PC JEWELLER 2018-19 Annual Report Analysis

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PC JEWELLER 2018-19 Annual Report Analysis
Fri, 18 Oct

PC JEWELLER 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.

PC JEWELLER Income Statement Analysis

  • Operating income during the year fell 9.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 71.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 3.2% in FY19 as against 10.2% in FY18.
  • Depreciation charges decreased by 11.9% and finance costs increased by 9.9% YoY, respectively.
  • Other income declined by 8.0% YoY.
  • Net profit for the year declined by 99.9% YoY.
  • Net profit margins during the year declined from 5.5% in FY18 to 0.0% in FY19.

PC JEWELLER Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 96,120 86,800 -9.7%
Other income Rs m 917 843 -8.0%
Total Revenues Rs m 97,037 87,643 -9.7%
Gross profit Rs m 9,808 2,821 -71.2%
Depreciation Rs m 215 189 -11.9%
Interest Rs m 3,145 3,455 9.9%
Profit before tax Rs m 7,366 20 -99.7%
Tax Rs m 2,009 14 -99.3%
Profit after tax Rs m 5,356 6 -99.9%
Gross profit margin % 10.2 3.2
Effective tax rate % 27.3 69.5
Net profit margin % 5.5 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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PC JEWELLER Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 37 billion as compared to Rs 51 billion in FY18, thereby witnessing an decrease of -27.5%.
  • Long-term debt down at Rs 116 million as compared to Rs 295 million during FY18, a fall of 60.7%.
  • Current assets fell 15% and stood at Rs 75 billion, while fixed assets fell 19% and stood at Rs 752 million in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 76 billion as against Rs 90 billion during FY18, thereby witnessing a fall of 15%.

PC JEWELLER Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 38,812 39,204 1.0
 
Current Liabilities Rs m 50,672 36,720 -27.5
Long-term Debt Rs m 295 116 -60.7
Total Liabilities Rs m 89,845 76,495 -14.9
 
Current assets Rs m 87,911 74,684 -15.0
Fixed Assets Rs m 934 752 -19.4
Total Assets Rs m 89,845 76,495 -14.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PC JEWELLER Cash Flow Statement Analysis

  • PC JEWELLER's cash flow from operating activities (CFO) during FY19 stood at Rs -19 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 10 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs 7 billion, an improvement of 16,724% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -3 billion from the Rs -243 million net cash flows seen during FY18.

PC JEWELLER 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 3,576 -19,313 -
Cash Flow from Investing Activities Rs m -3,780 9,780 -
Cash Flow from Financing Activities Rs m -39 6,517 -
Net Cash Flow Rs m -243 -3,016 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for PC JEWELLER

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.0, an decline from the EPS of Rs 13.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 33.5, stands at -12.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 0.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 61.5 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 243.7 219.9
TTM Earnings per share Rs 13.6 0.0
Diluted earnings per share Rs 15.0 0.0
Price to Cash Flow x 2.4 61.5
TTM P/E ratio x -13.7 -12.4
Price / Book Value ratio x 4.0 1.9
Market Cap Rs m 13,211 11,993
Dividends per share (Unadj.) Rs 1.8 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for PC JEWELLER

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.0x during FY19, from 1.7x 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 deteriorated and stood at 1.0x during FY19, from 3.3x 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 0.0% during FY19, from 13.8% 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 declined and down at 8.8% during FY19, from 26.9% 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 4.5% during FY19, from 9.5% 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 1.7 2.0
Debtors’ Days Days 70 84
Interest coverage x 3.3 1.0
Debt to equity ratio x 0.0 0.0
Return on assets % 9.5 4.5
Return on equity % 13.8 0.0
Return on capital employed % 26.9 8.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how PC JEWELLER has performed over the last 5 years, please visit here.

PC JEWELLER Share Price Performance

Over the last one year, PC JEWELLER share price has moved down from Rs 56.5 to Rs 33.5, registering a loss of Rs 23.0 or around 40.7%.

Overall, the S&P BSE SENSEX is up 12.8% over the year.

(To know more, check out historical annual results for PC JEWELLER and quarterly results for PC JEWELLER)

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