ONMOBILE GLOBAL 2017-18 Annual Report Analysis

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ONMOBILE GLOBAL 2017-18 Annual Report Analysis
Tue, 29 Jan

ONMOBILE GLOBAL 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.

ONMOBILE GLOBAL Income Statement Analysis

  • Operating income during the year fell 11.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 35.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.2% in FY18 as against 13.9% in FY17.
  • Depreciation charges decreased by 13.7% and finance costs decreased by 85.9% YoY, respectively.
  • Other income grew by 11.1% YoY.
  • Net profit for the year declined by 19.5% YoY.
  • Net profit margins during the year declined from 1.9% in FY17 to 1.8% in FY18.

ONMOBILE GLOBAL Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 7,203 6,356 -11.8%
Other income Rs m 111 123 11.1%
Total Revenues Rs m 7,314 6,479 -11.4%
Gross profit Rs m 1,001 649 -35.1%
Depreciation Rs m 555 479 -13.7%
Interest Rs m 8 1 -85.9%
Profit before tax Rs m 549 292 -46.8%
Tax Rs m 236 164 -30.5%
Profit after tax Rs m 141 113 -19.5%
Gross profit margin % 13.9 10.2
Effective tax rate % 42.9 56.1
Net profit margin % 1.9 1.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ONMOBILE GLOBAL Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 2 billion as compared to Rs 3 billion in FY17, thereby witnessing an decrease of -14.0%.
  • Current assets fell 5% and stood at Rs 6 billion, while fixed assets fell 21% and stood at Rs 575 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 8 billion as against Rs 8 billion during FY17, thereby witnessing a fall of 3%.

ONMOBILE GLOBAL Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 5,635 5,763 2.3
 
Current Liabilities Rs m 2,723 2,342 -14.0
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 8,411 8,143 -3.2
 
Current assets Rs m 5,973 5,700 -4.6
Fixed Assets Rs m 730 575 -21.3
Total Assets Rs m 8,411 8,143 -3.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ONMOBILE GLOBAL Cash Flow Statement Analysis

  • ONMOBILE GLOBAL's cash flow from operating activities (CFO) during FY18 stood at Rs 347 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -551 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -145 million, an improvement of 82% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -321 million from the Rs 58 million net cash flows seen during FY17.

ONMOBILE GLOBAL 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 902 347 -61.5%
Cash Flow from Investing Activities Rs m 124 -551 -
Cash Flow from Financing Activities Rs m -811 -145 -
Net Cash Flow Rs m 58 -321 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ONMOBILE GLOBAL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.1, an decline from the EPS of Rs 1.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 34.0, stands at 14.7 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 1.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.5 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 69.0 60.2
TTM Earnings per share Rs 1.4 1.1
Diluted earnings per share Rs 1.2 1.0
Price to Cash Flow x 5.1 6.5
TTM P/E ratio x 13.4 14.7
Price / Book Value ratio x 1.9 1.2
Market Cap Rs m 3,543 3,879
Dividends per share (Unadj.) Rs 1.5 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ONMOBILE GLOBAL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.4x during FY18, from 2.2x 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 improved and stood at 266.4x during FY18, from 71.3x 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 2.0% during FY18, from 2.5% 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 4.8% during FY18, from 6.8% 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 declined and down at 1.4% during FY18, from 1.8% 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 2.2 2.4
Debtors’ Days Days 85 98
Interest coverage x 71.3 266.4
Debt to equity ratio x 0.0 0.0
Return on assets % 1.8 1.4
Return on equity % 2.5 2.0
Return on capital employed % 6.8 4.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

ONMOBILE GLOBAL Share Price Performance

Over the last one year, ONMOBILE GLOBAL share price has moved up from Rs 56.3 to Rs 34.0, registering a loss of Rs 22.4 or around 39.7%.

Meanwhile, the S&P BSE IT Index is trading at Rs 14,770.5 (down 0.5%). Over the last one year it has moved up from 12,835.2 to 14,770.5, a gain of 1,935 points (up 15.1%).

Overall, the S&P BSE SENSEX is down 1.9% over the year.

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

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For the quarter ended September 2019, ONMOBILE GLOBAL has posted a net profit of Rs 10 m (down 94.6% YoY). Sales on the other hand came in at Rs 1 bn (down 2.5% YoY). Read on for a complete analysis of ONMOBILE GLOBAL's quarterly results.

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