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STRIDES PHARMA SCIENCE 2017-18 Annual Report Analysis

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STRIDES PHARMA SCIENCE 2017-18 Annual Report Analysis
Wed, 19 Dec

STRIDES PHARMA SCIENCE 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.

STRIDES PHARMA SCIENCE Income Statement Analysis

  • Operating income during the year rose 3.0% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 24.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 14.0% in FY18 as against 19.1% in FY17.
  • Depreciation charges increased by 22.1% and finance costs increased by 7.2% YoY, respectively.
  • Other income declined by 41.6% YoY.
  • Net profit for the year declined by 74.9% YoY.
  • Net profit margins during the year declined from 9.6% in FY17 to 2.4% in FY18.

STRIDES PHARMA SCIENCE Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 27,554 28,394 3.0%
Other income Rs m 1,611 941 -41.6%
Total Revenues Rs m 29,165 29,334 0.6%
Gross profit Rs m 5,274 3,965 -24.8%
Depreciation Rs m 1,262 1,540 22.1%
Interest Rs m 1,831 1,962 7.2%
Profit before tax Rs m 3,792 1,403 -63.0%
Tax Rs m 634 97 -84.7%
Profit after tax Rs m 2,797 702 -74.9%
Gross profit margin % 19.1 14.0
Effective tax rate % 16.7 6.9
Net profit margin % 9.6 2.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



STRIDES PHARMA SCIENCE Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 19 billion as compared to Rs 31 billion in FY17, thereby witnessing an decrease of -38.8%.
  • Long-term debt down at Rs 16 billion as compared to Rs 16 billion during FY17, a fall of 5.3%.
  • Current assets fell 35% and stood at Rs 25 billion, while fixed assets fell 9% and stood at Rs 34 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 65 billion as against Rs 81 billion during FY17, thereby witnessing a fall of 19%.

STRIDES PHARMA SCIENCE Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 27,488 24,546 -10.7
 
Current Liabilities Rs m 31,039 18,993 -38.8
Long-term Debt Rs m 16,377 15,513 -5.3
Total Liabilities Rs m 81,050 65,437 -19.3
 
Current assets Rs m 37,918 24,836 -34.5
Fixed Assets Rs m 37,639 34,289 -8.9
Total Assets Rs m 81,050 65,437 -19.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



STRIDES PHARMA SCIENCE Cash Flow Statement Analysis

  • STRIDES PHARMA SCIENCE's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 6 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -10 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -3 billion from the Rs -603 million net cash flows seen during FY17.

STRIDES PHARMA SCIENCE 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 2,881 1,871 -35.1%
Cash Flow from Investing Activities Rs m -6,867 5,826 -
Cash Flow from Financing Activities Rs m 3,382 -10,157 -
Net Cash Flow Rs m -603 -2,615 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for STRIDES PHARMA SCIENCE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.8, an decline from the EPS of Rs 31.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 467.7, stands at 52.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.3 times, while the price to sales ratio stands at 2.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.6 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 308.1 317.2
TTM Earnings per share Rs 31.3 7.8
Diluted earnings per share Rs 46.9 11.8
Price to Cash Flow x 10.3 11.6
TTM P/E ratio x 78.2 52.2
Price / Book Value ratio x 3.6 3.3
Market Cap Rs m 41,817 27,895
Dividends per share (Unadj.) Rs 4.5 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for STRIDES PHARMA SCIENCE

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY18, from 1.2x 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 1.7x during FY18, from 3.1x 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 2.9% during FY18, from 10.2% 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 6.9% during FY18, from 12.0% 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 4.1% during FY18, from 5.7% 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 1.2 1.3
Debtors’ Days Days 132 113
Interest coverage x 3.1 1.7
Debt to equity ratio x 0.6 0.6
Return on assets % 5.7 4.1
Return on equity % 10.2 2.9
Return on capital employed % 12.0 6.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how STRIDES PHARMA SCIENCE has performed over the last 5 years, please visit here.

STRIDES PHARMA SCIENCE Share Price Performance

Over the last one year, STRIDES PHARMA SCIENCE share price has moved up from Rs 795.3 to Rs 467.7, registering a loss of Rs 327.6 or around 41.2%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 13,867.1 (up 0.1%). Over the last one year it has moved down from 14,277.1 to 13,867.1, a loss of 410 points (down 2.9%).

Overall, the S&P BSE SENSEX is up 8.6% over the year.

(To know more, check out historical annual results for STRIDES PHARMA SCIENCE and quarterly results for STRIDES PHARMA SCIENCE)

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STRIDES PHARMA SCIENCE Announces Quarterly Results (4QFY19); Net Profit Up 7919.8% (Quarterly Result Update)

May 13, 2019 | Updated on May 13, 2019

For the quarter ended March 2019, STRIDES PHARMA SCIENCE has posted a net profit of Rs 650 m (up 7919.8% YoY). Sales on the other hand came in at Rs 8 bn (up 26.4% YoY). Read on for a complete analysis of STRIDES PHARMA SCIENCE's quarterly results.

STRIDES PHARMA SCIENCE Announces Quarterly Results (3QFY19); Net Profit Down 27.5% (Quarterly Result Update)

Jan 30, 2019 | Updated on Jan 30, 2019

For the quarter ended December 2018, STRIDES PHARMA SCIENCE has posted a net profit of Rs 316 m (down 27.5% YoY). Sales on the other hand came in at Rs 8 bn (up 6.1% YoY). Read on for a complete analysis of STRIDES PHARMA SCIENCE's quarterly results.

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