NAVIN FLUORINE 2018-19 Annual Report Analysis

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NAVIN FLUORINE 2018-19 Annual Report Analysis
Thu, 30 May

NAVIN FLUORINE 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.

NAVIN FLUORINE Income Statement Analysis

  • Operating income during the year rose 9.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 1.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 21.9% in FY19 as against 23.6% in FY18.
  • Depreciation charges decreased by 30.8% and finance costs decreased by 30.3% YoY, respectively.
  • Other income declined by 62.8% YoY.
  • Net profit for the year declined by 17.1% YoY.
  • Net profit margins during the year declined from 17.9% in FY18 to 14.5% in FY19.

NAVIN FLUORINE Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 9,127 9,959 9.1%
Other income Rs m 925 344 -62.8%
Total Revenues Rs m 10,052 10,303 2.5%
Gross profit Rs m 2,150 2,184 1.6%
Depreciation Rs m 398 275 -30.8%
Interest Rs m 12 8 -30.3%
Profit before tax Rs m 2,665 2,244 -15.8%
Tax Rs m 840 770 -8.4%
Profit after tax Rs m 1,798 1,491 -17.1%
Gross profit margin % 23.6 21.9
Effective tax rate % 31.5 34.3
Net profit margin % 17.9 14.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NAVIN FLUORINE Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 2 billion as compared to Rs 2 billion in FY18, thereby witnessing an decrease of -16.3%.
  • Current assets fell 1% and stood at Rs 6 billion, while fixed assets rose 6% and stood at Rs 4 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 13 billion as against Rs 13 billion during FY18, thereby witnessing a growth of 4%.

NAVIN FLUORINE Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 9,835 10,725 9.0
 
Current Liabilities Rs m 2,114 1,769 -16.3
Long-term Debt Rs m 42 0 -100.0
Total Liabilities Rs m 12,556 13,072 4.1
 
Current assets Rs m 5,651 5,608 -0.8
Fixed Assets Rs m 3,592 3,805 5.9
Total Assets Rs m 12,556 13,072 4.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NAVIN FLUORINE Cash Flow Statement Analysis

  • NAVIN FLUORINE's cash flow from operating activities (CFO) during FY19 stood at Rs 902 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -243 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -683 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -25 million from the Rs -59 million net cash flows seen during FY18.

NAVIN FLUORINE 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 1,694 902 -46.8%
Cash Flow from Investing Activities Rs m -1,363 -243 -
Cash Flow from Financing Activities Rs m -390 -683 -
Net Cash Flow Rs m -59 -25 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for NAVIN FLUORINE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 150.7, an decline from the EPS of Rs 182.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 719.0, stands at 23.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.6 times, while the price to sales ratio stands at 0.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 20.1 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 924.7 1,007.0
TTM Earnings per share Rs 182.1 150.7
Diluted earnings per share Rs 36.7 30.5
Price to Cash Flow x 3.2 20.1
TTM P/E ratio x 4.8 23.7
Price / Book Value ratio x 2.0 0.6
Market Cap Rs m 7,097 35,200
Dividends per share (Unadj.) Rs 10.0 7.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for NAVIN FLUORINE

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.2x during FY19, from 2.7x 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 improved and stood at 271.4x during FY19, from 224.9x 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 13.9% during FY19, from 18.3% 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 21.2% during FY19, from 26.8% 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 11.5% during FY19, from 14.4% 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 2.7 3.2
Debtors’ Days Days 62 63
Interest coverage x 224.9 271.4
Debt to equity ratio x 0.0 0.0
Return on assets % 14.4 11.5
Return on equity % 18.3 13.9
Return on capital employed % 26.8 21.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how NAVIN FLUORINE has performed over the last 5 years, please visit here.

NAVIN FLUORINE Share Price Performance

Over the last one year, NAVIN FLUORINE share price has moved up from Rs 694.8 to Rs 719.0, registering a gain of Rs 24.2 or around 3.5%.

Overall, the S&P BSE SENSEX is up 14.0% over the year.

(To know more, check out historical annual results for NAVIN FLUORINE and quarterly results for NAVIN FLUORINE)

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