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PHOENIX MILL 2017-18 Annual Report Analysis

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PHOENIX MILL 2017-18 Annual Report Analysis
Wed, 19 Dec

PHOENIX MILL 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.

PHOENIX MILL Income Statement Analysis

  • Operating income during the year fell 11.2% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 8.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 48.0% in FY18 as against 46.4% in FY17.
  • Depreciation charges increased by 1.5% and finance costs decreased by 17.8% YoY, respectively.
  • Other income grew by 17.9% YoY.
  • Net profit for the year grew by 33.8% YoY.
  • Net profit margins during the year grew from 10.2% in FY17 to 15.3% in FY18.

PHOENIX MILL Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 18,246 16,198 -11.2%
Other income Rs m 472 556 17.9%
Total Revenues Rs m 18,718 16,754 -10.5%
Gross profit Rs m 8,469 7,774 -8.2%
Depreciation Rs m 1,953 1,983 1.5%
Interest Rs m 4,230 3,476 -17.8%
Profit before tax Rs m 2,758 2,871 4.1%
Tax Rs m 858 758 -11.6%
Profit after tax Rs m 1,910 2,556 33.8%
Gross profit margin % 46.4 48.0
Effective tax rate % 31.1 26.4
Net profit margin % 10.2 15.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PHOENIX MILL Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 16 billion as compared to Rs 11 billion in FY17, thereby witnessing an increase of 38.8%.
  • Long-term debt stood at Rs 32 billion as compared to Rs 31 billion during FY17, a growth of 2.9%.
  • Current assets rose 3% and stood at Rs 14 billion, while fixed assets rose 19% and stood at Rs 58 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 85 billion as against Rs 70 billion during FY17, thereby witnessing a growth of 21%.

PHOENIX MILL Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 21,501 28,517 32.6
 
Current Liabilities Rs m 11,244 15,603 38.8
Long-term Debt Rs m 31,066 31,972 2.9
Total Liabilities Rs m 70,081 84,973 21.3
 
Current assets Rs m 14,068 14,487 3.0
Fixed Assets Rs m 48,627 57,990 19.3
Total Assets Rs m 70,081 84,973 21.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PHOENIX MILL Cash Flow Statement Analysis

  • PHOENIX MILL's cash flow from operating activities (CFO) during FY18 stood at Rs 15 billion, an improvement of 7.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -18 billion, an improvement of 416.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 3 billion, an improvement of 125% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -298 million from the Rs -427 million net cash flows seen during FY17.

PHOENIX MILL 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 14,189 15,177 7.0%
Cash Flow from Investing Activities Rs m -3,536 -18,249 -
Cash Flow from Financing Activities Rs m -11,080 2,774 -
Net Cash Flow Rs m -427 -298 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for PHOENIX MILL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 16.7, an improvement from the EPS of Rs 12.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 602.0, stands at 28.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.0 times, while the price to sales ratio stands at 5.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 21.3 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 119.2 105.8
TTM Earnings per share Rs 12.5 16.7
Diluted earnings per share Rs 13.2 17.6
Price to Cash Flow x 23.9 21.3
TTM P/E ratio x 30.2 28.6
Price / Book Value ratio x 2.6 3.0
Market Cap Rs m 92,148 87,236
Dividends per share (Unadj.) Rs 2.4 2.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for PHOENIX MILL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.9x during FY18, from 1.3x 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 1.8x during FY18, from 1.7x 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 9.0% during FY18, from 8.9% 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 11.2% during FY18, from 13.3% 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 7.1% during FY18, from 8.8% 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 1.3 0.9
Debtors’ Days Days 29 29
Interest coverage x 1.7 1.8
Debt to equity ratio x 1.4 1.1
Return on assets % 8.8 7.1
Return on equity % 8.9 9.0
Return on capital employed % 13.3 11.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how PHOENIX MILL has performed over the last 5 years, please visit here.

PHOENIX MILL Share Price Performance

Over the last one year, PHOENIX MILL share price has moved up from Rs 579.1 to Rs 602.0, registering a gain of Rs 23.0 or around 4.0%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,889.5 (up 2.9%). Over the last one year it has moved down from 2,411.2 to 1,889.5, a loss of 522 points (down 21.6%).

Overall, the S&P BSE SENSEX is up 8.7% over the year.

(To know more, check out historical annual results for PHOENIX MILL and quarterly results for PHOENIX MILL)

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For the quarter ended March 2019, PHOENIX MILL has posted a net profit of Rs 3 bn (up 163.3% YoY). Sales on the other hand came in at Rs 7 bn (up 65.6% YoY). Read on for a complete analysis of PHOENIX MILL's quarterly results.

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