14.3 10.5
Price to Cash Flow x 13.0 12.5
TTM P/E ratio x 17.6 23.0
Price / Book Value ratio x 0.6 0.7
Market Cap Rs m 3,935 4,896
Dividends per share (Unadj.) Rs 4.0 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for SWELECT ENERGY SYSTEMS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated 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 1,115 727
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: Accord Fintech, 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 341.8 to Rs 355.6, registering a gain of Rs 13.8 or around 4.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,476.7 (down 0.1%). Over the last one year it has moved up from 16,446.0 to 18,476.7, a gain of 2,031 points (up 12.3%).

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

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

Annual Report FAQs

What is the current share price of SWELECT ENERGY SYSTEMS?

SWELECT ENERGY SYSTEMS currently trades at Rs 324.1 per share. You can check out the latest share price performance of SWELECT ENERGY SYSTEMS here...

What was the revenue of SWELECT ENERGY SYSTEMS in FY18? How does it compare to earlier years?

The revenues of SWELECT ENERGY SYSTEMS stood at Rs 3,201 m in FY18, which was up 17.8% compared to Rs 2,716 m reported in FY17.

SWELECT ENERGY SYSTEMS' revenue has grown from Rs 3,019 m in FY16 to Rs 3,201 m in FY18.

Over the past 3 years, the revenue of SWELECT ENERGY SYSTEMS has grown at a CAGR of 3.0%.

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

The net profit of SWELECT ENERGY SYSTEMS stood at Rs 159 m in FY18, which was down -26.5% compared to Rs 216 m reported in FY17.

This compares to a net profit of Rs 166 m in FY16.

Over the past 3 years, SWELECT ENERGY SYSTEMS net profit has grown at a CAGR of -2.0%.

What does the cash flow statement of SWELECT ENERGY SYSTEMS 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 SWELECT ENERGY SYSTEMS reveals:

  • Cash flow from operations decreased in FY18 and stood at Rs 28 m as compared to Rs 286 m in FY17.
  • Cash flow from investments decreased in FY18 and stood at Rs -1,009 m as compared to Rs 211 m in FY17.
  • Cash flow from financial activity increased in FY18 and stood at Rs 485 m as compared to Rs -519 m in FY17.

Here's the cash flow statement of SWELECT ENERGY SYSTEMS for the past 3 years.

(Rs m)FY16FY17FY18
From Operations3528628
From Investments386211-1,009
From Financial Activity-281-519485
Net Cashflow172-48-469

What does the Key Ratio analysis of SWELECT ENERGY SYSTEMS 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 SWELECT ENERGY SYSTEMS reveals:

  • Operating profit margins witnessed a fall and down at 11.5% in FY18 as against 9.7% in FY17.
  • Net profit margins declined from 9.2% in FY17 to 5.4% 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 SWELECT ENERGY SYSTEMS for the past 3 years.

 FY16FY17FY18
Operating Profit Margin (%)8.79.711.5
Net Profit Margin (%)6.19.25.4
Debt to Equity Ratio (x)0.10.00.0

Read: Latest Annual Report Analysis of SWELECT ENERGY SYSTEMS

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