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ORBIT EXPORTS 2017-18 Annual Report Analysis
Sat, 31 Mar

ORBIT EXPORTS 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.

ORBIT EXPORTS Income Statement Analysis

  • Operating income during the year rose 1.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 7.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 29.7% in FY18 as against 27.9% in FY17.
  • Depreciation charges increased by 4.8% and finance costs decreased by 44.7% YoY, respectively.
  • Other income declined by 2.9% YoY.
  • Net profit for the year grew by 23.1% YoY.
  • Net profit margins during the year grew from 15.2% in FY17 to 18.4% in FY18.

ORBIT EXPORTS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 1,344 1,365 1.5%
Other income Rs m 37 36 -2.9%
Total Revenues Rs m 1,381 1,400 1.4%
Gross profit Rs m 375 405 7.8%
Depreciation Rs m 69 72 4.8%
Interest Rs m 28 15 -44.7%
Profit before tax Rs m 315 353 11.8%
Tax Rs m 112 102 -8.8%
Profit after tax Rs m 204 251 23.1%
Gross profit margin % 27.9 29.7
Effective tax rate % 35.4 28.9
Net profit margin % 15.2 18.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Read Now: We're Bullish on 2 Non-Nifty Stocks

ORBIT EXPORTS Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 729 million as compared to Rs 570 million in FY17, thereby witnessing an increase of 28.0%.
  • Long-term debt down at Rs 52 million as compared to Rs 97 million during FY17, a fall of 46.7%.
  • Current assets rose 13% and stood at Rs 1 billion, while fixed assets rose 20% and stood at Rs 1 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 2 billion as against Rs 2 billion during FY17, thereby witnessing a growth of 16%.

ORBIT EXPORTS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 1,260 1,428 13.4
 
Current Liabilities Rs m 570 729 28.0
Long-term Debt Rs m 97 52 -46.7
Total Liabilities Rs m 2,071 2,401 15.9
 
Current assets Rs m 1,172 1,321 12.7
Fixed Assets Rs m 899 1,080 20.1
Total Assets Rs m 2,071 2,401 15.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ORBIT EXPORTS Cash Flow Statement Analysis

  • ORBIT EXPORTS's cash flow from operating activities (CFO) during FY18 stood at Rs 379 million, an improvement of 17.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -258 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -129 million, an improvement of 58% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -7 million from the Rs 19 million net cash flows seen during FY17.

ORBIT EXPORTS 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 322 379 17.7%
Cash Flow from Investing Activities Rs m 1 -258 -
Cash Flow from Financing Activities Rs m -305 -129 -
Net Cash Flow Rs m 19 -7 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for ORBIT EXPORTS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.9, an improvement from the EPS of Rs 7.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 149.7, stands at 16.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.9 times, while the price to sales ratio stands at 3.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 13.4 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 46.8 48.3
TTM Earnings per share Rs 7.1 8.9
Diluted earnings per share Rs 7.4 9.2
Price to Cash Flow x 12.6 13.4
TTM P/E ratio x 16.7 16.5
Price / Book Value ratio x 5.4 3.0
Market Cap Rs m 6,850 4,319
Dividends per share (Unadj.) Rs 2.6 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for ORBIT EXPORTS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.8x during FY18, from 2.1x 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 improved and stood at 24.2x during FY18, from 12.5x 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 17.6% during FY18, from 16.2% 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 24.9% during FY18, from 25.3% 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 11.1% during FY18, from 11.2% 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 2.1 1.8
Debtors’ Days Days 824 741
Interest coverage x 12.5 24.2
Debt to equity ratio x 0.1 0.0
Return on assets % 11.2 11.1
Return on equity % 16.2 17.6
Return on capital employed % 25.3 24.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how ORBIT EXPORTS has performed over the last 5 years, please visit here.

ORBIT EXPORTS Share Price Performance

Over the last one year, ORBIT EXPORTS share price has moved up from Rs 125.1 to Rs 149.7, registering a gain of Rs 24.7 or around 19.7%.

Overall, the S&P BSE SENSEX is up 12.1% over the year.

(To know more, check out historical annual results for ORBIT EXPORTS and quarterly results for ORBIT EXPORTS)

Annual Report FAQs

What is the current share price of ORBIT EXPORTS?

ORBIT EXPORTS currently trades at Rs 140.6 per share. You can check out the latest share price performance of ORBIT EXPORTS here...

What was the revenue of ORBIT EXPORTS in FY18? How does it compare to earlier years?

The revenues of ORBIT EXPORTS stood at Rs 1,400 m in FY18, which was up 1.4% compared to Rs 1,381 m reported in FY17.

ORBIT EXPORTS' revenue has fallen from Rs 1,505 m in FY16 to Rs 1,400 m in FY18.

Over the past 3 years, the revenue of ORBIT EXPORTS has grown at a CAGR of -3.6%.

What was the net profit of ORBIT EXPORTS in FY18? How does it compare to earlier years?

The net profit of ORBIT EXPORTS stood at Rs 251 m in FY18, which was up 23.1% compared to Rs 204 m reported in FY17.

This compares to a net profit of Rs 232 m in FY16.

Over the past 3 years, ORBIT EXPORTS net profit has grown at a CAGR of 3.9%.

What does the cash flow statement of ORBIT EXPORTS reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of ORBIT EXPORTS reveals:

  • Cash flow from operations increased in FY18 and stood at Rs 379 m as compared to Rs 322 m in FY17.
  • Cash flow from investments decreased in FY18 and stood at Rs -258 m as compared to Rs 1 m in FY17.
  • Cash flow from financial activity increased in FY18 and stood at Rs -129 m as compared to Rs -305 m in FY17.

Here's the cash flow statement of ORBIT EXPORTS for the past 3 years.

(Rs m)FY16FY17FY18
From Operations216322379
From Investments-1641-258
From Financial Activity-66-305-129
Net Cashflow-1419-7

What does the Key Ratio analysis of ORBIT EXPORTS reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of ORBIT EXPORTS reveals:

  • Operating profit margins witnessed a fall and down at 29.7% in FY18 as against 27.9% in FY17.
  • Net profit margins grew from 15.2% in FY17 to 18.4% in FY18.
  • Debt to Equity ratio for FY18 stood at 0.0 as compared to 0.1 in FY17.

Here's the ratio/financial analysis of ORBIT EXPORTS for the past 3 years.

 FY16FY17FY18
Operating Profit Margin (%)27.727.929.7
Net Profit Margin (%)15.715.218.4
Debt to Equity Ratio (x)0.20.10.0

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