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PUNJ LLOYD 2017-18 Annual Report Analysis
Sat, 31 Mar

PUNJ LLOYD 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.

PUNJ LLOYD Income Statement Analysis

  • Operating income during the year rose 4.4% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 52.0% YoY during the fiscal. Operating profit margins witnessed a growth and down at 9.6% in FY18 as against 20.9% in FY17.
  • Depreciation charges decreased by 12.0% and finance costs increased by 6.8% YoY, respectively.
  • Other income declined by 62.7% YoY.
  • Net profit for the year declined by 92.8% YoY.
  • Net profit margins during the year grew from 17.8% in FY17 to 1.2% in FY18.

PUNJ LLOYD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 48,673 50,804 4.4%
Other income Rs m 13,551 5,054 -62.7%
Total Revenues Rs m 62,224 55,858 -10.2%
Gross profit Rs m -10,159 -4,874 -52.0%
Depreciation Rs m 2,205 1,941 -12.0%
Interest Rs m 10,182 10,875 6.8%
Profit before tax Rs m -8,996 -12,636 40.5%
Tax Rs m -349 -12,017 3,346.2%
Profit after tax Rs m -8,647 -619 -92.8%
Gross profit margin % -20.9 -9.6
Effective tax rate % 3.9 95.1
Net profit margin % -17.8 -1.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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PUNJ LLOYD Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 119 billion as compared to Rs 119 billion in FY17, thereby witnessing an increase of 0.5%.
  • Long-term debt down at Rs 10 billion as compared to Rs 19 billion during FY17, a fall of 47.2%.
  • Current assets fell 18% and stood at Rs 81 billion, while fixed assets fell 23% and stood at Rs 16 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 97 billion as against Rs 120 billion during FY17, thereby witnessing a fall of 19%.

PUNJ LLOYD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m -18,301 -20,316 11.0
 
Current Liabilities Rs m 118,670 119,313 0.5
Long-term Debt Rs m 18,713 9,876 -47.2
Total Liabilities Rs m 119,568 97,139 -18.8
 
Current assets Rs m 98,526 80,933 -17.9
Fixed Assets Rs m 21,042 16,206 -23.0
Total Assets Rs m 119,568 97,139 -18.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



PUNJ LLOYD Cash Flow Statement Analysis

  • PUNJ LLOYD 's cash flow from operating activities (CFO) during FY18 stood at Rs 5 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -590 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -7 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -3 billion from the Rs 2 billion net cash flows seen during FY17.

PUNJ LLOYD 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 8,530 4,876 -42.8%
Cash Flow from Investing Activities Rs m 644 -590 -
Cash Flow from Financing Activities Rs m -6,520 -6,909 -
Net Cash Flow Rs m 1,792 -2,507 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for PUNJ LLOYD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -1.8, an improvement from the EPS of Rs -25.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 17.1, stands at 1.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at -0.3 times, while the price to sales ratio stands at 0.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.7 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 145.6 151.4
TTM Earnings per share Rs -25.9 -1.8
Diluted earnings per share Rs -25.8 -1.8
Price to Cash Flow x -1.0 5.7
TTM P/E ratio x -0.8 1.8
Price / Book Value ratio x -0.4 -0.4
Market Cap Rs m 7,687 7,551
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for PUNJ LLOYD

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.7x during FY18, from 0.8x 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 -0.2x during FY18, from 0.1x 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 3.0% during FY18, from 47.3% 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 16.9% during FY18, from 287.8% 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 10.6% during FY18, from 1.3% 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 0.8 0.7
Debtors’ Days Days 13 13
Interest coverage x 0.1 -0.2
Debt to equity ratio x -1.0 -0.5
Return on assets % 1.3 10.6
Return on equity % 47.3 3.0
Return on capital employed % 287.8 16.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how PUNJ LLOYD has performed over the last 5 years, please visit here.

PUNJ LLOYD Share Price Performance

Over the last one year, PUNJ LLOYD share price has moved down from Rs 19.4 to Rs 17.1, registering a loss of Rs 2.4 or around 12.1%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,476.7 (down 0.1%). Over the last one year it has moved up from 16,446.0 to 18,476.7, a gain of 2,031 points (up 12.3%).

Overall, the S&P BSE SENSEX is up 12.1% over the year.

(To know more, check out historical annual results for PUNJ LLOYD and quarterly results for PUNJ LLOYD )

Annual Report FAQs

What is the current share price of PUNJ LLOYD ?

PUNJ LLOYD currently trades at Rs 2.2 per share. You can check out the latest share price performance of PUNJ LLOYD here...

What was the revenue of PUNJ LLOYD in FY18? How does it compare to earlier years?

The revenues of PUNJ LLOYD stood at Rs 55,858 m in FY18, which was down -10.2% compared to Rs 62,224 m reported in FY17.

PUNJ LLOYD 's revenue has fallen from Rs 111,743 m in FY14 to Rs 55,858 m in FY18.

Over the past 5 years, the revenue of PUNJ LLOYD has grown at a CAGR of -15.9%.

What was the net profit of PUNJ LLOYD in FY18? How does it compare to earlier years?

The net loss of PUNJ LLOYD stood at Rs -619 m in FY18, which was down -92.8% compared to Rs -8,647 m reported in FY17.

This compares to a net loss of Rs -20,778 m in FY16 and a net loss of Rs -11,542 m in FY15.

Over the past 5 years, PUNJ LLOYD net profit has grown at a CAGR of -44.3%.

What does the cash flow statement of PUNJ LLOYD reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of PUNJ LLOYD reveals:

  • Cash flow from operations decreased in FY18 and stood at Rs 4,876 m as compared to Rs 8,530 m in FY17.
  • Cash flow from investments decreased in FY18 and stood at Rs -590 m as compared to Rs 644 m in FY17.
  • Cash flow from financial activity decreased in FY18 and stood at Rs -6,909 m as compared to Rs -6,520 m in FY17.

Here's the cash flow statement of PUNJ LLOYD for the past 5 years.

(Rs m)FY14FY15FY16FY17FY18
From Operations4,536-909-2,1588,5304,876
From Investments-6896,8591,837644-590
From Financial Activity-6,190-5,5191,278-6,520-6,909
Net Cashflow-3,782-4288661,792-2,507

What does the Key Ratio analysis of PUNJ LLOYD reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of PUNJ LLOYD reveals:

  • Operating profit margins witnessed a growth and down at 9.6% in FY18 as against 20.9% in FY17.
  • Net profit margins grew from 17.8% in FY17 to 1.2% in FY18.
  • Debt to Equity ratio for FY18 stood at -0.5 as compared to -1.0 in FY17.

Here's the ratio/financial analysis of PUNJ LLOYD for the past 5 years.

 FY14FY15FY16FY17FY18
Operating Profit Margin (%)2.9-7.5-21.0-20.9-9.6
Net Profit Margin (%)-5.9-16.3-46.7-17.8-1.2
Debt to Equity Ratio (x)1.01.9-1.9-1.0-0.5

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