NAHAR SPINNING M 2015-16 Annual Report Analysis

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NAHAR SPINNING M 2015-16 Annual Report Analysis
Tue, 18 Dec

NAHAR SPINNING M has announced its results for the year ended March 2016. Let us have a look at the detailed performance review of the company during FY15-16.

NAHAR SPINNING M Income Statement Analysis

  • Operating income during the year fell 5.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 4.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.9% in FY16 as against 9.9% in FY15.
  • Depreciation charges decreased by 22.6% and finance costs decreased by 27.5% YoY, respectively.
  • Other income grew by 38.0% YoY.
  • Net profit for the year grew by 152.2% YoY.
  • Net profit margins during the year grew from 0.9% in FY15 to 2.5% in FY16.

NAHAR SPINNING M Income Statement 2015-16

No. of Mths Year Ending 12 Mar-15* 12 Mar-16* % Change
Net Sales Rs m 21,496 20,382 -5.2%
Other income Rs m 113 156 38.0%
Total Revenues Rs m 21,609 20,538 -5.0%
Gross profit Rs m 2,136 2,227 4.3%
Depreciation Rs m 1,306 1,011 -22.6%
Interest Rs m 795 576 -27.5%
Profit before tax Rs m 148 796 436.5%
Tax Rs m -55 283 -610.8%
Profit after tax Rs m 204 514 152.2%
Gross profit margin % 9.9 10.9
Effective tax rate % -37.3 35.5
Net profit margin % 0.9 2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NAHAR SPINNING M Balance Sheet Analysis

  • The company's current liabilities during FY16 stood at Rs 9 billion as compared to Rs 9 billion in FY15, thereby witnessing an increase of 3.3%.
  • Long-term debt down at Rs 3 billion as compared to Rs 3 billion during FY15, a fall of 21.1%.
  • Current assets rose 5% and stood at Rs 11 billion, while fixed assets fell 8% and stood at Rs 8 billion in FY16.
  • Overall, the total assets and liabilities for FY16 stood at Rs 20 billion as against Rs 20 billion during FY15, thereby witnessing a fall of 0%.

NAHAR SPINNING M Balance Sheet as on March 2016

No. of Mths Year Ending 12 Mar-15* 12 Mar-16* % Change
Networth Rs m 7,603 8,037 5.7
 
Current Liabilities Rs m 8,528 8,808 3.3
Long-term Debt Rs m 3,463 2,731 -21.1
Total Liabilities Rs m 20,026 19,993 -0.2
 
Current assets Rs m 10,693 11,221 4.9
Fixed Assets Rs m 8,969 8,288 -7.6
Total Assets Rs m 20,026 19,993 -0.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NAHAR SPINNING M Cash Flow Statement Analysis

  • NAHAR SPINNING M's cash flow from operating activities (CFO) during FY16 stood at Rs 2 billion, an improvement of 25.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY16 stood at Rs -439 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY16 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY16 stood at Rs 35 million from the Rs 14 million net cash flows seen during FY15.

NAHAR SPINNING M Cash Flow Statement 2015-16

Particulars No. of months 12 12 % Change
Year Ending Mar-15 Mar-16
Cash Flow from Operating Activities Rs m 1,342 1,681 25.3%
Cash Flow from Investing Activities Rs m -892 -439 -
Cash Flow from Financing Activities Rs m -437 -1,208 -
Net Cash Flow Rs m 14 35 151.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for NAHAR SPINNING M

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.2, an improvement from the EPS of Rs 5.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 94.5, stands at 6.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.5 times, while the price to sales ratio stands at 0.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 2.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-15* 12 Mar-16*
Sales per share (Unadj.) Rs 596.0 565.1
TTM Earnings per share Rs 5.6 14.2
Diluted earnings per share Rs 5.6 14.2
Price to Cash Flow x 2.3 2.2
TTM P/E ratio x 6.5 6.5
Price / Book Value ratio x 0.6 0.5
Market Cap Rs m 3,409 3,409
Dividends per share (Unadj.) Rs 1.0 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for NAHAR SPINNING M

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY16, from 1.3x during FY15. 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 2.4x during FY16, from 1.2x during FY15. 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 6.4% during FY16, from 2.7% during FY16. 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 12.7% during FY16, from 8.5% during FY15. 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 5.5% during FY16, from 5.0% during FY15. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-15* 12 Mar-16*
Current ratio x 1.3 1.3
Debtors’ Days Days 65 65
Interest coverage x 1.2 2.4
Debt to equity ratio x 0.5 0.3
Return on assets % 5.0 5.5
Return on equity % 2.7 6.4
Return on capital employed % 8.5 12.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how NAHAR SPINNING M has performed over the last 5 years, please visit here.

NAHAR SPINNING M Share Price Performance

Over the last one year, NAHAR SPINNING M share price has moved up from Rs 108.3 to Rs 94.5, registering a loss of Rs 13.8 or around 12.7%.

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

(To know more, check out historical annual results for NAHAR SPINNING M and quarterly results for NAHAR SPINNING M)

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For the quarter ended June 2019, NAHAR SPINNING M has posted a net profit of Rs 32 m (down 77.0% YoY). Sales on the other hand came in at Rs 5 bn (down 8.4% YoY). Read on for a complete analysis of NAHAR SPINNING M's quarterly results.

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Here's an analysis of the annual report of NAHAR SPINNING M for 2017-18. It includes a full income statement, balance sheet and cash flow analysis of NAHAR SPINNING M. Also includes updates on the valuation of NAHAR SPINNING M.

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