PUNJ LLOYD 2017-18 Annual Report Analysis

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PUNJ LLOYD 2017-18 Annual Report Analysis
Thu, 20 Dec

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 91.7% YoY.
  • Net profit margins during the year grew from 14.0% in FY17 to 1.3% 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 -8,704 -718 -91.7%
Gross profit margin % -20.9 -9.6
Effective tax rate % 3.9 95.1
Net profit margin % -14.0 -1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 31% and stood at Rs 10 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 112 billion as against Rs 120 billion during FY17, thereby witnessing a fall of 7%.

PUNJ LLOYD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m -18,269 -20,310 11.2
 
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 119,625 111,805 -6.5
 
Current assets Rs m 98,526 80,933 -17.9
Fixed Assets Rs m 14,684 10,165 -30.8
Total Assets Rs m 119,625 111,805 -6.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for PUNJ LLOYD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -2.1, an improvement from the EPS of Rs -26.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 4.0, stands at -0.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at -0.4 times, while the price to sales ratio stands at 0.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 1.0 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 145.6 151.4
TTM Earnings per share Rs -26.0 -2.1
Diluted earnings per share Rs -26.2 -2.2
Price to Cash Flow x -0.2 1.0
TTM P/E ratio x -0.1 -0.1
Price / Book Value ratio x -0.4 -0.4
Market Cap Rs m 1,347 1,338
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for PUNJ LLOYD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved 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 3.5% during FY18, from 47.6% 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 17.8% during FY18, from 254.6% 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 9.1% during FY18, from 1.2% 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 0.8 0.7
Debtors’ Days Days 132 133
Interest coverage x 0.1 -0.2
Debt to equity ratio x -1.0 -0.5
Return on assets % 1.2 9.1
Return on equity % 47.6 3.5
Return on capital employed % 254.6 17.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 up from Rs 21.7 to Rs 4.0, registering a loss of Rs 17.6 or around 81.4%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,809.2 (up 0.1%). Over the last one year it has moved up from 18,684.3 to 18,809.2, a gain of 125 points (up 0.7%).

Overall, the S&P BSE SENSEX is up 7.2% over the year.

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

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