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NLC INDIA LTD 2017-18 Annual Report Analysis

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NLC INDIA LTD 2017-18 Annual Report Analysis
Fri, 10 May

NLC INDIA 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.

NLC INDIA LTD Income Statement Analysis

  • Operating income during the year rose 0.9% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 5.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 35.6% in FY18 as against 38.1% in FY17.
  • Depreciation charges increased by 18.0% and finance costs decreased by 6.9% YoY, respectively.
  • Other income declined by 19.3% YoY.
  • Net profit for the year declined by 39.8% YoY.
  • Net profit margins during the year declined from 28.0% in FY17 to 16.9% in FY18.

NLC INDIA LTD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 111,857 112,884 0.9%
Other income Rs m 7,138 5,760 -19.3%
Total Revenues Rs m 118,995 118,643 -0.3%
Gross profit Rs m 42,610 40,138 -5.8%
Depreciation Rs m 10,435 12,316 18.0%
Interest Rs m 5,883 5,479 -6.9%
Profit before tax Rs m 33,429 28,103 -15.9%
Tax Rs m -1,674 8,639 -616.1%
Profit after tax Rs m 33,302 20,058 -39.8%
Gross profit margin % 38.1 35.6
Effective tax rate % -5.0 30.7
Net profit margin % 28.0 16.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NLC INDIA LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 76 billion as compared to Rs 62 billion in FY17, thereby witnessing an increase of 22.8%.
  • Long-term debt stood at Rs 94 billion as compared to Rs 85 billion during FY17, a growth of 9.9%.
  • Current assets rose 3% and stood at Rs 102 billion, while fixed assets rose 19% and stood at Rs 252 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 384 billion as against Rs 335 billion during FY17, thereby witnessing a growth of 15%.

NLC INDIA LTD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 121,265 133,520 10.1
 
Current Liabilities Rs m 62,065 76,229 22.8
Long-term Debt Rs m 85,366 93,803 9.9
Total Liabilities Rs m 334,871 384,478 14.8
 
Current assets Rs m 98,350 101,538 3.2
Fixed Assets Rs m 212,158 251,619 18.6
Total Assets Rs m 334,871 384,478 14.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NLC INDIA LTD Cash Flow Statement Analysis

  • NLC INDIA LTD's cash flow from operating activities (CFO) during FY18 stood at Rs 45 billion, an improvement of 270.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -46 billion, an improvement of 6.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 982 million, an improvement of 245% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 385 million from the Rs -32 billion net cash flows seen during FY17.

NLC INDIA 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 12,253 45,334 270.0%
Cash Flow from Investing Activities Rs m -43,318 -45,931 -
Cash Flow from Financing Activities Rs m -678 982 -
Net Cash Flow Rs m -31,743 385 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for NLC INDIA LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.1, an decline from the EPS of Rs 21.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 65.2, stands at 10.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.2 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 3.1 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 73.2 73.8
TTM Earnings per share Rs 21.8 13.1
Diluted earnings per share Rs 21.8 13.1
Price to Cash Flow x 2.3 3.1
TTM P/E ratio x 10.2 10.2
Price / Book Value ratio x 1.2 1.2
Market Cap Rs m 99,663 99,663
Dividends per share (Unadj.) Rs 7.3 4.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for NLC INDIA LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.3x during FY18, from 1.6x 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 6.1x during FY18, from 6.7x 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 15.0% during FY18, from 27.5% 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 15.0% during FY18, from 18.2% 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 declined and down at 6.6% during FY18, from 11.7% 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 1.6 1.3
Debtors’ Days Days 156 147
Interest coverage x 6.7 6.1
Debt to equity ratio x 0.7 0.7
Return on assets % 11.7 6.6
Return on equity % 27.5 15.0
Return on capital employed % 18.2 15.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

NLC INDIA LTD Share Price Performance

Over the last one year, NLC INDIA LTD share price has moved up from Rs 84.2 to Rs 65.2, registering a loss of Rs 19.0 or around 22.6%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 1,888.4 (down 0.5%). Over the last one year it has moved down from 2,159.5 to 1,888.4, a loss of 271 points (down 12.6%).

Overall, the S&P BSE SENSEX is up 6.3% over the year.

(To know more, check out historical annual results for NLC INDIA LTD and quarterly results for NLC INDIA LTD)

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Related Views on News

NLC INDIA LTD Announces Quarterly Results (4QFY19); Net Profit Down 150.5% (Quarterly Result Update)

Jun 3, 2019 | Updated on Jun 3, 2019

For the quarter ended March 2019, NLC INDIA LTD has posted a net profit of Rs 2 bn (down 150.5% YoY). Sales on the other hand came in at Rs 19 bn (down 25.2% YoY). Read on for a complete analysis of NLC INDIA LTD's quarterly results.

NLC INDIA LTD Announces Quarterly Results (3QFY19); Net Profit Down 36.5% (Quarterly Result Update)

Feb 14, 2019 | Updated on Feb 14, 2019

For the quarter ended December 2018, NLC INDIA LTD has posted a net profit of Rs 3 bn (down 36.5% YoY). Sales on the other hand came in at Rs 19 bn (up 9.8% YoY). Read on for a complete analysis of NLC INDIA LTD's quarterly results.

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