PANACEA BIOTECH 2017-18 Annual Report Analysis

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PANACEA BIOTECH 2017-18 Annual Report Analysis
Wed, 27 Mar

PANACEA BIOTECH 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.

PANACEA BIOTECH Income Statement Analysis

  • Operating income during the year rose 9.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 35.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.3% in FY18 as against 11.5% in FY17.
  • Depreciation charges decreased by 13.9% and finance costs decreased by 0.3% YoY, respectively.
  • Other income declined by 82.3% YoY.
  • Net profit for the year grew by 85.9% YoY.
  • Net profit margins during the year declined from 6.9% in FY17 to 12.6% in FY18.

PANACEA BIOTECH Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m5,4405,9289.0%
Other incomeRs m46682-82.3%
Total RevenuesRs m5,9066,0101.8%
Gross profitRs m62484535.4%
DepreciationRs m680585-13.9%
InterestRs m1,0091,006-0.3%
Profit before taxRs m-599-66410.8%
TaxRs m-11099-189.8%
Profit after taxRs m-409-76085.9%
Gross profit margin%11.514.3
Effective tax rate%18.3-14.9
Net profit margin%-6.9-12.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PANACEA BIOTECH Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 7 billion as compared to Rs 6 billion in FY17, thereby witnessing an increase of 17.5%.
  • Long-term debt down at Rs 6 billion as compared to Rs 7 billion during FY17, a fall of 20.1%.
  • Current assets rose 5% and stood at Rs 6 billion, while fixed assets fell 4% and stood at Rs 10 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 16 billion as against Rs 18 billion during FY17, thereby witnessing a fall of 11%.

PANACEA BIOTECH Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m3,5573,087-13.2
 
Current LiabilitiesRs m5,8816,91017.5
Long-term DebtRs m7,1415,707-20.1
Total LiabilitiesRs m18,00116,076-10.7
 
Current assetsRs m5,3345,6035.0
Fixed AssetsRs m 10,3689,941-4.1
Total AssetsRs m18,00116,076-10.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PANACEA BIOTECH Cash Flow Statement Analysis

  • PANACEA BIOTECH's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 553 million 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 90 million from the Rs -21 million net cash flows seen during FY17.

PANACEA BIOTECH Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m1,3071,180-9.7%
Cash Flow from Investing ActivitiesRs m-258553-
Cash Flow from Financing ActivitiesRs m-1,070-1,644-
Net Cash FlowRs m-2190-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for PANACEA BIOTECH

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -12.4, an decline from the EPS of Rs -6.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 171.2, stands at -6.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.9 times, while the price to sales ratio stands at 2.5 times.
  • The company's price to cash flow (P/CF) ratio stood at -59.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Sales per share (Unadj.)Rs88.896.8
TTM Earnings per shareRs-6.7-12.4
Diluted earnings per shareRs-6.7-12.4
Price to Cash Flow x39.1-59.3
TTM P/E ratiox-6.3-6.3
Price / Book Value ratiox2.34.9
Market CapRs m10,48610,486
Dividends per share (Unadj.)Rs0.00.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for PANACEA BIOTECH

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY18, from 0.9x 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 0.3x during FY18, from 0.4x 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 declined and down at -24.6% during FY18, from -11.5% 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 3.9% during FY18, from 4.6% 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 1.5% during FY18, from 3.3% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Current ratiox0.90.8
Debtors’ DaysDays9584
Interest coveragex0.40.3
Debt to equity ratiox2.01.8
Return on assets%3.31.5
Return on equity%-11.5-24.6
Return on capital employed%4.63.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how PANACEA BIOTECH has performed over the last 5 years, please visit here.

PANACEA BIOTECH Share Price Performance

Over the last one year, PANACEA BIOTECH share price has moved up from Rs 276.9 to Rs 171.2, registering a loss of Rs 105.7 or around 38.2%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 14,139.2 (down 0.4%). Over the last one year it has moved up from 13,308.8 to 14,139.2, a gain of 830 points (up 6.2%).

(To know more, check out historical annual results for PANACEA BIOTECH and quarterly results for PANACEA BIOTECH)

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