PAGE INDUSTRIES 2017-18 Annual Report Analysis

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PAGE INDUSTRIES 2017-18 Annual Report Analysis
Fri, 21 Dec

PAGE INDUSTRIES 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.

PAGE INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 19.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 30.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 21.2% in FY18 as against 19.4% in FY17.
  • Depreciation charges increased by 13.2% and finance costs decreased by 7.7% YoY, respectively.
  • Other income declined by 11.8% YoY.
  • Net profit for the year grew by 30.3% YoY.
  • Net profit margins during the year grew from 12.4% in FY17 to 13.5% in FY18.

PAGE INDUSTRIES Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 21,285 25,514 19.9%
Other income Rs m 243 215 -11.8%
Total Revenues Rs m 21,529 25,728 19.5%
Gross profit Rs m 4,132 5,407 30.8%
Depreciation Rs m 247 280 13.2%
Interest Rs m 180 166 -7.7%
Profit before tax Rs m 3,948 5,175 31.1%
Tax Rs m 1,285 1,705 32.7%
Profit after tax Rs m 2,663 3,470 30.3%
Gross profit margin % 19.4 21.2
Effective tax rate % 32.6 33.0
Net profit margin % 12.4 13.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PAGE INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 5 billion as compared to Rs 4 billion in FY17, thereby witnessing an increase of 19.4%.
  • Long-term debt down at Rs 326 million as compared to Rs 398 million during FY17, a fall of 18.0%.
  • Current assets rose 27% and stood at Rs 11 billion, while fixed assets rose 14% and stood at Rs 3 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 14 billion as against Rs 12 billion during FY17, thereby witnessing a growth of 22%.

PAGE INDUSTRIES Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 6,658 8,473 27.3
 
Current Liabilities Rs m 4,258 5,084 19.4
Long-term Debt Rs m 398 326 -18.0
Total Liabilities Rs m 11,541 14,124 22.4
 
Current assets Rs m 8,332 10,550 26.6
Fixed Assets Rs m 2,602 2,965 13.9
Total Assets Rs m 11,541 14,124 22.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PAGE INDUSTRIES Cash Flow Statement Analysis

  • PAGE INDUSTRIES's cash flow from operating activities (CFO) during FY18 stood at Rs 5 billion, an improvement of 66.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion, an improvement of 123.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -2 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 163 million from the Rs 119 million net cash flows seen during FY17.

PAGE INDUSTRIES 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 2,736 4,546 66.1%
Cash Flow from Investing Activities Rs m -1,076 -2,399 -
Cash Flow from Financing Activities Rs m -1,541 -1,984 -
Net Cash Flow Rs m 119 163 36.6%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for PAGE INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 311.2, an improvement from the EPS of Rs 238.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 25,128.5, stands at 71.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 25.9 times, while the price to sales ratio stands at 8.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 74.7 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 1,909.0 2,288.2
TTM Earnings per share Rs 238.8 311.2
Diluted earnings per share Rs 238.8 311.2
Price to Cash Flow x 96.3 74.7
TTM P/E ratio x 71.0 71.0
Price / Book Value ratio x 24.4 25.9
Market Cap Rs m 280,183 280,183
Dividends per share (Unadj.) Rs 97.0 131.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for PAGE INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.1x during FY18, from 2.0x 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 32.1x during FY18, from 22.9x 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 41.0% during FY18, from 40.0% 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 60.7% during FY18, from 58.5% 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 25.7% during FY18, from 24.6% 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 2.0 2.1
Debtors’ Days Days 19 21
Interest coverage x 22.9 32.1
Debt to equity ratio x 0.1 0.0
Return on assets % 24.6 25.7
Return on equity % 40.0 41.0
Return on capital employed % 58.5 60.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how PAGE INDUSTRIES has performed over the last 5 years, please visit here.

PAGE INDUSTRIES Share Price Performance

Over the last one year, PAGE INDUSTRIES share price has moved up from Rs 24,750.2 to Rs 25,128.5, registering a gain of Rs 378.4 or around 1.5%.

Overall, the S&P BSE SENSEX is up 7.8% over the year.

(To know more, check out historical annual results for PAGE INDUSTRIES and quarterly results for PAGE INDUSTRIES)

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Related Views on News

PAGE INDUSTRIES Announces Quarterly Results (1QFY20); Net Profit Down 11.1% (Quarterly Result Update)

Aug 13, 2019 | Updated on Aug 13, 2019

For the quarter ended June 2019, PAGE INDUSTRIES has posted a net profit of Rs 1 bn (down 11.1% YoY). Sales on the other hand came in at Rs 8 bn (up 2.4% YoY). Read on for a complete analysis of PAGE INDUSTRIES's quarterly results.

PAGE INDUSTRIES Announces Quarterly Results (4QFY19); Net Profit Down 20.4% (Quarterly Result Update)

May 27, 2019 | Updated on May 27, 2019

For the quarter ended March 2019, PAGE INDUSTRIES has posted a net profit of Rs 750 m (down 20.4% YoY). Sales on the other hand came in at Rs 6 bn (down 0.1% YoY). Read on for a complete analysis of PAGE INDUSTRIES's quarterly results.

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