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RADICO KHAITAN 2018-19 Annual Report Analysis
Sun, 31 Mar

RADICO KHAITAN 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.

RADICO KHAITAN Income Statement Analysis

  • Operating income during the year rose 47.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 31.4% YoY during the fiscal. Operating profit margins witnessed a growth and down at 9.1% in FY19 as against 10.2% in FY18.
  • Depreciation charges increased by 3.8% and finance costs decreased by 47.7% YoY, respectively.
  • Other income declined by 55.6% YoY.
  • Net profit for the year grew by 52.3% YoY.
  • Net profit margins during the year declined from 4.7% in FY18 to 4.9% in FY19.

RADICO KHAITAN Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m -26,248 -38,641 47.2%
Other income Rs m 299 133 -55.6%
Total Revenues Rs m -25,949 -38,508 48.4%
Gross profit Rs m 2,669 3,507 31.4%
Depreciation Rs m 409 424 3.8%
Interest Rs m 686 359 -47.7%
Profit before tax Rs m 1,873 2,857 52.6%
Tax Rs m 638 976 53.0%
Profit after tax Rs m 1,235 1,881 52.3%
Gross profit margin % -10.2 -9.1
Effective tax rate % 34.1 34.2
Net profit margin % -4.7 -4.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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RADICO KHAITAN Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 8 billion as compared to Rs 10 billion in FY18, thereby witnessing an decrease of -18.1%.
  • Long-term debt down at Rs 217 million as compared to Rs 344 million during FY18, a fall of 37.0%.
  • Current assets fell 1% and stood at Rs 12 billion, while fixed assets rose 2% and stood at Rs 10 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 23 billion as against Rs 22 billion during FY18, thereby witnessing a growth of 0%.

RADICO KHAITAN Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 11,564 13,353 15.5
 
Current Liabilities Rs m 9,513 7,789 -18.1
Long-term Debt Rs m 344 217 -37.0
Total Liabilities Rs m 22,459 22,514 0.2
 
Current assets Rs m 12,389 12,254 -1.1
Fixed Assets Rs m 10,069 10,260 1.9
Total Assets Rs m 22,459 22,514 0.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



RADICO KHAITAN Cash Flow Statement Analysis

  • RADICO KHAITAN's cash flow from operating activities (CFO) during FY19 stood at Rs 3 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -65 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -2 billion, an improvement of 23% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 762 million from the Rs 25 million net cash flows seen during FY18.

RADICO KHAITAN 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 3,158 3,087 -2.2%
Cash Flow from Investing Activities Rs m -208 -65 -
Cash Flow from Financing Activities Rs m -2,926 -2,259 -
Net Cash Flow Rs m 25 762 3,010.5%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for RADICO KHAITAN

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.1, an improvement from the EPS of Rs 9.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 395.3, stands at 28.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.0 times, while the price to sales ratio stands at -1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 23.1 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 -196.9 -289.6
TTM Earnings per share Rs 9.3 14.1
Diluted earnings per share Rs 9.2 14.1
Price to Cash Flow x 26.9 23.1
TTM P/E ratio x 35.8 28.1
Price / Book Value ratio x 3.0 4.0
Market Cap Rs m 34,990 53,224
Dividends per share (Unadj.) Rs 1.0 1.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for RADICO KHAITAN

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.6x during FY19, from 1.3x 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 9.0x during FY19, from 3.7x 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 improved and stood at 14.1% during FY19, from 10.7% 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 improved and stood at 23.7% during FY19, from 21.5% 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 improved and stood at 9.9% during FY19, from 8.6% 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 1.3 1.6
Debtors’ Days Days -876 -606
Interest coverage x 3.7 9.0
Debt to equity ratio x 0.0 0.0
Return on assets % 8.6 9.9
Return on equity % 10.7 14.1
Return on capital employed % 21.5 23.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how RADICO KHAITAN has performed over the last 5 years, please visit here.

RADICO KHAITAN Share Price Performance

Over the last one year, RADICO KHAITAN share price has moved up from Rs 331.1 to Rs 395.3, registering a gain of Rs 64.2 or around 19.4%.

Overall, the S&P BSE SENSEX is up 16.3% over the year.

(To know more, check out historical annual results for RADICO KHAITAN and quarterly results for RADICO KHAITAN)

Annual Report FAQs

What is the current share price of RADICO KHAITAN?

RADICO KHAITAN currently trades at Rs 1,617.2 per share. You can check out the latest share price performance of RADICO KHAITAN here...

What was the revenue of RADICO KHAITAN in FY19? How does it compare to earlier years?

The revenues of RADICO KHAITAN stood at Rs -38,508 m in FY19, which was up 48.4% compared to Rs -25,949 m reported in FY18.

RADICO KHAITAN's revenue has fallen from Rs -9,280 m in FY16 to Rs -38,508 m in FY19.

Over the past 4 years, the revenue of RADICO KHAITAN has grown at a CAGR of 60.7%.

What was the net profit of RADICO KHAITAN in FY19? How does it compare to earlier years?

The net profit of RADICO KHAITAN stood at Rs 1,881 m in FY19, which was up 52.3% compared to Rs 1,235 m reported in FY18.

This compares to a net profit of Rs 801 m in FY17 and a net profit of Rs 734 m in FY16.

Over the past 4 years, RADICO KHAITAN net profit has grown at a CAGR of 36.8%.

What does the cash flow statement of RADICO KHAITAN 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 RADICO KHAITAN reveals:

  • Cash flow from operations decreased in FY19 and stood at Rs 3,087 m as compared to Rs 3,158 m in FY18.
  • Cash flow from investments increased in FY19 and stood at Rs -65 m as compared to Rs -208 m in FY18.
  • Cash flow from financial activity increased in FY19 and stood at Rs -2,259 m as compared to Rs -2,926 m in FY18.

Here's the cash flow statement of RADICO KHAITAN for the past 4 years.

(Rs m)FY16FY17FY18FY19
From Operations-3632,5203,1583,087
From Investments80830-208-65
From Financial Activity-866-2,340-2,926-2,259
Net Cashflow-42121025762

What does the Key Ratio analysis of RADICO KHAITAN 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 RADICO KHAITAN reveals:

  • Operating profit margins witnessed a growth and down at 9.1% in FY19 as against 10.2% in FY18.
  • Net profit margins declined from 4.7% in FY18 to 4.9% in FY19.
  • Debt to Equity ratio for FY19 stood at 0.0 as compared to 0.0 in FY18.

Here's the ratio/financial analysis of RADICO KHAITAN for the past 4 years.

 FY16FY17FY18FY19
Operating Profit Margin (%)-19.4-14.0-10.2-9.1
Net Profit Margin (%)-7.6-5.3-4.7-4.9
Debt to Equity Ratio (x)0.20.10.00.0

Read: Latest Annual Report Analysis of RADICO KHAITAN

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