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ORBIT EXPORTS 2017-18 Annual Report Analysis

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ORBIT EXPORTS 2017-18 Annual Report Analysis
Wed, 19 Dec

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 9.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 28.9% in FY18 as against 26.8% in FY17.
  • Depreciation charges increased by 4.6% and finance costs decreased by 70.0% YoY, respectively.
  • Other income declined by 3.0% YoY.
  • Net profit for the year grew by 26.1% YoY.
  • Net profit margins during the year grew from 15.5% in FY17 to 19.3% 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 -3.0%
Total Revenues Rs m 1,381 1,400 1.4%
Gross profit Rs m 360 395 9.5%
Depreciation Rs m 69 72 4.6%
Interest Rs m 18 5 -70.0%
Profit before tax Rs m 310 353 13.8%
Tax Rs m 112 102 -8.9%
Profit after tax Rs m 214 270 26.1%
Gross profit margin % 26.8 28.9
Effective tax rate % 36.1 28.9
Net profit margin % 15.5 19.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ORBIT EXPORTS Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 236 million as compared to Rs 179 million in FY17, thereby witnessing an increase of 31.4%.
  • Long-term debt down at Rs 52 million as compared to Rs 97 million during FY17, a fall of 46.6%.
  • Current assets rose 6% and stood at Rs 828 million, while fixed assets rose 15% and stood at Rs 936 million 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 13%.

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 179 236 31.4
Long-term Debt Rs m 97 52 -46.6
Total Liabilities Rs m 1,681 1,908 13.5
 
Current assets Rs m 782 828 5.8
Fixed Assets Rs m 813 936 15.2
Total Assets Rs m 1,681 1,908 13.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ORBIT EXPORTS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.6, an improvement from the EPS of Rs 7.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 128.0, stands at 6.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.0 times, while the price to sales ratio stands at 3.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.5 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 46.8 48.3
TTM Earnings per share Rs 7.5 9.6
Diluted earnings per share Rs 15.3 19.3
Price to Cash Flow x 13.5 5.5
TTM P/E ratio x 13.1 6.4
Price / Book Value ratio x 5.4 3.0
Market Cap Rs m 3,674 1,790
Dividends per share (Unadj.) Rs 2.6 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for ORBIT EXPORTS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.5x during FY18, from 4.4x 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 66.3x during FY18, from 18.2x 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 18.9% during FY18, from 17.0% 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 25.5% during FY18, from 25.4% 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 14.5% during FY18, from 13.8% 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 4.4 3.5
Debtors’ Days Days 82 74
Interest coverage x 18.2 66.3
Debt to equity ratio x 0.1 0.0
Return on assets % 13.8 14.5
Return on equity % 17.0 18.9
Return on capital employed % 25.4 25.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 149.9 to Rs 128.0, registering a loss of Rs 21.9 or around 14.6%.

Overall, the S&P BSE SENSEX is up 8.7% over the year.

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

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Related Views on News

ORBIT EXPORTS Announces Quarterly Results (2QFY19); Net Profit Up 11.2% (Quarterly Result Update)

Nov 12, 2018 | Updated on Nov 12, 2018

For the quarter ended September 2018, ORBIT EXPORTS has posted a net profit of Rs 61 m (up 11.2% YoY). Sales on the other hand came in at Rs 348 m (up 6.2% YoY). Read on for a complete analysis of ORBIT EXPORTS's quarterly results.

ORBIT EXPORTS Announces Quarterly Results (1QFY19); Net Profit Up 32.4% (Quarterly Result Update)

Aug 10, 2018 | Updated on Aug 10, 2018

For the quarter ended June 2018, ORBIT EXPORTS has posted a net profit of Rs 104 m (up 32.4% YoY). Sales on the other hand came in at Rs 417 m (up 7.4% YoY). Read on for a complete analysis of ORBIT EXPORTS's quarterly results.

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