NATIONAL FERT. 2017-18 Annual Report Analysis

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NATIONAL FERT. 2017-18 Annual Report Analysis
Fri, 4 Jan

NATIONAL FERT. 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.

NATIONAL FERT. Income Statement Analysis

  • Operating income during the year rose 17.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 9.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 5.6% in FY18 as against 7.3% in FY17.
  • Depreciation charges decreased by 13.9% and finance costs decreased by 0.0% YoY, respectively.
  • Other income grew by 116.1% YoY.
  • Net profit for the year grew by 2.3% YoY.
  • Net profit margins during the year declined from 2.7% in FY17 to 2.4% in FY18.

NATIONAL FERT. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 76,001 89,165 17.3%
Other income Rs m 446 963 116.1%
Total Revenues Rs m 76,447 90,128 17.9%
Gross profit Rs m 5,553 5,016 -9.7%
Depreciation Rs m 852 733 -13.9%
Interest Rs m 1,898 1,898 0.0%
Profit before tax Rs m 3,249 3,348 3.1%
Tax Rs m 1,167 1,221 4.6%
Profit after tax Rs m 2,079 2,128 2.3%
Gross profit margin % 7.3 5.6
Effective tax rate % 35.9 36.5
Net profit margin % 2.7 2.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NATIONAL FERT. Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 45 billion as compared to Rs 52 billion in FY17, thereby witnessing an decrease of -12.6%.
  • Long-term debt down at Rs 1 billion as compared to Rs 2 billion during FY17, a fall of 33.5%.
  • Current assets fell 10% and stood at Rs 52 billion, while fixed assets rose 2% and stood at Rs 44 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 96 billion as against Rs 102 billion during FY17, thereby witnessing a fall of 5%.

NATIONAL FERT. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 18,248 19,856 8.8
 
Current Liabilities Rs m 51,633 45,141 -12.6
Long-term Debt Rs m 1,724 1,146 -33.5
Total Liabilities Rs m 101,802 96,266 -5.4
 
Current assets Rs m 57,785 51,932 -10.1
Fixed Assets Rs m 42,607 43,607 2.3
Total Assets Rs m 101,802 96,266 -5.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NATIONAL FERT. Cash Flow Statement Analysis

  • NATIONAL FERT.'s cash flow from operating activities (CFO) during FY18 stood at Rs 17 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -3 billion, an improvement of 71.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -13 billion, an improvement of 42% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 14 million from the Rs 12 million net cash flows seen during FY17.

NATIONAL FERT. 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 24,529 16,611 -32.3%
Cash Flow from Investing Activities Rs m -2,015 -3,458 -
Cash Flow from Financing Activities Rs m -22,503 -13,140 -
Net Cash Flow Rs m 12 14 19.0%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for NATIONAL FERT.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.3, an improvement from the EPS of Rs 4.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 35.4, stands at 7.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.1 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 154.9 181.8
TTM Earnings per share Rs 4.2 4.3
Diluted earnings per share Rs 4.2 4.3
Price to Cash Flow x 5.9 6.1
TTM P/E ratio x 7.4 7.4
Price / Book Value ratio x 1.5 1.7
Market Cap Rs m 17,342 17,342
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for NATIONAL FERT.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.2x during FY18, from 1.1x 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 2.8x during FY18, from 2.7x 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 10.7% during FY18, from 11.4% 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 25.0% during FY18, from 25.8% 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 4.2% during FY18, from 3.9% 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 1.1 1.2
Debtors’ Days Days 205 161
Interest coverage x 2.7 2.8
Debt to equity ratio x 0.1 0.1
Return on assets % 3.9 4.2
Return on equity % 11.4 10.7
Return on capital employed % 25.8 25.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

NATIONAL FERT. Share Price Performance

Over the last one year, NATIONAL FERT. share price has moved up from Rs 78.0 to Rs 35.4, registering a loss of Rs 42.7 or around 54.7%.

Overall, the S&P BSE SENSEX is up 4.7% over the year.

(To know more, check out historical annual results for NATIONAL FERT. and quarterly results for NATIONAL FERT.)

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Related Views on News

NATIONAL FERT. Announces Quarterly Results (2QFY20); Net Profit Down 66.0% (Quarterly Result Update)

Nov 14, 2019 | Updated on Nov 14, 2019

For the quarter ended September 2019, NATIONAL FERT. has posted a net profit of Rs 246 m (down 66.0% YoY). Sales on the other hand came in at Rs 37 bn (up 13.1% YoY). Read on for a complete analysis of NATIONAL FERT.'s quarterly results.

NATIONAL FERT. Announces Quarterly Results (1QFY20); Net Profit Down 255.3% (Quarterly Result Update)

Aug 5, 2019 | Updated on Aug 5, 2019

For the quarter ended June 2019, NATIONAL FERT. has posted a net profit of Rs 640 m (down 255.3% YoY). Sales on the other hand came in at Rs 25 bn (up 17.5% YoY). Read on for a complete analysis of NATIONAL FERT.'s quarterly results.

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