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PVR LTD 2017-18 Annual Report Analysis

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PVR LTD 2017-18 Annual Report Analysis
Thu, 10 Jan

PVR 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.

PVR LTD Income Statement Analysis

  • Operating income during the year rose 10.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 28.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 17.2% in FY18 as against 14.8% in FY17.
  • Depreciation charges increased by 11.1% and finance costs increased by 3.9% YoY, respectively.
  • Other income declined by 49.7% YoY.
  • Net profit for the year grew by 29.4% YoY.
  • Net profit margins during the year grew from 4.4% in FY17 to 5.2% in FY18.

PVR LTD Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 21,194 23,341 10.1%
Other income Rs m 623 313 -49.7%
Total Revenues Rs m 21,817 23,655 8.4%
Gross profit Rs m 3,136 4,018 28.1%
Depreciation Rs m 1,384 1,537 11.1%
Interest Rs m 806 837 3.9%
Profit before tax Rs m 1,569 1,958 24.8%
Tax Rs m 570 704 23.6%
Profit after tax Rs m 958 1,240 29.4%
Gross profit margin % 14.8 17.2
Effective tax rate % 36.3 36.0
Net profit margin % 4.4 5.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PVR LTD Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 7 billion as compared to Rs 6 billion in FY17, thereby witnessing an increase of 15.4%.
  • Long-term debt down at Rs 6 billion as compared to Rs 6 billion during FY17, a fall of 7.2%.
  • Current assets rose 6% and stood at Rs 3 billion, while fixed assets rose 6% and stood at Rs 13 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 23 billion as against Rs 22 billion during FY17, thereby witnessing a growth of 6%.

PVR LTD Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 9,650 10,754 11.4
 
Current Liabilities Rs m 6,071 7,005 15.4
Long-term Debt Rs m 6,050 5,616 -7.2
Total Liabilities Rs m 22,257 23,488 5.5
 
Current assets Rs m 2,804 2,978 6.2
Fixed Assets Rs m 11,806 12,571 6.5
Total Assets Rs m 22,257 23,488 5.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



PVR LTD Cash Flow Statement Analysis

  • PVR LTD's cash flow from operating activities (CFO) during FY18 stood at Rs 4 billion, an improvement of 39.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -4 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -660 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 177 million from the Rs -3 billion net cash flows seen during FY17.

PVR 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 3,196 4,463 39.6%
Cash Flow from Investing Activities Rs m -6,321 -4,054 -
Cash Flow from Financing Activities Rs m 602 -660 -
Net Cash Flow Rs m -2,523 177 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for PVR LTD

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 26.5, an improvement from the EPS of Rs 20.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,636.5, stands at 47.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.1 times, while the price to sales ratio stands at 2.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 24.3 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 453.5 499.4
TTM Earnings per share Rs 20.5 26.5
Diluted earnings per share Rs 23.2 30.0
Price to Cash Flow x 32.7 24.3
TTM P/E ratio x 53.7 47.5
Price / Book Value ratio x 5.3 6.1
Market Cap Rs m 76,488 67,733
Dividends per share (Unadj.) Rs 2.0 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for PVR LTD

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.4x during FY18, from 0.5x 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 3.3x during FY18, from 2.9x 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 improved and stood at 11.5% during FY18, from 9.9% 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 improved and stood at 17.0% during FY18, from 14.9% 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 8.8% during FY18, from 7.9% 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 0.5 0.4
Debtors’ Days Days 18 24
Interest coverage x 2.9 3.3
Debt to equity ratio x 0.6 0.5
Return on assets % 7.9 8.8
Return on equity % 9.9 11.5
Return on capital employed % 14.9 17.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

PVR LTD Share Price Performance

Over the last one year, PVR LTD share price has moved up from Rs 1,468.5 to Rs 1,636.5, registering a gain of Rs 168.0 or around 11.4%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,109.8 (down 0.0%). Over the last one year it has moved up from 6,525.5 to 7,109.8, a gain of 584 points (up 9.0%).

Overall, the S&P BSE SENSEX is up 4.8% over the year.

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

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PVR LTD Announces Quarterly Results (3QFY19); Net Profit Up 77.4% (Quarterly Result Update)

Jan 24, 2019 | Updated on Jan 24, 2019

For the quarter ended December 2018, PVR LTD has posted a net profit of Rs 519 m (up 77.4% YoY). Sales on the other hand came in at Rs 8 bn (up 51.3% YoY). Read on for a complete analysis of PVR LTD's quarterly results.

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Nov 9, 2018 | Updated on Nov 9, 2018

For the quarter ended September 2018, PVR LTD has posted a net profit of Rs 344 m (up 36.5% YoY). Sales on the other hand came in at Rs 7 bn (up 27.6% YoY). Read on for a complete analysis of PVR LTD's quarterly results.

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