OMAX AUTOS. 2018-19 Annual Report Analysis

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OMAX AUTOS. 2018-19 Annual Report Analysis
Mon, 16 Sep

OMAX AUTOS. has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

OMAX AUTOS. Income Statement Analysis

  • Operating income during the year fell 15.9% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 4.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 4.0% in FY19 as against 3.5% in FY18.
  • Depreciation charges decreased by 10.5% and finance costs decreased by 8.4% YoY, respectively.
  • Other income grew by 12.8% YoY.
  • Net profit for the year declined by 94.4% YoY.
  • Net profit margins during the year declined from 0.6% in FY18 to 0.0% in FY19.

OMAX AUTOS. Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 11,790 9,916 -15.9%
Other income Rs m 113 128 12.8%
Total Revenues Rs m 11,903 10,044 -15.6%
Gross profit Rs m 418 401 -4.2%
Depreciation Rs m 219 196 -10.5%
Interest Rs m 307 281 -8.4%
Profit before tax Rs m 6 52 803.5%
Tax Rs m -71 47 -166.6%
Profit after tax Rs m 77 4 -94.4%
Gross profit margin % 3.5 4.0
Effective tax rate % -1,243.9 91.7
Net profit margin % 0.6 0.0
* 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 FY19 down at Rs 3 billion as compared to Rs 3 billion in FY18, thereby witnessing an decrease of -5.1%.
  • Long-term debt stood at Rs 508 million as compared to Rs 428 million during FY18, a growth of 18.7%.
  • Current assets rose 5% and stood at Rs 3 billion, while fixed assets fell 25% and stood at Rs 2 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 6 billion as against Rs 6 billion during FY18, thereby witnessing a fall of 1%.

OMAX AUTOS. Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 2,302 2,291 -0.5
 
Current Liabilities Rs m 3,032 2,877 -5.1
Long-term Debt Rs m 428 508 18.7
Total Liabilities Rs m 5,967 5,926 -0.7
 
Current assets Rs m 3,109 3,273 5.3
Fixed Assets Rs m 2,263 1,708 -24.5
Total Assets Rs m 5,967 5,926 -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 FY19 stood at Rs -874 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 303 million, an improvement of 78.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 397 million, an improvement of 181% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -175 million from the Rs 362 million net cash flows seen during FY18.

OMAX AUTOS. Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 684 -874 -
Cash Flow from Investing Activities Rs m 170 303 78.1%
Cash Flow from Financing Activities Rs m -492 397 -
Net Cash Flow Rs m 362 -175 -
* 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 0.2, an decline from the EPS of Rs 3.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 43.7, stands at 3.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 0.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 4.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 551.2 463.6
TTM Earnings per share Rs 3.6 0.2
Diluted earnings per share Rs 3.6 0.2
Price to Cash Flow x 3.2 4.7
TTM P/E ratio x 3.2 3.2
Price / Book Value ratio x 1.5 0.9
Market Cap Rs m 934 934
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 1.1x during FY19, from 1.0x during FY18. 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 1.2x during FY19, from 1.0x during FY18. 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 0.2% during FY19, from 3.3% during FY19. 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 11.9% during FY19, from 11.4% during FY18. 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 4.8% during FY19, from 6.4% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 1.0 1.1
Debtors’ Days Days 51 36
Interest coverage x 1.0 1.2
Debt to equity ratio x 0.2 0.2
Return on assets % 6.4 4.8
Return on equity % 3.3 0.2
Return on capital employed % 11.4 11.9
* 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 down from Rs 108.3 to Rs 43.7, registering a loss of Rs 64.7 or around 59.7%.

Overall, the S&P BSE SENSEX is down 2.3% over the year.

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

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