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PTC INDIA LTD 2017-18 Annual Report Analysis

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PTC INDIA LTD 2017-18 Annual Report Analysis
Fri, 21 Dec

PTC INDIA LTD 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.

PTC INDIA LTD Income Statement Analysis

  • Operating income during the year rose 28.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 9.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.7% in FY18 as against 9.1% in FY17.
  • Depreciation charges increased by 358.8% and finance costs increased by 18.1% YoY, respectively.
  • Other income declined by 28.1% YoY.
  • Net profit for the year declined by 20.1% YoY.
  • Net profit margins during the year declined from 3.3% in FY17 to 2.0% in FY18.

PTC INDIA LTD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 153,106 196,407 28.3%
Other income Rs m 2,029 1,459 -28.1%
Total Revenues Rs m 155,135 197,866 27.5%
Gross profit Rs m 13,899 15,196 9.3%
Depreciation Rs m 212 974 358.8%
Interest Rs m 7,997 9,444 18.1%
Profit before tax Rs m 7,719 6,237 -19.2%
Tax Rs m 2,660 2,197 -17.4%
Profit after tax Rs m 5,058 4,040 -20.1%
Gross profit margin % 9.1 7.7
Effective tax rate % 34.5 35.2
Net profit margin % 3.3 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PTC INDIA LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 71 billion as compared to Rs 67 billion in FY17, thereby witnessing an increase of 5.9%.
  • Long-term debt stood at Rs 77 billion as compared to Rs 65 billion during FY17, a growth of 17.6%.
  • Current assets fell 2% and stood at Rs 49 billion, while fixed assets fell 4% and stood at Rs 21 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 198 billion as against Rs 181 billion during FY17, thereby witnessing a growth of 9%.

PTC INDIA LTD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 38,551 39,524 2.5
 
Current Liabilities Rs m 67,315 71,256 5.9
Long-term Debt Rs m 65,394 76,928 17.6
Total Liabilities Rs m 180,985 198,038 9.4
 
Current assets Rs m 50,250 49,468 -1.6
Fixed Assets Rs m 21,551 20,612 -4.4
Total Assets Rs m 180,985 198,038 9.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PTC INDIA LTD Cash Flow Statement Analysis

  • PTC INDIA LTD's cash flow from operating activities (CFO) during FY18 stood at Rs -14 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 3 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 13 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 1 billion from the Rs 907 million net cash flows seen during FY17.

PTC INDIA LTD 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 1,112 -14,165 -
Cash Flow from Investing Activities Rs m -13,739 2,864 -
Cash Flow from Financing Activities Rs m 13,534 12,568 -7.1%
Net Cash Flow Rs m 907 1,267 39.7%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for PTC INDIA LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.6, an decline from the EPS of Rs 17.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 90.8, stands at 9.6 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.8 times, while the price to sales ratio stands at 0.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.4 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 517.2 663.5
TTM Earnings per share Rs 17.1 13.6
Diluted earnings per share Rs 17.1 13.6
Price to Cash Flow x 5.1 5.4
TTM P/E ratio x 9.6 9.6
Price / Book Value ratio x 0.6 0.8
Market Cap Rs m 26,877 26,877
Dividends per share (Unadj.) Rs 3.0 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for PTC INDIA LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.7x during FY18, from 0.7x 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 1.7x during FY18, from 2.0x 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 10.2% during FY18, from 13.1% 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 13.5% during FY18, from 15.1% 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 6.8% during FY18, from 7.2% 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 0.7 0.7
Debtors’ Days Days 78 62
Interest coverage x 2.0 1.7
Debt to equity ratio x 1.7 1.9
Return on assets % 7.2 6.8
Return on equity % 13.1 10.2
Return on capital employed % 15.1 13.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how PTC INDIA LTD has performed over the last 5 years, please visit here.

PTC INDIA LTD Share Price Performance

Over the last one year, PTC INDIA LTD share price has moved up from Rs 115.1 to Rs 90.8, registering a loss of Rs 24.3 or around 21.1%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 2,007.8 (up 0.4%). Over the last one year it has moved down from 2,346.9 to 2,007.8, a loss of 339 points (down 14.4%).

Overall, the S&P BSE SENSEX is up 7.8% over the year.

(To know more, check out historical annual results for PTC INDIA LTD and quarterly results for PTC INDIA LTD)

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Related Views on News

PTC INDIA LTD Announces Quarterly Results (3QFY19); Net Profit Down 12.9% (Quarterly Result Update)

Feb 12, 2019 | Updated on Feb 12, 2019

For the quarter ended December 2018, PTC INDIA LTD has posted a net profit of Rs 513 m (down 12.9% YoY). Sales on the other hand came in at Rs 29 bn (down 34.9% YoY). Read on for a complete analysis of PTC INDIA LTD's quarterly results.

PTC INDIA LTD Announces Quarterly Results (2QFY19); Net Profit Down 26.7% (Quarterly Result Update)

Nov 14, 2018 | Updated on Nov 14, 2018

For the quarter ended September 2018, PTC INDIA LTD has posted a net profit of Rs 957 m (down 26.7% YoY). Sales on the other hand came in at Rs 45 bn (down 14.3% YoY). Read on for a complete analysis of PTC INDIA LTD's quarterly results.

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