OMAX AUTOS. 2017-18 Annual Report Analysis

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OMAX AUTOS. 2017-18 Annual Report Analysis
Fri, 21 Dec

OMAX AUTOS. 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.

OMAX AUTOS. Income Statement Analysis

  • Operating income during the year rose 13.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 28.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 3.5% in FY18 as against 3.1% in FY17.
  • Depreciation charges decreased by 6.5% and finance costs increased by 31.9% YoY, respectively.
  • Other income grew by 10.0% YoY.
  • Net profit for the year declined by 449.8% YoY.
  • Net profit margins during the year grew from 0.2% in FY17 to 0.6% in FY18.

OMAX AUTOS. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 10,422 11,790 13.1%
Other income Rs m 103 113 10.0%
Total Revenues Rs m 10,525 11,903 13.1%
Gross profit Rs m 326 418 28.3%
Depreciation Rs m 235 219 -6.5%
Interest Rs m 233 307 31.9%
Profit before tax Rs m -38 6 -115.0%
Tax Rs m -16 -71 343.1%
Profit after tax Rs m -22 77 -449.8%
Gross profit margin % 3.1 3.5
Effective tax rate % 42.2 -1,243.9
Net profit margin % -0.2 0.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



OMAX AUTOS. Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 3 billion as compared to Rs 3 billion in FY17, thereby witnessing an decrease of -0.1%.
  • Long-term debt stood at Rs 428 million as compared to Rs 402 million during FY17, a growth of 6.4%.
  • Current assets rose 7% and stood at Rs 3 billion, while fixed assets fell 19% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 6 billion as against Rs 6 billion during FY17, thereby witnessing a growth of 1%.

OMAX AUTOS. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 2,205 2,302 4.4
 
Current Liabilities Rs m 3,035 3,032 -0.1
Long-term Debt Rs m 402 428 6.4
Total Liabilities Rs m 5,926 5,967 0.7
 
Current assets Rs m 2,909 3,109 6.9
Fixed Assets Rs m 2,794 2,263 -19.0
Total Assets Rs m 5,926 5,967 0.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



OMAX AUTOS. Cash Flow Statement Analysis

  • OMAX AUTOS.'s cash flow from operating activities (CFO) during FY18 stood at Rs 685 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -81 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -493 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 111 million from the Rs 13 million net cash flows seen during FY17.

OMAX AUTOS. 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 -214 685 -
Cash Flow from Investing Activities Rs m -225 -81 -
Cash Flow from Financing Activities Rs m 453 -493 -
Net Cash Flow Rs m 13 111 730.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for OMAX AUTOS.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.6, an improvement from the EPS of Rs -1.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 87.0, stands at 7.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.3 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 487.2 551.2
TTM Earnings per share Rs -1.0 3.6
Diluted earnings per share Rs -1.0 3.6
Price to Cash Flow x 8.7 6.3
TTM P/E ratio x 7.4 7.4
Price / Book Value ratio x 0.8 1.5
Market Cap Rs m 1,861 1,861
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 OMAX AUTOS.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.0x during FY18, from 1.0x 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 1.0x during FY18, from 0.8x 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 3.3% during FY18, from -1.0% 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 11.4% during FY18, from 7.5% 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 6.4% during FY18, from 3.6% 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 1.0 1.0
Debtors’ Days Days 59 51
Interest coverage x 0.8 1.0
Debt to equity ratio x 0.2 0.2
Return on assets % 3.6 6.4
Return on equity % -1.0 3.3
Return on capital employed % 7.5 11.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how OMAX AUTOS. has performed over the last 5 years, please visit here.

OMAX AUTOS. Share Price Performance

Over the last one year, OMAX AUTOS. share price has moved up from Rs 84.5 to Rs 87.0, registering a gain of Rs 2.6 or around 3.0%.

Overall, the S&P BSE SENSEX is up 7.7% over the year.

(To know more, check out historical annual results for OMAX AUTOS. and quarterly results for OMAX AUTOS.)

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