OPTO CIRCUITS 2017-18 Annual Report Analysis

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OPTO CIRCUITS 2017-18 Annual Report Analysis
Tue, 18 Dec

OPTO CIRCUITS 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.

OPTO CIRCUITS Income Statement Analysis

  • Operating income during the year rose 6.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 120.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 22.8% in FY18 as against 11.0% in FY17.
  • Depreciation charges decreased by 21.5% and finance costs decreased by 66.3% YoY, respectively.
  • Other income grew by 72.9% YoY.
  • Net profit for the year declined by 107.0% YoY.
  • Net profit margins during the year grew from 235.3% in FY17 to 15.5% in FY18.

OPTO CIRCUITS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 2,153 2,284 6.1%
Other income Rs m 7 12 72.9%
Total Revenues Rs m 2,160 2,296 6.3%
Gross profit Rs m 236 520 120.6%
Depreciation Rs m 160 126 -21.5%
Interest Rs m 171 58 -66.3%
Profit before tax Rs m -88 349 -495.5%
Tax Rs m 8 9 10.9%
Profit after tax Rs m -5,083 356 -107.0%
Gross profit margin % 11.0 22.8
Effective tax rate % -9.2 2.6
Net profit margin % -235.3 15.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



OPTO CIRCUITS Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 10 billion as compared to Rs 12 billion in FY17, thereby witnessing an decrease of -19.0%.
  • Long-term debt down at Rs 117 million as compared to Rs 438 million during FY17, a fall of 73.2%.
  • Current assets rose 7% and stood at Rs 6 billion, while fixed assets rose 12% and stood at Rs 7 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 20 billion as against Rs 22 billion during FY17, thereby witnessing a fall of 8%.

OPTO CIRCUITS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 8,540 9,426 10.4
 
Current Liabilities Rs m 12,088 9,791 -19.0
Long-term Debt Rs m 438 117 -73.2
Total Liabilities Rs m 21,864 20,131 -7.9
 
Current assets Rs m 5,342 5,741 7.5
Fixed Assets Rs m 6,223 6,988 12.3
Total Assets Rs m 21,864 20,131 -7.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



OPTO CIRCUITS Cash Flow Statement Analysis

  • OPTO CIRCUITS's cash flow from operating activities (CFO) during FY18 stood at Rs 688 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 25 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -707 million, an improvement of 63% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 6 million from the Rs -10 million net cash flows seen during FY17.

OPTO CIRCUITS 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 3,085 688 -77.7%
Cash Flow from Investing Activities Rs m -1,184 25 -
Cash Flow from Financing Activities Rs m -1,911 -707 -
Net Cash Flow Rs m -10 6 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for OPTO CIRCUITS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.2, an improvement from the EPS of Rs -21.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 9.1, stands at 5.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 1.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 4.6 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 8.9 7.9
TTM Earnings per share Rs -21.0 1.2
Diluted earnings per share Rs -21.0 1.5
Price to Cash Flow x -0.4 4.6
TTM P/E ratio x 5.4 5.4
Price / Book Value ratio x 0.3 0.3
Market Cap Rs m 2,208 2,208
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 OPTO CIRCUITS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.6x during FY18, from 0.4x 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 7.1x during FY18, from 0.5x 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 3.8% during FY18, from -59.5% 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 improved and stood at 4.4% during FY18, from -54.6% 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 2.1% during FY18, from -22.5% 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 0.4 0.6
Debtors’ Days Days 411 60
Interest coverage x 0.5 7.1
Debt to equity ratio x 0.1 0.0
Return on assets % -22.5 2.1
Return on equity % -59.5 3.8
Return on capital employed % -54.6 4.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how OPTO CIRCUITS has performed over the last 5 years, please visit here.

OPTO CIRCUITS Share Price Performance

Over the last one year, OPTO CIRCUITS share price has moved up from Rs 9.1 to Rs 9.1, registering a gain of Rs 0.0 or around 0.1%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,601.7 (up 0.7%). Over the last one year it has moved up from 18,447.1 to 18,601.7, a gain of 155 points (up 0.8%).

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

(To know more, check out historical annual results for OPTO CIRCUITS and quarterly results for OPTO CIRCUITS)

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For the quarter ended March 2019, OPTO CIRCUITS has posted a net profit of Rs 110 m (up 2.7% YoY). Sales on the other hand came in at Rs 616 m (down 7.3% YoY). Read on for a complete analysis of OPTO CIRCUITS's quarterly results.

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