NOCIL 2018-19 Annual Report Analysis

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NOCIL 2018-19 Annual Report Analysis
Tue, 24 Sep

NOCIL 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.

NOCIL Income Statement Analysis

  • Operating income during the year rose 7.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 10.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 28.1% in FY19 as against 27.4% in FY18.
  • Depreciation charges increased by 1.2% and finance costs decreased by 48.4% YoY, respectively.
  • Other income declined by 31.5% YoY.
  • Net profit for the year grew by 8.8% YoY.
  • Net profit margins during the year grew from 17.3% in FY18 to 17.6% in FY19.

NOCIL Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 9,676 10,429 7.8%
Other income Rs m 146 100 -31.5%
Total Revenues Rs m 9,822 10,529 7.2%
Gross profit Rs m 2,654 2,927 10.3%
Depreciation Rs m 240 243 1.2%
Interest Rs m 12 6 -48.4%
Profit before tax Rs m 2,547 2,777 9.0%
Tax Rs m 848 929 9.6%
Profit after tax Rs m 1,699 1,849 8.8%
Gross profit margin % 27.4 28.1
Effective tax rate % 33.3 33.4
Net profit margin % 17.3 17.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NOCIL Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 2 billion as compared to Rs 2 billion in FY18, thereby witnessing an decrease of -5.8%.
  • Current assets fell 13% and stood at Rs 6 billion, while fixed assets rose 38% and stood at Rs 8 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 14 billion as against Rs 13 billion during FY18, thereby witnessing a growth of 8%.

NOCIL Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 10,467 11,630 11.1
 
Current Liabilities Rs m 1,644 1,548 -5.8
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 13,311 14,423 8.4
 
Current assets Rs m 6,732 5,838 -13.3
Fixed Assets Rs m 5,702 7,883 38.3
Total Assets Rs m 13,311 14,423 8.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NOCIL Cash Flow Statement Analysis

  • NOCIL's cash flow from operating activities (CFO) during FY19 stood at Rs 2 billion, an improvement of 60.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -502 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 127 million from the Rs -816 million net cash flows seen during FY18.

NOCIL 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 1,023 1,641 60.3%
Cash Flow from Investing Activities Rs m -1,415 -1,007 -
Cash Flow from Financing Activities Rs m -426 -502 -
Net Cash Flow Rs m -816 127 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for NOCIL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.2, an improvement from the EPS of Rs 10.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 116.0, stands at 11.6 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 2.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.2 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 58.8 63.0
TTM Earnings per share Rs 10.3 11.2
Diluted earnings per share Rs 10.3 11.2
Price to Cash Flow x 9.8 9.2
TTM P/E ratio x 11.5 11.6
Price / Book Value ratio x 2.6 2.5
Market Cap Rs m 19,080 19,189
Dividends per share (Unadj.) Rs 2.5 2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for NOCIL

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 3.8x during FY19, from 4.1x 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 improved and stood at 441.9x during FY19, from 209.8x 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 15.9% during FY19, from 16.2% 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 23.9% during FY19, from 24.5% 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 improved and stood at 12.9% during FY19, from 12.9% 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 4.1 3.8
Debtors’ Days Days 92 81
Interest coverage x 209.8 441.9
Debt to equity ratio x 0.0 0.0
Return on assets % 12.9 12.9
Return on equity % 16.2 15.9
Return on capital employed % 24.5 23.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

NOCIL Share Price Performance

Over the last one year, NOCIL share price has moved down from Rs 155.9 to Rs 116.0, registering a loss of Rs 39.9 or around 25.6%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 14,501.2 (up 1.0%). Over the last one year it has moved down from 14,902.7 to 14,501.2, a loss of 401 points (down 2.7%).

Overall, the S&P BSE SENSEX is up 8.0% over the year.

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

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For the quarter ended June 2019, NOCIL has posted a net profit of Rs 327 m (down 35.6% YoY). Sales on the other hand came in at Rs 2 bn (down 14.4% YoY). Read on for a complete analysis of NOCIL's quarterly results.

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