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NOCIL LTD. 2017-18 Annual Report Analysis

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NOCIL LTD. 2017-18 Annual Report Analysis
Thu, 20 Dec

NOCIL LTD. 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.

NOCIL LTD. Income Statement Analysis

  • Operating income during the year rose 30.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 66.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 27.4% in FY18 as against 21.5% in FY17.
  • Depreciation charges increased by 21.8% and finance costs decreased by 45.0% YoY, respectively.
  • Other income grew by 53.2% YoY.
  • Net profit for the year grew by 75.0% YoY.
  • Net profit margins during the year grew from 12.9% in FY17 to 17.3% in FY18.

NOCIL LTD. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 7,422 9,676 30.4%
Other income Rs m 95 146 53.2%
Total Revenues Rs m 7,517 9,822 30.7%
Gross profit Rs m 1,592 2,654 66.7%
Depreciation Rs m 197 240 21.8%
Interest Rs m 22 12 -45.0%
Profit before tax Rs m 1,468 2,547 73.5%
Tax Rs m 497 848 70.7%
Profit after tax Rs m 971 1,699 75.0%
Gross profit margin % 21.5 27.4
Effective tax rate % 33.8 33.3
Net profit margin % 12.9 17.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NOCIL LTD. Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 2 billion as compared to Rs 1 billion in FY17, thereby witnessing an increase of 51.5%.
  • Current assets rose 65% and stood at Rs 7 billion, while fixed assets rose 4% and stood at Rs 6 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 13 billion as against Rs 12 billion during FY17, thereby witnessing a growth of 16%.

NOCIL LTD. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 9,131 10,467 14.6
 
Current Liabilities Rs m 1,195 1,810 51.5
Long-term Debt Rs m 50 0 -100.0
Total Liabilities Rs m 11,609 13,477 16.1
 
Current assets Rs m 4,171 6,898 65.4
Fixed Assets Rs m 5,470 5,702 4.2
Total Assets Rs m 11,609 13,477 16.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NOCIL LTD. Cash Flow Statement Analysis

  • NOCIL LTD.'s cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 billion, an improvement of 1,387.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -422 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -816 million from the Rs 1 billion net cash flows seen during FY17.

NOCIL LTD. 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 1,422 1,028 -27.7%
Cash Flow from Investing Activities Rs m -96 -1,423 -
Cash Flow from Financing Activities Rs m -306 -422 -
Net Cash Flow Rs m 1,011 -816 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for NOCIL LTD.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.3, an improvement from the EPS of Rs 6.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 172.1, stands at 14.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.6 times, while the price to sales ratio stands at 2.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 14.6 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 46.2 58.8
TTM Earnings per share Rs 6.0 10.3
Diluted earnings per share Rs 5.9 10.3
Price to Cash Flow x 23.7 14.6
TTM P/E ratio x 13.9 14.2
Price / Book Value ratio x 1.2 2.6
Market Cap Rs m 27,664 28,299
Dividends per share (Unadj.) Rs 1.8 2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for NOCIL LTD.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.8x 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 209.8x during FY18, from 67.1x 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 improved and stood at 16.2% during FY18, from 10.6% 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 improved and stood at 24.5% during FY18, from 16.2% 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 improved and stood at 12.7% during FY18, from 8.6% 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 3.8
Debtors’ Days Days 82 92
Interest coverage x 67.1 209.8
Debt to equity ratio x 0.0 0.0
Return on assets % 8.6 12.7
Return on equity % 10.6 16.2
Return on capital employed % 16.2 24.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

NOCIL LTD. Share Price Performance

Over the last one year, NOCIL LTD. share price has moved up from Rs 180.7 to Rs 172.1, registering a loss of Rs 8.7 or around 4.8%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 13,752.1 (down 0.3%). Over the last one year it has moved down from 16,412.9 to 13,752.1, a loss of 2,661 points (down 16.2%).

Overall, the S&P BSE SENSEX is up 7.5% over the year.

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

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Related Views on News

NOCIL Announces Quarterly Results (4QFY19); Net Profit Down 29.8% (Quarterly Result Update)

May 13, 2019 | Updated on May 13, 2019

For the quarter ended March 2019, NOCIL has posted a net profit of Rs 358 m (down 29.8% YoY). Sales on the other hand came in at Rs 2 bn (down 12.4% YoY). Read on for a complete analysis of NOCIL's quarterly results.

NOCIL LTD. Announces Quarterly Results (3QFY19); Net Profit Down 0.7% (Quarterly Result Update)

Feb 4, 2019 | Updated on Feb 4, 2019

For the quarter ended December 2018, NOCIL LTD. has posted a net profit of Rs 446 m (down 0.7% YoY). Sales on the other hand came in at Rs 3 bn (up 4.8% YoY). Read on for a complete analysis of NOCIL LTD.'s quarterly results.

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