X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2019 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
PIDILITE INDUSTRIES 2017-18 Annual Report Analysis

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

PIDILITE INDUSTRIES 2017-18 Annual Report Analysis
Mon, 13 Aug

PIDILITE 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.

PIDILITE INDUSTRIES Income Statement Analysis

  • Operating income during the year rose 8.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 6.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 22.1% in FY18 as against 22.5% in FY17.
  • Depreciation charges and finance costs increased by 4.1% YoY and 11.6% YoY, respectively.
  • Other income grew by 32.2% YoY.
  • Net profit for the year grew by 11.9% YoY.
  • Net profit margins during the year grew from 15.1% in FY17 to 15.5% in FY18.

PIDILITE INDUSTRIES Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 56,168 60,784 8.2%
Other income Rs m 1,123 1,484 32.2%
Total Revenues Rs m 57,290 62,268 8.7%
Gross profit Rs m 12,633 13,460 6.5%
Depreciation Rs m 1,151 1,199 4.1%
Interest Rs m 139 155 11.6%
Profit before tax Rs m 12,465 13,590 9.0%
Tax Rs m 3,851 3,927 2.0%
Profit after tax Rs m 8,632 9,661 11.9%
Gross profit margin % 22.5 22.1
Effective tax rate % 30.9 28.9
Net profit margin % 15.1 15.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PIDILITE INDUSTRIES Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 15 billion as compared to Rs 12 billion in FY17, thereby witnessing an increase of 23.8%.
  • Long-term debt stood at Rs 71 million as compared to Rs 49 million during FY17, a growth of 46.6%.
  • Current assets rose 6% and stood at Rs 33 billion, while fixed assets rose 12% and stood at Rs 16 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 52 billion as against Rs 48 billion during FY17, thereby witnessing a growth of 9%.

PIDILITE INDUSTRIES Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 34,709 35,740 3.0
 
Current Liabilities Rs m 11,760 14,554 23.8
Long-term Debt Rs m 49 71 46.6
Total Liabilities Rs m 47,742 52,045 9.0
 
Current assets Rs m 31,340 33,088 5.6
Fixed Assets Rs m 14,230 15,950 12.1
Total Assets Rs m 47,742 52,045 9.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PIDILITE INDUSTRIES Cash Flow Statement Analysis

  • PIDILITE INDUSTRIES's cash flow from operating activities (CFO) during FY18 stood at Rs 8 billion, an improvement of 0.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 393 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -8 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 468 million from the Rs -435 million net cash flows seen during FY17.

PIDILITE 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 7,938 7,964 0.3%
Cash Flow from Investing Activities Rs m -8,790 393 -
Cash Flow from Financing Activities Rs m 407 -7,898 -
Net Cash Flow Rs m -435 468 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for PIDILITE INDUSTRIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 19.0, an improvement from the EPS of Rs 16.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,123.0, stands at 58.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 11.8 times, while the price to sales ratio stands at 7.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 53.0 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 109.6 119.7
TTM Earnings per share Rs 16.8 19.0
Diluted earnings per share Rs 16.8 18.8
Price to Cash Flow x 59.0 53.0
TTM P/E ratio x 58.7 58.7
Price / Book Value ratio x 10.0 11.8
Market Cap Rs m 575,740 575,717
Dividends per share (Unadj.) Rs 4.8 6.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for PIDILITE INDUSTRIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.3x during FY18, from 2.7x 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 88.4x during FY18, from 90.5x 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 27.0% during FY18, from 24.9% 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 improved and stood at 38.4% during FY18, from 36.3% 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 improved and stood at 18.9% during FY18, from 18.4% 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 2.7 2.3
Debtors’ Days Days 50 56
Interest coverage x 90.5 88.4
Debt to equity ratio x 0.0 0.0
Return on assets % 18.4 18.9
Return on equity % 24.9 27.0
Return on capital employed % 36.3 38.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

PIDILITE INDUSTRIES Share Price Performance

Over the last one year, PIDILITE INDUSTRIES share price has moved up from Rs 788.7 to Rs 1,123.0, registering a gain of Rs 334.3 or around 42.4%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 12,206.3 (up 0.2%). Over the last one year it has moved up from 9,714.2 to 12,206.3, a gain of 2,492 points (up 25.7%).

Overall, the S&P BSE SENSEX is up 19.4% over the year.

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

Equitymaster requests your view! Post a comment on "PIDILITE INDUSTRIES 2017-18 Annual Report Analysis". Click here!

  

Related Views on News

PIDILITE INDUSTRIES Announces Quarterly Results (3QFY19); Net Profit Down 8.8% (Quarterly Result Update)

Jan 25, 2019 | Updated on Jan 25, 2019

For the quarter ended December 2018, PIDILITE INDUSTRIES has posted a net profit of Rs 2 bn (down 8.8% YoY). Sales on the other hand came in at Rs 18 bn (up 19.8% YoY). Read on for a complete analysis of PIDILITE INDUSTRIES's quarterly results.

PIDILITE INDUSTRIES Announces Quarterly Results (2QFY19); Net Profit Down 8.6% (Quarterly Result Update)

Nov 6, 2018 | Updated on Nov 6, 2018

For the quarter ended September 2018, PIDILITE INDUSTRIES has posted a net profit of Rs 2 bn (down 8.6% YoY). Sales on the other hand came in at Rs 18 bn (up 14.9% YoY). Read on for a complete analysis of PIDILITE INDUSTRIES's quarterly results.

More Views on News

Most Popular

The One Real Estate Stock to Buy Now(The 5 Minute Wrapup)

Feb 13, 2019

The real estate sector is ready to make a comeback. This is the stock to consider buying.

Don't Be Afraid of the Market; Buy Stocks Like This One(The 5 Minute Wrapup)

Feb 14, 2019

During this tough period in the market, a contrarian approach holds huge potential upside for this Smart Money Secrets stock.

Small Caps Under Seige: Could This Be A Once-in-a-Decade Wealth Creating Opportunity?(Profit Hunter)

Feb 14, 2019

Don't let the dark clouds hovering over small caps scare you into hiding; it will rain gold as sentiments recover. Indeed, there is a blood bath. And if you are a first time investor, the correction is deep enough to scare you out of markets.

The 4-Point Plan to Accelerate India to a 10 Trillion Dollar Economy(The 5 Minute Wrapup)

Feb 12, 2019

Two questions I have been eagerly waiting to ask you ever since Budget 2019 was announced.

The Train to 'Small-Cap-Profits Land' is Back on the Station!(Profit Hunter)

Feb 15, 2019

Why its great news that prices for small caps over the last few days have been falling like there's no tomorrow.

More

Get the Indian Stock Market's
Most Profitable Ideas

How To Beat Sensex Guide 2019
Get our special report, How to Beat Sensex Nearly 3X Now!
We will never sell or rent your email id.
Please read our Terms

TRACK PIDILITE INDUSTRIES

  • Track your investment in PIDILITE INDUSTRIES with Equitymaster's Portfolio Tracker. Set live price alerts, get research alerts and more. Get access now...
  • Add To MyStocks

MORE ON PIDILITE INDUSTRIES

PIDILITE INDUSTRIES 8-QTR ANALYSIS

COMPARE PIDILITE INDUSTRIES WITH

MARKET STATS